Simply Business Modus Landlord Insurance

FataVerde

Hi, I did some searches and Modus insurance (via Simply Business) has the best price and cover for my needs. There is, however, very little on Modus insurance online so I am wary. The alternative would be Direct Line, but they have less cover for the same price. Has anybody had any experience, good or bad, with Modus, Underwritten by:

ERGO UK Specialty Ltd on behalf of Great Lakes Insurance SE - UK Branch?

BigDavy

I'm also looking at them for holiday let insurance so any info helpful.

Olaf_the_boneless

Any updates on Modus? I'm in the same siutation - Modus coming in much cheaper than everyone else, so I'm suspicious that there's a catch!

DullGreyGuy

Modus are an MGA so they have delegated authority to write insurance on behalf of the insurer, within certain parameters, but it's not ultimately their wallet on the line. 

Some write highly profitable insurance and have insurers lining up at their door to offer them their stamp with ever bigger commissions. Some decide it's not their capital at risk and write things cheap, burn their insurers and have to switch insurer every few years.

Great Lakes is part of Munich Re which is the worlds largest reinsurer writing us$51bn of premiums each year. They don't offer direct insurance but specialise in delegated underwriting authority which in principle is very similar to writing reinsurance. 

Landroverroy

Modus are crap. I have a subsidence  claim. So they appointed an assessor who said it was because my drains were faulty because I hadn’t checked them in the last 10 years! (Seriously does anyone check their drains if they’re working ok with no problem?🤷‍♀️) So I paid for a drain inspection - camera up both directions and guess what? No problem! So I paid for my own expert who said we need to have exploratory holes dug to investigate the problem. Informed the work experience assessor - and all he’s done is ask irrelevant questions. That was 4 months ago and nothing been done. Meanwhile the cracks in the walls have got bigger. My insurance is now due for renewal and they have almost doubled the premium. Even though they have still not accepted they have any liability for the claim. 

So I would say - avoid at all costs.