Hi - I have just set up landlord insurance for a new property in my portfolio with my brokers, CIA Insurance. I was asked if I wanted to add in Legal Expenses for the property for the sum of £11 on top of the £88 premium. I did say no, but it got me thinking.
We have five properties (three flats and two houses) and wondered if there would be a free-standing legal expenses insurance for landlords covering a portfolio, rather than as an add-on to each property. Has anyone seen anything like this? My broker does not offer this as a policy.
I’m wondering if it is a bit like extended warranty insurance for white goods - you’re better off accumulating a fund to cover the costs.
Thx
Denis
CIA offer it as an add on to each property not to the portfolio
I have used them for years
Previously I used a broker called Jelf and theirs was to each property rather than the portfolio
The catch with portfolio insurance is you claim against one and it penalises all the others ( so the cost goes up astronomically)
So make sure you clarify that with them. I ask for CIA to do it separately so one claim does not hit the other properties in the portfolio
It depends on the underwriter
That is a very good point about a claim affecting other properties. As I mentioned though, I wonder if the total premium add-ons to my existing policy would be better spent in accumulating a legal expenses fund!
D