Small portfolio landlords often underestimate their own buying power.
A landlord with five, eight, ten or fifteen rental properties may not see themselves as a large client. They may still think of themselves as an individual landlord who happens to own a few properties.
But from an insurance point of view, a small portfolio can be valuable business.
That means landlords should not simply accept whatever renewal appears each year. They should recognise that their portfolio has value, and their broker should be working hard to keep that business.
If you own several rental properties, your insurance renewal should be reviewed, challenged and properly placed.
A small portfolio is still a serious insurance client
A landlord with one property needs proper cover.
A landlord with several properties needs even more care.
Multiple properties usually mean higher total premium, more risk to manage and more detail to review. Different properties may have different tenants, different rebuild costs, different rental income, different excesses and different cover requirements.
That is not routine business.
It is important business.
Landlords should not feel awkward about asking for proper attention, proper explanations or a proper market review.
If your portfolio produces a meaningful premium, your broker should treat it seriously.
Loyalty should not be one-sided
Many landlords stay with the same broker year after year because it feels easier.
They may believe they have a relationship. They may not want the disruption of changing. They may assume the broker is already doing everything possible. They may worry that moving will be complicated.
But loyalty should work both ways.
If a broker values your portfolio, they should be actively reviewing it before renewal. They should be asking what has changed. They should be checking the market. They should be explaining the cover. They should be challenging the premium.
They should not wait until you obtain another quote before suddenly becoming competitive.
Do not use your buying power only to bargain
One of the most common mistakes landlords make is using a better quote purely as a bargaining tool with their existing broker.
The landlord gets a quote from NetRent and Clear, takes it back to the current broker, and the current broker suddenly matches or reduces the price.
That may feel like a win.
But it raises an important question.
If the broker could offer that price after being challenged, why was it not offered before?
And if they match the premium, have they also matched the cover?
A lower price is useful only if the policy remains suitable. The landlord needs to know whether the cover, excesses, exclusions, loss of rent, sums insured, malicious damage terms and unoccupancy conditions are genuinely comparable.
Your buying power should not just be used to force a discount.
It should be used to get a better overall insurance outcome.
Portfolio landlords should expect a proper review
Even a small portfolio should not be renewed by assumption.
Before renewal, the broker should be checking:
- tenant type at each property;
- current rent levels;
- loss of rent cover;
- buildings sums insured;
- property condition;
- unoccupancy or void periods;
- malicious damage cover;
- excess levels;
- claims history;
- material facts;
- whether properties have been added, sold, altered or refurbished;
- whether the market has been properly reviewed.
If these questions are not being asked, the portfolio may not be receiving the attention it deserves.
Your portfolio may fit better options than you realise
Some landlords assume that the insurance market is the same wherever they go.
It is not.
Different brokers may have access to different insurers, different products and different underwriting appetite. Some options may be better suited to single properties. Others may be more appropriate for portfolio landlords.
NetRent and Clear have access to landlord insurance solutions that can be highly competitive on both price and cover.
That matters because small portfolio landlords are exactly the type of landlords who may benefit from a more considered review.
A portfolio should not be squeezed into a standard answer if better options may be available.
Price matters, but it is not the only negotiation point
Landlords naturally want to reduce costs.
That is understandable. Insurance across several properties can be a significant annual expense.
But the best outcome is not always just the lowest premium.
Small portfolio landlords should also consider:
- Is loss of rent cover adequate?
- Are the sums insured accurate?
- Are the excesses acceptable?
- Is malicious damage by tenants covered properly?
- Are unoccupancy conditions workable?
- Is the tenant type correctly disclosed?
- Will someone actually help if there is a claim?
- Is the broker reviewing the policy each year?
A good insurance result balances price, cover, suitability and service.
Do not let convenience cost you
Convenience is one of the biggest reasons landlords stay where they are.
The renewal arrives. The landlord is busy. The broker is familiar. The premium may not seem outrageous. The easiest option is to renew.
But convenience can be expensive.
If the portfolio has not been properly reviewed, the landlord may be paying too much. Worse, they may be paying for cover that is no longer the best fit.
A landlord does not need to move broker every year for the sake of it.
But they should not renew without challenge.
Especially when they own several properties.
Small portfolio landlords have more to lose
If a landlord owns five or more properties, the insurance decision matters.
A problem at one property may be manageable. A pattern of weak cover across the portfolio is more serious.
Underinsurance across several properties, inadequate loss of rent, poor tenant-related cover or misunderstood unoccupancy conditions can create a much bigger exposure than many landlords realise.
That is why portfolio landlords should use their buying power before renewal.
Not after something goes wrong.
Why NetRent and Clear can help
NetRent has worked with landlords for 23 years. We understand rental property and the practical issues that small portfolio landlords face.
We know that a landlord with five, ten or fifteen properties needs more than a quick quote.
NetRent speaks to landlords directly, gathers the relevant information and asks the questions that matter before passing details to Clear’s dedicated NetRent insurance team.
Clear Insurance Management then use their specialist broking expertise to seek suitable landlord insurance options.
Importantly, Clear do not simply roll landlord policies forward at renewal. They re-broke landlord insurance to help ensure landlords are getting the best available price and policy for their circumstances.
That kind of annual review is exactly what small portfolio landlords should expect.
Make your portfolio work harder for you
If you own several rental properties, your insurance business has value.
- Do not give that value away too easily.
- Do not accept a renewal just because it arrived.
- Do not assume loyalty is being rewarded.
- Do not assume a matched premium is a matched policy.
- Do not assume your current broker has checked everything properly.
- Use your buying power.
- Challenge the renewal.
- Check the cover.
Make sure the policy reflects your portfolio as it is now, not as it may have looked several years ago.
Contact NetRent before you renew
If you own five or more rental properties, speak to NetRent before renewing your landlord insurance.
Send us your renewal and let us help challenge it properly.
We will review what you have been offered, ask the right portfolio-specific questions and see whether Clear’s dedicated NetRent team can provide a competitive alternative that properly reflects your properties, tenants and wider circumstances.
You may save money. You may improve your cover. You may discover that your current broker has not been working hard enough for your business.
But most importantly, you will be using your buying power properly.
Call NetRent: 01352 721300
Email: insurance@netrent.co.uk
Small portfolio landlords have buying power. Before you renew, use it. Send your landlord insurance renewal to NetRent.