Three key insurance considerations for Residential Property Managing Agents

As a residential property managing agent, ensuring your clients’ properties are properly insured is not only a legal obligation, but it also protects your clients’ investments and your reputation. Navigating the complex world of residential property insurance can be overwhelming, especially when every property brings unique risks and requirements.

Here are three essential things every residential property manager should consider when it comes to residential property insurance.

1. Are your clients’ properties at risk of being underinsured?

Underinsurance is one of the most common pitfalls that a residential property manager can experience. This means properties are insured for less than their actual rebuild cost, leaving you liable for the shortfall of any rebuild costs should any damage happen to the building that you manage.

We’ve seen that many managing agents simply renew the same policies year after year without re-evaluating property values or adjusting coverage to reflect new risks, renovations, or changes in property use. Without expert guidance, you might assume your current policy is sufficient, only to discover significant gaps in the policy’s coverage when it’s too late.

At Eggar Forrester, we direct Property Managers and guide you through the things to consider when looking for insurance. Our team works with a trusted panel of insurers to provide competitive policies tailored to your portfolio’s specific needs, giving you confidence that your residential property block is fully insured.

2. Does your insurance policy include specialist cover for complex properties?

Managing a diverse property portfolio means dealing with a wide range of building types, from listed buildings and non-standard constructions to high-value refurbishments. Unfortunately, not all insurers are equipped to handle the unique risks these properties present.

If you’re unsure whether your current insurer can provide the right level of cover for properties with specialist risks, such as flooding, listed buildings, or high-end developments, then it’s time to seek expert advice.

We specialise in securing bespoke policies for complex properties. We understand the nuances of insuring non-standard constructions and high-risk areas, so that your residential property block is covered for exactly what they need in the event of a claim.

3. How efficient is the claims process?

As you’re acting on behalf of your clients, you’ll want to know that they are being well looked after in the event of a claim. Their time is precious, and they are busy people, so you’ll want the peace of mind that all claims are well looked after, managed by a professional team who deals with a case from end-to-end, without bouncing from one department to another (with irritating hold music to add insult to injury)!

When a claim arises, your clients expect swift, seamless service. But too often, insurance claims become a source of frustration, with managing agents and their clients bounced between departments, stuck on hold, or left in the dark about the status of their claim.

At Eggar Forrester, we believe claims should be handled with care and efficiency. Our in-house claims team manages the process from start to finish, providing clear communication and dedicated support throughout. You’ll have a single point of contact who understands your portfolio, ensuring claims are resolved quickly and with minimal hassle.

In the past three years, we’ve successfully handled 337 property claims, paying out over £2.65 million to clients. Our track record speaks for itself, and we know it’s important to you that your clients are given an exceptional level of service should the need to claim arise.

Eggar Forrester simplifies insurance for Residential Property Agents

Insurance doesn’t have to be a headache. With Eggar Forrester, you’ll have a trusted partner to guide you through every step, from risk assessment and policy selection to claim management. Here’s how we make it easy:

1.      Initial Consultation: We’ll get to know your property portfolio and any unique risks it presents.

2.      Tailored Quotes: You’ll receive customised quotations from our trusted panel of insurers.

3.      Policy Selection: Together, we’ll select the best policy to ensure your clients are fully protected.

4.      Ongoing Support: Our expert claims handling team is on hand to manage any future claims, providing stress-free resolutions.

Your role as a managing agent is demanding enough, let Eggar Forrester take the complexity out of insurance so you can focus on delivering an exceptional service to your clients.