Article Synopsis
This article is a three-minute read
This article looks at the qualities customers should look for in an insurance broker, whether you need a policy for your home or for business premises. A good broker will be a member of at least one professional body, as well as having a good bank of local knowledge to draw on.
Maunder Taylor, who operate in North London and Hertfordshire, offer a wide range of property-related services, which includes finding customers the right policy for their needs.
When looking for a property insurance intermediary in the UK, it’s crucial to find someone who can provide accurate, expert guidance and help you navigate the complexities of the commercial and domestic markets. Whether you are buying, selling, or leasing, a good broker can make a significant difference to how much you pay for your premiums.
Maunder Taylor – a Property Insurance Intermediary in London
Maunder Taylor have more than 30 years’ experience of advising customers about insurance. We can obtain competitive quotations from insurers and deal with claims handling. For more information, follow this link.
Knowledge of the Local Market
One of the most important qualities any insurance intermediary needs is the bank of knowledge they can draw on. This particularly applies to the local commercial property market, which is much more specialised than the residential sector.
They will need to know what the market rate for comparable properties is – and this is likely to be much harder to establish for commercial premises. A good intermediary should also be aware of any local planning policies, such as the existence of any enterprise zones, which could affect a property’s value.
Good Breadth of Knowledge
A good broker will also need a good breadth of knowledge of factors which can be county- or countrywide. For instance, they will need to be aware of the planning regulations which may affect older or historic homes; if you live in a conservation area, or in a Listed Building, there will be limits as to what improvements or repairs you will be allowed to carry out.
In the commercial sector, intermediaries need to look at not just business use and lease terms but specialist cover as well. Employers’ Liability, Directors’ and Officers’ Liability, Common Parts Contents, as well as other property-specific cover, should all form part of the discussion.
Reputation and Reliability
A good insurance intermediary should have a good reputation among its customers. As well as looking out for good reviews and recommendations, you should also check if they are a member of any professional bodies, such as the Royal Institution of Chartered Surveyors. This will tie them to certain standards because if they don’t meet them, then they could lose their membership.
A Good Explainer
You also want an intermediary who will be able to guide you through the whole insurance process. This means explaining the cover to you in simple terms – many policies are full of technical jargon which the ordinary consumer won’t understand.
And you will also want someone who will be able to help you through the process of making a claim, should the need arise.
Commercial Property Investment in North London from Maunder Taylor
At Maunder Taylor, we tick all the boxes for you when it comes to acting as a property insurance intermediary in London and Hertfordshire. We have an excellent knowledge of the property market across the region.
This applies to the domestic market – you can check out what properties we currently have on our books here. And it’s equally true of the commercial market – not only do we offer letting and sales, but we also look at business premises with an eye to investment opportunities, if you are interested in commercial property investment in North London and Hertfordshire.
Maunder Taylor are also members of the RICS and have been regulated by the Financial Conduct Authority and the Financial Services Authority. We will make sure you have the cover you need (including for any personal liability) and that it’s all explained in plain English (even if it isn’t written that way).
If you do need to make a claim, we will provide you with a single point of contact to guide you through the process.
FAQS:
How many insurance policies are sold through brokers in the UK?
According to the British Insurance Brokers’ Association and other industry sources, more than nine out of every 10 commercial insurance policies in the UK are arranged by brokers. This includes insurance for businesses of all sizes, from SMEs to large corporations.
Around a third of all personal insurance is sold through brokers. The remaining share is held by direct insurers and price comparison websites.
Is using a property insurance intermediary more expensive?
Not necessarily. Intermediaries are usually paid on a commission basis by the insurance company you buy your premium from. However, they will usually have access to better rates than the general public, and they can often negotiate a better deal as well. Brokers should also be able to ensure you aren’t over-insured and will save you a good deal of time by entrusting the process to someone else.
However, there is no simple answer, as much will depend on the type of insurance you are after, and how many clauses (or policies) you will need.
If you need an insurance quote from Maunder Taylor, who should you contact?
Contact Steven Pentecost Cert CII for more information about our property insurance service. If you need to make a claim, then Tracy Reed is the person to contact.