27 November 2023

What's a landlord association and how it helps you and your property

By Kevin Meek New Business Senior Account Handler

As much as you have may have faith in your ability to manage your property rental portfolio, there are likely to be any number of occasions when being part of a landlords or property-to-let association would be very useful. That collective force is often found in a landlord association. These are support networks for both residential landlords and letting agents where advice and resources can be shared.

That could be anything from the most reliable and competitively priced electricians or plumbers to legal advice on tenant’s rights. It’s also an invaluable commodity when considering landlord’s insurance and how to negotiate the best premium and cover for rental properties. Here at PML we have an excellent partnership with LNPG, but before we tell you more about that, here’s some advice on how to harness the collective power of belonging to a good landlord’s association.

1) The more there are of you, the better the numbers from them:

A landlord’s association attracts many people so there’s a sizeable membership base. Insurance providers actually rather like this, as they can set out a favourable rate or even group discounts to many, rather than negotiating with just the one landlord. This is only first example of how collective bargaining may bring forth a better deals for members – especially of you’re a landlord with a number of properties.

But remember – you want to be part of a collective where your voice and concerns are heard, and your interests represented. If the final policy rules out many of your specific requirements, that is an example of how the association may not necessarily serve your best interests.

2) Building on existing foundations:

Some landlord associations – and the people within them – have been in the property letting sector for many years. That often means there are established connections and relationships with specialist insurance providers who live and breathe the rental market. There’s usually a good reason they’re a preferred provider – they work with landlords to offer up preferred providers may offer exclusive discounts or customised policies, which adds value and good will to existing relationships.

However… if you’re new to a landlord’s association, you should be within your membership rights to probe what this value represents for you, and contribute your own experiences of previous insurance providers – the good and the not so good.

3) Ask the experts:

By being part of a landlords’ consortium, you may well find that you have experts and advisors on hand to flesh out and answer those insurance queries with expert insight and advice – such as the gurus at LNPG – relating to the world of property letting. This is an essential part of what you get back as an individual member – tailored guidance that relates your specific letting insurance needs.

4) Learning on the job:

If you’re comparing various landlord associations, it’s worth considering those that offer workshops, seminars, and webinars as part of the membership package. Whether it’s other members in the chair, or outside experts, these sessions and tutorials are worth their weight in gold for what you get back. From property management and upkeep to the risks associated with under-insurance (recently provided by the PML team), you’ll emerge a more knowledgeable, confident, and accessible landlord by attending.

5) The power of advocacy:

We like this one and it shouldn’t be overlooked or underestimated. A good landlord association has an authentic interest in advocating for its members – which includes working with lawmakers and regulators when it comes to the ins and outs of insurance regulations and policies. This results in a stronger landlord’s position both for the individual and the group, which may result in more favourable insurance policy options.

6) Reviews as standard:

A decent association holds regular reviews of any recommended insurance policies and recommended providers, keeping a close eye on the changing landscape of regulations and letting legislation. This saves you some time in doing it yourself and ensures nothing falls between the cracks that may affect your properties or current policy.

7) It pays to network:

If you select a landlord association that encourages and even facilitates member networking, you’re on to a good one. The conversations, emails and even WhatsApp groups you form can be the place where the really useful informational nuggets are shared. Aligning with a landlord (s) that may also let in your area, have similar tenants (students, families, etc), or face familiar issues when it comes to securing insurance at a competitive rate.

8) Additional discounts:

While we’ve already mentioned that a landlord association membership may give you access to the best service providers, such as property management agencies and contractors, these contacts may well come with a helpful discount.

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If you’re ready to join a landlord association for the first time, or perhaps change to one that serves your interests better, PML’s partnership with LNPG includes:

  • Up to a 15 per cent membership discount*
  • Full 90-day unoccupancy cover from the start, including minor renovations
  • Your own dedicated account handler – meaning no call centre queues and a real person, not a robot, at the end of the phone.

We also have access to multiple insurance providers – although we always recommend our MS Amlin policy, which offers the most comprehensive cover for LNPG members like you. This includes:

  • £25,000 landlord contents cover
  • Cover for accidental or malicious damage by tenants up to sum insured
  • £100,000 legal expenses including tenancy eviction and pursuit of rent arrears
  • £2m property owner’s liability

Cover for loss of rents/alternative accommodation up to 25 per cent of sum insured.

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