Protect your property portfolio with multi-property landlord insurance

Managing multiple rented properties can be time-consuming and challenging for landlords, so the last thing you need is to worry about organising different insurance policies for each home you rent out.

This is where multi-property landlord insurance can help by insuring your properties in one single policy, saving you the hassle of managing multiple policies.

Here at Property118, we’ve teamed up with The Home Insurer which helps provide a top-class service and could help save money.

What will a multi-property insurance policy include?

Multi-property insurance is designed for landlords with more than one rented property.

From insuring a row of terraced homes, or a block of flats, multi-property insurance for landlords offers a variety of protections that meet the needs of your property portfolio.

Multi-property insurance offers protection for a variety of events including storm damage, fire, flood, theft and vandalism.

According to quotezone.co.uk, multi-property landlord insurance combines various insurance covers into one convenient package for landlords with multiple properties which include:

• Liability insurance – A landlord could be held liable for accidents or injuries that occur in a rental property. Liability insurance includes covers which safeguard you against legal expenses and compensation payments in the event of a liability claim.
• Landlord building insurance – Cover for the structural parts of your rental property including such as walls, plus the fixtures and fittings.
• Contents insurance – For furnished properties, this covers damage to, or loss of furniture and appliances provided by the landlord. It’s important to remember that tenants need contents insurance to cover their possessions.
• Loss of rent – Compensates for lost rental income if a tenant can’t live in the property due to a fire or flood.
• Home emergency cover – covers unexpected incidents such as power cuts, burst pipes or damaged doors or windows. Some insurance policies may include cover for emergency boiler breakdown.
• Malicious damage cover – This will replace or repair items that have been damaged on purpose.
• Unoccupied property insurance – protects your building and contents against financial loss when the property is empty. Most unoccupied property insurance covers properties left empty for more than 30 days but some specialist insurers can offer up to 12 months.

Additional add-on covers include terrorism cover which covers your property against damage caused by terrorist acts. If you don’t have this cover then it can sometimes involve high costs.

What isn’t covered?

Insurance policies typically do not cover wear and tear, so it’s crucial to stay current with routine maintenance and promptly address any repairs. It’s important to remember to keep your properties in good condition to avoid any claims being rejected – especially if you own multiple properties.

Depending on the policy you can sometimes get cover damage to your water supply pipes but it is best to ask your insurer.

How much will multiple landlord insurance cost?

The cost of landlord insurance for multiple landlords varies depending on several factors which include:

• Location – If your property is in a busy town or city then it may cost more compared to a rural property. Properties in areas with high crime rates may also attract higher premiums.
• Property Type: Insurance premiums may vary depending on the type of properties you own e.g. apartment buildings or terraced houses. Buildings with thatched roofs, for example, may have higher premiums because specialist tradespeople will have to be engaged for repairs and they will likely need specific materials.
• Your chosen policy – adding more features to the policy will push up the premium.
• The coverage type – Opt for higher levels of cover and that too will push up the premium.
• Property use – The owners of holiday lets or commercial buildings may see higher premiums because insurers see more risk and price accordingly.
• Rebuild Cost: The cost to rebuild the properties in the event of destruction is a significant factor in determining insurance premiums. Older properties features may have higher rebuild costs.

According to quotezone.co.uk, it is possible to update a policy at any point in the year.

Usually, a policy can be amended when necessary, for example, when buying or selling a buy to let property. It’s worth understanding that many insurers will charge an admin fee when policy changes are made.

It’s always best to shop around for multi-property insurance for landlords as the cheapest price doesn’t always mean it’s the best service.

Jason McClean, director of The Home Insurer says it’s really important to speak with your broker on portfolio business.

He told Property118: “It really makes a difference and we can access different schemes and discounts when we deeply understand the needs. It’s almost a negotiation on cover and price with the landlord having bargaining power due to more than one property needing insurance.”

Peace of mind

Having multiple property landlord insurance offers peace of mind for landlords knowing all their properties are covered in one single policy.

The Home Insurer can help landlords with finding the right multi-property landlord insurance with extra add-ons.

The most efficient way to get a personal quote with the best price and cover possible is to call the team on 01832 770965 so we can focus on your enquiry when you are ready and sitting down with your portfolio details to hand.

Alternatively, you can use the form below to request one of our team to give you a call back.

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