Landlord Insurance For Multiple Properties

A Guide to Landlord Insurance for Multiple Properties

Owning multiple rental properties as a buy-to-let landlord brings great benefits and complex insurance needs.

Getting the right cover across a portfolio requires careful planning. This guide explains critical considerations for landlord insurance for multiple properties to help investors make the right choices.

Comparing Specialist Landlord vs Standard Insurance

Standard home insurance policies are designed for owner-occupiers and exclude cover for tenanted properties. Landlord insurance is a specialist cover for rented property, including buildings, contents, liability and rent guarantees. For portfolios, landlord policies are essential as they cater to tenancy risks like accidental damage, theft and loss of rental income.

Landlord insurers understand buy-to-let risks better than standard insurers. They offer tailored cover like unoccupied property insurance between tenancies and malicious damage protection against vandalism. This makes specialist landlord insurance better suited for portfolios.

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Block Policies for Multiple Properties

Some insurers offer block landlord policies where multiple properties can be covered in one combined policy providing easy management of several properties under one agreement. Premiums are often discounted compared to insuring each property individually.

Block policies offer the flexibility to adjust the portfolio as needed by adding or removing properties. Handy for portfolio landlords. Drawbacks include each property sharing the same excess and restrictions applying across the board.

Insuring Each Property Separately

An alternative approach is arranging separate landlord insurance for each individual property within the portfolio. This allows tailoring cover according to the risks of each property. Excesses, cover limits and extra protection can also be customised.

However, separate policies mean more paperwork and policies to manage. There is less flexibility to adjust the portfolio, and you lose out on multi-property discounts. Renewal dates are staggered, making administration trickier.

Key Tips for Insuring Multiple Properties

• Inform insurers upfront of the number of properties needing cover.
• Choose an excess you can afford per property rather than across the portfolio.
• Check unoccupied cover terms suit void periods between tenancies.
• Ensure all landlords’ legally required liability cover is in place.
• Take advantage of discounts like no-claims bonuses.
• Pay annually rather than monthly to avoid credit agreements.
• Streamline renewal by picking an insurer offering a block policy.

Why Proper Insurance Matters for Multiple Properties

With extensive portfolios, accidents like fires, floods or burst pipes are statistically more likely to happen eventually. Thorough insurance prevents financial disaster in these events. Some key risks include:

• Loss of rental income if properties become uninhabitable.
• Needing to fund emergency repairs or major works like rewiring.
• Replacing stolen contents like white goods or furniture.
• Loss in property value if rebuilding is underinsured.

Owning multiple properties is a big responsibility. Investing time to get tailored landlord insurance for your portfolio offers protection and peace of mind.

Multiple property policies may feature:

• A discount if you take out insurance for more than one property on the same policy.
• Flexibility in your policy so that you can add and remove houses from your policy if you need to.
• The convenience of having all of your properties on one policy.
• One insurance renewal date for all of your properties.
• Some policies may let you insure commercial lettings, such as shops and offices, with residential ones, such as houses and flats, under the same policy.

What is covered in multiple-building landlord insurance policies will vary by provider. You may have the option of tailoring your policy with optional extras to get a level cover that fits your specific needs.

Features and optional extras may include:

• Landlord Buildings Insurance – Buildings cover is the most basic kind of landlord insurance; it provides cover for the building’s physical structures and permanent fixtures; it should also cover the cost of clearing the land and rebuilding the property an insured event destroyed it.
• Landlord Contents Insurance – if you rent any of your properties as furnished, you may want to consider contents insurance; what items are insured may vary by policy, but they commonly include furniture, appliances and white goods. Contents insurance only covers the items you provide and not any of your tenant’s possessions.
• Emergency Cover – some events like gas leaks or break-ins are emergencies that need a quick response to make the property safe and secure again; the landlord emergency cover can help a landlord get a skilled tradesperson to the property. Some policies will provide your tenants with an emergency contact number that is operated 24/7 and would be able to send someone out on your behalf.
• Rent cover – If an event you were insured for occurred and meant you could not rent out the property while repairs were taking place, having rent cover in place could reimburse you for the loss of rental income you incur.
• Landlord liability cover – if one of your tenants was to make a personal injury claim, this insurance could help cover your legal costs and the potential compensation award to the claimant if you were found to be at fault.

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