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Multi property landlord insurance

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What is multi property landlord insurance?

Some insurance firms refer to multi property landlord insurance as portfolio insurance and it simply lets you insure multiple properties under one policy. By using portfolio insurance to protect your investments, time, hassles and in most instances money can be saved. This type of policy is an organisational tool that can help free up the time of a busy landlord so they can concentrate on other areas of their estate business. 

By having all of the investment policies under one bigger policy, it is easier to deal with problems, claims and to make the payment to keep it active. 

Multi property insurance

Multi landlord insurance is a specific type of landlord policy

This is the same as landlord insurance where it is understood none of the properties will be the home residence of the owner, but instead rented or leased out to a third party. The protection this type of cover offers includes financial protection for the building, the contents of the building along with outbuildings on the properties and any fencing. This does not include personal items of tenets.

This protection can include the internal equipment and machinery used to keep the building warm and cool along with the water dispersal system. 

In most standard policies from insurance firms, legal liability is also included along with loss of rent or income protection. Some firms even cover medical protection just in case someone is injured on the property. 

What type of protection does multi property landlord insurance include?

The same areas of the property are protected just like a typical homeowners policy. There is cover just in case of fire, flood, acts of nature, vandalism and theft. In most policies, this includes repairing of the property and its buildings or if is beyond repair, then rebuilding the property and the buildings.

Most include both legal and public liability cover to help protect when there is a dispute with a third party.

What types of property can be covered by a multi property landlord insurance policy?

A multi property landlord insurance policy can be used to insure residential, commercial or a combination of both. 

How many different properties are required to have a multi property landlord insurance policy?

Each insurance firm has its own specific regulation and restrictions, but most allow this type of protection for landlords that own 4 and up number of properties they rent or lease out.

What are the advantages of having this type of policy?

By placing all of your investment properties under one policy it will help simplify many processes when having to deal with this type of protection. This includes the following;

  • Time and process for renewal is one easy step.
  • Making a claim on any of the properties will be simplified since the landlord will be dealing with the same insurance representative no matter which property has an outstanding claim to be settled.
  • When paying the premium, most firms provide a discount of up to 15% for each additional property after the first one is covered.
  • The paperwork is all centrally located in one umbrella policy even if each piece of property has different levels of protection. 
  • When it comes time for obtaining a quote, less time will be required. This will also make it easier to compare with other offers.

Is it possible to add properties to a multi property landlord insurance once the policy is opened?

Yes, when a new investment is purchased it can be added to an existing multi property landlord insurance policy with a simple phone call for most insurance firms. The premium will more than likely also qualify for a discount because of the presence of an existing policy.

How does income protection work?

Most multi property landlord insurance policies have an income protection clause. This is a payment to the landlord by the insurance firm for up to 90% of the loss rent when a space of building becomes vacant. 

To receive this type of payment a claim must be made. To qualify for this type of disbursement the building usually has been made not occupiable due to fire, flooding or other causes of damage to the structure that has made it unsafe for residents to stay. 

This type of claim can be made and the time period for receiving the funds can last up to 3 years. 

Are there any add-ons to the standard property policy for a building that should be considered?

If there is an employee or employees that work for the landlord, then employee insurance should be included in the multi property landlord insurance policy. The typical jobs of these employees include;

  • Building and grounds maintenance workers
  • Administrators
  • Rent collectors
  • Building managers

A multi property landlord insurance is an umbrella policy that will have multiple policies to cover each piece of property the landlord owns. These policies can be identical or different depending on the needs of the owner. With each additional property that is added to the policy, the premium of the new should qualify for a discount.

What is landlord liability insurance?

This element of landlord insurance is optional, it is aimed at protecting claims made by third parties related to your rental property. The classic example would be a visitor tripping over because of a badly fitted carpet or slippery surfaces . Landlord liability insurance has similarities to public liability insurance with more of a focus on buildings and properties.

How much liability insurance should a landlord have?

As liability claims can be extremely high we are talking in millions. Most brokers will offer you a choice ranging normally from £2 to £5 million. It really depends on your individual needs and the broker can be flexible to meet your exact requirements.

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