Multi-Property Landlord Insurance

Multiple property landlord insurance, also known as ‘landlord portfolio insurance’, is an insurance policy that allows landlords to insure multiple properties under one policy. This type of insurance offers the convenience of having one renewal date, simplifying management and reducing paperwork by consolidating all properties under a single renewal date.

Available for both residential and commercial landlord portfolios, individuals, managing agents or companies can combine all their renewals into one, ensuring comprehensive coverage for both residential and commercial property.

Insurance for multiple properties will cover your standard things like property damage through fire, contents cover as well as liability cover to protect against claims from tenants. This is particularly beneficial for landlords owning multiple properties, as it simplifies the insurance process and may offer cost savings compared to individual policies.

Multi property insurance provides a comprehensive and streamlined approach to risk management across an entire portfolio whilst also saving you money. Specialized property owners insurance products ensure exceptional service and quality protection for your property investments.

Multi-Property insurance can cover a wide range of properties, including commercial and residential properties, freehold and leasehold properties, and unoccupied properties. This type of insurance is suitable for landlords who own multiple properties, including those with commercial elements, such as shops with flats above or full-blown commercial industrial units.

Whether you own a small portfolio of residential properties or a large portfolio of commercial properties, property portfolio insurance can provide comprehensive coverage for your entire portfolio.

Multi-property insurance can include a number of aspects. Typically your policy will include the below.

Landlord portfolio insurance, or multi-property landlord insurance, is suitable for various types of property owners, including:

• Residential landlords: Landlords who own multiple buy-to-let properties can benefit from portfolio insurance to protect their investments against risks such as property damage, liability claims and loss of rental income.
• Property investors: Property investors who own multiple properties, including commercial and residential properties.
• Property developers: Property developers who own multiple properties during the construction phase can benefit from portfolio insurance to protect their properties from damage caused by natural disasters or accidents that may occur.
• Management agencies: Property management agencies who oversee multiple properties on behalf of their clients can benefit from portfolio insurance to protect their clients’ investments.
• Housing associations: Housing associations that manage multiple properties can benefit from portfolio insurance to protect the properties against risks such as damage to common areas, liability claims, and other risks.

Owning multiple properties can be complex, but multiple property landlord insurance simplifies the insurance process. It allows landlords to manage all their properties under a single policy, reducing paperwork and streamlining renewal processes while ensuring comprehensive coverage against various risks associated with property leasing.

Property portfolio insurance offers numerous benefits to landlords.

One of the primary advantages is the convenience of having all properties insured under a single policy, eliminating the need for multiple renewal dates and policies. This simplifies the management of multiple properties and reduces administrative tasks.

Additionally, property portfolio insurance can provide economies of scale, making it financially sensible to have all properties under one policy. Furthermore, having a portfolio can help spread the risk and absorb claims across the portfolio, reducing the financial burden on individual properties.

It is not a legal requirement to have a property portfolio policy, it is however a requirement to have insurance if the property has a mortgage associated with it.

Whilst landlord insurance is not legally required, it is highly recommended for property owners who rent out their properties. It will provide protection against various risks that may arise from ownership such as damage, liability claims and loss of rental income.

Without insurance, landlords may be responsible for paying for any damage to their property as well as any legal costs associated with liability claims. This can be costly and could result in significant financial loss.

It is not a legal requirement for a landlord to insure the contents of a property but is instead down to personal preference.

Things such as carpets and curtains will not be covered on the building policy so a landlord may wish to insure those items if of high value. The remaining curtains, unless fully furnishing, are likely to be insured by the tenants as they will belong to them instead.

Many property portfolio owners who’s core business is providing fully furnished buy-to-let properties will often have contents cover to ensure additional cover for high value items.

Contents often insured by a landlord include.

• Carpet
• Curtains
• Fridge
• Freezer
• Dishwasher
• Washing Machine
• Tumble Dryer
• Oven
• Furniture

If within your portfolio you do not provide any of these items, then there is no real need for contents insurance.

Multi-property insurance and home insurance are different in several ways.

Home insurance is designed to protect the homeowner’s primary residence and the contents of the home, while multi-property insurance is designed to protect multiple properties owned by the policyholder.

Here are some of the key differences between multi-property insurance and home insurance:

• Number of properties covered: Home insurance only covers one property and that’s the owners main residency.
• Cover options: Home insurance policies usually offer a range of cover options for a single home tailored around personal belongings. It is less likely to see personal belongings covered on a multiple property policy.
• Premiums: Multi-property insurance policies may have higher premiums than home insurance policies due to the increased level of risk.

In conclusion, both types of policy will offer very similar insurance cover. However, a property portfolio policy will take into account higher and multiple risks especially if the policy is to cover commercial landlord insurance or commercial property.