Adopting the right landlord insurance for multiple properties should be something to think about carefully. Because for one the costs can mount up if you forget to claim for discounts or use the wrong broker who charges more than someone around the corner.
This landlord's multi-house insurance guide was created to not only guide you to the best options (with discounts) out there but to inform you about multi-property insurance in general.
Just before you dive in there head first.
Tip: Each of these questions are clickable.
It would surprise you if you knew the cost of landlord insurance for multiple properties as this insurance could be one of the cheapest types out there.
Compared to other insurers, anyway!
But this is all common sense, and we're sure you know the basics about landlords insurance. UK insurance companies factor risk into everything they take on, and that's how they calculate what you pay. The cost to re-build your property if it goes on fire or you get flooded out, and sometimes your tenant can adjust the price with some insurers.
When you choose a policy, the insurance company will always advise you to cover the structure of the building. Things can happen like subsidence (and that's costly) to a fire breaking out, God forbid. You are covered as long as you've told the insurer the down to earth price it would cost to get a builder in to re-build that asset.
If the property value is £100,000, it doesn't mean you get a policy for £100,000. You could get billed for court expenses, criminal investigation or some other costs.
A policy for £150,000 could do the job, get the insurer to advise on this?
They would rather you have an up to date evaluation for all your properties before you get a quote, so you and the insurer understood.
The short answer is no; you don't need landlord content insurance for every property you own. Some landlords have contents cover for their most valuable properties, and some leave it out as their renting to DSS or a housing benefit tenant.
You see the difference here, value=risk, hence higher insurance price.
And as we're on portfolio landlords, you might want to take it for every property you own. If they're under your business and if you get a reasonable price for all assets, take the cover if it's worth it to you.
What contents insurance covers.
If you have a lot of furnished properties, a contents insurance is the key to securing those assets. Those assets can be anything from a fridge freezer to a Hotpoint washing machine and anything that's not part of your building.
And also damage cover for the following.
When you need a locksmith because of break-ins and key theft you'll be glad the insurer sorts that part out because it can be a thorn in your side.
Alternative accommodation for tenants
As a portfolio landlord with more than one property, you need to think about your tenants. What if your rented property goes up in flames or you wake up one morning to get ready for a flood?
What do you do?
You, as the landlord, can do nothing physically unless you travel and help them regain a livable occupancy. But your insurers can, and they can do it better than you could and not to mention the stress you could take on.
You can pay for your policy under a few conditions. One being direct debit or annual payment, with annual, usually working out cheaper for you. And you should get multi-property insurance discounts if you choose a block policy.
It's your choice, my friend.
When you buy insurance for landlords, most insurers, offer you public liability protection tided into the policy to keep you safe from the public. You know injuries, fall, slips on a wet floor to name a few can be a surprise when you don't have a policy. Or a member of the public claims you on a personal basis; it's not a pleasant journey.
Having protection from the public, ( your tenants are public citizens too, by the way ). They can claim on your policy if they hurt themselves, and if it's your fault, it could be court time.
For example, if your front steps or a slab is broken or loose, and a member of the public falls and cracks their mouth open, they could claim. And lawyers these days will be on to that like flies around manure.
That's why it's essential for property maintenance.
If you have a lot of flats and rented accommodation in your portfolio, you must protect those assets. If you have mortgages hanging over some, you'll know that banks want insurance for rented lets.
Stay with one company when you get a quote and remember the price will be calculated based on your properties. Also, make sure your cover liability claims as much as possible to avoid claiming and only use this policy when you really need it most.
Tenants are just part of an overall policy, and the policy is 80/20 on the value of the whole property, building and contents. The tenant will be covered for hurting themselves and offer them alternative accommodation if the place becomes uninhabitable.
So, 80% landlord and building liability and 20% to cover the tenant, ruffly.
When you're letting out to DSS tenants, it can be as simple as finding a company that can accommodate them. Usually, insurers ask what type of tenant you'll be covering in the quote form.
If your easy-going allow a few mishaps and if it gets worse, you'll know what to do there?
It is the best way to cover your lets, one policy, one contact.
How do you find discount codes for insurance, use Google, use the web and most importantly, ask? You should need to ask if your bringing on ten new flats, that's good business for any insurance company. They'll fight over it if you get written quotes and it's a good idea to do that because you will get a good deal.
Fax the written quotes over to a few, and they should beat it.
Especially the big insures out there like Direct Line for Business or Hiscox landlord insurance.
Terrorism cover can be provided by most UK insurance providers, and that should be written into your new block policy. If you want to make sure that terrorism cover is included, make sure by asking them.
If you live in any UK capital, you might want to know you have it covered?
Glad you asked and here's what you can do to find a good price for multiple property owners.
If you take a quote here and you should (do that now), then you can try these companies and landlord insurance comparison sites too. Each of these companies is hand chosen for your convenience, and the quotes are free.
***Each link will open a new window where you can get quotes or get on the phone.***
UKLI Compare - Comparing Since 2011
Go to the quote tool designed just for UK landlords. Up to five properties only. Take a free quote, and you still have options, you'll get there.
Simple Landlord Insurance - Award Winners
Cover 4 properties minimum and more as you grow with Simple Landlords Insurance.
Adrian Flux Home is one to watch, and for serious landlords that like dealing with companies that know landlords, these are the people.
Wesleyan is one of the UK's most experienced property insurers with more than enough letting knowledge to make you feel at home. Portfolio lets are not a problem with these guys.
Quotezone is an independent company with no bonds to any insurance company, they get you quotes, and that's what you need if you want multiple property insurance discounts?
Well, it sounds better, doesn't it? A block policy for landlords is the answer and don't forget it buster; block policies are a brilliant option for portfolio landlords.
And it's easy to add things like other protection as you grow.
CALL OUT: Get a block policy and cover your letting business and properties the right way, the first time around.
Start telling insurers about your portfolio; click here for quotes.
Some companies only allow you up to 5 properties and others like Simple Landlord Insurance offer a solution for a minimum of four properties. The sky's the limit after four as you become a property tycoon.
One thousand properties if you want?
The idea of a comparing or when you compare landlord insurance for multiple properties is price, is it not? Every business owner likes a deal, from business broadband to buy-to-let insurance.
It makes no difference, saving money is saving money and if you can do it for free, even better.
That's why all you see on the TV is mostly insurance because they are brokers and small insurers out there you might not know about. That's the beauty of online comparison website like UKLI.
Just free and simple that finds you the best landlord insurance for multiple properties with one easy quote.
Here's a few resources for UK landlords that are looking for more multi-property information or advice on how to grow your business.