Why choose multi property cover?

June 26, 2012

Landlords Insurance

The last thing you may need if you are a landlord, is being forced having to think about multiple due dates for insurance renewals for your properties or needing to deal with different companies and their representatives.

Multi property cover may be of help to you in reducing your administration, as well as offering you just one point of contact when dealing with your insurance issues.

When looking for the best property portfolio insurance, you may need to bear in mind that what may be best for one landlord may not be the best solution for you. You may need to be sure that a particular policy matches your own unique situation as closely as possible.

Some of the features, which may differ from policy to policy and which you may wish to look out for, may include:

  • you may be able to purchase multi property cover with just two or three properties in your portfolio – some policies may require three or more;
  • the levels of public liability (providing you with financial protection if you are sued for damages) may be as much as £5m with some providers;
  • similarly if one of your employees is injured while working on your behalf then some insurance policies may be able to offer up to £10m of financial protection;
  • loss of rental income is another feature which may not always appear in a policy schedule – it might make a significant difference to your income levels to have this compensation though, if your tenants had to move out while repairs were being carried out on damage from an insured event;
  • some policies may impose restrictions on the types of tenants that they are prepared to cover – having a policy with no such restrictions may simply just get rid of something else that you would otherwise have to think about when changing tenants;
  • malicious damage by tenants is something that may not happen very often but may be unpleasant to have to deal with – landlord insurance which offers this protection as standard may help;
  • bear in mind too that subsidence cover may be hard to find these days as a standard feature of landlord cover – some policies do provide it though, so it may be worth looking out for.

Remember as well that property insurance may cease to be valid if your property is sitting vacant. You may need to check your existing landlord cover to determine when this would happen. Some policies may allow 30 days before cover ceases. Others may have a cut-off point at 45 days.  You may need additional unoccupied property cover in this situation.

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