Things to look out for with multi-property cover

August 15, 2012

Landlords Insurance

If you have a number of policies then there may be advantages if you were to consider a multi-property policy rather than just individual policies for each of your properties.

In addition to the benefits of having just one point of contact, one renewal date to remember and of course, less administration to do, you may also find that there are cost advantages to you in the form of premium discounts which may be worth having.

Getting an appropriate level of cover for your buy to let property is obviously important, particularly if you have a number of properties and at CIA insurance we would welcome the opportunity to assist you with this.

Here is some information about some of the features of multi-property insurance that you may find useful.

Liability cover

As a landlord you may run the risk of being sued by one of your tenants if your property is somehow found to be the cause of some injury to them or damage to their belongings.

The sums of money that a court may award to a successful claimant may be significantly high, so a buy to let policy which can provide you with up to £5 million may be something worth having.

Loss of rental income

Even if you have more than one property, you may notice the effect on your income levels if you stop receiving rental income from one of them.

If this is due to your tenants having to move out while damage is repaired, then provided the damage was caused by an insured risk like flooding, storms, fires etc, your policy may provide you with compensation of up to 30% of the insured value of the building.

All types of tenant

One thing that you may not want to worry about is needing to replace your property insurance because you let to a category of tenant who was not covered by the policy. While some policies may expressly exclude students, DSS recipients and immigrants from cover, not all do and this could make your life just that bit easier.

You may be able to benefit from multi-property cover with three properties though some providers may offer this type of cover if you have just two.

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