Options for cheap property portfolio insurance

September 28, 2012

Landlords Insurance

If you are a landlord who has a number of letting properties then you may at times struggle to keep all of your administration up to date.

One part of this task may be making sure that each of your properties has up to date buy to let insurance cover.

One way of making this task a bit easier may be to purchase a multi property policy.

That simplifies your daily life because you:

  • have a single policy which covers your whole property portfolio;
  • only have to remember one renewal date;
  • deal with only one buy to let insurance provider;
  • may be able to benefit from the more cost-attractive premiums typically available with this type of cover.

While some providers of this type of multi property cover may require that you have at least three letting properties, there are others who may be able to offer you the benefits of this type of cover if you have just two.

These providers may typically be found online where you can easily compare what’s on offer to find appropriate cheap property portfolio insurance for your own particular situation.  The option that you choose may be very different to the preferences of another landlord with a different set of requirements.

You may also wish to keep an eye out for policies which may be able to offer you:

  • compensation, up to 30% of the insured value of your property, for the loss of rental income that may result if your tenants have to move out if your property is damaged by an insured risk to the point that it is uninhabitable until repairs have been carried out;
  • subsidence protection as standard;
  • cover for malicious damage caused by your tenants;
  • public liability cover up to £5m.

An additional aspect of buy to let cover that you may need to bear in mind is that things may change if your property becomes vacant. Your tenants may have moved out for example or you might have decided to keep the property empty while you carry out some refurbishment or redecoration.

If this void period extends beyond a certain period of time (typically 30 to 45 consecutive days), then your policy may cease to provide you with protection and you may need to purchase unoccupied property cover.

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