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Landlord Portfolio Insurance
Multiple properties on one policy
HMO’s and mixed commercial and residential properties
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Landlord portfolio insurance
Research conducted by the London School of Economics for the Council of Mortgage Lenders found that only around 7% of private sector landlords in the UK own more than five properties – but this figure accounts for some 40% of all let properties.
Property portfolios, therefore, comprise a significant proportion of all rented accommodation. Since September 2017, new lending rules mean that landlords must produce a tougher, more convincing business case to any lender when applying for a new mortgage.
That, in turn, means that the operating costs of such buy to let businesses come under still closer scrutiny – including their essential property portfolio insurance.
What is landlord portfolio insurance and what does it cover?
Landlord portfolio insurance provides a convenient and cost-effective way of ensuring that the cover needed by any landlord to safeguard the multiple properties you own under a single policy.
These properties can be a mixture of different types all covered under one property portfolio policy – for example:
Mixed use properties;
Commercial and residential properties;
Multiple property insurance incorporates the valuable discounts you may expect to get when insuring more than one property, but it also ensures that cover for all of your properties share the same renewal date. This reduces the length of administrative time – and money – you spend monitoring your landlord insurance and helps to ensure that none is accidentally overlooked when you are juggling different renewal dates throughout the year.
But portfolio landlord insurance continues to provide every element of protection you may find when arranging cover for each property separately. In other words, each property in your portfolio enjoys the safeguards of:
Building Insurance – to protect the structure and fabric of the building against such potentially serious incidents as flooding, fire, explosions, impacts, storm damage, vandalism and theft;
Contents Insurance – to protect any contents you own in the let property (your tenants, of course, are responsible for insuring their own belongings and possessions);
Landlord Liability Insurance – for your indemnity against claims made by your tenants, their visitors, neighbours or members of the public who hold you liable for injuries they have suffered or their property that has been damaged because of your actions (or inactions) as a landlord; and
Compensation for loss of rental income – if a serious insured event leaves any of the properties in your portfolio temporarily uninhabitable
Why may you need multiple property insurance
Landlord insurance is an essential safeguard for anyone owning buy to let property, no matter what it's type. Indeed, if you are buying it with the help of a mortgage, your lender is almost certain to insist that adequate insurance remains in place at all times.
If you own a whole portfolio of buy to let properties, both you and the mortgage lender are likely to be more concerned than usual about the operating costs of your business – including your insurance.
Landlord portfolio insurance maintains the full range of safeguards you need for each property, whilst offering the opportunity to manage costs and operating expenses by taking advantage of the discounts available when insuring more than one property.
Why choose us at UKinsuranceNET?
UKinsuranceNET is one of the country’s leading independent brokers in the market for bespoke insurance for all types of landlord, including those who own and operate multiple property portfolios.
Our property portfolio insurance can be tailored to meet your own unique needs. We can cover all type of risks under one policy including mixed-use properties, commercial and residential properties and HMO properties.
In addition, we have no restriction on your tenant type – we can cater for all tenant types from professionals to DSS recipients.
Top rate customer service is our paramount concern and is directed to ensuring that your particular insurance needs are precisely met – at competitive market rates.
* 75% of all customers receiving an online quote in May 2017 could have obtained a cheaper quote over the phone, based on the information they provided