Landlords Insurance – How To Save Money

Portfolio insurance for landlords is a type of buy to let insurance that covers multiple properties with a single policy. Not only does portfolio insurance for landlords cost less than  the total cost of several individual policies, it is also easier to manage and can include everything that a normal buy to let insurance policy does.

Who does this type of insurance suit?

Portfolio insurance for landlords is obviously aimed at private landlords who have a growing investment property portfolio. This can be from two properties to 50+ properties – it doesn’t matter providing there is more than a single property to be insured using landlord insurance.

What types of property can be insured?

The exact types of rental properties that are covered by portfolio insurance for landlords differ from one provider to the next. In the majority of cases though the policy can be designed to cover normal residential properties, UK holiday homes, combination commercial and residential properties (commercial premises with living accommodation attached) and even unoccupied properties. Of course there are often restrictions to be considered as there are in any landlord insurance policy.

Is the content of a portfolio insurance policy set in stone?

In the vast majority of cases no it isn’t because most providers that offer multi-property insurance for landlords understand that investment portfolios are subject to change. So for example, as a property investor and landlord you may decide to sell one or more of your properties and buy others. You might decide to branch out into the world of commercial buy to let properties or you might look into luxury holiday homes around the UK.

With portfolio insurance for landlords you can amend the properties covered by the policy as many times as you need to. Of course the cost of the policy will change with each amendment but the level of cover will stay the same and will apply to all properties named on the policy.

What does portfolio insurance cover?

A multi-property insurance policy covers everything that a regular landlord insurance policy does, including:

  •  The building itself and any contents that belong to the landlord,
  • Loss of rent from an insured incident that deems the property uninhabitable,
  • Property owners liability, sometimes up to a maximum of £5million,
  • Legal expenses incurred in the repossession of a property,

The main difference of course is that portfolio insurance for landlords covers every property mentioned in the policy, as opposed to a single rental property.

Is it worth buying?

If you already own multiple rental properties, or you intend to buy additional investment properties in the future (and you already own at least two) then portfolio insurance is definitely worth looking into. You get all the cover of normal landlord insurance for each of your properties but with the added convenience of a single policy…and you’ll save money on the cost.