Multiple properties insurance: a brief guide
We’re often asked by both residential and commercial landlords whether they can insure multiple properties on a single policy. In this brief guide, we answer some of the most common questions about the types of insurance available for multiple rental properties.
Multiple property landlord insurance can be a smart choice for some landlords, but it’s important to choose the right cover for your circumstances.
- Can I insure multiple properties on one policy?
- What is multi-property insurance?
- Can a landlord insurance policy cover more than one property?
- I’ve heard the term umbrella insurance. Do I need it to insure my property portfolio?
- What are the benefits of multi-property insurance?
- Can I set my own renewal dates for my property portfolio?
- Can I pay my multi-property insurance policy by direct debit?
- Can I split out my residential and commercial properties if I need to?
- Can I include a property that is empty within my multi-property policy?
- Can I include my own home within the multi-property policy?
Can I insure multiple properties on one policy?
Yes, there are many different specialist policies available that allow you to insure more than one property. We’ll cover the main types of multi-property insurance in this guide.
What is multi-property insurance?
Multi-property insurance is very similar to landlord insurance for a single property. Like landlord insurance, it can provide cover for items like buildings and contents, and, for commercial properties, business interruption. However, with multiple property insurance, a single policy can cover all of the properties in your portfolio. This means you only have to renew a single policy each year, rather than renewing separate policies (often at different times depending on when you purchased the property).
Can a landlord insurance policy cover more than one property?
If you have a normal landlord insurance policy, it is possible to extend it so that it covers more than one property. However, if you have five or more properties, we advise that you opt for specialist portfolio insurance. Because you can add unlimited properties and there are no mid-term amendment fees, portfolio insurance is a good choice for owners of multiple properties as it cuts down on administration. There are other benefits to portfolio insurance, which we’ll look at below.
I’ve heard the term umbrella insurance. Do I need it to insure my property portfolio?
No, umbrella insurance isn’t a product. It’s simply a phrase some people use instead of ‘multiple properties insurance’ or ‘portfolio insurance’.
What are the benefits of multi-property insurance?
If you have multiple properties, one of the most attractive things about a multi-property policy is that it will be cheaper than insuring each property individually. A single policy also means less admin for you. You only need to renew one policy every 12 months, plus it’s easy to add or remove properties from the policy during the year.
In addition, insurers are more likely to cover some risks for a portfolio that they wouldn’t on a standalone landlord insurance policy, for example you may be able to get flood cover on a portfolio insurance policy. You also have the flexibility to provide different levels of cover for each individual property, all on one policy.
Can I set my own renewal dates for my property portfolio?
Yes, with most insurers it is possible to choose a renewal date for your multi-property insurance. For example, imagine you have moved your properties to a portfolio insurance policy in September, but wish to renew it on 6th April to coincide with the beginning of the financial year. In this case, insurers can initially offer you a pro-rata policy that will cover your portfolio for the first seven months, with a yearly policy then renewing each April.
Can I pay my multi-property insurance policy by direct debit?
Yes, in most circumstances insurers are happy for you to renew your multi-property insurance policy by direct debit.
Can I split out my residential and commercial properties if I need to?
Yes, it’s perfectly possible to take out separate policies for your residential and commercial properties. Some cover is more tailored to commercial landlords, while others are designed to meet the needs of residential landlords, so it is normally recommended to insure commercial and residential properties on separate policies.
Can I include a property that is empty within my multi-property policy?
This really depends on the circumstances, and how long the property has been (or will be) unoccupied. If a property remains empty for longer than your multi-property insurance policy allows (usually between 30-60 days), your insurer is likely to restrict the level of cover on the property. If a property is going to be empty for an extended period of time, it’s wise to take out dedicated unoccupied commercial property insurance or unoccupied property insurance for residential properties.
Can I include my own home within the multi-property policy?
No, portfolio insurance is specific to rental properties. You will need separate home insurance for your main residence and holiday home insurance for second homes or holiday homes.
Alan Boswell Group multiple property landlord insurance
Alan Boswell Group can offer you tailored multiple-property insurance, whether you are a residential or commercial landlord – or both.
Key benefits of our cover include:
- A single policy to cover all of your properties
- Comprehensive cover across your portfolio
- Reduce administrative burdens
- Single point of contact for all your insurance needs
For more information, visit our pages on residential multi-property landlord insurance and commercial property portfolio insurance.