What is multi-property landlord insurance? The ultimate guide20-10-2023 | Landlord Insurance Advice
If you get it right, you can generate high rental yields and a handsome income from being a landlord in the UK. It is thereby hardly surprising that many landlords take the leap of faith to become multi-property landlords and expand their property portfolios after having success owning their first landlord property.
A 2021 England Private Landlord Survey Report found that 39% of private landlords owned between two and four rental properties, amounting to 31% of tenancies. The remaining 18% of landlords owned five or more properties, representing almost half (48%) of tenancies. So, being a multi-property landlord is fairly common in the private rental sector.
However, being a multi-property landlord will always come with its risks. You must protect your investments. Therefore, you need to take out robust multi-property landlord insurance to cover things like
- Accidental damage
- Malicious damage (caused by tenants or an unlawful intruder)
- Landlord liabilities
- Loss of rent
- Fixtures and fittings
- Landlord Legal Protection
- Contents and building cover, and more!
Here, we at CIA Landlord Insurance have taken a closer look in this ultimate guide to multi-property landlord insurance.
What is the purpose of multi-property landlord insurance?
Multi-property landlord Insurance is aimed at individuals (or limited companies) who rent out multiple properties or mixed portfolios of residential and commercial properties. It is there to meet your bespoke landlord insurance needs across multiple properties and to provide you with peace of mind that your investments are adequately protected for a wide range of eventualities.
At CIA Landlords, we offer customers competitive rates for multi-property landlord insurance.
“Multi-property discounts are automatically applied when policies are incepted with the same inception date. If you purchase additional properties throughout the year, call us to apply your multi-property discount.
If you require the ability to add properties mid-term to a policy, please advise us of this at the inception of your first policy.”
Misty Reeve – Assistant Sales General Manager
What isn’t covered?
You must be aware that not everything is covered by multi-property landlord insurance. For instance, any fair ‘wear and tear’ will not be covered under your insurance policy. You therefore have to keep up to date with routine maintenance and take care of repairs as promptly as possible.
Are you legally required to take out multi-property landlord insurance?
Whilst landlords may not be legally obliged to take out multi-property landlord insurance, most buy-to-let mortgages say that you must have it. After all, you want to protect yourself against perils and financial losses.
Multi-property landlord insurance with CIA allows you to put your rental portfolio under a single policy
One of the primary benefits of taking out multi-property landlord insurance with us is that we enable you to have your rental portfolio under a single policy. Our dedicated knowledgeable team at CIA Landlords work hard to make your life easier and provide you with a bespoke service.
The main factors multi-property landlord insurance provides coverage for
As we have mentioned, there are different things that a multi-property landlord insurance policy will give you coverage for, now let’s take a look at the most important of them.
Property damage could be caused by extreme weather events, vandalism, fire or any unforeseen events. Crucially, multi-property landlord insurance will cover you for rebuilding and repair costs.
Property Owners Liability
You need liability insurance just in case your student tenants try to file a lawsuit against you as their landlord. Fortunately, this liability insurance is included when you take out student landlord insurance with CIA.
Choose the right policy for the property location
Try and go for a landlord insurance policy that is appropriate for the location of the property. Remember that landlord insurance premiums tend to be elevated in areas where property prices are generally higher. For instance, landlord insurance for a house in Chelsea, London may be higher.
Why is tenant screening important?
After spending a significant amount of money extending your portfolio by purchasing several new properties, you will not want to see your assets devalued due to negligence by tenants. So, it is a wise idea to screen tenants properly.
Having a full tenant screening process in place is important for multi-property landlords because it goes a long way to reduce the risks of late payments, damage, eviction, and other costly legal disputes.
Hoping to take out a multiple-property landlord insurance policy? Our team are here and ready to cater for all your needs here at CIA Landlords. Get a quote and get in touch with us today by calling one of our experts on 01788 818 670.
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