14 June 2021

Your guide to landlord insurance for multiple properties

By Will Riley Senior Account Handler
Woman working on her laptop

Many of our clients buy properties at staggered intervals. They buy one, do it up, rent it out, and then with their newfound experience, they buy another, and so it goes on as they build up their property portfolio. When they sort out their landlord insurance, they will usually set up a new policy up each time.

When asked if they would like to add the new property to their existing  landlord insurance policy, we find that many of our clients want to keep it separate as they have a file for each property.  On the face of it, this makes sense, however, there are benefits of bringing your properties together into one policy for the whole property portfolio which can outweigh this argument.

  1. Save money with a property portfolio policy

The main benefit of combining your properties on one policy is cost. Many insurers incorporate multiple property discounts into their rating systems, so as you add properties on, they gradually get cheaper. The discounts can escalate as you increase the number of properties you insure, so this is perfect when you’re building up your property portfolio.

  1. Save yourself some admin time

A second benefit is ease of administration – in other words, it will save you time and hassle in the long run! If you have several properties, each with a single policy set up, we may be in contact with you every month asking you extra questions and for payment. As much as we love speaking to landlords about their landlord insurance, you will probably get bored of speaking to us all the time! Instead, if you take out landlord insurance for multiple properties, we will have one central database of all your properties and will only contact you once a year when the policy is due for renewal.

Landlord insurance for multiple properties still provides you with the flexibility to add properties on as you build up your portfolio. If you dispose of a property at any point, you can easily take it off the policy without having to pay a cancellation fee, unlike a single property policy.

Don’t settle for one insurer

At Protect My Let, we work with a panel of insurers for landlord insurance because each of them offers different benefits with their policies. We work this way to make sure we will be able to find the right policy for your needs, because we appreciate that not every landlord is the same.  Through our panel of insurers, we offer a variety of landlord insurance policies to suit all budgets.

Cover can include:

  • Free contents insurance
  • Free cover for loss of rent*
  • Malicious damage by tenants
  • Accidental damage
  • Legal expenses

Most of the insurers we work with also cover a wide range of commercial premises, so if you are looking to expand your property portfolio to include commercial premises, we can help with this too.

We’re ready to go off-script for you

You might have read or heard the phrase ‘dedicated account handler’ from various brokers, but what does that really mean? Having a dedicated account handler means speaking with the same person on a regular basis, the same person who knows you, your property and your risks. You won’t be wasting time repeating information or stuck on hold in a call centre queue. As your property portfolio grows, we will be right there with you, already aware of your history.

For us, it’s not just a marketing phrase – a dedicated handler is part of what we do and how we do it for a reason. From our perspective, we love building relationships with our clients, it helps us fully understand their landlord insurance needs but it also makes the day go quicker when you’re having good conversations!

Unfortunately there will be some cases where we can’t put all of your properties on a single policy, but the team at Protect My Let has a wide range of experience with all sorts of unusual properties, so we’re confident we will be able to  find a solution for you. Just get in touch and we will be happy to discuss your needs.

E: enquiries@protectmylet.com

T: 01206 655 899

*Free cover for loss of rent following an insured loss such as fire or flood. Full conditions and inclusions will be detailed on your policy and outlined by your account handler.

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Want to find out more about landlord insurance for multiple properties?

You can find further useful information about landlord insurance for multiple properties and get in touch with a member of our team or submit an enquiry on our multi-property landlord insurance page.



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