Obtaining Property Portfolio Insurance

Searching around for a suitable deal for your buy to let property may be all the more time consuming if you are the landlord of a number of properties. With property portfolio insurance though, you may find that there is a simple one-stop shop alternative.

Choosing multi property insurance may lead to you obtaining insurance for competitive premiums along with saving some considerable time.

That’s because a property portfolio solution may offer benefits to the insurance provider as well. It may mean less administration overheads for them and they may therefore be able to pass some of the savings onto you.

Reducing time and effort through a property portfolio insurance solution though may not be your only requirement when it comes to insuring your buy to let properties.

You may also be interested to see a landlords insurance quote which features:

• includes cover for damage to the buildings as a result of subsidence, this is not typically offered in all insurance policies;

• you the option to choose for yourself the categories of tenant that you let your properties to – some policies may exclude students or DSS recipients from cover;

• landlords loss of rental income cover – this may provide you with compensation if your tenants have to move out of your property if it becomes uninhabitable after an insured event like fire or flooding;

• rental income guarantees may also be available to cover those cases where your tenants may disappear leaving rent arrears behind;

• a level of public liability cover (the amount that may be available if a member of the public were to sue you for damages) that you felt appropriate in today’s litigious climate – up to £5m may be available.

You may wish to take into account too that if your property is unoccupied for extended periods of time, then you may need to revise its cover.

This period typically varies upon the provider, with some it may be 30 or more days and with others it may be 45 days or as many as 90.
This is typically required because when a property is empty the risks that it may face change:

• problems may go unoticed due to the property being empty which may cause significant damage;

• an empty property could quite possibly be more of a target for thieves and vandals; etc.

In short property portfolio insurance along with buy to let insurance may bring enormous peace of mind.