Landlord insurance. Multiple properties? No problem.
If you are a landlord with multiple properties then you’ve probably grown a successful portfolio of buy-to-let properties in the wonderful world of real estate investing.
But with multiple properties comes more admin to manage for those extra rent payments and landlord insurance for multiple properties is part of that. As well, you also have a lot of your assets tied up in an asset class that is more likely to be damaged than cash in the bank – storm damage, leaks or fire don’t affect a savings account, but they can all affect your property.
Landlord Insurance Multiple Properties Discount
Now as a successful buy-to-let landlord you have probably learned the art of negotiation to a high level and know how to get the best deal. But are you paying the right price for landlord insurance on multiple properties? Landlord insurance, multiple properties especially, are valuable business and so insurers are often willing to grant a discount in order to gain your custom.
But changing insurers can be a hassle, when you really want hassle-free. It’s better if the insurer can take some of the hard work away – as well as offer a great price for good cover.
Landlord Insurance Multiple Properties Quote
At Emerald Life if you send us your documentation we can come back to you with an overall price for landlord insurance multiple properties with a disount included. If you don’t have that documentation for all your properties then we can take further property details over the phone or via email, whichever is more convenient for you.
What’s more is that once you have insured with one provider landlord insurance can renew every year. That means your portfolio of properties can stay insured without you having to do anything. Nevertheless we do recommend shopping around regularly as many insurers hike their prices up for their most loyal customers.
That is one of the shady business practices we aim to avoid at Emerald Life and so hopefully your renewal with us will not be too expensive, but again it is worth shopping around just in case.
What Does Buy-to-Let Insurance Cover?
Landlord insurance basically takes account of the risk of having tenants in the property. That risk level is probably greater than if you were residing in the property yourself but less than if if the property were unoccupied. Although if you are planning on letting a property but haven’t yet we can also provide unoccupied house insurance.
In general landlord insurance is mainly for buildings as you won’t have many contents there, although Emerald Life does include £5000 of landlord contents cover at no extra cost. Emerald can also cover more contents though, and can even give bespoke quotes for high-end rentals. In general, most landlords will not have valuables at a rental property but let us know if you require a different form of cover.
Landlord insurance for multiple properties is even more important when you have a portfolio. While real estate investing seems the perfect ticket to an ‘easy’ income, it can quickly become a full-time job – and a painful one if things go wrong.
All the things that can (and often do) go wrong with a normal house like leaks, boiler breakdowns and break-ins are just as likely to go wrong in a rental property. But as the property is your own and not the tenant’s it is you who has to fix it.
There is also some cover for lost rent if the property is uninhabitable due to an insured event like fire or flood. That’s important because if your multiple properties are mortaged you may need to ensure that rental income is uninterrupted if your tenants have to move out for these reasons.