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What is Landlord Portfolio insurance and what does it cover?
Landlord Portfolio insurance is a single insurance policy providing specialist cover for multiple buy-to-let properties.
Instead of having separate policies for each property, it combines all cover into one insurance policy. This can save you time and money, making it ideal for landlords with two or more properties.
A Landlord Portfolio policy offers a range of cover which can be tailored to your specific needs. The core components typically include:
- Buildings Insurance: This covers structural damage to the properties in your buy-to-let portfolio caused by events such as fire, flood and storms.
- Landlord Contents Insurance: Protects any furniture, appliances and fixtures you own within your buy-to-let properties.
- Property Owners Liability Insurance: This important cover provides protection against claims from tenants or visitors for injury or property damage across your buy-to-let properties.
- Loss of Rent: Safeguards your rental income if a buy-to-let property you own, becomes uninhabitable due to an insured event.
In addition to the above, there are also other optional coverages often available, such as malicious damage by tenants, legal expenses and rent guarantee insurance.
What doesn’t Landlord Portfolio insurance cover?
Like all insurance policy there are limitations to cover such as:
- Tenant’s Belongings: Your tenants personal possessions are not covered by your policy, instead they will need to arrange their own insurance.
- General Maintenance: Routine repairs or damage resulting from insufficient upkeep to your buy-to-let property are excluded by the insurance policy.
- Wear and Tear: The gradual decline in the condition of your buy-to-let property is not covered by the policy.
Do I need Landlord Portfolio insurance?
If you own two or more rental properties, a portfolio policy is a practical and efficient option for you to consider. It streamlines administration by having one renewal date and one focal point for all your buy-to-let properties insurance.
Having one policy can also provide a more consistent level of cover and may be more cost effective than managing multiple separate policies.
How much does Landlord Portfolio insurance cost?
The cost of your policy will depend on various factors, including the number and type of properties in your portfolio, their locations, their rebuild values and the level of cover you require.
It is however often more economical to purchase one overall policy rather than having to seek and thereafter manage individual policies for each property.
What do I need before buying Landlord Portfolio insurance?
Before you purchase a policy, you will need to provide comprehensive information for each buy-to-let property including:
- The full address of each property.
- The property type (e.g. flat, terraced house, commercial unit).
- The rebuild value for each property.
- Details about your tenants.
- Your claims history.
Frequently Asked Questions - Landlord Portfolio Insurance
Yes, one of the main benefits of a portfolio policy is its flexibility. You can usually add new properties to your policy as you acquire them and remove properties you sell, with the premium being adjusted accordingly.
Yes, many insurers can accommodate a mix of property types within a single Landlord Portfolio policy. This is a key advantage, as it simplifies the management of a diverse property portfolio.
There is typically no set limit on the number of properties you can cover. A Landlord Portfolio policy can range from as few as two properties to hundreds.
For insurance purposes, a “portfolio” is generally defined as two or more properties owned by the same landlord or entity.
These properties can be located in different geographical areas and different types (e.g. flats, houses, commercial buildings).
Our Landlord Insurance Products
Buy-to-Let Landlord Insurance
Buy-to-let landlord insurance is designed to offer protection for your rental property that goes beyond basic home insurance.
HMO Insurance
HMO landlord insurance has been designed to protect landlords who rent out properties to multiple tenants under a HMO arrangement.
Commercial Landlord insurance
Commercial landlord insurance is a type of cover that protects a property owner who rents out their premises to a business.
DSS Landlord Insurance
If you own a property and rent it to a tenant who receives benefits, such as Universal Credit or Housing Benefit, the policy you need is often known as a DSS landlord insurance.
Landlord Portfolio Insurance
Landlord Portfolio insurance is a single insurance policy providing specialist cover for multiple buy-to-let properties.
Student Landlord Insurance
Renting a property to students requires a specific type of insurance. It is a specialist policy designed to cover the unique risks associated with letting properties to students, due to the associated higher risks such as accidental or malicious damage along with the potential for a higher tenant turnover.
Holiday Home Insurance
If you own a second property that you use for leisure or rent out to holidaymakers, it is important to have specialist holiday home insurance.