Finding the right Multi-Property Insurance

 a blog post by Stephen Fox, Account Handler

When it comes to finding the right multi property insurance, things can often become complex. There are many different layers to a property insurance policy and in this blog, we will cover the key things to look out for when choosing the right insurance policy for your properties.

What is multi-property insurance?

Similar to a landlord’s policy, multi-property policies can give you all the cover you need for your property portfolio. From land only to blocks of flats, all property policies should have a basic set of covers: –

• Buildings: To ensure against damage caused by events such as storm or fire.
• Business Interruption: (Also known as Loss of Rent or Alternative Accommodation) If the worst was to happen at the property, this cover would protect your rental income lost whilst the property is uninhabitable or pay the costs for alternative accommodation for the residents whilst works are carried out to restore the building.
• Property Owners Liability: This will protect you from claims made by third parties should they suffer damage or injury at your property.
• Contents: To cover any landlords contents in communal areas.

Benefits of a Multi-Property Landlords Insurance policy

There are a number of benefits to having one policy for your Landlords portfolio: –

• One renewal date. All properties on the portfolio will benefit from one renewal date saving you the time of having to deal with multiple renewal dates throughout the year.
• Financial benefits. Often, having a portfolio rather than individual policies attracts better rates from the insurer meaning lower premiums for you.
• Know you are getting the right cover. Often, when properties are insured through different insurers, they each have their own policy wordings and may have different policy conditions. With one policy, you know you are getting the right cover, with conditions you know are right for you as a Landlord and less likely to face any difficulties when making a claim.
• Have one property you are struggling to find cover for? Maybe there have been large claims or complex construction and you are finding it difficult to obtain a quote. With a portfolio, an insurer is more likely to assist with these types of issues as they have a good understanding of your overall business.

Things to look out for on a Multi Property Owners policy: –

Buildings Declared Value – Having your building insured for the right amount is key to ensuring you have sufficient cover for your portfolio. Each property will have a re-build value and this will differ from property to property and not declaring the correct figure can often lead to claims only being paid in part. At COHIBL, we have an in-house risk manager who can offer advice and help you make sure you have the correct sums insured on your property portfolio.

Escape of water – Escape of water claims are a big issue within the property market and insurers are looking for ways they can reduce this. By requesting a higher excess on this peril, you can benefit from premium savings.

Un-occupancy Clauses – All property owners policies will have a clause which outlines certain actions you must take as a landlord when a property becomes unoccupied. Our team of property experts can talk you through these conditions in plain English so you have everything you need to protect your property whilst its unoccupied.

Here at COHIBL, our insurance experts are on hand to discuss your landlord’s property insurance requirements and find you the right policy at the right price. Our team will talk you through the key conditions of your policy and any possible risk mitigation factors you can take to help improve your portfolio.