Making sure that your buy to let property is adequately covered by appropriate insurance is obviously an important task for any landlord and one where you may consider it to be time well spent. The good news, if you have more than one property, is that with the best property portfolio insurance cover, your task doesn’t have to be any more difficult or time consuming.
The best property portfolio insurance for you may be a policy specifically tailored to your own unique group of properties and circumstances. As such what another landlord may consider to be the best multi-propertyfor them, may be very different indeed.
Providers of this type of cover may typically be able to offer premium discounts.
It is not just in the area of multi-property cover that you may find thatpolicies vary from one provider to another.
Loss of income
Some policies for example, may be able to offer you compensation for loss of rental income under certain circumstances where your tenants have to move out of your property if it has been damaged and you need to complete repairs.
This compensation may typically be payable (up to a defined maximum) if the damage to the property was caused by an insured risk like lightning, earthquake, storms and flooding, fires and smoke etc.
Situations may arise where a member of the public is injured or their property is damaged and they claim that this is somehow the fault of your property and perhaps the way that it has been maintained. If they decide to sue you, a court may award significant damages against you.
Public liability cover of up to £5m may be available with some buy to let policies and may also cover legal fees which may be payable even if you win the case.
All types of tenant
If you let your property or properties to a variety of different tenant categories then you may feel that a policy which excludes cover for students or DSS is too restrictive for you and you may appreciate the flexibility that a policy which covers all tenant types may bring to you.
Not all policies these days may offer financial protection for you in cases where your property is damaged by subsidence or perhaps even maliciously by your tenants. If this is important to you, it may be worth looking out for.
The best property portfolio insurance can help to maximise your confidence and peace of mind that your assets are adequately insured and if there is the added bonus of reduced administration on your part and premium savings, then so much the better.