If you have a number of properties that you are letting out then you may appreciate anything that makes your life administratively easier and possibly also more cost-effective.
A multi property insurance policy just might be just one example of how to start achieving that:
- if you have a number of properties under management, you may well find the frequent need to check insurance renewal dates and premiums to be one of the less enjoyable aspects of your day-to-day business operations;
- insurance is something that may prove to be critically important to you but that doesn’t mean that you necessarily need to enjoy having to deal with it;
- that may be true enough even if you are only letting out a single property but it may be considerably more the case if you have several;
- fortunately, some insurance providers offer what they may describe as property portfolio insurance;
- as the name suggests, this means that they will offer cover for a range of your properties under the one policy and administrative structure;
- the advantages of this may be very real. For example, you may only have one annual renewal date to worry about, one premium to pay and only one company to deal with as opposed to several;
- the cost effectiveness may also be improved due to the fact that, as you might expect, insurance providers may offer preferential premiums because they are obtaining a more substantial chunk of business from you than might be the case if you were discussing only a single property with them. In other words, you’ll be a bigger fish in the pond and that is sometimes beneficial in terms of service and pricing;
- different insurers may offer property portfolio cover under different minimum qualification criteria. For example, some may insist upon a minimum of four or more properties to obtain such cover, whilst others may have lower thresholds;
- the basic principles of your rental property insurance cover may not be significantly different to those associated with an individual policy.
Of course, as with the case of individual property cover, it is necessary to read the policy carefully in order to establish that it is suitable for your needs and circumstances. That should also include, in detail, its terms and conditions.
Shopping around is typically advisable and there may be no benefit in simply jumping for the first policy that you see.