Landlord Portfolio Insurance
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Why Compare Portfolio Landlord Insurance Quotes With SimplyQuote
SimplyQuote understands how stressful, time-consuming and downright annoying comparing multiple insurance quotes for landlords can be.
Fortunately, the 100% free comparison tool streamlines the process within minutes, allowing you to focus on what’s important: managing your residential and commercial properties!
Quickly find the best portfolio insurance policy from multiple insurance providers in the UK by filling in the quick, online questionnaire.
What Do You Need To Get A Quote?
Please provide the following information so we can provide you with an extensive list of portfolio landlord insurance quotes from leading UK insurers:
- Personal details – name, surname, contact details, UK address
- Portfolio details – how many properties do you have, tenant details
- Property details – type of properties, building materials (e.g. thatched roof, timber frame, etc.) location of each property, market value
- Insurance details – claims history
- Policy details – what cover are you interested in
Why Do You Need Portfolio Landlord Insurance?
Portfolio insurance is needed to ensure all your properties are sufficiently covered with the right property insurance. Managing a property portfolio is stressful as it is, so taking extra steps to streamline the process is essential to rest easy at night.
This can be helpful when:
- Your property is damaged by tenants (and financial support is needed)
- You evict tenants (and rental indemnity comes into play)
- Unexpected damages and repair costs arise
Even though there are differences between commercial and residential properties that impact how they are insured, landlord portfolio insurance allows different property types to be covered in one simple policy.
These property types include:
- Mixed-use properties (e.g. a flat above a house)
- Houses in multiple occupations (HMO) properties
- Commercial and residential properties
To avoid confusion, portfolio landlord insurance is also known as:
- Portfolio insurance
- Property portfolio insurance
- Multi-property landlord insurance
- Property owner insurance
What is the benefit of multiple property landlord insurance?
- Convenience – ensures cover for all of your properties with one renewal date
- Cost-effective – multi-property landlords save money when bundling all the properties under one policy
- Flexibility – easily add or remove residential and commercial properties to your policy
What Does Portfolio Landlord Insurance Cover?
Property portfolio insurance covers various aspects, such as:
Buildings insurance
One of the most essential aspects of landlord insurance is ensuring your properties are protected against all forms of damage. Structural and cosmetic damage to a property can quickly snowball into huge repair fees, especially if you own multiple properties.
Landlord building insurance can help financially protect the structure of buildings against certain incidents such as damage from floods, fires and storms, or any potential impact from vandalism and theft.
In preparation for these accidents, you may also want to consider a policy that covers alternative accommodation so your tenants are safely housed without any fuss.
Contents insurance
As the policy’s name suggests, it covers the contents of the property – the items provided inside the building for tenants to use such as:
- Furniture
- Ovens
- Bookcases
- Sofas
- Cutlery and crockery
Rent guarantee insurance
Being a landlord, monthly rental income is important. If tenants default on their payments, this policy covers the lost rental income for up to six months. Rent guarantee cover is also referred to as tenant default insurance.
Designed to support your well-being as a landlord, this policy means that you will not have to stress over the loss of rent from factors you can’t control.
Legal expenses
Unfortunately, some situations with tenants turn awry which can lead to potential legal problems. Going to court to repossess a building or to recover any rent loss involves a large share of fees for lawyers and court claims.
These legal expenses of taking tenants to court can quickly build up, which is why legal expenses insurance cover is vital. Legal expenses are often part of general landlord portfolio insurance but always check the individual policy before signing up.
Accidental and intentional damage
Landlord insurance covers various damage claims whether it be malicious or accidental. This is usually part of buildings and contents insurance, ensuring damages costs are covered.
Property owners’ liability insurance
It may be easy to overlook this insurance but in the situation that a member of the public or your tenants are injured on the property, liability insurance will protect you from the exorbitant fees involved.
This policy offers peace of mind that you won’t be paying for an injury that wasn’t your fault.
What’s not covered
- General wear and tear on the property such as flaking paint, weather-damaged decking or normal wear and tear of appliances and fittings
- Intentional damage either by the landlord themselves or tenants
- Unoccupied properties that have been empty for longer than 60+ days
- Environmental damages such as pollution caused by tenants/landlords
- Business activities if residential properties are used for unauthorised commercial purposes (e.g. tenants use the property as a guest house, workshop or office)
- Pet damage is generally not covered by landlord portfolio insurance
What Types Of Portfolio Landlord Insurance Are Available In The UK?
The following types of multi-property insurance are available in the UK:
Standard portfolio insurance
- Most common type
- Includes buildings insurance, contents insurance, loss of rent cover and property owners’ liability
Specialist portfolio insurance
- Focused on specific property types, such as a long-term holiday rental property
- Includes standard cover with additional tweaks as per each property type
Residential portfolio insurance
- Caters to landlords with multiple houses, flats or HMOs
- Includes standard cover geared toward residential dwellings
Commercial portfolio insurance
- Caters to landlords with multiple commercial properties
- These buildings include factories, warehouses, shops or office blocks
- This insurance policy is tailored for bigger, industrial buildings
What Add-Ons Are Available For Portfolio Landlord Insurance?
Here’s our list of optional cover you can add to your landlord insurance policy:
Employers liability cover
This is a legal requirement if you employ staff at any of your residential and commercial properties. These employees may include cleaners, gardeners or property managers.
Landlord emergency cover
This insurance for multiple properties can be extremely helpful, especially when you’re managing 10+ properties. Landlord emergency cover will send out a contractor to deal with whatever issue may arise, such as plumbers for burst pipes or building professionals to mend broken stairwells.
However, there are generally clauses tied to this type of policy, such as when you can and can’t make a claim as well as claim limits. Best to check these finer details with your chosen insurance provider.
Theft by tenant cover
As the name suggests, if tenants steal any of your belongings you’ll be covered for it with this policy add-on.
Boiler cover
Should your boiler or heating system break, this policy add-on will cost repair or replacement costs.
Replacement key cover
If you or your tenants lose your keys you can get them replaced and reprogrammed with this policy add-on. This policy may transcend to locksmith services if keys are locked in the property unit.
Temporary accommodation cover
If you need to relocate tenants temporarily, say after a fire or flood damage, this policy provides financial aid when paying for alternative accommodation while the property is being repaired and restored.
Personal accident insurance
If a third-party person is injured on your property they may bring a claim against you. This applies in the event of disability or death. Usually, a maximum amount of £50,000 is paid out or a weekly benefit of £250 per week.
Terrorism cover
This policy provides financial support if your properties are damaged as a result of terrorism. Acts of terrorism are defined as damages caused by someone acting on behalf of an organisation.
Note: This add-on does not apply to residential and commercial properties in the Channel Islands, Isle of Man or Northern Ireland.
How Much Does Portfolio Landlord Insurance Cost?
Multi-property insurance policies can start from as little as £10.90 per month.
Pricing may vary between insurance providers and is calculated on how many properties you own, the condition of the buildings and the type of tenants you have.
What impacts insurance prices?
- Property type – residential vs commercial
- The number of properties in your portfolio – more than one property typically has higher premiums
- Condition of your properties – old vs modern
- Location of your properties – are you in a high-crime area or an area prone to floods?
- Potential risks – such as thatched roofs, swimming pools or other hazardous materials
- Claims history
- Add-ons chosen
How Can Multiple Property Landlords Reduce Insurance Premiums?
Here are a few ways to reduce your multi-property landlord insurance premiums:
- Carefully screen your tenants, whether you own one property or several, you want tenants that you can trust living there.
- Stay organised with your property portfolio, whether residential or commercial properties. This means keeping up with the tenants, checking the buildings regularly, using trusted financial services and keeping ahead of paperwork. Landlord portfolio insurance is an essential tool for keeping your properties organised.
- Minimise turnover of tenants as it takes more administrative work and money to find new tenants than it does to keep them. After going through the work of finding reputable tenants, keep a consistent friendly relationship
- Maintain a good claims history as fewer claims indicate you’re a lower risk to insurers.
- Improve your property’s security by installing burglar bars, security gates, alarm systems or CCTV systems to deter criminals.
- Compare insurance quotes from a wide range of insurance providers to ensure you find the one best suited to your budget and rental property needs.
- Only add the optional extra cover you need to avoid additional costs on your premiums.
How To Compare Portfolio Landlord Insurance Quotes With SimplyQuote
Comparing multi-property landlord insurance with SimplyQuote is quick and easy:
Fill in the online form
Tell us about yourself, the properties you own and where these properties are located in the UK.
Choose any optional cover
Choose which add-ons you want to include.
Compare quotes
Quickly find the best multi-property insurance policy with SimplyQuote’s online, comparison tool.
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Frequently Asked Questions
Multi-property landlord insurance is a type of property insurance policy specifically designed for landlords with a portfolio of properties (numerous properties).
Usually, 4+ residential or commercial properties (or a combination of the two) are considered a “portfolio”.
Generally, anyone over 21 (or 25 in some instances) who owns a residential or commercial building in the UK is eligible for this kind of insurance, granted they are rented out to tenants.
No, landlord portfolio insurance is not a mandatory requirement by UK law but it is highly advised to invest in against potential property risks and damages.
Depending on the insurance supplier you opt for, some policies offer protection for up to 15 properties under any one single policy! This level of flexibility is unrivalled and is perfect for a portfolio of mixed properties.
If your portfolio includes several properties, with various types of properties, then, yes, this policy is crucial. It saves valuable time that would have otherwise been needed to check on all properties and keep up with every renewal date and shift in your portfolio.
If you’re juggling commercial property alongside residential homes, this is the easiest way to keep on track with your business.