Multi Property Landlord Insurance


















Multi Property Landlord Insurance

Click for your quote for multi house landlord insurance Minimum Number of Houses: 5
Extra discounts included

Cheap multi property landlord insurance

Covering five or more properties, cheap multi property landlord insurance offers innumerable advantages to the landlord. Underwritten, by SAGIC (Salvation Army General Insurance Company)the policy is one of the best on the market, being 5* rated with defaqto. It has advantages over single-property insurance with cheaper rates and easy administration. It can cover a wide range of tenants, property that have a flood or subsidence risk (subject to underwriting) - and a wide range of optional excesses are available to reduce the price further.

The standard policy has a £75.00 excess for most damage, increased to £350 for escape of water and £1,000 for subsidence. One advantage is that the landlord can choose the appropriate excess for their best advantage and benefit from cheaper premiums by increasing the amount. Discounts of up to 30% are available

  1. Standard policy excess : £75.00 (escape of water £350.00, subsidence £1,000.00)

  2. £100.00  : 5% cheaper

  3.  £150.00 :  10% cheaper

  4. £200.00  : 15% cheaper

  5. £250.00  :  20% cheaper

  6. £500.00  : 25% cheaper - the escape of water excess increases to £500.00

  7. £1000.00: 30% cheaper - the escape of water excess increases to £1000.00

Note that there is a minimum premium per house insured, so taking a large excess may not result in the full premium saving above. Under the policy, all properties will have the same excess applied.

Under NO circumstances should the landlord reduce the sum insured on the house below the reinstatement cost.

Save money on insuring multiple houses.

Advantages of multi property landlord insurance

There are some advntages with a multi property landlord insurance policy, over having several single property policies. As a landlord expands their property portfolio, completion dates are unlikely to occur at the same time each year, which means that they have to keep track of multiple insurance policies - one for each home. Furthermore the insurance broker has to administer several policies, send out renewal notices etc. In addition the landlord may have different policies with other Brokers: property of non-standard construction e.g. felt roofs, may be insured with one broker and normal property with another.

Having a  single, cheap multi property landlord insurance policy removes these difficulties with the following advantages

  • Only one renewal date for the portfolio.

  • Only one insurance broker.

  • Easy addition (or removal) of one or multiple properties from the policy due to acquisitions or dispersals

  • The broker also only has one policy to be concerned about . With all the data together it is easier to look for alternative quotations and this reduces administrative overheads (it also makes it easier for the underwriter)

  • The landlord benefits from this reduction in administration costs as the broker can pass on savings in cheaper premiums.

Whilst the inherent underwriting terms are the same there are additional factors designed to make the premium cheaper.

  • One administration fee (based on the number of properties covered) at a reduced rate rather than one fee on every policy

  • Reduced minimum premiums for buildings and contents.

  • Premium based on overall claims experience of the risk. Each property added on benefits immediately from the overall claims experience discount, rather than starting off with no reduction.

  • Non-Standard property (location or construction e.g flat roofs) can also be covered - subject to referral.

Virtually any classification can be covered, no matter the type of tenants - although the premium will depend on the type of tenant. The following are the main classes.

  • Assured Shorthold tenancy Agreement between Landlord and tenant - tenant pays in full from income
    The most common tenancy for the new landlord - and the cheapest/ safest. We call this a 'professional let'.

  • As above but the - tenant receives an amount to pay the landord e.g. universal credit or the landlord is paid direct by a third party.
    The key point is the Landlord or their agent controls who occupies the house. We call this a 'subsidised let'. we rate this the same.

  • DSS lets - the contract is between the Landlord and another agency e.g. council - which has control over who occupies the house
    Tenants may change regularly and short term. We call this a 'DSS referral. The lack of control is a factor in the increased premium. See below for property occupied by asylum seekers.

  • Houses let to students - can be multiple occupancy.
    Students may only be in for a year and the house may be vacant when they are down. We call this a 'Student let.The landlord will have to make regular checks if the house is vacant between terms.

  • Bedsits and Houses of Multiple Occupancy (HMOs)
    Multiple tenants may cause multiple problems especially if they are in for short period. We differ between professional bedsits - when the landlord controls the tenants, and bedsits where occupancy is under the control of a third party. HMOs need a licence from the local council.

  • Houses occupied by asylum seekers.
    Tenants may change regularly and short term. We call this a 'Landlord Insurance for Asylum seekers. Note that we only accept risks where the agreement is between the landlord and a suitable approved agency - charities are not acceptable.

  • Holiday Homes. (COVID-10 Permitting!)  The home may be used for pleasure bythe policyholder and faily or for business purposes
    Premiums vary between the two classes and the contents in a holiday home used by the landlord and their family will be better and more extensive than those provided for holidaymakers.

  • Unoccupied or vacant property: Includes property that is between tenants, being renovated or refurbished, or in the process of being sold
    The amount of cover provided will vary on the nature of the unoccupancy.

Main Sections of the multi property landlord insurance policy

  1. The building itself: defined as:

    "Your property including garages, sheds, greenhouses and other domestic outbuildings, and landlordsí
    fixtures and fittings therein and thereon, paved terraces, patios, drives, paths, walls, gates and fences,
    sunken swimming pools, fishponds and ornamental ponds and hard tennis courts, on the site of your
    property.- also fixtures and fittings as well as outbuildings on the premises."

  2. The contents that belong to the landlord: defined as

    Fixtures and fittings (not forming a permanent part of the structure), household goods, furniture, furnishings
    belonging to you or for which you are responsible as landlord subject to the following exclusions:
    (a) Stock and materials in trade.
    (b) Deeds, bills of exchange, promissory notes, cheques, securities for money, share certificates,
    documents of any kind.
    (c) Valuables.
    (d) Property more specifically insured.
    (e) Business books, plans, specifications, designs and computer records.

    Note that this excludes contents belonging to the occupants

  3. Public/ property owner's liability: - covers loss or damage caused by the negligence of the landlord e.g. if a chimney-stack collapsed damaging a car, and it was found that the landlord had failed to undertake regular checks or had been advised it was in a dangerous state and did nothing.

  4. Loss of Rent: - defined as : - 

    "
    The cost of comparable alternative accommodation or loss of rent receivable for the period that the buildings are uninhabitable in consequence of damage due to an Insured event or accidental damage (if cover included)

    This extension is subject to a maximum limit of 20% of sums insured on buildings as shown in your Schedule."

    Decent policies provide this cover as standard. This does NOT mean that loss of rent due to the unwillingness of the tenant to pay is covered.

In addition, a landlord may need

  1. Legal Expenses Insurance: policy cover varies widely

  2. Rent Guarantee Insurance: When available, this would have to be arranged on a bespoke basis depending on the tenant at each property. References would have to be taken.-

Our policy is one of the best available (5* with defaqto). Advantages are that it offers protection against: -

  •  Fire, smoke, lightning, explosion and earthquake

  • Storm or flood

  • Riot, civil commotion, strke, Labour or political disturbance, malicious persons or vandals

  • Subsidence or heave of the site beneath the buildings or Landslip causing the buildings or part of it to collapse

  • Escape of water or oil from any fixed water or heating installation or domestic appliance

  • Freezing of domestic water and heating installations resulting indamage thereto

  • Theft or attempted theft

  • Impact involving an aircraft, aerial device or anything falling from them or by a train, vehicle or animal

  • Brekage or collapse of satellite dishes, receiving aerials, and their fittings or masts

  • falling trees, branches, telegraph poles or lamp posts including the cost of removing any that cause damage to the property

  • Accidental damage to underground pipes and cables supplying the building

  • Accidental breakage of fixed glass, solar panels, ceramic hobsor tops in fixed units andsanitary ware

  • Damage caused by forced access to attend a medical emergency or an event that would result in damage to the house by one of the above causes

  • Cover of property from exchange of contracts until completion

  • Cost of replacing locks and keys to external doors, alarm systems or safe due to the keys being accidentally lost or stolen

  • Trace and access to find cause of damage of property due to an escape of water

  • Cost of reinstatement to comply with EU and Public Authority bye-laws

  • Any newly acquired and or newly erected buildings that aren't otherwise insured

  • Unauthorised use of electricity, gas or water

  • Removal of bee,wasp, and hornet nests

  • Costs incurred removing property illegally deposited in or around the property

  • Costs incurred following damage in respectof the removal of tenants debris

  • Accidental damage (if additional premium paid)

Note that there are limitations, conditions and exclusions applying to the above cover - for full details see the policy document.

Terms may be available for houses that are located in areas of increased flood or subsidence risk. The cover provided will depend on submission of a proposal form to underwriters. We will use our best endeavours but we cannot guarantee that cover for subsidence or flood will be provided. If it is then a substantially increased excess will apply.

Insurance may be available for houses of non-standard construction i.e. other than built of brick/ stone and roofed with tiles or slates. Again a proposal will have to be submitted to underwriters. Properties with a felt or flat roof can be quoted for online - but note the policy includes the following condition.

Felt and flat Roofs

FELT / FLAT ROOF
Any loss or damage caused directly or indirectly from a flat or felt portion of the roof will not be covered unless the roof is inspected once every 2 years by a competent roofing contractor and any recommendations are implemented immediately.

Please call us to discuss your needs or if you require assistance obtaining a quotation. Our Direct Line is 01388 607140

Miscellaneous Information

Link to our IDD (Initial Disclosure Document)

44 Medomsley Road
CONSETT
DH8 5HA
Tel: 01207 509446

145 Newgate Street
BISHOP AUCKLAND
DL14 7EN
Tel: 01388 607140

B. Portwood & Co Ltd