Whether you’re already managing a large portfolio of rental properties or considering expanding to a multi-property portfolio, you might be wondering about the best insurance solution. Multi-property landlord insurance is a simple way to keep all of your insurance paperwork in one place and save money on your insurance premiums.

In this blog, we’ll cover everything you need to know about landlord insurance for multiple properties, including:

• What is multi-property landlord insurance?
• Do I need a multi-property insurance policy?
• Why is multi-property landlord insurance important?
• How much does multi-property insurance cost?
• What’s included in multi-property landlord insurance?

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What is multiple property landlord insurance?

Multi-property insurance is specifically designed for landlords with several rental properties or who are renting out residential and commercial properties. You’ll usually be able to insure up to 10 properties (the exact amount will depend on your policy) on one policy. 

You can choose a multi-property building, contents or combined building and contents insurance, depending on your needs. You can add many extras to your policy, such as rent guarantee insurance or legal expenses coverage, to ensure you’re fully protected if something goes wrong. 

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Do I need a multi-property insurance policy?

No matter how many rental properties you own, you don’t need a multi-property policy. You can opt for several single-property policies if you prefer. However, many landlords find multi-property policies much easier and simpler to manage. 

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Why is multi-property landlord insurance important?

As mentioned above, having one multi-property insurance policy makes it much easier to keep track of paperwork as everything will be accessible in one place. Having one policy also means that all your properties will have the same level of cover, so you don’t have to remember what’s included in each policy. 

Although landlord insurance is not legally required, the risks of not having it are too high. Landlord insurance protects the building in the event of damage from fire or flooding. Contents insurance protects any furniture, white goods, or appliances you supply to the property. 

If you rely on the rental income of your properties to pay mortgages or to live in, it’s also worthwhile paying for rent guarantee insurance. This ensures you’re paid, even if your tenant fails to pay their rent. 

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How much does multiple property insurance cost?

The price of multi-property insurance premiums will depend on a wide range of factors, including the number of properties in the policy, the property types, the level of cover, and the rebuild cost of your properties. 

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However, opting for a multi-property policy can save you both time and money. It's usually cheaper than purchasing separate policies for each of your policies. The more properties you add to your policy, the cheaper your premiums will work out per property. You’ll only pay one admin fee. Additionally, many insurance companies offer discounts for multiple properties. 

Check out our blog, ‘How much does landlord insurance cost? Top 10 factors to consider’, for a more detailed breakdown of landlord insurance costs.

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What’s included in multi-property landlord insurance?

Multi-property landlord insurance usually refers to a combination of building and contents insurance with optional extras. 

Here’s a breakdown of what might be included in a multi-property landlord insurance policy.

Multi-property buildings insurance

This covers the cost of repairing or rebuilding your property if it’s structurally damaged, for example, by a fire. This should be included in your insurance policy as standard. Some policies will also cover the cost of alternative accommodation for your tenants if your property becomes uninhabitable due to an insured event. 

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If you have unoccupied properties, you'll need to pay extra for insurance to ensure they're covered.

Multi-property contents insurance

Contents insurance is also usually included as standard, but if you’re renting out completely unfurnished properties, you can opt for a building insurance only policy. 

However, if some of your properties are part or fully furnished, you’re better off opting for a policy that includes contents insurance. This protects any furniture, appliances or white goods you supply for your tenants. Your tenants will be responsible for insuring their own belongings, so you don’t need to worry about this. 

Be aware that contents cover doesn't always include malicious or accidental damage. 

Multi-property landlord loss of rent insurance

If you rely on the income from your rental properties, you can also add loss of rent insurance to your existing policy or pay for a specialist policy. This protects you if one of your tenants fails to pay their rent. Some rent guarantee insurance policies will also cover your legal costs if you need to evict a tenant to regain possession of your property. This is a worthwhile addition to your policy to give you peace of mind about your rental income. 

Property owners' liability insurance 

Many multi-property insurance policies will allow you to include public liability insurance. This covers you if your tenants, guests or members of the public are injured at one of your rental properties and you are found to be responsible. Your public liability insurance will cover any legal expenses, costs, or damages due to the claim made against you.

If you have an extensive portfolio of properties, you may employ staff to help with building maintenance. In this case, you’ll require employers’ liability coverage to ensure you’re legally compliant. 

Legal expenses cover for multiple properties

Legal expenses insurance is often included with landlord public liability insurance. This covers your legal costs in the event of a dispute with a tenant over damages or unpaid rent. 

You also have the option of deposit replacement insurance, a specific type of legal expenses policy designed as an alternative to traditional deposit schemes. This will cover you for legal expenses up to a set amount if there’s a dispute about property damage with one of your tenants. 

Multi-property home emergency cover

Managing multiple properties can be challenging, especially when dealing with emergencies like a burst pipe or broken boiler. Opting for home emergency covers gives you (or your tenants) access to a 24/7 helpline and a team of professional contractors who will deal with the emergency as quickly as possible. This reduces the stress of managing multiple properties, and you can rest assured that any issues will be dealt with quickly to reduce property damage and inconvenience to tenants. 

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Multi-property landlord insurance by Lets Insure

Lets Insure offers a range of insurance policies for landlords with single or multiple properties. This includes rent guarantee insurance, home emergency cover and deposit replacement insurance. 

Rent guarantee insurance

This loss of rent insurance protects you if any of your tenants stop paying rent during their tenancy. If this happens, you’ll receive payments covering the cost of rent (up to a set maximum) from the date your tenant first falls into arrears to when you gain vacant possession.

Let’s Insure also offers a premium Rent Guaranteed service. This rent management service ensures your rent is paid on time every single month across all your properties. Our expert team will handle any missed or late payments on your behalf, including chasing down tenants. 

Home emergency cover

This gives you 24-hour access to an expert team of contractors dealing with any emergencies in your rental properties. You’ll have complete peace of mind that any issues are dealt with promptly and professionally. 

Deposit replacement insurance

This legal expenses policy is an alternative to traditional tenant deposits. Instead of a deposit, the tenant will pay us a non-refundable fee (approximately 1 week's rent). 

As the landlord, you’re then protected in the event of a disagreement about damages. The policy will cover all legal expenses (up to £50,000). If a settlement can’t be agreed upon, the policy will pay out the equivalent of 6 or 12 weeks' rent, depending on the level of coverage selected. This insurance policy offers you greater protection than a traditional deposit and allows you to advertise your property as ‘no deposit’ and attract more tenants. 

Visit our site to view our full range of landlord insurance policies. 

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