Portfolio Insurance
It makes good sense for landlords to take out portfolio insurance - this brings both simplicity and the financial saving of having one insurance policy to cover entire portfolio of properties.
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It often makes good sense for a landlord to take out Property Portfolio Insurance; this brings both simplicity and the financial saving of having one insurance policy to cover your entire portfolio of properties. As a landlord, you will need specialist Landlords Insurance, since a normal household policy will not cover your needs.
While some landlords choose insurance to match the specific demands of their individual properties, if you own a number of buy to let investments it is generally worth having a look at covering them all under one policy.
Portfolio Insurance can bring you large savings, much the same as when you buy bulk at a supermarket. Insurance providers are offering increasingly attractive Portfolio Insurance packages tailored to suit the individual landlord, such as allowing you the flexibility to add or remove properties mid-term without affecting your policy.
Insurance cover can include some or all of the following for your entire portfolio of buy to let investments:
- Buildings Insurance
- Contents Insurance
- Cover for loss of rent following a claim
- Landlord's Liability Insurance
- Legal Expenses
Portfolio Insurance on a number of properties is subject to the Condition of Average (under insurance). This means that each property insured is subject to Average in that if it is insured for less than the rebuild value of the property, the amount payable will be proportionally reduced.
It is a good idea to hire a Chartered Building Surveyor, who can accurately evaluate the worth of your properties to make sure you are insured for the correct sum.
When insuring your properties, it is also a good idea to protect against all insurable risks to the full replacement cost. It is important to remember that you should only take out Portfolio Insurance on your properties for the rebuild value and not the sale price. This is because the sale price is often higher than the rebuild value, which will make your premium higher than needed.
Your insurance provider can calculate the cost of your premium on factors such as the following:
- The location of the properties (postcode)
- The sum insured
- The type of tenants in the property
- Your history of claims
- The age of the properties
- The type of properties (flat, detached, terraced etc)
As these factors vary immensely according to each landlord, insurance providers will work with you to tailor the right Portfolio Insurance package for your needs.
Click here to find out more about this policy.
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