Landlord insurance for multi property owners is structurally different from several single policies, not just administratively cheaper. The limits, the excesses and the claims record are shared, which is a benefit in three ways and a cost in one. Understanding which is which is the difference between buying it because it is simpler and buying it because it is better.
One schedule, one renewal, one conversation
Every property sits on a single schedule with its own sum insured, construction and occupancy, under one policy number and one renewal date. Adding a property mid term is a pro rata endorsement rather than a new policy. Selling one removes a line. The administrative saving is immediate and it is usually why landlords switch, before they notice the underwriting advantages.
Shared liability limits, which cut both ways
Property owners liability is normally written once across the portfolio rather than per building, which means a single large claim can consume the limit for every property that year. On a small portfolio this rarely matters; on a large one it is a reason to buy a higher limit than any single property would need. Ask whether the limit is in the aggregate or applies to each claim.
The claims record becomes one record
A bad year on one property is a bad year for the whole portfolio at renewal. Landlords with one difficult property and several easy ones sometimes keep the difficult one on its own policy for exactly this reason. It is a legitimate strategy and worth discussing with a broker rather than discovering at renewal.
What has to be kept current
The schedule, above everything. Occupancy changes, purchases, sales, refurbishments and conversions all change what is being insured, and a portfolio schedule left untouched for three years is insuring a business that no longer exists. A short annual review against the actual portfolio takes an hour and is the single most valuable thing a multi property landlord does.
Questions people ask about landlord insurance multi property
Is multi property insurance cheaper?
Usually, and more so as the number grows. The administrative saving is immediate; the premium saving generally becomes material above about five properties.
Is the liability limit shared?
Commonly yes, in the aggregate across the portfolio. Ask, because it decides whether the limit you have bought is enough after one large claim.
Can I add a property during the year?
Yes, normally on a pro rata premium. Add it on completion rather than at renewal so there is no gap.
Should a difficult property stay on its own policy?
Sometimes. A single property with a poor claims history can drag the whole portfolio's renewal, and separating it is a legitimate strategy.