Landlord multiple property insurance is usually arrived at rather than chosen. A landlord buys a second property and insures it separately because that is what they did the first time, then a third, and by the fifth there are five renewal dates, five excesses and five insurers. The move to a single policy is straightforward and the main obstacle is that nobody ever sets aside the afternoon.
When to make the move
Three properties is the point at which the administration starts to cost more than the saving. Five is where the premium difference usually becomes obvious. Before three it rarely matters. The other trigger is a claim: dealing with one insurer who knows the whole portfolio is markedly easier than dealing with whichever one happened to write the property that flooded.
What the move involves
Building the schedule: address, construction, age, sum insured, occupancy and any unusual feature for each property. Aligning the renewal dates, which usually means one policy running short or long for a year. Telling each existing insurer, and cancelling rather than letting policies lapse so the record is clean. A broker will do most of this and it is a reasonable use of one.
What changes at renewal afterwards
One conversation instead of several. One claims record, so a bad year on one property affects the whole book. One liability limit, usually in the aggregate. And one schedule that has to be kept current, which is the recurring obligation the single policies did not create because each was separately obviously about one house.
The mistake to avoid while transitioning
Gaps. A property whose old policy was cancelled from the first of the month and whose new schedule starts on the fifteenth is uninsured for a fortnight, and that is the fortnight it will flood. Overlap rather than gap, even if it costs a few days of double premium, and check every property is actually on the new schedule before cancelling anything.
Questions people ask about landlord multiple property insurance
At what point is a multi property policy worth it?
About three properties for the administration, about five for the premium. A claim is the other trigger: one insurer who knows the portfolio is far easier to deal with.
Do I have to wait for all the renewals to line up?
No. One policy usually runs short or long for a year to align them, and insurers handle this routinely.
Will my premium definitely fall?
Usually, but not always, particularly if one property has a poor claims history that was previously isolated. Ask for both quotes before deciding.
What is the biggest risk in switching?
A gap between the old policy ending and the new schedule starting. Overlap rather than gap, and check every property is on the new schedule before cancelling anything.