Multi landlord insurance is searched for by two different people with two different problems. One owns several let properties and wants them on one policy. The other owns one property with somebody else and needs both names on the cover. The products differ and so do the pitfalls, and it is worth being clear which situation applies before asking anybody for a quote.
Several properties, one policy
A portfolio landlord policy carries a schedule with each property's address, construction, sum insured and occupancy, under one renewal date and usually one shared liability limit. It is cheaper and simpler than separate policies from about three properties upwards. The work is in keeping the schedule current as properties are bought, sold, relet or converted.
Several owners, one property
Everyone with an insurable interest should be named. Joint owners, partners, trustees or a company: the insured name has to match who actually owns the property, because an insurer indemnifies the named insured and an unnamed co owner may find only a share is paid. Where there is a mortgage, the lender's interest is noted as well.
Both at once, which is common
Families and couples frequently own a handful of properties in different combinations: one jointly, one in a company, one in a single name. A portfolio policy can carry different named insureds per property if the insurer is told at inception. Sorting it out at the start is straightforward; unpicking it after a claim is not.
What to review every year
Whether the schedule still matches what you own and how it is let. Whether the liability limit is aggregate and whether it is still enough. Whether any property has changed hands between owners or into a company. Whether any rebuild figures have drifted. An hour a year covers all four and prevents most portfolio claim disputes.
Questions people ask about multi landlord insurance
Does multi landlord insurance mean several properties or several owners?
It is used for both. Portfolio policies cover several properties; naming all owners covers several landlords on one property. Be clear which you need.
Can a property owned jointly be insured in one name?
It can be written that way and it should not be. An insurer indemnifies the named insured, so an unnamed co owner risks only a share being paid.
Can one policy carry different owners per property?
Yes, where the insurer is told at inception. It is common for families with properties held in different combinations.
How many properties before a portfolio policy is worth it?
The administrative saving starts at about three; the premium saving usually becomes material above five.