Buy-to-let mortgages are readily available in the mortgage world, and make it possible for more homeowners to own multiple properties. More and more people are earning an impressive income through their portfolio of homes, but all of these properties still need to be protected and insured. As a landlord, you may think that insuring multiple properties is complicated - but it doesn't have to be. Here is our brief guide on how to make sure you're covered:
If you own more than one property, multiple property insurance may be more beneficial to you rather than having separate policies for each property. Most multiple-property policies offer discounts, so you generally pay less than you would with separate policies. Plus, you may find that multiple-property policies are easier and more convenient to manage. It means you don't have to spend a lot of time getting individual quotes for each property - you get one policy that covers the lot, and you can enjoy the convenience of having only one payment and one renewal per year.
Research the best deal for you
When looking at insuring multiple properties, it's well worth doing your research and comparing different policies. Most insurers these days offer special insurance policies to cover multiple properties. Some are specialised, whereas others are very versatile and cover a variety of property types including residential and commercial lets and blocks of flats. If you're looking to invest in more properties after buying multiple-property insurance, ensure your policy allows you to add extra properties. It might not matter if your current policies end on different dates. For example, if the home insurance on your main property ends this month, but the policy on your holiday home doesn't need renewing for three months, you can insure your main property and then add your holiday home when it reaches its renewal date.
You may also want to look into what extras you get with the policies you consider. Do you get a special claims-line? Are you provided with an account manager who will be with you every step of the way? What does the policy cover, exactly? Think about what extras you would like to be included with your policy, and balance this against the cost of each policy to get the best deal for your specific needs.
Disclaimer: This guide is accurate to the best of our knowledge and is intended to give a rough overview of what considerations landlords should take into account before using Airbnb. The advice we give here is by no means comprehensive.