Are you a landlord who owns a portfolio of residential and/or commercial properties? Then you’ve come to the right place. Investing in multi house landlord insurance can offer the protection you need while saving you time and money. Work with an ALIGNED insurance expert today, and we’ll help you find a multi house landlord insurance policy that meets your needs, prefernces & budget.
What is multi house landlord insurance and why do I need it?
If you own a property occupied by tenants, then you’re a landlord, which means you should invest in landlord insurance. However, if you own multiple tenanted properties, buying a separate insurance policy for each property is impractical, time consuming and costs more than it should. Luckily, multi house landlord insurance exists to make safeguarding your investments that much simpler, efficient and cost effective.
Multi house landlord insurance was designed for landlords with a portfolio of properties. When you purchase this type of landlord insurance, each of your properties will be conveniently covered under one policy and by the same insurance company. One policy renewal date which can dramatically reduce the time combined with significant potential cost savings are just a couple of the perks that come with multi house landlord insurance. Please note that while policies vary by the insurance provider, most landlords must have a minimum of three or more rental properties before they start to explore multi house landlord insurance options
What does multi house landlord insurance cover?
Multi house landlord insurance offers similar coverage to landlord insurance for a single property. Generally speaking, the goal of any landlord insurance policy is to protect the landlord against third party liability, loss of rental income, and damage to their property. Therefore, most multi house landlord insurance policies will cover the following:
- Rented dwelling/property coverage
- Landlord’s belongings coverage
- Loss of rental income coverage
- Liability coverage
- Limited coverage for intentional damage caused by tenants
- Machinery Breakdown
Ultimately, when you purchase multi house landlord insurance, you can expect your coverages to extend relatively consistently to all of your properties. Plus, many policies offer total flexibility, allowing the landlord to easily add and delete properties to their policy in the future as these policies are built specifically to cover active portfolios.
How much does multi house landlord insurance cost?
Every multi property insurance program is priced differently based on the unique attributes of the individual properties within a portfolio, but some of the most common factors that impact insurance pricing for rental properties are as follows:
- Total Insured Value (TIV): The total replacement cost of all physical assets being insured
- Number of units
- Type of occupany i.e. student rental vs. rooming house vs. apartment building etc. etc.
- Rental income
- Location
- Historic insurance claims
- Date of major upgrades or repairs to electrical, roofing, furnace etc.
- Other
Choose ALIGNED for your multi house landlord insurance needs.
You can call us at +1-866-287-0448. Click Here To Get A Quote or contact one of our business insurance experts for information or with any questions you may have.
