Maintaining a whole portfolio of investment properties may take a good deal of time and effort. The work that goes into managing a single buy to let property may be multiplied by as many properties that you hold in your portfolio.
An example of some of the difficulties certain investors may face in keeping track of all the properties in their portfolio is suggested by the online government service known as the Land Registry: Property Portfolio Consolidator, which – for a fee – may tell landlords such important details as the title details, owners, tenure, existing charges and the address of each property.
Property portfolio insurance
Keeping track of the insurance cover for each of your properties may also prove a problem.
Clearly, you want to make sure that up to date and appropriate cover remains in place to safeguard your investments, yet each one is likely to have a different renewal date – and these may be spread throughout the whole year. Keeping track of individual policies is likely to be time consuming and an expensive administrative chore.
Property portfolio insurance – a specialist insurance for property investors – does that job for you. Instead of multiple insurance policies, with difficult to monitor renewal dates throughout the year, property portfolio keeps everything neatly under a single umbrella policy, with just a single renewal date.
There are two immediately apparent advantages with this type of insurance if you own more than, say, three buy to let properties:
- by insuring a number of properties at the same time, with the same insurer, you are able to benefit from the discounts on premiums typically offered when more than one property is insured; and
- a further cost saving and convenience is the prospect of keeping all of your properties safeguarded under the same policy, with just a single renewal date – so avoiding the time and expense of monitoring a list of different renewal dates throughout the year.
What it covers
These savings may be achieved without sacrificing anything of the cover that each property needs.
Building insurance, landlord’s contents insurance, landlord liability indemnity and compensation for loss of rental income if an insured incident renders any one of your properties untenantable, are still all available within a single property portfolio insurance policy.
If you want to take advantage of the ease of management and money saving benefits property portfolio insurance is likely to bring, quotes are typically available online from specialist providers.