How To Insure More Than One Property

by : Dave Faulkner

If you are lucky enough to have more than one property then you effectively have a life long investment that you can enjoy. It may be that you own a holiday home and can thus enjoy a few weeks or months in a more relaxing environment every year. Alternatively, you may have one or more properties that you lease out and so will have a regular income well into retirement. It is imperative that you therefore protect you investment as much as possible, and this includes taking out homeowners insurance policies on every property you own and not just the one you reside in full time.

It is possible to cover more than one home under one homeowners insurance policy, but very few insurers actually offer that option. Most will insist on insuring one property at a time. This makes these multiple property homeowners insurance policies very popular. Generally, insurance companies tend to insure your main property and then add additional property onto the policy as an extra, just like they would add emergency cover on. However, the amount of properties you can add on is limited so if you do own several buy to let homes than it may be in your best interests to take out several homeowners insurance policies.

If you do own several buy to let properties then your homeowners insurance policies will be very different for them than your own residential policy. This is because, as a landlord, you only actually need to legally provide cover for the structure, fixtures and fittings. You are obliged to insure your property via a homeowner insurance policy but not your tenants' property. That is completely up to them to do. However, holiday homes and vacant property will need full cover in the form of vacant house insurance. For more info see on home owners insurance

Vacant house insurance can give you peace of mind if you do have a second home or have bought a property to redevelop or rent out that may actually be left unoccupied for a period of time. Under homeowners insurance policies, you are obliged to leave your house vacant for no more than 30 consecutive days of the year as a rule. However, vacant house insurance has very few stipulations of the nature. You only have to visit one in a while, if that. However, it may still offer you the same level of cover as homeowners house insurance, depending on the policy that you ultimately choose. It can be more expensive though, so be prepared for the in advance.

Insuring more than one home or property does not have to be a complicated process. A broker can help you to find the best homeowners house insurance policies for you because he or she makes a living from listening to the individual and then searching insurance companies to find the best possible policy, or one that can be tailored to your need. This takes the work out of it for you, and gives you that peace of mind that all of your property is well and truly protected!