What would you do?

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  • What would you do?

    I've agreed to buy 3 terraced houses, all in the same area. 2 are adjoining, and tenanted. The other is a mile or so away and will be vacant on completion.

    I'm considering insurance. Ideally I'd like a policy that provides for legal assistance and unpaid rent cover. I'm aware that rent cover generally isn't available (or effective, at least) for three months, when a house is already tenanted.

    I'm then thinking that one property will be vacant initially, and that I'd want rent insurance when a tenant is vetted and accepted. And, as I'm in the hands of solicitors, the completion dates will almost certainly not be the same for each property.

    All rather complicated!

    My question: would I be best to treat each property separately and get a specific policy for each? Or, could a broker perhaps get me a better deal as a 'block' policy? If so, any suggestions?(Manchester)

    Thanks for any replies.

  • #2
    Insure each one separately. Block policies usually seem ok but if terms are imposed on one of the houses, the premiums on the rest can be affected.

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    • #3
      If give these details to a decent broker and ask the same question, they would take the time to look at both options for you and give you details of the positives and negatives of each.

      Block policies do obviously create discounts by putting all the properties with one insurer but for that to mean a saving, this one insurer needs to be the most competitive for all 3 houses. As they are all similar area and, I guess, similar sum insureds, etc, then this is quite possibly the case but even then the saving for just 3 houses would be quite small.

      It really is down to the individual requirements of yourself and the details of the specific properties. As one is initially unoccupied, it is likely this would be better on a separate policy due to the slightly different circumstances to the other two - in which case you may as well keep them all separate.

      No harm in asking for both options from the broker(s) you decide to contact and then you can make an informed decision.
      Steve Smith - Company Director at a leading Landlord Insurance broker with 17+ years experience in the industry
      LandlordZONE Verified Poster and Topic Expert for Landlords Insurance since 2009
      See my profile for contact details

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      • #4
        Really helpful replies, thanks.

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