How to Insure Multiple Rental Properties Under One Policy

Owning and managing rental properties can be a complicated task for landlords, especially regarding insurance. To adequately cover their properties and protect their financial interests, even the most experienced landlords should regularly review their knowledge of rental property insurance and revisit available coverage options, such as a blanket policy for multiple assets.

What Is Rental Property Insurance?

Rental property insurance, also known as landlord insurance, is designed to protect property owners from financial losses related to their rental properties. This insurance typically covers the building structure, liability protection, and loss of rental income. It protects landlords against risks such as fire, theft, vandalism, and natural disasters. Additionally, it can cover legal fees if a tenant or visitor sues for injuries sustained on the property.

What Is a Blanket Policy for Rental Properties?

A blanket policy is a type of rental property insurance that can provide a single limit of coverage for multiple properties. Instead of having separate policies for each rental, landlords can consolidate their insurance needs under one comprehensive policy, which may offer a shared coverage limit that can be used as needed across the properties.

What Are the Benefits of a Blanket Policy?

Insuring all properties under a single policy can offer many benefits for landlords. Specifically, rental property owners may garner the following advantages:

• Simplified management—With a blanket policy, landlords only need to manage one policy instead of multiple, making renewals and claims more straightforward.
• Cost efficiency—Consolidating multiple properties under one policy can often result in lower premiums compared to the cumulative price of insuring each property separately.
• Flexibility—The shared coverage limit can allow flexibility in case of significant loss at one property, ensuring that funds are available where they are most needed.
• Comprehensive coverage—A blanket policy can ensure all properties are covered under the same terms, reducing the risk of gaps.

Get the Right Coverage for Your Rental Properties

Contact Paris Kirwan Associates today to learn more about rental property insurance, blanket policies and other coverage solutions.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.