If you own more than one property, it’s essential you understand your specific home insurance needs
Owning a second home can be great, whether it’s a holiday home, a flat in the city or a rental property, an extra home is often a bonus. However, insuring multiple properties can be a bit of a headache as different types of buildings require different types of home insurance.
Second home insurance: how do I go about it?
Your insurance policy may change depending on the type of property you need to insure. Here are some of the most common.
- A flat: if you own a flat, you may not need buildings insurance as this is normally the responsibility of whoever owns the building. It may be the case you’re paying towards it through your service charge. You may however, need contents insurance which offers cover for all the possessions in your home
- Rental properties: if you’re insuring a home you won’t be living in, you’ll need special cover for things such as loss of rent and accidental damage by your tenants. To provide the best landlord insurance, Admiral has partnered with Towergate to offer cover that our regular home insurance doesn’t cover
- Listed buildings: if you’re lucky enough to live in a house that has special historical significance, it may be listed as Grade I, II or III. While it’s lovely to live in a building like this as they’re often beautiful properties, it can also be a big responsibility. You may face certain restrictions such as with how you repair any damage, so you’ll need a specialist listed building home insurance policy. We do cover Grade II listed properties (but not Grade II*) so it’s important to speak to your home insurer before arranging your policy
- Unusual homes: we’re becoming more creative in the homes we choose to live in. Perhaps you’ve constructed an unusual house, such as the couple who built a three-bedroom house for £27,000 out of recycled material, sheep’s wool and hay bales. They’re great but may need special policies such as self-build or non-standard construction home insurance. We do offer insurance on some non-standard construction homes so it’s always important to call and discuss your home insurance needs with one of our advisers. These type of policies are specifically designed for properties that you wouldn’t find on the average residential street – perhaps those constructed from unusual materials or converted into homes from their original purpose
- Holiday homes: a home away from home is wonderful, but it needs special insurance. Because it’s empty for long periods of time, insurers may view it as a bigger risk. If you let your property out to people you may also have to insure against any accidental damage they cause. One option is to take out a host insurance policy, which covers you if your property is damaged by a paying guest.
My home is in a high-risk area – do I need a special policy?
If you live in an area that is particularly at risk of suffering damage from risks such as floods or subsidence, you may have particular needs from your insurance. For example, you may need flood insurance to cover your building and possessions.
How can I insure multiple properties?
Insuring multiple properties may sound complicated but it should really be no different to insuring just one home – you’ll just need to give a bit more information. If you insure with us you can speak directly to one of our advisors to confirm the details of each property.
That’s useful in any case, because speaking over the phone can be the best way to get the best deal and the right coverage for your requirements. You’ll benefit from our expertise and customer service as we take you through all the options and suggest the ideal option.
Will I need separate policies?
The good news is that when you speak to Admiral, you can package all these properties into the one policy – not just for your home but also for your car. Our MultiCover policy means you can insure your homes and cars under one policy and you’ll only have one renewal date by the end of the policy. That means you’ll only have to arrange insurance once a year!
Can this save me money?
Every policy is different and, although some separate policies may be cheaper, you will get a guaranteed MultiCover discount.
MultiCover saves you time and effort. There’s no need for separate details for each car and each property – they can all come under one roof, with a single payment and a single renewal date.
When transferring to MultiCover, you don’t have to cancel any existing policies. Let’s say the home insurance on your main property ends today, but you have a flat and a holiday home that aren’t due for renewal for a couple of months. We can start the insurance for that main property and then bring those additional properties in as they reach their renewal date. There’s no risk of doubling up on insurance.