If you have rental properties, you have likely done some research on insurance protection. Potential incidents in your rental units can include tenant damage, fire, break-ins, and tenant or visitor injuries on the premises. How can you find the most affordable rate on your landlord insurance?
Examples of Discounts for Landlord Insurance
You may qualify for a number of discounts on your landlord insurance policy.
- Multi-policy discounts for properties and vehicles
- New customer discounts for establishing a new policy
- New renovation discounts for upgraded property
More Ways to Save on Your Landlord Insurance
Be sure to ask your insurance company representative or an agent in the Trusted Choice network how to lower your costs. The following sections will give you some ideas about potential savings.
Ask About Discounts for Safety Measures: Keeping your rental property well-maintained reduces the likelihood of injuries and property damage, and your insurance company may offer discounts for lowering your risks. Actions you can take to catch the attention of your insurance company can include:
- Install working smoke detectors in the bedroom, kitchen and hall in each unit.
- Install an interior sprinkler system.
- Install motion detector lights and security cameras to record activity near doorways and windows.
- Install a burglar alarm that connects directly to emergency services.
Ask About Professional Group Discounts: Some insurance companies provide discounts to certain groups. If you belong to a professional organization, a credit union, or alumni association, it pays to inquire whether you qualify for a discount for that membership.
Memberships in employee and retiree organizations may qualify you for landlord insurance discounts as well. These can include organizations such as the American Military Society, the U.S. Department of Agriculture, as well as teachers’ associations.
Adjust Your Deductibles: Getting the coverage you need is important, but so is finding affordable landlord insurance. One way you can consider lowering your premiums is by increasing your deductibles. Making this choice might be right for you if you if you anticipate few claims and are willing to accept risk for more out-of-pocket expenses in the rare event that you do need to file a claim.
For example you might consider increasing your deductible if:
- You have exceptionally well maintained property with significant security measures in place.
- You carefully screen tenants and know them to be responsible and trustworthy.
- Your apartment building requires security codes for access.
- Your security and fire systems connect with emergency services.
- You do not have a pool or other “attractive nuisances” on the premises.
Increasing your deductible will lower the cost of your regular premium, making it more affordable to insure your rental property.
How to Find the Best Landlord Insurance Rates
No two insurance companies cover property owners the same way, which means policy options and prices will vary, as will available discounts.
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