Have you decided to rent out a second home, an apartment unit, or a commercial complex? In today’s day and age, many individuals and couples look for ways to bring extra money to their banks without exerting a lot of effort. This makes a rental property an excellent idea. But while the prospect may sound like a pot of gold, the need to keep yourself as a landlord protected requires that you pay for good insurance as a safety net. The first step is to get a landlord insurance quote that not only serves the interest of the property but your welfare as well.
While many believe the need to pay the full price for a comprehensive insurance that covers the property, its contents, landlord protection, and excesses, there are actually methods to get “discounts” without downplaying risks involved. To get you started, here are some ways to add more weight on getting an insurance quote favourable to your needs.
Single Insurer, Multiple Policies
Acquire multiple policies with the same insurer. You can buy personal home insurance as well as auto insurance from the same provider. Experts reveal that doing so will give you around 30 percent savings when using a single provider for all your insurance needs. Apart from coverage, getting multiple insurance policies from a single insurer will also deliver consistent handling of claims and more convenient communication in place.
If your rental property is situated in a high-risk area, consider disaster-prepping. Some insurers have certain criteria or guidelines on disaster preparedness for you to follow. It may require retrofitting your rental property with roof sealing or storm-proofing mechanisms. Insurance quotes often provide hefty discounts when such guidelines are followed.
State-Of-The-Art Security System
Updating or installing advanced alarm systems will help greatly when thinking of acquiring the best landlord insurance quote to cover your rental property and your own protection. Premiums are often evaluated according to risks involved. Think about fire alarms, burglar alarm systems, or carbon monoxide sensors and an insurer will be more than happy to lower premiums.
Choosing a higher deductible/excess on your policy will help lower premiums on rental property insurance. Be reminded though that such deductible will be shouldered by your own pocket when issues like rental default or wrongful eviction concern comes in. Before signing up, always analyse the risks involved.
Excellent Credit Standing
Do you know that many insurers also provide favourable premiums to clients with high credit score? Insurance companies, like other client-based risk-savvy financial institutions, always check credit reports on insurers as statistical data have shown that fewer claims often happen to insurers with good credit standing. If it’s a conjugal property, make sure your partner and your own credit scores are outstanding.
Though your insurance company may not be too showy in its appreciation, loyal customers often enjoy lower landlord insurance quote and hassle-free claims. Customer retention is highly important to insurers as well as their brokers and agents. Many insurers offer “renewal price break” which can generate hefty discounts.
While many may take insurance for granted, rental property owners may want to go a different route. Aside from protecting your property and its contents, it is also important to prioritize protection for yourself as landlords. So, find a reliable landlord insurance quote willing to work to your advantage.
Looking for a reliable insurance broker that can protect both your property and your own welfare as landlord? Schedule a consultation with Landlord Insurance HQ ASAP! We can Tailor insurance policies to your needs. Request a landlord insurance quote online or call us on 1300 815 344 .