How to reduce the cost of your landlord insurance

If you’re a landlord who’s tired of paying over the odds for simple landlord insurance, did you know that there are several ways you can lower the cost of your premium? The less you spend on insurance, the more profit you’ll make from your rent, so why not take a look at our money-saving tips below:

How to reduce the cost of your landlord insurance

1. Find out the rebuild value of your rental property, your policy will need to include this figure in order to cover any costs sufficiently, should the worst happen. You should be able to find this on the surveyors report from when you bought the building. If you don't have one, get a survey done, or find a website that will help you determine its rebuild value.

2. Get your property in full working order. Proper maintenance is essential if you really want to lower the cost of your insurance, and failure to perform these obligations may result in your insurance being declared null and void in the event of a claim. For example, ensure deadlocks, smoke detectors and house alarms are working properly, and check them regularly. Remember that you're not just covering yourself, but also the safety of your tenants.

3. Visit a price comparison website to collect quotes from various companies and do some thorough research to see which can provide you with the best value-for-money. It's important not to sign up for the cheapest deal; investigate what coverage the insurer provides to check that you will be fully covered should you need to make a claim.

4. Consider raising your excess to a higher amount than the standard, as this may significantly reduce costs. Alternatively, if you have sufficient cash flow to cover smaller claims yourself, be sure to let your insurance company know so that they can adjust your premium accordingly.

It doesn’t have to be difficult to find low-cost, simple landlord insurance if you bear this guidance in mind.

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