There may be a number of practical ways of saving money on your landlord insurance.
Some of these are listed below, though they are not in any sort of priority sequence.
Improve the security of your property
Sadly, criminals are an ever-present risk as far as property is concerned.
Insurers understand this and may, in some cases, offer more attractively priced landlord insurance if you take extra steps you take to make your property a little less vulnerable. A few examples might include:
- using external security lights;
- making sure good quality locks and bolts are fitted to all your doors and windows;
- installing a burglar alarm.
Install health and safety devices
It’s worth noting that these may be a legal requirement as part of any local landlord registration processes, fire prevention rules within your area or indeed within your let property insurance policy.
They may include:
- CO and CO2 detectors;
- smoke detectors;
- sprinkler systems;
- fire-fighting equipment;
- fire blankets; etc.
If you do so, once again your insurance premium may fall in recognition of the reduced risk.
Consider carefully your tenant categories
Some let property insurance may not offer cover, as standard, for certain categories of tenants that are normally deemed to be higher risk. They may include:
- asylum seekers;
- housing benefit recipients; etc.
Yet other policies might offer “any tenant” cover. It is also possible that you may find some policies that will cover the above tenant categories but only upon payment of an additional premium.
Clearly, if you do not let to higher-risk tenant categories then you may not require all-tenant cover or need to pay extra for it.
Purchase your cover in bulk
If you have a number of properties currently generating rental income for you, then it may make sense to consider let property insurance from a single provider as opposed to multiple different companies.
This is based on the conventional commercial wisdom that it normally makes more sense to place your business with one provider and then to leverage the commercial clout that gives you in terms of negotiating better prices.
Some let property insurance providers might call this “portfolio insurance”.
Review your cover levels
There might be two areas where you are over-estimating the levels of cover you require and therefore paying more in premiums than is necessary. They may be:
- over-estimating the value of your contents (if you require landlords contents insurance). Of course, more common perhaps is the tendency to under-estimate your contents’ value but even so, it might make sense to carefully review the cover your policy provides against a realistic replacement value for your furniture and other contents;
- the valuation of your property. In some cases, the realistic value of your property in the marketplace might actually be considerably higher than the cost of needing to entirely re-build it following a disaster covered by your insurance policy. In typical situations, you should be able to find a professional who will give you a realistic total re-build cost to use on your insurance policy. If you have used the market-valuation for your insurance level then review this against the real property reinstatement costs. It might save you money.
These are just a few basic ideas.
An experienced provider of let property insurance may be able to offer you some additional thoughts on this important subject.