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Insisting On Tenant Insurance May Well Result In More Affordable Landlord Insurance Policy
If you insist on your occupant having tenant insurance you may benefit from lower premium rates on your landlord insurance policies. We all know that you have a duty to insure the building but this insurance expense can destroy your profits so it pays to try to reduce this expenditure if possible.
There are other ways to reduce the cost of insurance cover. Pick your tenants carefully. Insurance companies like elderly tenants or those who are more likely to be at home during the day, like housewives. This means that the property is likely to be occupied more often thus stopping burglaries and criminal damage. Installing extra security such as fire as well as burglar alarms will also help to push down cost.
If you avoid certain types of renters considered to be high risk by the insurance companies, for example, students and those on social welfare benefits, your insurance premiums are likely to be lower. Some landlords are known for renting to these groups. If you belong to this category increasing the excess on your policy along with having tenant insurance in place will help achieve lower premiums on your plan.
Don't insure excessively for your building by design or accident. You don't usually cover a building for the current market worth as the insurance company isn't interested in the value it would sell at. It is just interested in the amount it would cost to restore the building if it were to fall down or be adversely damaged due to fire etc. So check the level of cover you have in place to make sure you haven't over-estimated the amount you need and are paying needlessly high premiums for the benefit of making this mistake.
Having a lease that stipulates all tenants need tenant insurance is only one of many ways to reduce your insurance costs when you are a landlord.
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