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Landlord insurance money saving tips

By adopting a few largely common sense approaches, it may be possible to potentially save money on your landlord insurance.

A few ideas in that respect are listed below as individual landlord insurance money saving tips.

Investigate the options for taking a higher voluntary excess

No landlord insurance money saving tips would be complete without mentioning this important option.

The excess is the sum of money that you will be required to contribute as the “first part” of any future claim.

In the case of many forms of insurance cover, an amount of excess is mandatory. However, if you agree voluntarily to pay a higher contribution towards the cost of any future claims, your landlord insurance provider may recognise that by offering you a reduced premium.

Fit enhanced security devices to your property

Some providers of landlord insurance policies may welcome this step as an indication that you are security conscious. That means reduced risk for them.

Things such as approved high-security locks on all doors and windows plus the use of burglar alarms might mean you are eligible for discounts on your policy.

Consolidate your property portfolio

It’s typically the case that insurance providers will recognise volume business and offer incentives accordingly.

What that means is, if you own more than a single property, it may be more cost-effective to put all of your insurance requirements through a single insurer rather than multiple providers. It may offer you a position of greater negotiating strength.

Where possible, avoid high-risk properties

This option can only really be considered in a list of landlord insurance money saving tips if you have not already purchased what might be termed a higher-risk property.

If you are considering adding to your property portfolio, keep in mind that certain categories of property will be considered to be higher risk by insurers and that might mean considerably higher premiums and in some cases, possibly even difficulty finding cover at all.

There can be considerable variations on this between insurers but high-risk properties might typically include:

  • buildings located in areas with a known history of serious subsidence;
  • those located within areas that are officially designated as being high flood risk or which have a history of serious flooding;
  • in some cases, the nature of the building and the building materials might also be an issue. For example, thatched properties of a predominantly timber construction may be seen in some situations as constituting a higher risk of fire and may also possibly be more vulnerable to things such as storm damage.

Review your policy against your tenant categories

Some landlord insurance policies may include cover for all categories of tenants.

Others may exclude certain groups of tenants, typically including perhaps groups such as students and housing benefit recipients from their automatic cover but may cover them upon payment of additional sums.

If, as a matter of commercial policy, you are not letting to what are sometimes called “higher risk tenant categories”, you may be able to save money by ensuring that the cover you are paying for in your policy is actually aligned to your commercial approach to categories of tenant.

This can be a slightly complicated area and we at GSI-Insurance will be only too happy to explain a little more on this subject.

Consider whether or not you should be paying your insurance by instalments or one-off

This is another area where variations exist.

You may find that if you are paying your insurance by monthly instalments, overall, the cost to you at the end of the year is higher than if you had paid for your cover for the entire year in one amount at the outset.

Further reading: Guide to landlord insurance

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