Tips to Reduce and Compare Landlord Insurance Quotes

landlord insurance cost

Getting landlord insurance quotes can be a huge hassle, but no one wants to pay more for insurance than necessary when renting homes out to tenants. That means you need to get a few quotes from different insurance companies so that you can compare policies and find the best rates to meet your needs.

But first, it is a wise plan to look for things you can do to help reduce your insurance quotes. These are a few changes you can make that will help you get lower landlord insurance quotes on your rental properties.

How to Reduce Your Landlord Insurance

There are a few things you can do that will help you cut costs on your monthly premiums for landlord insurance. These things include a variety of actionable steps you can take that will minimize risks taken on by insurers who are generally quite happy to lower your rates in exchange.

This includes things like:

  • Bundling policies – especially if you own more than one rental property. Insurance companies reward loyalty. Buying more than one policy from them will result in discounts on all your policies.
  • Make security upgrades to the property – things like security lights, deadbolt locks, updates electrical wiring, and even a new roof can reduce risks to the property while lowering your costs at the same time.
  • Disallow pets – allowing pets almost always increases your insurance risks and insurance costs.
  • Vet your tenants – another thing you want to do is vet your tenants properly. Your tenants should also have their own renters insurance policies. This will help insurers feel more confident when covering you so they offer lower rates for your landlord coverage.
  • Increase your deductibles – when you take this critical step, your risks, when things go wrong, is greater. But, the insurance company’s risk is lower. As a result, insurance companies offer sharp reductions in monthly premiums.

Once you’ve taken these steps to reduce your overall rates, it is time to compare landlord insurance quotes to choose the one that meets your needs best.

How to Compare Landlord Insurance Quotes

The Insurance Information Institute recommends shopping around for any type of homeowner’s insurance and getting at least three different price quotes from various insurance providers. Before you choose one product over the next, though, make sure you’re choosing policies that offer comparable coverage. One policy may look like a better deal while offering decidedly inferior coverage.

In all things, it is best to work with a trusted insurance agent to ensure that you’re getting the right combination of coverage and cost when buying landlord insurance and any other insurance product.

If you’re looking to reduce and compare landlord insurance quotes, complete our online multiple quotes form.