As a landlord, it’s critical to protect yourself, your tenants and your investment with a comprehensive insurance policy. Whether you own a single property or a portfolio of multiple residences, insurance should never be scrimped on. Of course, it is a key expense and it’s understandable that landlords will want to save money wherever possible. To help you cut the costs of your premiums, we’ve put together a list of top tips that are guaranteed to save you cash.
Talk up your profession
Did you know that the way you describe your profession can have an impact on the price of your premium? For example, selecting ‘chef’ as opposed to ‘kitchen staff’ could save you a significant chunk of change.
Reassess the need for frills and extras
One of the easiest and most effective ways to keep landlords insurance costs down is to reassess the need for frills and extras. If you’re certain that your property is going to be full for the next six to 12 months, why pay for unoccupied property insurance? If you only have one household in residence, HMO is unnecessary and so on.
Enlist the help of quote compare sites
To find the best deal on the market hitting up an online quote compare website is a savvy move. The intelligent search algorithm will do all the hard work for you, and scour the web for the best deals to suit your exact needs. Furthermore, quote compare sites are fast and efficient. This means that you can save a huge amount of time shopping around with different providers. Instead, you enjoy access to a comprehensive list of premiums, at the touch of a button.
Pay in lump sums
While it may sting your bank account in the short term, paying for your landlords insurance as a lump sum can save you quite a bit of cash. Paying up in bulk cuts out administration fees throughout the year and most providers will pass these savings onto the customer.
Look at merging
Most providers will offer you great savings when you merge insurance policies. So if you pay for car, assets, homeowners and landlords insurance, inquiring about switching them all to one single policy could be a great way to save money on all of your premiums.
