There are some unknown ways to reduce premiums for tenant insurance besides the tried and true raised excess level that is paid out of pocket or the reduction of services that one typically may see by turning to a broker to get a better rate. These range from downgrading the size of the property as far as physically possible while still doing the same job to adding landlord insurance to the property.
Why tenants insurance?
Everyone knows that adding an alarm to prevent thefts will reduce landlord insurance premiums, but not every landlord realizes that having a top rated to the flat or house can further reduce the costs of insurance.
Another secret to getting a premium reduction is to not only ask to have your no-claim bonus applied to the tenants insurance policy, but to make sure your company is fully covered. If your property is used mostly for business, then placing a good policy on it can give not only the business a professional boost, but also it can work to your favor by reducing the amount you pay for each and every year.
Have you ever claimed your policy?
Having more then one property like a portfolio might present a quandary. On the one hand you should have someone who is experienced and a low risk in your rented properties. Someone mature as a second person will be safer than a DSS tenant. This can be a great benefit.
But what do you do if you have a younger tenant?
The answer is to go to comprehensive coverage, because that allows cover for broken items, smashed glass and cover for fixtures and fitting within your rented property.
Are there other things you can do to reduce your coverage costs?
Well yes. Compare landlord insurance quotes from a comparison service and you could end up saving a good bit of money. Also, get tenants that are working full time, as this reduces the responsibly of loss of rent being claimed.
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