Owning a rental property can get expensive, so we can all use more tips for saving money on landlord insurance in California. There are many common ways that landlords can reduce the cost of their insurance, and these vary by area and specific providers. Here are the most common discounts that providers may offer:
Multi Policy Discount
Most providers will offer discounts if you have multiple insurance policies with their company. Not just landlord insurance, but maybe even other categories, like auto insurance. Ask your provider which multi-policy insurance discounts you qualify for.
New Customer Discount
Some landlord insurance providers offer a discount if you are a new customer with their company or even if you are adding a new policy. Discuss this discount with various providers if you are thinking about switching insurance providers or are still shopping around and have not purchased yet.
New Renovation Discount
If you have made some major updates to your property, your provider may offer discounts depending on your upgrades. Talk to your provider if you have completed or are considering doing the upgrades. You may be able to get a discount on your landlord policy.
Find an Expert Broker
It does make a different who you talk to about landlord insurance in Los Angeles and other parts of California. You want to make sure you are discussing options with a qualified expert who can set you up with the policy that makes the most sense for your situation and save you money. This also helps if you have an existing policy and need guidance should you have questions about making a claim, or whether or not to make a claim on your landlord insurance.
Get a Higher Deductible
Consider making your deductible much higher to save on your insurance costs. While this may not be the best if there is a claim, it can save on your ongoing payments if you are not frequently making claims.
Add Liability and Property Insurance
This can help you get extra protection incase there is an accident with one of your tenants on one of your properties. While this does add more cost to your policy, it can help save money if there is an issue like this – saving money in the long run.
Keep Your Property Maintained
It seems simple enough, but keeping up with your property may help with your landlord insurance costs, especially if there are not major issues on your rental house or property.
Adding additional security to your rental house or property may help reduce the cost of your landlord insurance in Long Beach and other areas of California. Talk to your provider to see what discounts they may offer for these upgrades.
If you have questions about how to save money on landlord insurance policies, contact our insurance experts today – 877-945-7233.