Like any other insurance, property investment owners also purchase landlord insurance to protect their homes or apartment which they rent it out to tenants. If you are a new owner of such property, you will want to get a low insurance rate for your home. So here are some tips which will help you to get the best landlord insurance quote for your investment property.
1. The first and foremost thing to do while you are looking for a landlord insurance quote is to compare quotes with an agent who is an independent member in the Trusted Choice network. Since you are new to this, an agent will help you to get familiar with the process and will help to review policies from different insurance companies and choose the best one for you.
2. Another way to lower your insurance rates is by asking your agent about property enhancements. You can get significantly lower rates if you add property enhancements such as fire sprinklers in all of the rooms. By adding such enhancements you can make your property more safe which will make the insurance company charge lower quote from you.
3. You can also lower your insurance rates by increasing your deductibles. Deductibles are the amount of money which you have to pay out of pocket after the insurance company pays the rest amount in case of any accidents. By increasing the deductibles, you can lower your monthly premiums and keep your cover at the same time.
4. Similarly, you can also lower your rates by insurance bundling. Many insurance companies join many policies together to make a single one due to which premiums are lower. However, not all companies offer this policy, but it is always better to ask your agent first.
5. Finally keep your property clean and well maintained, so that any accidents does not take place. If you keep a safe environment, then it will help you to avoid insurance claim in the first place which in turn will help you to save money on insurance.