Being a landlord can be an expensive business. While you do have rent coming in, there are a number of other aspects to consider which seem to constantly eat up your cash. As such, it pays to try and cut costs wherever possible. One of the easiest and most profitable ways to do this is by taking a closer look at your landlords insurance. There are a number of tweaks and adjustments you can make to save money, the most popular of which we’ve listed below.
Visit a quote compare service site
Finding the best possible deal on landlords insurance is by no means as easy as it sounds. There are a huge number of companies out there and trawling the internet for the best value deal can be time consuming, frustrating and incredibly confusing. Visiting a trusted quote compare service site such as Peacock Insurance is the ideal answer to this wide felt issue. By rapidly searching a database of leading insurers, Peacock will find a policy that perfectly suits your individual needs. You’ll not only be saving yourself time but could also find an identical policy at a much cheaper price.
Evaluate the need for extras
One of the best ways to cut down on landlords insurance is to evaluate your policy closely and decide whether or not any extras are really necessary. For example, coverage for certain accidental damage scenarios can often add 25%. If you’re trying to cut back on costs, why not assess the risk and consider switching to a basic no frills policy?
Uphold your no claims policy
If you’ve run into a minor issue and are thinking of filing a claim, it’s always a good idea to consider whether or not the pay-out will exceed the loss of your no claims bonus. It may sound counterproductive but in some situations, you’ll be better of paying out of your own pocket and retaining your no claims bonus in order to receive a larger discount when renewing your policy.
Make voluntary excess contributions
While it may seem like you’re losing cash in the short run, in the long run making voluntary excess contributions can result in a significantly reduced annual premium.
Pay in yearly instalments
Most policies will offer a discount for paying in lump instalments rather than on a monthly or three-monthly basis. This is because the need for administration is significantly reduced. You may also be offered a discount for setting up a direct debit. If it’s not immediately offered, it always pays to ask!
Armed with these handy tips, there’s no reason why you should be paying too much for your landlords insurance.