Here’s what you can do to insure your rental property
Homeowners insurance should not be confused with rental insurance (landlord insurance) in that, rental property insurance protects the landlord form any damages or circumstances caused by the tenant. Rental insurance is a business transaction insurance, for this reason, it’s expensive. Since landlord insurance is a business transaction the following factors influenced it.
- Properties’ location
- proximity to water
- Security aspects (fire extinguishers, burglar alarm etc)
- Natural hazards free
- No smoking policy in your lease
- Long-term renters only
One important characteristic offered by all these providers is that you can obtain a code on their individual websites or better still meet a service agent at your area for obtention. It is alwaysadvisable to have a good knowledge of any provider’s dominium before you subscribe to its services. This because some do not offer insurance on flood zones (State Farm Insurance)
Like the homeowners’ insurance, there are some tips you can use to reduce your rental insurance:
1. Install a security system
Security system like video cameras is a necessity for any home placed on rental since it protects the renter from theft and keeps past incidents memorable.
2. Hardware fire alarm
In case of a fire outbreak, the domain in charge of firefighting will be alert and hence report immediately to quench it hence reduces property damage.
3. Fire extinguishers
Though the house is well acquainted with burglar alarm, fire extinguishers are also needed. Firefighters might not appear on time so the renter has the right to start the process of putting the fire off.
4. Making advance payments
Making advance payments accompanies a lot of discounts that was absent in the case of monthly bills and also prevents extra charges in every monthly payment.
5. Use one provider
Some companies offer discounts to customers with multi-policy. In this case, having a single company to take care of all your needs saves more and also less stressful