As a landlord, you are responsible for protecting the structure of your building while the renters need to buy insurance coverage to protect their personal possessions. By creating a building profile, it's easier to share the status of your property with your insurer when you make improvements.
Here are important landlord insurance tips for property owners who rent to tenants.
Property can degrade faster with multiple tenants, so it's important to stay on top of maintenance. You need to regularly inspect sidewalks for cracks and remove mold and mildew when it accumulates to reduce health risks. It's imperative to be up-to-date with building codes to avoid local government fines. You should also keep property elements functioning properly to avoid complaints from tenants.
The easiest way to keep insurance costs under control is to raise your deductible. That means you'll be paying more when you share expenses with your insurer for a claim, but you'll be paying less on monthly premiums in the meantime. The lower your risks of theft and vandalism, the more confident you can be about raising your deductible.
Keep track of all your safety improvements to the property, such as investing in alarm systems. The more well-lit your property is at night, the lower the threats of burglary or other criminal activity. Installing video surveillance cameras serves as a deterrent for criminals.
Since the costs of labor and materials are constantly changing due to supply and demand factors, you need to review your building valuations with your insurer routinely. Discuss your replacement costs and how much your property's cost per square foot changes over time.
Insurers like to see new improvements to properties, especially if they lower risks for insurance claims. Let your insurer know about upgrades you've done on the property and equipment to make conditions safer and more reliable. Ask if you can get any discounts for lowering risks.
Another way to lower commercial insurance costs is to bundle policies for different property locations into one master policy. If you have multiple separate policies, maintenance issues might get overlooked at certain properties. However, with a master policy, it's easier to make sure all the properties get the attention they need.
Yet another way to lower commercial insurance costs is to work with an insurance agent who has expertise in real estate. Such a professional can represent your commercial interests and secure the best insurance rates for you by drawing from a pool of multiple insurance carriers. They will also help you keep your risk profile updated so you can focus on property management.
Use these landlord insurance tips to get the best rates for commercial property insurance. These tips will help you stay in touch with your risk profile and what you need to do to adjust rates. Contact us at Fuller Insurance Agency for more information about selecting the right landlord insurance for your needs.
