Landlord Insurance Policy Discounts
Tuesday, June 22nd, 2010 | Landlord Insurance
If you are looking for a landlord insurance policy or are thinking about trying another agent to insure your investment home, here is a list of possible discounts you may want to make sure you are getting.
Claims Free Discount- If you are without a claim for at least 5 years, some companies will give you a claims free discount. The downside is that sometimes we talk with clients who aren’t even aware they have a claim on their current policy. I know it sounds crazy but it happens more than you think. I have a great example of someone I spoke with today as a matter of fact. I told them the underwriting report showed a claim for $0. Yes a zero dollar claim. The client told me he had called in a claim because of a broken window and found out it was less than the deductible which was $500 so the customer paid it out of pocket. Unfortunately it is still considered a claim. Just because the insurance company didn’t have to pay for the window doesn’t mean that it’s not a claim. They did pay to send a claims adjuster so maybe that is how they justify reporting the claim. It shows as a claim for 5 years and will effect the rate with any new company he may want to have bid on his insurance. I always tell my clients to get an estimate before filing a potentially small claim because it could cost you big premiums long run.
Multi Policy Discount- Some companies will provide discounts if you write more than one policy with them. It may be as simple as multiple investment properties or as comprehensive as your personal home, auto, umbrella, business auto, and business insurance. It could save you a lot of money and could be more convenient since you will have less agents or insurance agencies to deal with should you have a problem or question. Insurance companies reward customers for their loyalty and trust. Plus they have more premium with a single person or business. They make more money and you save more money. A win-win.
Good Credit or Financial Responsibility Score- Many companies have come to the conclusion that a person who has a good credit score poses a more secure risk. Remember insurance companies work in large numbers. The idea is if you are able to gain a good credit score, you are financially able to maintain your property properly and there is less risk of insuring someone who may be in a desperate financial situation and who may also make a bad decision that may cost the insurance company hundreds of thousands of dollars. That is not to say people with bad credit are bad risks. Many good people have bad credit right now due to the economy and the availability of jobs. The point is insurance companies use many different variables and formulas to evaluate risk and some use credit scoring as part of their pricing model. Not all , but some do.
Year of Home- Some companies will give a discount for properties that are five years old or less. New homes have a much lower rate of claims. Homes older than 1930 may get a surcharge if the policy can even be written at all. Some companies will not insure an older home no matter what the other factors are. Older homes generally need more maintenance. Poor maintenance can result in a major claim.
Safety- Burglar alarm, bars on windows or doors, dead bolts, monitored fire alarm, smoke detectors, carbon monoxide detectors, and a fire extinguisher are a few safety items in or on your home that can reduce the risk of claim which results in a lower premium.
Tenant Screening Discount- This is the trickiest risk factor when it comes to a landlord insurance policy. Even though the owner is the one responsible for the home and its maintenance, it is the tenant who is the ultimate risk of claim in the home. Most landlord insurance policies do not have information on the tenant so they have to assume the tenant is a potential risk. That is why many landlord insurance policies are more than a homeowners insurance policy even though their is less coverage on a landlord’s insurance policy. On a homeowners insurance policy the insurance company knows who they are insuring, on a landlords insurance policy they only know part of the story. However, some companies will give discounts if the landlord checks the tenants credit, criminal background, eviction search, or requires the tenant to purchase their own renters insurance policy. Think of yourself as helping the underwriting department assess a potential risk and the insurance company gives you a discount for doing that.
Membership and Maintanence Discount- Being a member of a landlord association can be a discount. It shows pride in ownership and a certain level of sophistication. A landlord who owns properties as a business can be more aware of potential risks and may have a larger reserve to maintain and possibly handle small claims without involving the insurance company. Less claims means lower rates for the insured and the insurance company. Another discount is having a property manager managing the property. Property managers are hopefully professionals who are responsible for maintaining the property, screening tenants, and making sure the landlord has a well maintained property and tenant. A landlord who is a member of an association and uses a property manager could receive both discounts. AARP, Credit Unions and other organizations can also qualify you for discounts.
This is not an all inclusive list and many companies have their own opinions of what is worth a discount. Don’t be shy and ask, it could save you money. We represent many different companies and each one has their own appetite when it comes to investment properties. We write homes built in the 1800′s and homes with more than 3 claims and brand new homes in great neighborhoods. Give us a try.
65 Comments to Landlord Insurance Policy Discounts
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