If you insist on your tenants getting tenant insurance you may enjoy lower premium rates on your landlord insurance schemes. We all know that you have a responsibility to protect the building but this insurance cost can destroy your profits so it pays to try to reduce this expenditure if you can.
There are other methods to reduce the cost of insurance. Pick your tenants carefully. Insurance firms like elderly tenants or those who are going to be at home throughout the day, such as housewives. This means that the property is likely to be occupied more often thus preventing burglaries and criminal problems. Installing extra security like fire as well as burglar alarms will even help to reduce cost.
If you stay away from certain kinds of tenants considered to be high risk by the insurance companies, like, university students and those on social welfare benefits, your insurance are going to be low. Some house owners specialize in renting to these groups. If you fall into this category rising the excess on your insurance policy along with having tenant insurance taken will help get lower premiums on your policy.
Don't over insure your building by design or accident. You don't usually insure a house for the present market worth as the insurance provider isn't keen on the price it would sell at. It is only interested in the amount it would cost to rebuild the structure if it were to fall down or be adversely affected owing to fire etc. So look at the amount of cover you have in place to make sure you haven't overstated the amount you want and are paying needlessly high premiums for the benefit of making this mistake.
Having a lease that insists on all tenants need tenant insurance is only one of several ways to reduce your insurance payments when you are a landlord.
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