Once you have chosen the perfect landlords contents insurance policy, which covers exactly what you want it to and features the extras you desire, it feels good to relax in the knowledge that your property is safe. Of course, sometimes it’s difficult to see the benefit in insurance when the money comes out of your account each month or year. Although you appreciate the cover, sometimes you wish the payments were a little smaller.
Good news! It is possible to reduce the premiums on your landlords contents insurance. This can be done first by choosing a property of a suitable construction in an area that is low risk. If, however, you are unable to change these factors, you can do two related things. First, avoid claiming on your insurance. This is easy to say but sometimes harder in practice. The second thing is to protect your property in every way possible. Not only will this directly reduce your premiums when you inform your insurers, but it may avoid your need to claim entirely, which will bring your premiums down in the long-run.
How can you protect your property? First, think of Fort Knox – the professionals at keeping unwanted visitors out. What have they got a lot of? Locks. Install locks on your windows and deadlocks on your doors to reduce the chances of opportunist criminals popping in for a visit. Go a step further and install an alarm system that is approved by your insurers. This will reduce your premiums and deter burglars and vandals.
With the outside secure, make the inside of your property safer too. Reduce fire hazards in and around the kitchen as well as the rest of the house. Set up smoke detectors and provide suitable fire-fighting equipment.
With all of the above steps taken, you should be able to reduce your premiums in both the short- and long-term. These actions will convince your insurance company that you are lower risk and a lack of claims will reinforce this.