Do you think you pay too much for tenant occupied property insurance?
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Answer:
There are many ways to save money on insurance.
Take very good care of your property so that the property will qualify for better priced preferred policy types.
Have your tenants sign a lease that stipulates that they must have insurance of their own and, when you are a commercial landlord, that they list you as an additional insured. You must have a verification system in place so that you have copies of the declaration pages of the tenant's current policy.
A simple way to decrease insurance costs is to take a higher deductible. We have found deductibles that range from $250 to $20,000 on many properties that we see.
Choose a different value to insure the property at. Some people may think that just lower the coverage amount. This is likely to lower your premium. However, sometimes increasing your coverage to 80, 90 or 100 percent of the replacement cost of your property will actually decrease your premiums while giving you better value for your insurance dollars spent.
Find and insurer and insurance agency that not only sells insurance for landlords and lessors but who wants to sell you these products. The desire to help you will be reflected in the price of insurance, attitude toward serving you, and in the expertise displayed.
For more information and to find out if your tenant occupied property qualifies for the insurance policies we have found please contact us at insurance@drickardinsurance.com or 607-843-8860.
Click Here to send us basic information for an insurance premium indication.
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