WHAT SHOULD RENTAL PROPERTY OWNERS DO? While the predicted outlook for 2023 premiums could be a financial burden to many investors, not all is lost. When faced with a large increase in their insurance rates, many investors are unsure of what to do. Here are some tips.
WORK WITH A SPECIALIZED AGENCY
It is important that you are working with an agency that specializes in and understands your industry. Too often rental property owners use the same insurance agency as their personal home or car, and those agencies can be limited in the options they provide. Insurance agencies that specialize in the rental and multifamily industry have access to specialized markets.
CHANGE YOUR COVERAGE
You should also consider the type of coverage that you need. In some cases, it may be possible to save money by purchasing a policy with limited coverage (if lender requirements allow), or by excluding certain types of risks from your policy.
IMPROVE YOUR PROPERTY
It is also important to make sure that your property is well-maintained and up to code. This will help to reduce the risk of accidents and damage, which makes it easier for your agent to provide lower insurance rates.
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