SHOP, SHOP, SHOP!
While it may be tempting to stick with your current insurer, it is important to remember that different insurance companies have different rates. By shopping around and comparing quotes from multiple insurance carriers, you increase the likelihood that you will find a policy that is more affordable while still providing the coverage needed to protect your assets. You can visit AAOA’s insurance page to get quotes from multiple carriers at once at no cost to you. An experienced broker specializing in investment property insurance can also consult you on what coverage to get and what is realistic for your market. You’ll confidently know whether you should stick with what you have or switch it up.
RAISE YOUR DEDUCTIBLE
The most straight-forward way to reduce insurance premiums is to look at raising your property deductible. However, it is important to make sure that you can afford to pay the higher deductible out-of- pocket if you need to make a claim.
CONCLUSION The rising cost of property insurance is a concern for many property investors and landlords. By shopping around, raising your deductible, maintaining your property, and carefully reviewing your coverage with an insurance agency that is familiar with landlord insurance, you can save money on your insurance premiums and protect your investment.
LAUREN LIEB Sr. Commercial Risk Advisor InsuranceHub (678) 812-2516 LLieb@insurancehub.com
Lauren has been with InsuranceHub for over 7 years and specializes in advising clients all around the country in regard to their multifamily and other lessor’s risks properties. When she is not helping her clients, you can find her fostering dogs for animal rescues (and only occasionally keeping them). She originally hails from Ohio, but now lives in Decatur, Georgia with her husband and menagerie of pets.
1. Risk & Insurance: https://riskandinsurance.com/what-awaits-commercial-insurance-in-2023-a-new-deloitte-report-looks-ahead/ 2. Insurancenews.net: https://insurancenewsnet.com/innarticle/5-areas-analysts-predict-will-challenge-the-insurance-industry-in-2023 3. Willis Towers Watson (WTW): https://www.wtwco.com/en-US/Insights/2022/12/insurance-marketplace-realities-2023 4. SwissRe: https://www.swissre.com/press-release/Hurricane-Ian-drives-natural-catastrophe-year-to-date-insured-losses-to-USD-115-billion-Swiss-Re-Institute- estimates/2ab3a681-6817-4862-8411-94f4b8385cee
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