1. SHOP for the BEST RATES  Just as you would your personal residence, a landlord can shop for better insurance rates. Check with other landlords in your area or a landlord association.  Using the Internet, you can apply for free online insurance quotes and receive information from more then one insurance company. If you have an existing policy or just purchased an investment property, review your policy and shop the coverage and rates.

2. RAISE YOUR DEDUCTIBLE:  Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim on your policy. The higher your deductible, the more money you can save on your premiums. Insurance companies typically recommend a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 25 percent on your premium. 

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3. COMBINE POLICIES FROM THE SAME INSURER Often companies that sell landlord, auto, homeowner insurance and liability coverage discount 5 to 15 percent off your premium if you buy multiple policies from them. Make sure the 'discounted'  rate is lower than buying the different coverage from different companies by comparing individual rates. 

Always read the Landlord's Insurance contract for specific explanations of coverage and exclusions.

5. DON'T CONFUSE WHAT YOU PAID FOR PROPERTY WITH REBUILDING COSTS, LAND The land under your house isn't at risk from theft, windstorm, fire and the other perils covered in your landlord policy. So don't include land value to determine  how much landlord insurance to buy. If you do, you will pay a higher premium than you should because you will be over-insured. Your agent should remind you of this and help you based on your homes square footage.

6. IMPROVE SECURITY  Discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks are common.  Additional discounts may exist based on the type of system or even how close you are to a fire station or hydrant.

7. Lower you Coverage. You may be over insured. If you no longer have a mortgage on your property, you should review how much your home is insured for. It may be insured for less then replacement value or for more then replacement value. You should review your valuations every 2 years with your agent and adjust accordingly.

8. STAY WITH THE SAME INSURER  If you've kept your coverage with a company for several years, you may receive a discount for being a long-term policyholder.

9. LOOK FOR PRIVATE INSURANCE IF YOU ARE IN A GOVERNMENT PLAN - Your home may be uninsurable! How? In some states, insurance companies are trying to "reduce their risk" for one reason or another. The requirements may be so strict, that in effect, you cannot get insurance. Flood Plains, high crime, higher incidence of fire or other damage. You may be eligible for a state sponsored plan and save money. Again, attempt to get quotes from an insurance company. Often, you have to be denied first.

10. ASK ABOUT OTHER DISCOUNTS A number of discounts may be offered by companies as we mentioned,  but they may not offer the same discount or the same amount of discount in all states. You must ask your agent or company representative about any discounts available.  Nothing is automatic. Shop, compare and ask. Insurance Knowledge is powerful! Be informed.

You may also find high quality landlord Insurance from one of these leading companies. For more information on these companies, select one: