Being a landlord is a pretty tough job. You have to wear a lot of hats, and if you are also the property owner, the task doesn’t get any easier. So, whether you are management on site or the owner/manager, you are always looking for ways to make your property more cost efficient. One way is to lower your insurance premiums, and you can do this with a few simple changes.
The big picture of the real estate market is that it goes up and down in cycles. It has been in an up cycle for 10 years and it is most likely time for it to face it’s down cycle.
Do you know what homeownership costs? Will you have enough money to pay the mortgage, utilities, subsinsure.wordpress.com/underpinned-property-insurance, taxes, maintenance, repairs, lawn services, etc.? The overlooked costs can add up rather quickly.
‘Soft credit’ checks are performed very frequently. This means that companies will check your check your credit profile to determine if you match a specific standard or range of credit score. This is usually done by companies that are issuing pre-approvals for credit cards, personal loans and car loans. ‘Soft credit’ checks have no impact on your credit score at all. You can contact all of the credit reporting agencies and let them know that you do not want any ‘soft checks’ performed. Upon your notification, they will not allow any more of these types of credit inquiries.
Carrying a higher deductible also discourages making too many smaller claims which can impact rates by losing claims free discounts and making it difficult to switch carriers. However, once you go past a $1000 deductible, the point of diminishing return starts to apply and the savings is usually not worth the risk. You want to manage your risk wisely.
Talk to your local agents and see what coverage would be the best for you. Ask them to give you a quote of the cheapest coverage they have available. It is better to go with a company that has a local office, you can generally get a faster response time in the event that you have to file a claim. Plus, you can get more personalized treatment if you deal with someone face to face, instead of just by email.
*Disclaimer: This information and the corresponding websites do not constitute professional services, including, but not limited to investment advice. Please consult a finance and/or investment professional for services and advice.
Next, take the Florida home insurance quotes and put them into your budget. Look at them as though you already have to pay. This will show you what the budget is going to look like once you really do buy the policy. You can move all of your other expenses around, attempt to cut costs if you need to, and see if the plan is feasible. You do not want to sign up for something that you cannot afford, doing this will show you if the plan is a logical choice or not when compared to your current level of income.
A home security system remains a reliable way to reduce the overall cost of your homeowner’s insurance policy. You will receive both a savings on your insurance, as well as peace of mind. With insurance the more you can do to preserve your investment, the greater the savings. By saving enough on premiums, your security system might even pay for itself.
Just keep in mind that your insurance score is only part of your premium equation. Things like your age, driving record (for auto insurance and home property value (for home insurance) might also be factors. Ask your insurance agent for the complete scoop on your premiums.