Insuring your rental property, along with almost every other cost, is on the increase. Safeguarding your valuable asset is important but it is becoming more and more expensive. We explore some ways of overcoming the cost increases.

Adjust Your Excess
By increasing the amount you are prepared to pay as an excess for each claim, you could decrease the amount of the premiums you have to pay.
Example of a house valued at $532,700 *
Excess $300 Premium $1931.46
Excess $500 Premium $1728.26
Excess $1,00 Premium $1515.22
Bear in mind that in the case of damage to rental properties (apart from accidental damage) the excess will be passed onto the tenant therefore minimizing the financial impact for the owner.
* From AA Insurance Oct 2023
Engage An Insurance Broker
A knowledgeable broker can get you the best deal that suits your specific circumstances. They can help when it comes to claim time and generally you don’t pay for their fees.
Manage Risk
Reduce risk by being proactive when it comes to maintaining your rental property in good order and implementing safety measures . Making sure smoke alarms work, keeping gutters clear, and heating in working order are all prudent steps to take. Insurers often view these favourably plus it reduces the likelihood of a claim.