Owning rental property can be a great investment—but the insurance costs can add up quickly. If you’re a landlord looking to save money without cutting corners, you’re in luck. There are smart, practical ways to reduce your homeowners (or landlord) insurance premiums while keeping the protection your property needs.
At Eugene C. Yates Insurance Agency, we specialize in helping Sacramento property owners find the most affordable, high-quality coverage. Here are our top tips for lowering insurance on your rental property:
🔍 1. Shop Around for the Best Rates
Not all insurance carriers view risk the same way. That’s why it’s important to compare quotes from multiple providers. As an independent agency, we have access to dozens of top-rated insurance companies—and can find you the best deal based on your specific property and coverage needs.
💸 2. Increase Your Deductible
One of the fastest ways to reduce your monthly premium is by raising your deductible. Just make sure you’re financially prepared to cover that amount out-of-pocket in the event of a claim.
🛡️ 3. Improve Security and Safety
Insurance companies love low-risk properties. You can often lower your premium by:
- Installing security systems or surveillance cameras
- Upgrading door locks and windows
- Adding smoke detectors, fire extinguishers, and carbon monoxide detectors
- Replacing outdated plumbing or electrical systems
These upgrades not only protect your investment—they can lead to real savings.
🏘️ 4. Bundle Insurance Policies
Do you own multiple rental properties? Or maybe you need auto or umbrella coverage as well? Bundling policies with one provider can lead to significant discounts. We can help you identify which policies qualify for savings.
📝 5. Adjust Coverage Based on Use
Many landlords pay more than they need to by insuring personal property they don’t own. If your rental is unfurnished, you may not need extensive contents coverage. Tailoring your policy ensures you’re not overpaying for protection you don’t need.
👥 6. Require Renters Insurance
Requiring tenants to carry renters insurance can lower your liability exposure. Some insurance carriers offer discounts to landlords who implement this requirement, and it also provides an added layer of protection for both parties.
🛠️ 7. Maintain Your Property
Insurance companies look favorably on well-maintained homes. Regular upkeep on your property—from roof inspections to pest control—shows that you’re a responsible landlord and can reduce the risk of costly claims.
💬 8. Ask About Discounts
Don’t be shy about asking your insurance agent what discounts are available. You might qualify for:
- Claims-free discounts
- Loyalty rewards
- New customer promotions
- Paperless billing or auto-pay incentives
At Eugene C. Yates Insurance Agency, we make sure you’re getting every discount you qualify for.
💼 Ready to Review Your Policy?
If it’s been more than a year since you’ve reviewed your landlord insurance policy, now is a great time. Let our experienced agents in Sacramento help you find the right balance between coverage and cost. Contact us today for a free, no-obligation quote.
📞 Call (916) 313-6100
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