All you need to know about landlord insurance renewals and how to save money
Renting out a property sounds easy enough in theory, but it does involve many different considerations.
- Not only do you have to worry about managing the actual property, finding tenants, writing contracts, collecting rent, dealing with repairs and complaints.
- Then there's filling up all kinds of financial paperwork, and paying taxes, but you must also be mindful to find a good landlord insurance - both to protect your property from eventual damage as well as to comply with the law.
-
If you’re just getting started as a landlord, you probably have many questions and concerns related to your landlord insurance policy and its related affairs.
- While this is information that only your insurance company can accurately provide, since it varies depending on each company and their policies... there are some general observations that will be useful to help your organize your thinking and plan ahead.
Can your landlord insurance renewal be made online?
A common issue that seems to be in the mind of most people who are just
getting started dealing with landlord insurance pertains the renewal
process.
Is this process automated?
- Do
you have to submit any additional information while renewing your
landlord insurance?
- These are just some of the questions that will be
clarified in the following sections.
Is landlord insurance renewal an automated process?
Generally speaking, the landlord insurance renewal process is not an automated process.
- The reason why is very simple: each year (more often than not) there will be typically changes to the tenancy agreements, to the property, or even to your personal circumstances.
- Along with a host of other details that will imply making adjustments to your landlord insurance policy and might even require recalculating the premium.
-
Since insurance companies are well aware of this fact, there is no such thing as automated landlord insurance renewal. However, many companies do try to facilitate the process by reaching out to you around one month before the renewal date
Comparing quotes every year is a must!
'sIn the name of good customer relations, your current insurer will typically send you
a renewal quotation or automatically renew your policy on the fly.
- If you trust and are happy with your current insurers, stay, but it's better to get other quotes and do this every year, especially if you have more than one property.
-
Most proactive insurance broker that value healthy customer relations
will usually provide most of the information you need to renew your
policy.
- They will ask you to confirm if everything is accurate,
as well a remind you to update your information to reflect any relevant
changes that might imply adjustments to your policy.
At this
time, they will usually provide a comprehensive list of things that
could require adjusting your landlord's insurance policy before its
renewal.
What kind of details may imply changes to your landlord insurance policy?
There are many personal details that might have changed in your life, including small things like the card you used to pay in the previous year.
- This could adjusting your landlords' insurance policy, and they’re not entirely obvious if you’re still relatively inexperienced in this area.
-
There are also many obvious changes that will imply policy adjustments, such as structural changes to your property and their use, and changes to your tenancy agreements.
- It’s actually very unlikely that absolutely no detail has changed over the year, which is why the renewal process will more often than not imply changes to your policy.
-
You should make sure to review the provided documents carefully and supply all the required information, so that your insurance company can accurately perform your landlord insurance renewal process.
Do you want a quote?
You could save time and money on your landlord insurance renewal, get a quote and see.
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