Ben Franklin said that two things in life are certain: death and taxes. If you’re a buy-to-let landlord, you can go ahead and add insurance to that list too. But monthly insurance premiums needn’t cause quite as much heartache as they do right now.
In this post I’ll be looking at five ways to potentially reduce the amount you need to pay for insurance every month, and the really neat thing is virtually all of them have an extra benefit or two attached to them as well.
Fitting smoke alarms throughout a property is always a good idea*. They help your tenants to make sure they’re staying safe and, by drawing attention to a fire earlier, limit damage if one does break out.
* Well, except for when you burn the toast and they start shrieking at you.
However, they’re also useful in the context of insurance in that you’ll definitely be able to enjoy lower premiums as a result of their installation.
Although both burglary and robbery are on the decrease in Britain, the former is dropping much more dramatically. Does that mean it’s time to ditch those unsightly burglar alarm boxes?
I’d recommend against it. As well as actively reducing your insurance premiums they really do act as a deterrent to burglars, and a post-burglary claim can see your premiums rise drastically.
Every time I apply for insurance I find myself wandering around my home, haplessly looking at locks and trying to figure out exactly what they are.
“Umm, yes, I think they’re five-lever mortice deadlocks. I’m almost sure,” I say, secretly hoping that I’m not making a terrible mistake.
If your locks have seen better days, it might be time to think about upgrading. Locks that conform to BS (British Standard) 3621 can reduce the price of your premiums, so upgrading your locks really can pay for itself over a few months.
Doors and Windows
Well, if you’re getting locks you might as well get new doors as well. This is turning into one expensive blog post, isn’t it?
Seriously though, thicker doors and sturdier windows – PAS 24-1 for doors and British Standard BS7950 for windows – are a good bet not just for security purposes but can also help to keep the place nice and toasty during winter.
In 2009 Confused.com found that Brits are overpaying £1.3 billion for home insurance every year.
Last year This Is Money reported that 1.5 million people who bought their homes before the mid ’90s have annually paid hundreds of pounds too much for insurance for 20+ years.
I could go on, but you get the picture, right? Just because something was, or you thought it was, a great deal when you took it out doesn’t mean that it’s still the best price on the market.
Thanks to price comparison sites, and specialist dealers like Brokers Direct, you can get a new quote in a few minutes. If it’s no cheaper than what you’re already paying, you get the peace of mind that comes with knowing you’ve got a great deal.
And if it IS cheaper? Well, that’s an even bigger win.