How to Buy Cheap Rental Property Insurance
Finding cheap rental property insurance is easy to do online. It is also a good idea to contact an existing agent to see if discounts are available for buying multiple insurance policies. Many agents also offer a cheaper price for moving over a policy that was purchased at another company.
- Find out the value of your rental property to determine how much insurance you need. Go over the appraisal you had done when you bought the property to use as a guide. You can also review your property tax bill or consult with a local realtor for help determining the current value of the dwelling.
- Contact your homeowners insurance agent to get a quote for a rental property policy. You may be able to get a reduced rate since you already use the agent for your primary residence insurance coverage. Give the insurance agent the rental property location and discuss different coverage options to find the cheapest price.
- Look in the Yellow Pages directory to find an insurance agent. Contact several agents to find out the cost of purchasing a rental property policy. You may be able to get a cheaper price for the rental policy if you move your auto or life insurance policies over to the agent.
- Go online to get quotes for your rental property. Find a website that allows you to type in the amount of insurance coverage that you want. You should be able to get a list of several insurance companies to choose from once you submit the online form.
- Decide which company to use and purchase the insurance policy. Discuss the best policy to buy with the agent you choose. Do not insure the land when you cover the rental property. You can also buy extra coverage if you expect the dwelling to appreciate in value over time.