Landlords Saving Money


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Real estate investors carry insurance on their properties to protect their investments. Depending on the number of properties you insure, the total you pay can mount up substantially. The biggest problem with multiple properties is trying to make sure you don’t overpay. Before you renew any more real estate insurance policies, try these insurance tips on for size.

Research several real estate insurance companies to make sure you have the best rates for your policies and area. Every company promises they have the best rates, but if you have ever bought car insurance, you know that isn’t true. Go online, call around for rates, or go in for face to face meetings. Ask lots of questions and make sure you get any quotes or estimates in writing.

Check the type of coverage you have on each property. There is a huge difference in the price and coverage of a homeowner’s policy and a dwelling policy. You primary dwelling or vacation home should be covered by homeowner’s policies. Rental properties should be covered by dwelling policies. Make sure you have the coverage you need.

Check to see if your policy has you or a lien holder listed. You want to have your statement sent to you. If you have no escrow, it is possible that your statement is being sent to the lien holder. If you haven’t gotten a statement, make sure you call your agent to get one.

Find out if your insurance company offers full payments and split payment options. Discuss the differences with your insurance agent. If you have a lot of policies to pay, it can be pretty difficult to come up with all of the payment at once. By splitting the payments up, you have a chance to spread the total out over time, making it easier to pay. Of course, there will probably be a set up fee for the split billing and an additional per payment fee. However, when compared to the reduced stress load and convenience split billing offers, these fees are minimal. Agents prefer all at once payments,. You may have to request payments for your insurance policies.

Who knew that one or two little things can make a difference in the amount of insurance you pay or in your stress level. As a real estate investor, you have the right to ask questions and perform research to find out what will be the better money saving solution for you. For more ideas and information on real estate investments, visit us at Homevestorsfranchise.com. we also offer great real estate franchise opportunities. Call us for more information!

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