If you insist on your tenants having tenant insurance you may enjoy lower premium rates on your landlord insurance policies. We all know that you have a responsibility to insure the building but this insurance cost can destroy your profits so it pays to try to reduce this expenditure if you can.

There are other ways to reduce the cost of insurance. Pick your tenants carefully. Insurance companies like elderly tenants or those who are going to be at home during the day, such as housewives. This means that the property is likely to be occupied more often thus preventing burglaries and criminal damage. Installing extra security like fire as well as burglar alarms will also help to push down cost.

If you stay away from certain types of tenants considered to be high risk by the insurance companies, like, students and those on social welfare support, your insurance premiums are likely to be low. Some landlords specialize in renting to these groups. If you fall into this category increasing the excess on your insurance policy along with having tenant insurance in place will help get lower premiums on your plan.

Don't over insure your building by design or accident. You don't usually insure a building for the present market worth as the insurance company isn't keen on the value it would sell at. It is only interested in the amount it would cost to rebuild the building if it were to collapse or be adversely damaged owing to fire etc. So check the amount of cover you have in place to make sure you haven't overstated the amount you need and are paying unnecessarily high premiums for the benefit of making this mistake.

Having a lease that stipulates all tenants need tenant insurance is only one of several ways to reduce your insurance costs when you are a landlord.

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