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5 Ways To Lower Your Rental Property Insurance Rates

By November 28, 2023December 4th, 2023Insurance

Managing a rental property in Lebanon, Pennsylvania, can be challenging. There are many duties associated with managing a rental property, one of which is obtaining property insurance. Protecting your investment as a landlord in Lebanon requires figuring out how to reduce property insurance premiums without sacrificing coverage. This guide is specific to our community because we want to help the landlords in Lebanon County.

1. Compare Rental Property Insurance Coverage

Rates continually change, and different companies have higher and lower rates based on the previous year’s claims. Compare those rates and make sure your coverage is the most affordable.

2. Increase Your Deductible

While this may lead to a higher cost in the future, if you do not have claims, you will save money. A higher deductible is not always the solution, but it can negate some of the clear and present costs of property insurance.

3. Have Security Installed On Premises

Landlords in Lebanon who improve their properties’ security may see a decrease in insurance costs. You are already required by law to install smoke detectors, but you can go beyond that. Have deadbolt locks, security systems, and video surveillance systems that not only puts your mind at ease, but also your tenants. Insurers may lower your insurance premiums if you prove that you are committed to protecting your property.

4. Communicate All Renovations To Your Insurance Company

Renovations, upgrades, and a new roof can all impact your rental property’s insurance premiums. Make sure you effectively maintain your property and inform the insurance company that the property is being maintained.

5. Work With Strickler Insurance

At Strickler Insurance, we focus on providing rental property comparisons on coverage as well as effective rental property coverage for you and your single property, multiple properties or even your property management company. We know the challenges within our local region in Central PA. Let us help you get the best property insurance in Lebanon PA.

Contact Us For Lebanon PA Property Insurance For Rental Properties

It takes both strategic planning and local knowledge to reduce property insurance costs for your rental property in Lebanon. Landlords may confidently navigate the insurance market and make sure their assets and money are well-protected by using this hyper-localized advice. Contact Strickler Insurance for your Local Lebanon County rental property insurance needs.