Why are your premiums increasing and what you can do to reduce your costs.
Insurance premium increases are never a welcomed scene!
An increase in natural disasters all over Australia with events occurring more frequently and with greater intensity together with the impact of COVID-19, has left many properties vacant or unoccupied for extended periods of time which in turn has led to greater risk to investment properties.
Pricing will vary from insurer to insurer, and factors such as the below will contribute to how your premium is eventually calculated.
- Building Type and Age
- Sums Insured
- Address of the property and proximity to the coast
- Previous claims
- Condition of the property
- Your Excess
So what can landlords do in such dire economic times to soften the blow on their pockets?
Here are a few money saving tips for you:
- Shop around so you can compare pricing.
- You can also choose to increase your excess on the policy, as higher excesses result in lower premiums.
- If you have multiple policies your broker can combine your policies with one insurer and you can take advantage of multi-policy discounts.
- Keep on top of your property maintenance and make sure everything is in working order (make sure that there are no leaking taps or fixtures in your property)
- Reduce risks in and around your property such as upgrading your security measures or finally getting around to fixing that broken step.
- Speak to your broker or contact us should you have any further queries.
Our team is here to help you.