There are a number of ways to make insurance more economical. Some of them might even improve your property value, too.
1. Buy online: most insurers offer discounts for getting a quote and buying cover online. This can be as much as 15% in some cases
2. Pay annually: in most cases, paying by direct debit means you’ll pay more over the course of a year. Pay upfront, and you’ll save
3. Go straight to the source: Most policies are underwritten by a few main providers – notably Allianz, QBE, Vero and Insurance Australia. If you go direct to the underlying provider, you can often save more by cutting out the middleman (for example, our house quote from 1Cover cost $1,353.97, and $1,135.22 from NAB. Both are underwritten by Allianz, and the same policy direct from Allianz would cost you $1,006.23).
4. Increase your excess: the majority of insurance companies will let you select the level of excess. If you increase this, the premium will fall – but make sure that you can afford it
5. Ramp up the security: insurers like secure properties: install a few simple measures like window locks, smoke alarms and security systems, and your premium will fall. Your property will also be more difficult to break into
6. Use a property manager: several insurers prefer it when a property is professionally managed, not least because it reduces the likelihood of rent default. Employ one, and you may reap the benefits
7. Look at your cover: do you really need $30,000 worth of contents cover for an investment property? Reduce it to $20,000 or $10,000, and your costs will drop accordingly
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