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The BEST Way To Save Money On Landlord Insurance | You Ask, We Answer - YouTube
Channel: ALLCHOICE Insurance
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how do you save money on your landlord
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insurance well if you own rental
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property single-family homes duplexes
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triplexes quad plexes then you know
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insurance is one expense that you would
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love to save some money on so in this
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video we are going to look at four tips
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and strategies to help you save 8 10 20
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percent on your insurance premiums and
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we'll look at all this coming up next
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hey folks
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Jack Wingate here and on this channel we
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give individuals families and businesses
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tips tricks and strategies to help you
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save money on your insurance to help you
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understand your insurance better and to
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keep you informed with what's going on
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in the insurance industry and in today's
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video we're looking at some simple
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strategies to help you save money on
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your landlord insurance and the first
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biggest way that you can save money on
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your insurance is about increasing your
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deductible simply stated if you take
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your deductible from $1,000 which is a
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common standard deductible for most
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rental insurance if you take your
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deductible from a thousand to $2,500
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which is the next step up in most cases
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you're looking at savings immediate
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savings of 8 to 10 percent now if you so
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choose if you go from 1,000 to 5,000
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you're looking at 12 to 15% savings
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right off the top now savings bury and
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differ by carrier but on average that's
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what you're looking at you want to keep
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your deductible as high as possible but
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make sure that in the case of an
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emergency that you could come up with
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those funds in order to pay your claim
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so if you don't understand how to have
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your deductible work
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it's simple the deductible is the very
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first part of any claim so if you have a
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fire that burns your house down the
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insurance company is going to come in
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but you're responsible for the first
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whatever your deductible amount is so if
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it's 1,000 you're responsible for the
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first thousand and then the insurance
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company kicks in the rest so make sure
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you put your deductible as high as you
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can within reason trick number two is
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this is the probably the most simple one
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is to just pay your premiums annually
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many carriers not all will give you a
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discount if you pay your insurance in
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full why do they do this it's simple
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statistically insurance carriers know
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that people who pay their premiums
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annually do two things one they don't
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follow as many claims statistically in
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step two they literally retain the
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business longer meaning you stay with
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your carrier longer if you pay annually
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so in the insurance world insurance
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companies make money by getting you as a
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customer keeping you for as long of time
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as possible all the while having you not
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file any claims so to incent this they
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give you a discount now typically the
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pay in full discount is anywhere from
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two to four percent so if you combine
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that with a deductible savings you're
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looking at anywhere from twelve to
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twenty percent savings on your landlord
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insurance now the final two strategies
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will not give you immediate relief but
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will help in the long term and the first
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one is this you must keep your property
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maintained and in good working order
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also you must make sure that your roof
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your mechanicals like plumbing
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electrical HVAC are all up to date now
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why don't we do this well in the
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insurance world landlord insurance is
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one of the hardest insurances to come by
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carriers don't like writing the
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insurance because they experience more
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claims so they get really picky and
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choosey with who they will insure so
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some carriers won't even offer landlord
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insurance if your roof is over a certain
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age or the HVAC is over a certain age or
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if they go and look at the property it's
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just it's not well-maintained grass is
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high you know siding falling down
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what-have-you so the simple tricks here
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are to make sure your roof is 15 years
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old or newer if you want to get with the
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best carrier make sure that your HVAC
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has been updated replaced within the
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last ten to fifteen years and to make
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sure that electrically speaking you
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don't have fuses those are the little
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rail knobs so you make sure you don't
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have fuses make sure you have circuit
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breakers and then to make sure that your
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plumbing system is in good working order
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than that there's no leaks and then the
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final strategy is this don't file an
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insurance claim unless it is major
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we have landlords come to us all the
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time clients they have a loss at their
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house and we advise them first they can
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file any claim they want to but there
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are repercussions to those claims so you
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only want to file an insurance claim on
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your landlord policy when it is major
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so major is different to everyone but if
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you've got a $10,000 loss and you've got
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a $5,000 deductible you know yes that
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maybe is a good time to file a claim but
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if you've got a thousand dollar
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deductible and you've got a $5,000 claim
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depending on your financial situations
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you could be better off by just paying
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the total amount and not filing that
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claim and why is that
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first some carriers will actually have a
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surcharge if you file claims so that's
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gonna kick your premium up secondly if
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you do have claims you could get dropped
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by your insurance if you get dropped by
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your interest due to claims it is gonna
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be really hard to find a quality carrier
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that offers good pricing with their
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landlord packages so don't file claims
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unless
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it is major so to recap we've got four
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tips and tricks strategies if you will
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to help you save money on your insurance
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one make sure your deductible is as high
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as you can make it within reason to pay
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your premiums annually 3 make sure your
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property is well maintained it up to
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date and then finally don't file claims
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and look unless it's necessary hey guys
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if you have gotten any value out of this
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video if you've liked the video please
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go down here hit the like button
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subscribe to our Channel and until next
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time we'll see
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you
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