Optimizing landlord insurance

[Petur Karlsson]

Hey everybody!

I've reached three rental properties, totaling six units. I have landlord insurance on all three, and require the tenants to have renters insurance. I operate them as a sole proprietor by the way.

What do you think about the idea of looking into the policy and cutting out some coverages to downsize the premium? Do you have any other tips when it comes to lowering insurance costs? After all, even $150 savings per month is equivalent to the cash flow from a single rental unit.

One thought that crosses my mind is that I probably wouldn't make insurance claims on small things like appliance replacements, since it will increase the policy premium(?) The tenants have renters insurance and their personal possessions are covered as well, and no tenant has a significant amount of personal assets in their units. Isn't it pointless for me to have coverage on personal property then? 

My last question: Do you have any recommendations on how to find great competitive insurance bundles? I now have three different insurance companies for my policies; Nationwide for home & auto - Windsor-Mount Joy for rental properties - Progressive for RV insurance. There must be savings on the table in negotiating everything into the hands of a single insurer. My insurance broker hasn't found a reason to bundle them all yet, but I'm interested in your take on the matter.

Thank you in advance for any thoughtful replies.