Today we're going to talk about what landlords should expect to pay for their insurance. Generally, landlord insurance policies cost about 25% more than homeowners insurance policies.

Landlord insurance costs more than homeowners insurance because landlord insurance applies when the owner does not occupy the property. Insurance companies have learned that when a tenant lives in the home, there's usually an increase of claims and higher average loss amounts when compared with owner-occupied homes. Landlord insurance also costs more due to higher insurance coverage in case the landlord is found responsible for issues that happen in the rental. Because a rental property is an investment, owners need to protect themselves in case there are any lawsuits or legal fees that arise due to injured tenants or guests on the property.

There are two different ways you can save on your landlord insurance. First, install safety alarms like burglar alarms, fire sprinkler systems, or motion sensors in your rental. These precautions help to lower the overall price. Second, if you own multiple rental properties, bundle them together to save. By bundling together the landlord insurance for your properties with the same company, you'll be able to lower each policy premium.

If your property is unoccupied, you need what is called a vacant policy. Remember, landlord insurance is only required when there are tenants living in your rental property. Go to steadily.com to get a free quote for your landlord insurance.