Many factors go into setting the rate that is used to calculate the amount that you pay for your building insurance. The major factor that insurance companies look at is the buildings exposure to risk. You can lower the rate that is applied to your policy by reducing the amount of risk exposure. To lower building insurance rates you first need to make a plan and then execute any changes that are necessary.

Maintain Your Property

When your building and property is assessed by an insurer they will not only consider the shape of your building but the property as well. Make you that you have hand rails installed on stairs, as these may be required by local building codes. Examine all of your windows to see the type of hardware that is being used. Make sure that you have child-safe hardware on each window. Verify the sidewalks that surround the building do not have major cracks. Repairs should also be made to the facade of the building, if any are needed.

Change the Deductible

The deductible for an insurance policy is the amount that you pay before your insurance company pays out on the claim. Review the declarations page of your insurance policy to see what you currently have set for the deductible. You can lower your building insurance rates by increasing the deductible. If your deductible is set at $1,000, consider raising it to $1,500 or even $2,000.

Add Safety Improvements

Insurers look at the amount and type of safety features for the building. Make improvements to the type of safety features for the building. This includes installing an alarm system or adding a security camera and monitor. Underwriters for insurance companies look favourably to insured’s that have taken the time to install safety features. Insurers will typically apply credits to your policy that lowers the rate used to calculate the premium.

Make Building Upgrades

Inform your insurance carrier if you have made any upgrades to the building. Upgrades include making changes to the heating system, the electrical wiring and plumbing. When upgrades are made to your building it will improve your risk exposure to the insurer. A discount may be offered at policy renewal that will lower your building insurance rate.

Multiple Locations

Combine separate polices for multiple locations with one insurance carrier. Using one carrier for all of your locations allows you to receive credits not otherwise be available with separate polices. When you all of your locations allows you to see the coverage for all of the buildings on one policy form.

Tips

Set aside the amount you saved by lowering your insurance rate to pay for any small repairs that do not require filing a claim.