How to Save Money on Insurance When You Own Multiple Rental Properties
- Nate Jones, CPCU, ARM, CLCS, AU
- 6 days ago
- 3 min read
Owning multiple rental properties—whether duplexes, triplexes, quadplexes, or a growing portfolio—can generate strong cash flow, but insurance costs can add up quickly. Many landlords overpay simply because their coverage isn’t structured efficiently.
The good news is that there are practical, legitimate ways to reduce insurance premiums without sacrificing protection. This guide outlines the most effective strategies to save money while keeping your rental properties properly insured, and explains how Wexford Insurance helps landlords optimize coverage across their portfolios.
1. Consider Portfolio (Blanket) Insurance
One of the most effective cost-saving strategies is switching from individual policies to portfolio insurance, which covers multiple rental properties under a single policy.
Benefits include:
Lower overall premiums compared to separate policies
Single deductible structure
Simplified billing and renewals
Consistent coverage across all properties
Portfolio insurance is especially effective for landlords with three or more rental properties.
2. Insure at Replacement Cost — Not Market Value
Over-insuring a property at market value can inflate premiums unnecessarily. Insurance should be based on replacement cost, which reflects what it would cost to rebuild the structure—not the land value.
Lenders typically require replacement cost coverage, and insurers calculate premiums more accurately when values are properly set.
3. Increase Deductibles Strategically
Raising your deductible is a common way to reduce premiums. Many landlords choose higher deductibles on properties with:
Strong cash reserves
Lower claims history
Newer construction or updated systems
This approach lowers annual premiums while maintaining full protection for major losses.
4. Improve Property Safety and Risk Controls
Insurers reward landlords who actively reduce risk. Premiums may decrease when properties include:
Updated electrical, plumbing, and roofing
Smoke detectors, fire extinguishers, and alarm systems
Security cameras or gated access
Well-maintained common areas
Proactive maintenance not only reduces claims but can also improve underwriting outcomes.
5. Bundle Insurance Policies
Bundling rental property insurance with other policies—such as umbrella liability, auto, or business insurance—can result in multi-policy discounts.
This is particularly effective when working with a single agency that understands your full risk profile.
6. Require Renters Insurance
Requiring tenants to carry renters insurance helps reduce landlord claims related to:
Tenant-caused damage
Personal property losses
Certain liability claims
This strategy protects both parties and can reduce claim frequency, which helps control long-term premium increases
7. Review Coverage Annually
Many landlords continue paying for outdated or unnecessary coverage. Annual policy reviews help ensure:
Accurate replacement cost valuations
Proper liability limits
Removal of unnecessary endorsements
Updated lender requirements
Regular reviews prevent overpayment and coverage gaps.
How Wexford Insurance Helps Landlords Save Money
Wexford Insurance specializes in multi-unit and portfolio rental property insurance, helping landlords:
Identify cost-saving opportunities across multiple properties
Structure portfolio policies that reduce premiums
Optimize deductibles and liability limits
Ensure coverage remains lender-compliant
Avoid common over-insurance mistakes
Final Thoughts
Saving money on insurance when you own multiple rental properties isn’t about cutting corners—it’s about structuring coverage correctly. Portfolio policies, proper valuations, strategic deductibles, and proactive risk management can significantly reduce costs over time.
Working with an experienced partner like Wexford Insurance ensures landlords achieve the right balance between affordability and protection across their entire rental portfolio.
Contact us today,
