We've renewed our insurance costs for 2010. Our provider is Peace Hills Insurance and they give us very competitive rates, excellent service and quick responses on any claims we file.
We watch our costs pretty tightly and noticed there was an increase in the premium this year. Our great broker explained that insurance companies generally increase the premium annually on a flat rate inflation percentage. Even in years where the properties aren't appreciating.
The spread between some companies is between 4% and 12% in the same year. So we asked if we could adjust our rate and were given the ok.
When you're dealing with a huge portfolio it could mean hundreds to thousands of dollars a year in savings. Of course you must ensure your property is never under-insured or over-insured.
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