If the location of the rental property is near a fault line or is susceptible to flood —no wonder it could get a higher premium rate. Besides, if the rental property of the insured is in the alley where the crime rate is undeniably high —it could also get a higher premium rate. In insurance, if the insured has a high probability of filing a claim, the insured could garner a higher premium rate.
Like the location of the rental building, the insured could gain a cheaper premium, if the building has security features. Examples of these security features are front desk security and CCTV cameras. If your rental building is near a high crime rate area and does not have any system for security —you can get a high premium rate. However, you can always talk to your landlord about installing security systems —besides that, it is a good investment; it can also protect the landlord and its tenants from any losses. Furthermore, it can also be an asset to attract more tenants to rent a unit on the building.
If the place you are renting has sprinklers and smoke detectors, thanks to your landlord —you could get a lower premium rate. However, if your rental unit does not have any —you can always install one. Installing a smoke detector is easy as 123; also it can help you save an amount of money every month from your premium.
If the proposed insured owns animals that have a high risk of causing an injury to others —you will likely get a higher premium rate. However, if the pet you are owning is only a fish or a cat —this will not change your policy rate. For this reason, cats and fish are not that dangerous as dogs. Additionally, an exotic pet, including monkeys and reptiles such as snakes —is sometimes completely excluded from coverage.