Making Multifamily Money - Aug 13th 2025

Real Estate Updates

I’ve been focused over the past year on lowering insurance premiums. I used to be focused on getting the best replacement cost insurance at a higher cost, but realized that you never really use insurance unless it is a total loss (i.e - burned down or hit by hurricane).

Most mortgage lenders just want to make sure they get their money back in case of a total loss.

I lowered insurance on my 26 unit from $30,000/year to $8,500/year and boosted my cash flow by $1,800/month. I saved on average $500 per year per policy by converting my single family homes over to Steadily.

Get a quick landlord insurance quote from Steadily https://mmfm.steadilypartner.com/

Here’s a detailed breakdown of strategies to save money on landlord insurance without sacrificing the coverage you need for your rental properties:

1. Shop Around and Compare

• Get at least 3 quotes from different insurers (including landlord-specialized ones like Steadily)

• Compare coverage details, not just premiums — the cheapest policy can be costly later if it excludes key protections.

• Consider independent insurance brokers who can find competitive rates across multiple carriers.

2. Increase Your Deductible

• Raising your deductible from $1,000 to $2,500, $5,000, or $10,000 ( I personally do $10,000) can cut premiums significantly so get quotes for all options

• Only do this if you have the cash reserves to comfortably cover the deductible when a claim happens.

3. Bundle Policies

• Bundle landlord insurance with auto, umbrella liability, or other property policies for multi-policy discounts (often 5–15%).

• If you own multiple rentals, place them under one insurer to qualify for volume discounts.

• I converted 3 of my policies over to Steadily and I was given a multi-policy discount

4. Maintain and Upgrade Your Properties

Insurers reward lower-risk properties with lower premiums:

• Install smoke detectors, CO detectors, and fire extinguishers.

• Upgrade plumbing, electrical, and roofing — older systems raise risk and premiums.

• Add security systems or deadbolts for theft protection discounts.

• Document all upgrades for the insurer.

5. Avoid Unnecessary Coverage

• Don’t over-insure: make sure your dwelling coverage reflects actual rebuild cost, not market value.

• If your area has low flood or earthquake risk, skip those riders — unless required.

• Consider whether loss of rent coverage is worth it for your specific property and tenant situation. I make loss of rent coverage at most the annual rent.

6. Screen Tenants Well

• Insurers often ask about tenant types — properties with stable, long-term tenants can cost less to insure than high-turnover short-term rentals.

• Avoid risky tenant categories that may increase premiums (like certain commercial uses or high-occupancy group homes).

7. Pay Annually Instead of Monthly

• Many insurers offer a discount for paying the full year upfront instead of monthly installments.

• Paying annually saved me about 5% with Steadily

8. Ask for Every Discount

Possible discounts include:

• Claims-free history

• Loyalty (staying with the same insurer multiple years)

• New landlord or multi-property owner

• Early renewal

• Paperless billing

• Property managers - saved me about 5% with Steadily

9. Consider an Umbrella Policy

• Sometimes, you can reduce liability coverage on each property’s policy and instead carry one umbrella liability policy for all — often cheaper in total.

10. Review Annually

• Insurance rates change, and new competitors enter the market. Re-shop policies every 12–18 months.

• Remove coverage for items you’ve sold or no longer need.

💡 Pro Tip: If you own more than 3–5 rentals, some insurers will treat you like a small commercial landlord instead of a residential one — which can open up cheaper commercial package policies covering multiple properties at once.

SKOOL COMMUNITY

I just relaunched the MAKING MULTIFAMILY MONEY skool community for $1/day ($30/month).

I hope to have 7-10 highly engaged individuals to make this worthwhile so if you are interested in joining or know someone interested, please send them this link.

I plan on doing 2-3 live Q&As per month and want to build a community of like minded individuals who want to grow and learn together.

Want to learn how I built a $6,000,000 net worth and make over $10,000/month in positive cash flow while working full time? Check out the mentorship program! Respond if you want a discount code