If you rent a house or apartment, renters insurance provides financial protection against the loss or destruction of your possessions. Renters insurance is affordable, as you can typically buy a policy covering thousands of dollars worth of property for around $15 – $30 per month. This article will teach you some ways to save money on your renters insurance policy.
Shop around
Check with several different renters insurance companies to get rate quotes (an independent insurance agent can provide rate quotes from a variety of companies). Check with friends and relatives to see if they are satisfied with their insurance company.
Increase your deductible
A typical Renters insurance deductible is $250. If you enhance it to $500, you will save up to 12 per cent on your premium. Increase it to $1,000, and you can save up to 25 per cent.
Security Systems
Special burglar alarms and window locks can prevent losses and therefore make your apartment less of an insurance risk. Most any type of security system will help give you a discount, but the type that directly responds to local police and fire departments are most likely going to give you the most discount on your renter’s insurance quote and policy.
Stop Smoking
Smoking is one of the leading causes of residential fires, damaging more than 23,000 homes every year. Some insurance providers offer reduced premiums to non-smokers.
Think long term with your insurer
Long-time customers can usually get discounts from their renters insurance after staying with an insurer for several years. Three to five years can get you a 5 percent discount from several insurers; others offering a discount of up to 10 percent after six years.
Buy your renters and auto policies from the same company
A large number of companies offer “multi-line” discounts if you combine different policies together like renters insurance and auto coverage. By having both policies written by one company it is not only convenient, but it can save you money too.
Save On Renters Insurance With Group Coverage
Ask you agent if they have companies that provide discounts if you belong to groups like AAA or a union. Some companies offer additional discounts if you belong to a group.
Smoke Alarms
Preventing a fire loss is important to you and especially to you renter’s insurance company. Claims due to fire are very expensive and renter’s insurance companies often will give an additional discount for even one fire alarm permanently fixed in the apartment. Please, even if your company does not offer a discount, take the time to install one anyway.
Maintain a good credit score
A good credit score has numerous benefits, including a reduced renters insurance premium. Your insurer will feel more confident in you if they know how well you pay your bills. Also, your insurer will probably look at your credit report and use it as a tool to predict the odds of you filing a claim.
Check your policy annually
Over the course of a year your situation changes. You may sell items in your possession or acquire new ones. An annual review of your insurance policy will allow you to adjust your needed coverage amounts. Insurance companies needs change too so you may find you could qualify for new discounts or programs. Either way by checking what’s out there yearly can potentially keep more dollars in your pocket.
Get a newer apartment in a safe ’hood
When looking to rent an apartment, consider the location of the place. Is it in a safe neighborhood? A high local crime rate will cause your renters insurance premium to skyrocket. So will an area prone to natural disasters (severe storms, floods, etc). Apartments in safer areas with temperate weather usually yield the most affordable renters insurance premiums.
Look for senior discounts
Insurance companies have found that retired people stay at home more and spot fires sooner than working people. If you’re at least 55 years old and retired, you might qualify for as much as a 10 percent discount.
Pay premiums on the Internet
You can save up to $5 every month or even more for dealing charges by submitting your premiums through automatic bill pay, your credit card, or online banking.
Request discounts
You may not be conscious of all the discounts your insurer suggests. Hence, tell your agent to grant you all the discounts you are entitled to.
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