If you rent a house, condominium or apartment, you should seriously consider getting renters insurance. Renters insurance is very reasonable in the first place, but don’t just buy based on the first quote you receive. It pays to shop around to get the best deal. Here are 12 ways to help you save money on renters insurance.
1. Do some comparison shopping and compare the quotes you receive. Don’t just buy renters insurance based on one quote. Do some shopping to get the best deal.
2. Consider buying your renters insurance and car insurance from the same insurance company. You may be able to get a discount for having multiple policies with one company. You can still do comparison shopping and tell other insurance companies that you will consider moving your auto insurance to them if they offer you the best deal.
3. Increase your deductible. This could save you a lot of money. This will also help prevent you from filing multiple small claims on your renters insurance. If you file many claims on your renters insurance you may end up with surcharges on your policy.
4. Install deadbolts on your doors and a security system. Installing security and safety features such as deadbolts on the doors, locks on windows and burglar alarms will lower the cost of your renters insurance policy. Discounts for deadbolts usually only apply if they are installed on every door that leads to the outside
5. You may also be able to get a discount on your renter’s insurance if there is an indoor sprinkler system installed. If you have one, be sure to let your insurance agent know.
6. Have smoke alarms installed. Many insurance companies will give you a discount on your renters insurance if there are smoke alarms installed.
7. If you smoke, do it outside. Smoking inside the house could cost you on your renters insurance.
8. Ask about organization discounts. Some insurance companies provide discounts if you belong to specific organizations such as fraternities, credit unions and other organizations.
9. Sign up for automatic payments. Life insurance companies will often give you a discount on your renters insurance if your monthly payments are automatically withdrawn from your bank account. You can often save $5 a month, which adds up to saving $60 a year.
10. The insurance rates on your car and rental may be higher if you live in what is considered a high risk area. If you think you are paying too much based on where your live, check with your local life insurance commissioner.
11. Having good credit can also save you on your renters insurance. Many insurance companies base your rate in part on your credit rating. If you do not have a good credit rating look for an insurance company that does not do credit checks.
12. Ask your insurance agent about discounts. Renters insurance discounts vary from company to company, so be sure to ask your agent what discounts they offer.
