12 Ways To Save On Renters Insurance

Follow this guide to reduce your renters insurance premium

By Meha Ahmad, Insuranceagents.com Staff Writer

If you’re planning on moving into a new apartment, or you’ve already got one, you probably are in dire need of proper renters insurance. If you’ve already got renters insurance, you can search here on Insuranceagents.com for renters insurance quotes and may find a more affordable price for your wallet. By comparing multiple quotes using our online form you can saves hundreds per year.

Between making rent each month and paying other bills, the budget left over for renters insurance may be relatively nonexistent. One may think because renters insurance is not required by state law, that it’s not needed.

It is. Securing financial protection and insuring all of your belongings in your rented space are absolutely necessary. Renters insurance will financially protect the insurer from theft, vandalism or damage to their property.

Still worried about finding affordable renters insurance? Here are 12 ways you can save on your renters insurance premium:

1. Find renters insurance quotes – The first step to finding affordable renters insurance is by searching online for renters insurance quotes. Seeking renters insurance quotes from multiple (trustworthy) insurance providers allows you to compare coverage and costs and find an appropriate renters insurance policy for you.
2. Look into a higher deductible – Set a higher deductible on your renters insurance policy to lower your premium. A deductible of even $500 is likely to reduce your premium by about 12 percent. And a $1,000 deductible can reduce your premium by up to 24 percent. Just make sure that the deductible you set on your renters insurance policy is a figure that you can reasonably afford to pay out of pocket in the event of a home emergency.
3. Protect your assets – Insurance agents love clients who install safety devices to protect their homes. It makes the policyholder less of a risk and can lower renters insurance premiums significantly. Safety devices include smoke alarms, a fire extinguisher (about every 50-75 feet is recommended, or one in every room), and even a sprinkler system.
4. Quit smoking – Looking for a cheap way to save money on your renters insurance premium? Quitting the smoking habit will do just that. Too many home fires and resulting damage have been caused by lit cigarettes in the home. Dropping this habit will not only save money on your renters insurance premium, but also put more money in your pocket from all the money you save from not buying packs of cigarettes.
5. Increase security measures – Adding security features—like deadbolts (very low-cost), security alarms, motion-sensitive lights—will also reduce your renters insurance premium.
6. 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.
7. 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.
8. 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. 
9. Ask about discounts - Always check to see what new discounts or deals are being offered by your insurer. You never know what new season deal or discount may apply to you and help you gain a more affordable renters insurance premium. Also, ask your insurance agent if there’s any special discount he or she can offer you. It never hurts to ask.
10. Good lifestyle – Take a look at the lifestyle you lead. Do you have proper insurance coverage in other areas of your life—health insurance, car insurance, etc.? Are you comfortable and secure financially? Do you have a very manageable amount of debt, or are you struggling to pay credit card bills each month? The more responsible of a lifestyle you lead, the less of a risk insurance companies will consider you as. Living a responsible lifestyle, managing your debt easily and having a secure amount of income will lower your renters insurance considerably.
11. Multiple-policy discounts. Many insurance companies will reward loyal policyholders with what is called a “multiple-policy discount” if they hold other policies—i.e., health, auto, boat, life, etc.—with that same insurer.
12. Regularly update your policy – As time goes by, you may find that some of the coverage you’re paying for on your renters insurance policy no longer applies to you. Why pay a higher premium for an outdated policy? Regularly update your policy, about once a year. As lifestyles change, you’ll find your renters insurance needs will as well.
13. Save the most using our online quote form to compare multiple offers from competing companies.

Published: Thursday 4th June 2009