Best Ways to Save Money on Your Renters Insurance

Best Ways to Save Money on Your Renters Insurance

Renters insurance isn’t all that expensive, but in this economy you need to save money any way you can. Here are the best ways to save money on your renters insurance.

Increase Your Deductible

Increasing your deductible – that portion of a claim you must pay before your insurer will pay – can cut your insurance premium in half. Just be sure you’ll be able to pay the deductible should you need to file a claim.

Bundle Your Policies

Insuring both your rental unit and your car will get you a package discount with most insurance companies. In addition, you’ll only have one insurance company to deal with.

Install Safety Devices

Installing safety devices like smoke alarms and purchasing a fire extinguisher will get you a discount with most insurers. Even if your insurer doesn’t offer safety device discounts you should have smoke alarms and at least one fire extinguisher installed in your home or apartment to protect you from a fire.

Install Security Devices

Security devices like dead bolt locks, window locks, and burglar alarms prevent thieves from stealing your possessions and therefore make your home less of an insurance risk.

Check Your Credit Rating

Many insurance companies are now using your credit rating to rate your insurance. If you have a bad credit rating look for a company that doesn’t do credit checks.

Ask About Discounts

Insurance companies offer numerous discounts such as non-smoker discounts, senior discounts, professional discounts, and many others. Always ask your insurer to give you all the discounts you’re eligible for.

Compare Quotes

Comparing quotes is the best way to save money on insurance. Rates can vary by hundreds of dollars a year from one company to the next, so spending a few minutes comparing quotes from different companies is time will spent.