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Ways to save on renter’s insurance

Ways to save on renter’s insurance

Renter’s insurance has already reached a very affordable national average (around $30/month), but whenever needed, it proves to be invaluable. Yet, there still are ways to make it even cheaper.

  • Compare renters insurance costs and the coverage it offers to find the one you can afford;
  • Increase your deductible – also known as the amount you pay before the insurance agency makes payments on a claim. Long story short, the higher your deductible is, the lower the premium will be. Your pockets will feel it more at once, but the savings on the rate is often worth the effort.
  • Watch you r credit rating – they go hand in hand, a good credit rating means lower renters insurance cost.
  • Purchase combined policies from the same company – quite many of the insurance companies offer discounts when the insured person combines their renters insurance with the one for their car.
  • Install safety and security devices, such as smoke detectors, dead bolt door locks and window locks, and a fire extinguisher make your homes lees of a security risk and this can lead to savings on your renters insurance.
  • Quit smoking – as smoking is one of the leading causes of residential fires, damaging more than 23,000 homes every year, some insurance providers decided to offer reduced premiums to non-smokers.
  • Senior discounts – renters aged 55 and higher can in some cases get a ten percent discount as research has shown that retired individuals are less risky to insure.
  • Look into group coverage – find out if your employer or other association offers affordable group coverage.
  • Look into a loyalty discount – staying with the same company for three to five years, in many cases can save you up to five percent discount, growing to ten percent after the six-year mark.
  • Review and update your policy on a yearly basis as you might sell, give away or purchase new belongings. Reviewing it annually will allow you to adjust the coverage amounts and thus gives you the potential to save you money.