You love your apartment, and you’ve put a lot of thought into making it a comfortable space where you can thrive. You have all the reasons in the world to protect your belongings with renter’s insurance. Still, you might not want to add another bill to your list of regular expenses. Renter’s insurance doesn’t have to be expensive, though. Use these tips to save money on your policy.
Look for Discounts
Most insurance companies offer a slew of potential discounts. Here are some common things that might reduce your premium:
- You don’t smoke. Homes where nonsmokers live are less likely to catch on fire, which means they present a lower risk to insurers.
- You’re retired. If you’ve said goodbye to the workplace, you’re probably at home a lot more often than younger folks who have to head to the office every day. This means you’re more likely to be at home to prevent disasters before they get out of hand.
- You have good credit. You deserve a reward for being so diligent about paying all your bills on time, and that reward might just come in the form of a lower renter’s insurance premium.
- You live in a safe neighborhood. Are you thinking about moving to a new place? Check out the crime rates in any neighborhoods you’re considering. Insurance costs are generally lower in safer neighborhoods. If your apartment building is somewhat new, that might also reduce your rates.
- You have more than one insurance policy with the same company. Insurers reward loyalty, so check out the renter’s insurance offered by the company you use to insure your car or other belongings.
Compare Rates and Shop Around
Don’t buy renter’s insurance from just any company. Compare quotes from several different insurers and keep your eye out for reasonable rates. Ask for recommendations from your friends and neighbors. Your landlord might even have some useful suggestions.
Rates aren’t the only thing to look at when you’re comparing insurers, however. If a company offers poor coverage at a low rate, that low rate could end up costing you more money in the long run — so be sure to read company reviews.
Choose the Right Deductible
A low deductible usually coincides with a higher premium, so carefully consider what kind of deductible you want. If you live in a safe place and you think it highly unlikely that anything will happen, choose a higher deductible. You’ll still have coverage in case disaster strikes, but you won’t have to worry about a high premium. On the other hand, if you want greater peace of mind, choose a lower deductible.
Renter’s insurance isn’t usually expensive, but that doesn’t mean that you should settle for the first policy you come across. You want quality coverage at a low rate, so dig for discounts and shop around, comparing rates to help you choose a deductible that fits your circumstances.