13 Ways to Save On Your Renters Insurance

By Compuquotes Team on March 27th, 2008

Renters Insurance

If you rent an apartment, home or condominium, it's a really good idea to have renters insurance. Renters insurance is quite inexpensive to begin with, but you shouldn't necessarily go with the first quote you get - you could still find a great deal on renters insurance. Let's look at 13 ways that you can save money on your renters insurance.

1.Discount for auto and renters insurance - by having your renters insurance with your car insurance at the same company, you may be able to get a package deal. Even still, you should look for quotes from other companies, and tell them you may move your vehicle insurance over to them as well, if the price for both is right.

2.Raise your deductible - raising the deductible on your renters insurance could mean you are saving a lot of money. This will also help you in not using your renters insurance for small claims that fall under the deductible amount. Claiming on your renters insurance should only be done when necessary - surcharges on your renters insurance can really amount up to a lot when you file many claims.

3.Install a security system - in most cases, installing security features, such as a burglar alarm or locks on your windows can lower your renter's insurance rates simply because your home is safer.

4.Deadbolts on the doors - check to ensure that you have a discount for deadbolt locks on your renter's insurance policy. Most insurance agents will ask if you have deadbolts on your doors, but the discount applies only if there are deadbolts on every door leading outside.

5.Make sure you have smoke alarms - Some insurance companies will offer a discount if you have smoke alarms in your home. Even if your insurance company doesn't offer a discount, you should have smoke alarms in your home, properly installed and working - it could save your life.

6.Sprinkler system - Yes, installing an indoor sprinkler system could be costly, but if there is one in your apartment, be sure to tell your insurance agent about it.
7.Don't smoke in the home - You will get a discount if no one smokes in your home.

8.Affiliate organizations - some insurance companies will give you a discount on your renters insurance if you are with a specific organization, such as credit cards, credit unions, sororities, etc. Ask for a list of affiliate organizations from your renter's insurance agent.

9.Automatic payments - if you allow your insurance company to directly withdraw your monthly payments from your bank account, you could save up to five dollars per payment - $60 a year!

10.Have good credit - Some renters insurance companies look at your credit rating and base your policy on that too. Maintaining a good credit is important, but could impact your insurance rates. If you have poor credit rating, find a company that does not do a credit check.

11.High risk - If you live in a high risk area, your insurance rates could be much higher on your car and your rental. Check with your insurance commissioner if you feel you`re paying too much for your insurance based on the status of the area you live in.

12.Ask your agent about discounts - when you apply for renters insurance, ask the agent about any discounts that may be offered. They differ from company to company.

13.Shop around - get a few quotes and compare them. Don`t settle for the first quote you get - find the best insurance at the best price.

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