How to Save Money on your Renters Insurance

By Compuquotes Team on April 23rd, 2008

Renters Insurance

Renters insurance is similar to homeowners insurance, but, like the name implies, it is for people who are renting. This is a great way to protect your belongings in case, and some landlords require that you carry it. In any case, renters insurance is quite affordable, but if money is tight, you might still be looking for more ways to save money. You can use the following tips to cut costs with your renters insurance.

  • Look for insurance packages.

Instead of just buying renters insurance, work with a company where you are also purchasing other kinds of insurance. Sometime, if you're a repeat customer, insurance companies are willing to create an insurance package for you, giving you a less expensive price for everything. So, as you're are shopping around, the first place to check is with the company where you have your auto insurance or other kinds of insurance.

  • Shop around for the best prices.

Your landlord can probably recommend a nearby company for renters insurance, or you can look online. However, it is important that you don't simply go with the very first company you see. Renters insurance prices vary greatly from company to company. Do your homework and research prices at four or five companies at the very least. That way, you can se your options and go with the lowest price.

  • Install smoke detectors and keep a fire extinguisher on hand.

By far, the most claims for renters insurance come from fire. Your insurance company will probably offer a discount if you have safety tools installed to help in the case of fire. If your apartment doesn't have a smoke detector, you may very well be living in an illegal apartment, since most states require them. Talk to your landlord about getting one installed. You'll be safer and save up to 15% on your renters insurance.

  • Keep you valuable items elsewhere if possible.

Renters insurance gets more expensive if want more and more coverage. You may opt for more than the minimum if you have expensive items in your house. If you have expensive jewelry, coin collectors, and so forth, consider renting a safety deposit box at the bank instead of having these things covered by your renters insurance.

  • Mention your age to the insurance representative.

This won't help everyone, but if you're a senior citizen, mentioning your age could get you a discount. Most insurance companies have discounts available for those who are over the age of 55 and using the home as a primary resident. Make sure you ask about it, since you usually don't have to give your age on the application.

Is renters insurance worth the money? Absolutely. While there's a good chance that your home will never burn down, be vandalized, or otherwise be damaged, there's always the chance that it could happen. If it does, having renters insurance can help you get your life back on track so that you don't have to start over again with nothing.

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