5 Fast Ways to Save on Renter’s Insurance

As if saving up so you can get your own apartment wasn’t difficult enough as it is – you need to come up with money for furniture, deposits and moving expenses — you may find yourself in an ever deeper financial hole if an accident such as a fire, robbery or electrical failure destroys all of your “investments” within your apartment. And if you think you don’t have anything of value, think again. What about your television, DVD player, laptop or even your jewelry?

This is where renter’s insurance comes into play. In a nutshell, renter’s insurance protects your assets so that you can be fully (or partially) reimbursed if you are ever to find yourself in an unfortunate situation. While you may be hesitant about acquiring renter’s insurance now, especially if your funds are low, renter’s insurance is highly important. Thankfully there are some ways that you can save substantially and make extremely low monthly payments. To learn how, continue reading below.

Compare Prices

First and foremost, the easiest way to save on renter’s insurance is to compare price quotes. You can do this the hard way by individually calling a variety of agencies, or you can use different online search tools to compare price from major insurance companies like All State, Liberty Mutual, and State Farm at no cost. When comparing prices, it’s also important that you don’t forget to check with the company that you get your car insurance from. Since you are already a client, the company may offer you renter’s insurance at a discounted rate.

Increase your Deductible

Another easy way to lower your premium is to simply increase your deductible. For example, setting a deductible of $500 as opposed to a $250 deductible can reduce your total annual cost as much as 10 percent. Naturally, increasing to a $1,000 deductible can give you an even better discount. This isn’t a guarantee however, thus it’s best to discuss discount possibilities with a representative first. Make sure to also ask what additional discounts your agency is offering. *Note that while increasing your deductible will lower your annual premium, you will be held accountable to pay a tad bit more out of pocket if an accident were to occur.

Boost Security

Since insurance rates are based on what “risks” their client’s serve — for example, they take into account your credit history, the crime rate in your area, and whether the area you live in is prone to natural disasters—making minor adjustments that lower your risk, such as adding security features like alarm systems, deadbolt locks, smoke alarms, fire extinguishers and motion sensitive lights can lower your premium substantially.

Break Smoking Habit

For some insurance companies, smokers also pose a high risk. It makes a lot of sense too—smokers are more prone to causing severe damage due to improperly disposed lit cigarettes. That said, quitting smoking (or never starting) will not only help your save on your premium, but will also help you cut back from wasting money buying expensive packs of cigarettes. Insurance companies may not voluntarily mention this discount possibility, so make sure to ask about it.

Organization Affiliation

Lastly, you may be able to get a good discount if you are part of an organization, such as AAA, a member of a specific credit union, or even a particular fraternity or sorority. That said, when inquiring about quotes make sure to request a full list of affiliate organizations to see if you qualify for any additional discounts.

Mariana Ashley is a freelance writer who particularly enjoys writing about online colleges. She loves receiving reader feedback, which can be directed to mariana.ashley031@gmail.com.