For many people, renting is a less expensive alternative to owning your own home.  But even renting has its fair share of financial responsibilities.  One of which is carrying renters insurance.  Whether you’re renting an apartment or a house, renters insurance helps to protect you in times of emergency.  Your landlord may own the property, but as the lease holder you are responsible for much of what happens on, and to, that property.  If there’s a small grease fire in the kitchen or flood in the laundry room, chances are good you’ll be responsible for any repairs.  If your home is burgled, it will be you that shoulders the loss.  Fortunately, there are ways to save money on renters insurance, so you can be protected in case of an emergency.

 

Compare Insurance Quotes

The first step to finding affordable renters insurance is to compare quotes from a few different companies.  Every insurance company has its own pricing model, and it pays to shop around.  Comparing insurance quotes is fast and easy, and you can use an online service to find a quote that fits your needs and your budget.

 

Bundle Your Insurance Policies

Many insurance companies offer multi-policy discounts for customers in good standing.  So, if you get your auto insurance and renters insurance from the same firm you may be eligible for a discount.  Check with your insurance agent, and inquire about any multi-policy discounts for which you may qualify.

 

Leverage Your Credit History

Customers with good credit typically qualify for lower insurance rates.  Check your personal credit report, and if your rating is high enough use it to lower your annual premiums.  A good credit report tells your insurance agent that you are a safe risk, and that you pay your bills on time.  That makes you a valuable client, and they will work with you to secure your business.

 

Raise Your Deductible

Your insurance deductible dictates how much money you are expected to pay out of pocket before a claim is settled.  Generally, the lower your deductible, the higher your annual premium.  Raising your deductible can help you save money on your insurance premiums, but you should tread carefully.  Weigh the value of a lower premium against what you will have to pay out of pocket in the case of an emergency.  Consider what you have invested in the contents of your home, and whether or not a higher deductible makes good financial sense.

 

Upgrade Safety and Security Devices

Taking preventative measures to protect your home and valuables can often earn you a lower insurance rate.  If you install smoke detectors, fire extinguishers, and dead bolts, you can leverage these upgrades to get a lower annual premium.  However, these upgrades will have to be cleared with your landlord first.  Even though the cost of the upgrades will be coming out of your pocket, the property owner will have to sign off on any, and all, upgrades.

 

Senior Discounts

If you are 55 or older, there is a good chance you may qualify for a senior discount.  Don’t be shy, you’ve earned it.  Check with your insurance provider, as these discounts are not always clearly advertised.  If they do not offer a senior discount, it may pay to shop around for a new insurance provider.

 

Whether you’re renting an apartment or a house, carrying renters insurance is a smart choice and will help to protect you in times of emergency.  If you’ve put off getting renters insurance because you thought you couldn’t afford it, think again.  There are ways to save money on renters insurance, if you know how.  The price you pay today will bring you peace of mind in the future.

Tom
 

Arnel Ariate is the webmaster of Money Soldiers.

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Nick | Millionaires Giving Money - October 28, 2014

Good advice, I think the tip that helped me the most was to raise excess but the risk is if you raise it too much you might have trouble when you make the claim. Bundling insurances together and haggling for discounts and finding cashback also reduced the overall price. Excellent post.

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