Helping you save money on all your insurance needs.
Lower Your Renters Insurance
Just because you rent a house or apartment doesn't mean that your possessions are safe. Even if the landlord has property insurance, your personal belongings are probably not covered under this policy. It is always a good idea to protect yourself with an inexpensive renters insurance policy.
A lot of individuals who rent a property do not carry any type
of insurance. In the unfortunate event that the property
is destroyed, the building will likely be rebuilt by the owners
insurance policy. The contents of the home or apartment
(the stuff that you own), however, will more than likely not be
covered by this insurance policy. Even if you don't own a
lot of expensive items, it is a good idea to get a small renters
insurance policy to assist you in the event of a catastrophe.
These insurance policies are typically inexpensive and can
provide you with peace of mind. Here are a few tips to
keep in mine when shopping for a renters insurance policy.
- Shop Around - Make sure you always check with several different renters insurance providers to get quotes before signing up for a policy. The best place to get suggestions for insurance companies is by asking your friends and family who they use (and if they are happy with them!).
- Raise your Deductible - The higher the amount of the deductible that you pay when a loss occurs, the lower your premiums. Since an insurance company doesn't have to pay until your deductible is satisfied, a higher deductible gives them more protection against having to make a payout. Increasing your deductible from $250 per loss to $500 per loss can lower your annual premiums by 10% to 15%.
- Bundle Insurance Policies - Buying your renters insurance from the same company that you use for your auto insurance can lead to significant savings. Most insurance companies will offer discounts for customers that carry multiple policies with them.
- Maintain a Good Credit Rating - Having a good credit score can help lower your renters insurance premiums (and almost any type of insurance that you apply for). A good credit rating shows to an insurance company that you pay your bills on time. In addition, having a good credit rating will also ensure that you get approved by your landlord for the apartment or lease that you are hoping to secure.
- Don't Smoke - In addition to being bad for your health, smoking also accounts for more than 20,000 residential fires every year. Ask your insurance company if they offer discounts for apartments where none of the residents smoke.
- Look For Group Coverage - Most large insurance companies have deals in place with large employers, alumni groups or business associations to offer discounts on coverage. Inquire about these before signing a policy to ensure that you are getting the best rate possible.
- Loyalty Discounts - If you've been with your insurer for several years, give them a call and see if they offer any discounts for being a loyal customer. Most of them will cut your premiums by 5% to 10% if you are a loyal customer.