Renters Insurance: 3 Money Saving Tips

Want to save money on your renter’s insurance? There are three basic ways to do it.

First, review your policy every year and every time anything changes. You may be paying to cover something that you no longer own or you may have moved into a different neighborhood or installed a new smoke detector. These and any number of other things can make a difference in the cost of your insurance, but they’re easy to forget about unless you make a conscious effort to review everything in your policy.

This is a good time to make a few comparisons with other insurance companies because the price of all policies, including yours, change over time.

Secondly, be sure you take every discount possible. Security systems, deadbolts, smoke detectors, fire extinguishers and other items that help ensure your home’s safety can save you money. Other discounts may be available if you’re retired, live in a gated community, live near a fire station and so on.

The only way to make sure you are taking advantage of every discount available to you is to talk to your insurance agent and ask specifically about them. Ask about discounts for being with the company for a long time or because you don’t smoke if those things aren’t mentioned.

The third way to save on renter’s insurance is to look at it from the point of view of your insurance carrier. Some things that make it easier for them is if you pay your insurance once or twice a year instead of monthly. It’s less paperwork for both of you if you can do it. Another thing that will help is to insure your vehicles and anything else that you can with the same company. Also, don’t make frivolous claims and try to avoid claims that are barely over your deductible. These cause unnecessary hassle and time for both you and your insurance company.
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