If you rent your home, then you are smart to search for renter’s insurance quotes, which can seem unreasonable. There are ways to reduce the amount of your quote, however, so here are ten ways to save on renter’s insurance.
Buy Package Insurance. If you can buy your renter’s insurance with the same carrier that holds your car insurance or other insurance package, you can always save money. Insurance companies want your business and they will always offer discounts to those who purchase multiple types of insurance. Call around and ask how much you’ll save with package bundles.
Install Deadbolts. Not only will deadbolts help to protect you in the event of an attempted burglary, but having them installed on your front and back doors will lower your renter’s insurance premium. Just remember that you’ll only receive savings if you’ve installed dead bolts on all exterior doors (including the garage).
Purchase Smoke Alarms. The number of smoke alarms you’re required to install to save on renter’s insurance will depend on the size of your apartment or house and whether or not you have a fireplace. Fires are expensive for insurance companies so they’ll give you a discount if you install the required number in your rental home.
Add a Sprinkler System. Interior sprinkler systems can be quite expensive, but if you’re renting a house and you plan to stay there for several years, it can save you hundreds on renter’s insurance. You can get several quotes and then compare the amount of savings over X number of years to decide if the expense is worth it. If it is, you’ll also be much safer in the event of a fire.
Don’t Smoke. Because smokers present a potential threat to the home (in the event of a fire), renter’s insurance companies often offer discounts to non-smoking households.
Check Organizations. Some renter’s insurance companies will give discounts to customers who are members of various organizations. Sometimes, all you need is a particular credit card or membership to an auto club (such as AAA) while others have very specific memberships that required. Get a list from your company and be sure to let them know if you are a member.
Automatic Withdrawals. Having your monthly payments automatically withdrawn from your bank account is a great way to save on renter’s insurance. Since they know they won’t have to deal with late payments, many companies offer discounts for customers who sign up for automatic withdrawals.
Credit Score. Renter’s insurance companies will offer more discounts to customers with excellent credit scores than those with past problems with credit. See if your insurance provider does credit checks, and if so, how much of a discount they offer.
High-Risk Property. Some properties are considered high-risk while others are considered low-risk. This usually has to do with flood zones, crime statistics and other matters that might make a property more susceptible to damage. Check with your insurance provider to see if you are being charged more for a high-risk property. If so, there are often organizations that give renter’s insurance at discount to people like you.
Senior Citizen. If you are over the age of sixty-five (sixty in some areas), you might qualify for a senior discount on renter’s insurance. Check with your provider to see if they offer discounts for senior citizens. If they don’t, you might want to switch.