Renters insurance provides vital protection and the monthly premiums are often affordable. Most policies cost less than $15 per month. It’s a must-have for most tenants today, and you should budget for it along with rent and utilities. You can pay less in premiums if you take advantage of 4 types of renters insurance discounts:
1 – Multiple Policy discounts
If you pay for car insurance, your insurance company often has a renters insurance policy to offer you. One incentive to get you to buy a policy from them is to offer a multiple policy discount. The two policies are your car insurance and renters insurance, and the latter is often discounted as long as you keep the two. It’s hard to beat a quote for renters insurance that’s subject to a multiple policy discount, and you can try to negotiate further if you are able to get a quote for a lower rate somewhere else. As long as the policies are comparable, your current insurer will work with you to keep you happy.
2 – Smoke Detectors
These are worth having for fire safety purposes, but they help with renters insurance discounts too. Ask your landlord to install several. However, if your landlord drags his feet and doesn’t respond immediately, go and buy some yourself. Keep your receipts and speak with your landlord about deducting it from the rent. You can buy them at any hardware store, or many online stores. Every bedroom and kitchen should have one. This proves to the insurance company that you’re not negligent when it comes to fire safety, and that you won’t be a risky candidate for insurance.
3 – Non-Smoking Apartment
The risk of fire that a renter presents is so important to insurers that they offer a policy discount for non-smokers. The reasoning behind the discount is that a smoker is more likely to start a fire (due to smoking) in the apartment than a non-smoker. Therefore the smoker presents a higher risk and according to them should pay more. Your insurance agent will ask if you’re a non-smoker before they give you a quote.
4 – Burglar Alarms and Dead Bolts
In addition to fire safety, companies that sell renters insurance want assurance that you’re doing all that you can to prevent crime in your apartment. You’re covered in the case of theft and other criminal activities, but they want to know that you don’t have a big target on your apartment. Installing a burglar alarm can result in a discount with some insurers. A dead bolt at the very least will get you a discount with most insurance companies. Having one or the other shows that a thief can’t easily gain entrance into your apartment. This alleviates any concern that they’ll have to pay out money to you soon or often. Even though that’s exactly why you’re buying insurance, your premiums do go up for every claim you file.
Planning your apartment to include these safety measures is a good idea anyway. The renters insurance discounts is an added bonus.