How to Lower Your Renters Insurance Quote

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There are some things you can do to get the best rate on renters insurance. Each insurance company is different, and you can expect a range in rates as you shop around. However, with a little know-how about what to look for and what your options are, you can lower your renters insurance quote.

Compare 3 Quotes

Renters insurance premiums are so affordable, that it’s tempting to stop shopping when your first quote is a low one. Why waste time and energy if the first company you call quotes you a rate of $12 per month? However, it’s still possible to get a lower rate, and every penny counts when you’re renting an apartment. Get at least three quotes online, or call around.

Be careful who you give your personal information to, especially if you’re submitting a quote online through a third party website. You’ll don’t want to end up a victim of personal identity theft, and you should not give you social security number until you’ve researched the company and are sure that it has a “AA” or “AAA” company rating. Call your local Better Business Bureau for lesser known companies to learn about any complaints filed, and how they got resolved.

Choose Your Car Insurance Company

You might get the best rate on renters insurance if you buy a policy through your car insurance company. They should offer you a multiple policy discount, which will reduce your premium payments each month. You will get the best rate this way, unless your car insurance company is pricey to begin with. The only way to find out is to compare their rates to other quotes. Your car insurance company should be the first place you check, but compare it to at least two other companies.

Opt for a Higher Deductible

The deductible amount is what you would pay out first before you receive payment from your renters insurance company. For example, if your deductible is $200 and one of your guests has medical payments of $1,000 resulting from your liability, you would have to pay $200 first before the insurance company paid $800. The higher your deductible, the lower you’ll have to pay monthly. Whether you should choose a higher deductible depends on a number of factors, including:

  • The difference in monthly premium payments
  • Your savings
  • Your budget
  • Your employment situation
  • Other safety precautions (such as fire, alarms and cleared and salted walkways)

If the difference in rates is only a couple of dollars a month, then it may not be worth it to choose a higher deductible, just to get a slightly lower rate.

Payment Frequency

Some companies who sell renters insurance charge a small service fee if you pay your premiums monthly. Others offer a discount if you pay your premiums annually. Compare quotes based on the frequency of payments as well, and find a company that will give you a better rate for agreeing to pay once a year.

Making a decision to buy renters insurance is smart. Finding the best rate is even smarter.

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