It’s important to use as many tips for saving money as you can when times are tough. This includes your renters insurance, also referred to as tenant insurance.
Get a Discount
You can get a discount on renters insurance if you buy your policy from your car insurance company. These companies want you to buy all of the policies they offer and, as an incentive, they’ll lower your premiums if you buy more policies from them. Call your car company for a quote on how much they charge to add renters insurance. Still compare prices to make sure that going with your car insurance company is the better deal.
Buy from Your Employer
You employer might offer group coverage on many different types of insurance for employees, including renters insurance. The group rate is often much cheaper than buying insurance on your own. Check with the human resources department to see whether they offer this benefit. Review the policy carefully to determine how leaving your job, or getting fired, affects the policy or the rate you pay.
Use the Same Company
Are you relocating to another state? If so, try this tip for saving money on renters insurance: Transfer your policy to another agent that works for your current insurance company in the new state. You may receive a discount on your premiums when you make the transfer, or down the road, as a result of staying with the same company. If you don’t automatically get a discount, ask for one. Good insurance companies bend over backwards to keep their customers, and therefore, they may be responsive to your request for a discount.
Secure Your Apartment
When you apply for renters insurance, they’ll ask about the security of your apartment. They’ll ask questions about whether you have dead bolts on doors, fire extinguishers, if you’re renting a mobile home that’s on the ground, and many other questions to determine whether your apartment is safe and secured. The less secure your apartment is, the higher you’ll pay for renters insurance. You should take the proper steps prior to applying for renters insurance to make sure that your apartment is safe and secure for your own protection, as well as to save money on insurance.
Don’t Buy too Much
You may not need $20,000 worth of renters insurance if you live in a studio apartment. Take an inventory of your items and estimate the cost of replacing your valuables. Don’t include items you have no intention of ever replacing or that will drive up your coverage amount. Only buy insurance for what you truly need to replace, such as computers, valuable jewelry and a piano.
A simple, yet easy to overlook tip for saving money on renters insurance is comparing prices. Some renters buy insurance from the one company that advertises on their favorite radio or television programs. You should compare quotes from at least three different companies, in addition to your existing insurance company, to find the best price and coverage.
Use these tips for saving money on renters insurance and you’ll have more dollars to spend on other things. Also, take the opportunity to review your apartment safety and security before you apply.