What many renters don’t know about renters insurance is how inexpensive it is. In fact, it’s one of the most inexpensive insurance policies available, especially if you take advantage of savings and discount options. Let’s look at a few ways you can cut back the cost even more and still get the valuable protection you need to safeguard your belongings.
Apartment Location and Features
The safer your apartment is, the less you’re likely to pay for renters insurance. When possible, choose an apartment in a safe neighborhood with a low crime rate and a nearby fire station. Additionally, an apartment with built in safety features—such as smoke alarms, fire sprinklers, deadbolts and/or a security alarm—will often result in a lower premium because of the reduced risk of damage or theft.
Financial Stuff
Individuals with good credit generally pay less for insurance, so stay on top of your credit report and fix any issues as soon as possible. Your premium is also determined by the deductible you select, with a higher deductible resulting in a lower premium (and vice versa). To avoid racking up all those little processing fees each time you pay your premium, consider annual or biannual payments instead of monthly payments.
Discounts
Many insurance providers offer discounts, but they may not be mentioned to you when you purchase the policy. Be sure to ask your independent agent about available discounts like nonsmoking and customer loyalty discounts. On top of that, you can bundle all of your personal insurance policies together for across-the-board savings.
