When you rent rather than own your home, your landlord most likely has insurance on the property. But that insurance won’t cover anything beyond the physical building if disaster strikes, leaving you vulnerable. That’s why renters insurance is so important.
It can protect you from disaster, and it’s typically very affordable — much more so than homeowners insurance.
But before deciding on a provider for your renters insurance, it’s important to understand the basics.
6 Ways to Save Money on Your Renters Insurance Policy
No matter what company you choose for renters insurance, it’s worth doing some research to see how you can save even more on your monthly premium. Here are a few common ways to save money.
1. Bundle Your Policies
Just as you can save money by bundling internet and TV, you can save by bundling your insurance. Many insurance companies offer discounts when you sign up multiple policies through them. So consider getting renters insurance through your auto insurance company, or get quotes for both types of insurance to see if you can save.
2. Ask for Professional Discounts
Many insurance companies offer discounts for military members, teachers, first responders and nurses. It’s worth asking whether your profession qualifies you for any discounts when you gather insurance quotes.
3. Improve Your Credit Score
Consumers with lower credit scores are more likely to pay higher insurance premiums. If you can get your credit score up to a good or excellent rating, you could see your premiums drop.
4. Set up Auto Pay
You could get a nice discount on your renters insurance by setting up an automatic monthly payments. Insurance companies like auto pay because it pretty much guarantees you will pay your bill, so they are likely to offer you a lower premium.
5. Look for Safety Discounts
Ask prospective renters insurance companies if they offer discounts for safety equipment, like security alarms, deadbolts, fire sprinklers and fire extinguishers. Of course, if your rental doesn’t already have these items, you’ll need to check with your landlord before installing them.
6. Ask About a Claims-Free Discount
Ask your insurer if you’re eligible for a discount after being claim-free for a certain period of time. This could help decrease your overall renters insurance cost.
Ultimately, the best way to find affordable coverage where you live is to do your homework and shop around. You can also ask family and friends for recommendations and get quotes from those companies. The key is to not settle for the first quote you get.
Catherine Hiles lives in Ohio with her husband and their two children. By day she manages a team of writers and graphic designers, and catches up on her own writing in her spare time.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
source The Penny Hoarder http://bit.ly/2QcxUBi
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