The 3 best ways to get cheaper renters insurance
Renters insurance is one of the most affordable types of property insurance, and covers you and your property in all the ways your landlord won’t. Since renters insurance is a competitive market like all insurance types, you'll benefit greatly from shopping around and asking about any available discounts.
Only cover the property you value the most
Because your renters insurance rate is calculated based upon the total worth of your valuables, consider only covering those items you cannot or will not want to replace out of pocket.
Of course, no one wants to replace anything they’ve already bought, but a lower valuation on your valuables will lead to a lower premium.
Make a list of all those valuables you can’t afford to replace yourself, and see how much they’re worth together. Think about essential items like your laptop, and non-essential but expensive items like your new wireless speakers or your curved HDTV. You need proof that you own these things, so maintain records such as photos or receipts and store them in a safe place.
Ask your insurer or broker if they offer different levels of renters insurance, or if you’re allowed to cover only certain items that you specify yourself. If one provider won't offer this option, ask another.
Consider the location of your building
Now, we know the location of your apartment isn’t always in your control, but one of the ways insurance rates of all types are calculated is by location. So, if you live in a busy, high crime area, or in an older, less secure building, you’re likely to pay more for your renters insurance.
If and when you decide to move out, on to greener pastures, consider a safe area or newer building with heightened security; your insurance rate will reflect these street smarts.
Some more tips for cheaper renters insurance
If you have your own car, consider getting your renters insurance from your auto insurer if they offer property insurance as well. You get discounts for bundling with the same insurance provider: you show them some loyalty and added business, they give you a discount!
If you want to go the extra mile to prove to your insurer that you’re trying to keep your apartment safe, consider installing an alarm system or other security monitoring and make sure to inform your provider once you have done so. If your landlord has already done this, make sure to tell your insurance provider.
To save a bit more per month, you can choose a higher deductible to lower your premium. Think if the property you’re insuring is worth more than the $500 or $1000, so you know your big ticket items will be covered in the event of a loss.
Rent on, rent strong!