Saving Money on Your Apartment Renter's Insurance

Insurance can sometimes feel like a waste of money, especially if nothing ever goes wrong with the thing you’re insuring. But what happens when your friend slips and falls on a spill in your kitchen or your television and game consoles are stolen after a break-in and you didn’t pay the extra $10-$20 a month for renter’s insurance? You will be held responsible for all expenses if things of this nature do happen to you, and trust me, it usually ends up being a bigger price than insurance would have cost.
The best renter’s insurance consists of two things. The first is that it will offer a wide range of coverage and the second is price. Some insurance companies may be a little more expensive but cover more on your policy. Here are tips that help you get the best renter’s insurance at the best cost.
1. Compare and shop online. Find renter’s insurance quotes from multiple trustworthy companies and compare coverage and price.
2. Go with a higher deductible. Setting a higher deductible can significantly reduce the amount you pay for insurance. It can also keep you from making small claims, which often have surcharges tagged onto them. However, you need to make sure you can afford to pay the deductible if you need to actually use it.
3. Invest in security equipment. Insurance companies love those who help themselves. Install security equipment such as smoke alarms, fire extinguisher, security alarm, deadbolts and window locks.
4. Toss out those cigarettes and bad habit. Since many house fires are a result from lit cigarettes, insurance agencies often offer a discount on households that are non-smoking. So not only will you save on insurance, but think about all of the money you will save by not buying cigarettes!
5. Keep a rockin’ credit score. Having a high credit score benefits in numerous ways throughout all aspects of life, including insurance. A high credit score will definitely deduct from your monthly renter’s insurance bill.
6. The multiple-policy discount. A great deal is bound to arise if you bundle your car insurance and renter’s insurance together. This may not always be the best option in the end, but definitely worth looking into.
7. Ask about discounts. Don’t be shy about trying to save money. Ask each company you get a quote from about additional discounts you may qualify for. One discount that is often overlooked can come from organizations that you are associated with, such as credit unions, credit cards, or college sororities.
8. Live in a “good” neighborhood. Upgrade to a safer city and your insurance company will feel a lot better about insuring you and will therefore be less. Another thing to consider is if your apartment is in an area prone to natural disasters, which will also increase your monthly bill.