If you own your own home, you probably know that you need homeowner’s insurance. Yet many renters do not realize that they also need the protection of insurance. Tenants often assume that the property insurance their landlords carry will protect them and their property, but that is sadly not the case.
While all responsible landlords protect themselves and their property with insurance, that protection typically extends to only the physical structure. If there is a fire or other natural disaster, the insurance policy may pay to rebuild the apartment building, but it will do nothing to replace the contents that were lost in the blaze.
Whether you rent a small apartment or an entire home, it is important to protect your belongings with renter’s insurance. The premiums on renter’s insurance are typically quite low, and the peace of mind it provides is well worth the small cost. Here are some tips for getting the renter’s insurance you need at a price you can afford.
Raise Your Deductible
The number one way to save money on any type of insurance, including renter’s insurance, is to raise your deductible. It is easy to accept the lowest possible deductible – just know that the low deductible is being financed by higher premiums.
Instead of simply taking the lowest possible deductible, check the premium rates for various deductible levels. Choose a deductible you can live with, bank the premium savings and use the funds to pay the deductible if and when the time comes.
Bundle Bundle Bundle!
Bundling your insurance coverage by combining policies is another effective way to save money on renter’s insurance. If you have car insurance, ask your provider about adding renter’s insurance to your policy. Depending on the company and the options you choose, you could save as much as 20% or more compared to buying separate coverage.
It is still important to shop around for a renter’s insurance policy, comparing the cost of the standalone policies against various bundling options. Shopping around and being a smart consumer is always a good strategy when finding renter’s insurance.
Choose Your Payment Wisely
Many insurance companies provide significant savings for policyholders who set up automatic payments, allow deductions from their checking accounts or set up payments on their credit cards. Check with the our team to see what payment options they have – and how much money you could save.
Some insurers also offer savings for customers who prepay their policies in full instead of paying on a monthly basis. So check your budget and see if you can swing the full-year payment.
Don’t Forget The Discounts!
The companies that provide renter’s insurance offer all kinds of incentives and policy discounts, but you need to ask for them. If you do not ask about available discounts, you could be leaving money on the table.
If you have a wireless security system in your home or apartment, you may be due a discount on your renter’s insurance. If you have sprinklers or a fire suppression system, you could also notch a discount. Our team will work with you to go over available discounts, then take advantage of all the ones you qualify for.
If you are a renter, you need to protect yourself and your property with renter’s insurance. Just think about how much stuff you own, from the flat screen on your wall to the computer in your office. Once you add it all up, you will quickly realize why the protection of renter’s insurance is so important.
See how much you could save on your Renter’s Insurance contact us today 800-640-2020 or click here to get a free renter’s quote now.