Renter’s insurance is much the same as homeowner’s insurance. The main difference is that it covers your belongings but not the building you live in.
As with all your other monthly expenses, you’re probably looking for ways to make it less expensive. Here are five tips that may help reduce the amount you pay for renter’s insurance.
1. Compare costs.
When you take the time to get a quote from more than one or two insurance providers, you’ll be able to choose the policy that combines ideal coverage with your ideal price. You may not be able to cover every single thing you own, but that might be better off than paying for too much coverage from a different insurance provider.
2. Bundle policies.
Many insurance companies that offer more than one type of insurance will give you a discount if you take more than one policy with them. For example, if you get your renter’s and auto insurance from the same company, you could save money.
Bundling policies can also make bills easier to keep track of, and it’s always easier to talk to one insurance agent instead of several in the event of an accident or emergency.
3. Raise your deductible.
The deductible is the amount you will pay out-of-pocket if anything happens to your property. The higher your deductible is, the less money you have to pay each month (the premium).
If you live in a relatively safe part of town and don’t have any risky behaviors such as smoking (cigarettes cause thousands of house fires each year), you might consider raising your deductible. Your monthly payments will be lower, but the risk of something actually happening to you isn’t very high.
4. Install security devices.
If your insurance provider knows your house is a safe place, they may charge you less for your insurance, just like a car with a higher safety rating will be cheaper to insure than a car with a high risk factor.
If you do not have smoke detectors, buy a few and install them in key areas of your home—with your landlord’s permission. Keep a few fire extinguishers handy, and consider buying a carbon monoxide detector as well.
If the doors and windows don’t have adequate locks, talk to your landlord about making them more secure by installing deadbolts and window latches. If you’re able, invest in an alarm system that will contact emergency services or a monitoring station in the event of an emergency.
5. Reduce your risks.
The last thing you can do is reduce the likelihood that something will go wrong at your apartment, and this starts before you’ve even settled on a place to live.
When apartment hunting, stick to neighborhoods that are well lit and clearly safe. As cliché as it seems, it’s clear when you’ve crossed into the “wrong side of town.” If you can, check out apartments near the police or fire stations.
Abandon bad habits and pick up good ones. As was mentioned above, cigarettes start thousands of house fires each year. If you’ve been looking for a reason to quit smoking, you’ve found it: less risk of a fire.
Even remembering to lock your doors each time you leave the house is a good, often overlooked idea.
Whether you have renter’s insurance in Calgary or the Carolinas, you shouldn’t be paying more than is necessary. Hopefully these five tips can save you a bit of money each month.
Eloise Hamilton studied political science and now writes online about whatever catches her fancy. Aside from cars and Congress, her interests include photography and cooking. She enjoys researching almost as much as writing and gets helpful information from companies like Anthony Clark Insurance.