Rental home insurance: Renters insurance is a necessity if you rent your home or apartment. This type of insurance provides coverage for your personal belongings and other things you can’t afford to replace. If you don’t have renters insurance, your landlord might require that you provide evidence of at least $10,000 worth of liability coverage on any car that you bring onto their property as a condition of renting from them.
If you live in an apartment or rented home, chances are good that it won’t be long before disaster strikes. Unfortunately, we all know how expensive it can be to repair or replace things that are broken when we don’t have renter’s insurance. When it comes to renters insurance, there are many cost-effective ways to save money and reduce the cost so that it isn’t such a burden on your bank account every month. Here are 10 tips to help save money on renters insurance.
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10 Tips to Save Money on Renters Insurance
With a fair amount of deposit, first and last month’s rent, and security deposit, the financial responsibility for renting an apartment can be pretty hefty. In addition to these upfront costs of renting, you’ll also have regular expenses like utilities, internet, and so on. Having renters insurance helps protect your personal belongings in case of a disaster such as fire or flood. However, it can be expensive to add renters insurance as a rider on your home insurance policy. Luckily there are various ways you can save money on renters insurance. Here are 10 tips to save money on renters insurance:
Shop around and be diligent during the quoting process
The first step of saving money on renters insurance is to shop around and be diligent during the quoting process. This means having a list of your possessions and their dollar value written down, as well as knowing the size of your living space and its layout. Knowing this information will make the quoting process easier for you and will make you a better policy shopper. The best way to save money on renters insurance is by comparison shopping. This means getting quotes from at least three different insurance agents. Some insurance companies may offer a free quote online, but they may not be the best option. Asking friends and relatives for a recommendation is also a good idea, but make sure to do your research.
Bundle your renters insurance with your home insurance
Another way to save money on renters insurance is to bundle your renters insurance with your home insurance. If you’re already getting a home insurance policy, most likely you can add renters insurance to that same policy for less money. This not only saves you money, but also simplifies the entire process. The only drawback to this is that you’re adding your renters to an existing home insurance policy. This means that if there is an incident, your renters may not get the same level of assistance from the insurance company because the policy may be over-extended.
Choose a deductible that best matches your budget
Choosing a deductible that best matches your budget is one way to save money on renters insurance. Most renters policies will have a standard deductible of $500 or $1000. However, there are several different types of deductibles to choose from while signing up for renters insurance. The standard deductible is what the vast majority of renters will choose. Standard deductibles are lower than a lot of other types of deductibles. Higher deductibles mean lower premiums, but when something happens and you have to file a claim you’ll have to pay the full amount. Low deductibles are best for people who want to be protected when something happens but don’t want to pay a lot more each year in premiums.
Never pay for an agent’s service fee when buying renters insurance
Never pay for an agent’s service fee when buying renters insurance. This is an up-sell that many insurance agents will try to get you to do. The only benefit of doing this is that the agent will give you a lower price for your renters insurance. However, you end up paying for it in the long run. Never pay for this service fee. You should be comparing prices without this fee included so you can see what you would pay without it.
Install a fire alarm and smoke detector
If you’re looking for ways to save money on renters insurance, installing a fire alarm and smoke detector is one of the best ways. In most areas, renters insurance policies will give discounts for having these devices installed. In addition to saving money on your renters insurance, these devices can save your life. Fire alarms and smoke detectors can detect fires and smoldering fires that you may not be able to see or smell. This can give you precious minutes to escape and get help while a fire alarm can put out the fire before it gets out of control. Having these devices can also save you money on your home insurance. This is because your rates will be lower and you’ll receive a discount for having them installed.
Add valuable items to your own home insurance policy
Another way to save money on renters insurance is to add valuable items to your own home insurance policy. This means that you add certain items that are valuable to your home insurance policy as an endorsement. This is an easy way to save money on your renters insurance. However, you can only add items that are worth less than $2,500 total. This means that you can only add items that are worth less than $2,500 altogether. This is a good option if you don’t want to pay more money on renter’s insurance every month, but still want to be covered in case of a disaster.
Don’t skimp on the amount of coverage
Don’t skimp on the amount of coverage. This seems counterintuitive because you’re trying to save money on renters insurance. However, if you don’t get enough coverage and there is a disaster, you may end up paying for everything out of your own pocket. This can be devastating to someone who is just starting out with a new career or someone who is living paycheck to paycheck. The best way to decide how much coverage you need for your renters policy is to figure out what you own and its value. Next, add 10% to that amount to account for inflation. This will give you the coverage you need in case of a disaster.
Ask about bundling home and renters insurance together
Ask about bundling home and renters insurance together. This is another good way to save money on renters insurance. Local insurance companies may offer renters insurance at a lower rate if you also have a home insurance policy with them. This is because these insurance companies can group your policies together and save money on administrative costs.
Renters insurance can seem like an extra cost you don’t need when you’re just starting out in the real world. However, it’s a necessity that can protect you from unforeseen circumstances. Thankfully there are many ways to save money on this essential insurance policy. From shopping around for the best deal to bundling your renters insurance with your home insurance, there are many ways to save money. So don’t skimp on this essential insurance policy and make sure you get enough coverage to protect you against the unexpected.