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Sunday, November 6, 2011

10 Simple Ways to Save On Renters Insurance



Insurance Research Council survey in 2006 revealed that 96% of the people who own their own homes have a homeowner’s insurance policy, on other side the people who live in rented homes from them only 43% people have a renter’s insurance policy.  Renters insurance is so much less expensive than homeowners insurance. Renter’s insurance policy only cost $16.26 per month and it is one of the greatest values on the insurance market today. But still there are many ways to make a renter’s insurance policy more affordable.

Here are the 10 ways from which you can save on renters insurance:

1 – Make a Comparison of Renters Insurance Quotes


The best to find a affordable renters insurance policy is to compare their quotes and coverage. You can get renters insurance policy quotes online, compare them, and determine which is most suitable for you in terms of cost.

2 – Higher Deductible Will Lower Your Renters Insurance Premium


A deductible is the amount, which you have to pay before the insurance provider will make payments on claim. It’s the rule, the more the deductible will be higher, the lower the premium will be.  Its good for you to determine the deductible, renters insurance deductible usually start at $ 250 and go up from there.

3 – Your Good Credit Rating Can Lower Renters Insurance Costs


Good credit rating always counts a lot and its easiest way to lower insurance costs. Your good credit rating will show the insurance company that you pay your bills on time. From your credit rating insurance company will determine that you’re less risky to insure. Less risk leads to lower premiums.

4 – Get Multi-Discounts by Buying Renters & Auto Policies from the Same Company


Most of insurance companies offer multi-line discounts if you combine renters insurance with auto coverage. If you have both policies with same company then it will be convenient and will save you money also.

5 – Safety and Security Devices Can Save You on Renters Insurance


The preventive measures for potential losses and damage, because this is another way to save money on renters insurance.  The installation of security devices makes it of fewer security risks and it leads you saving money on your renters insurance.

6 – Lower Premiums for Non-Smokers


One of the leading causes of residential fires is smoking. That’s why insurance providers offer reduced premiums to non-smokers.

7 – Senior Discounts on Renters Insurance


It’s proven by a research that retired individuals are less risky to insure. 55 years old or older renters can save up to 10% on their renters insurance.

8 – Group Coverage Can Save On Renters Insurance


If your employer or association offers affordable group coverage then grab it.  There are always discounts on group insurances.

9 – You Can Have Lower Renters Premiums by Staying With the Insurer


There are many insurance companies who reward lower premiums to their loyal clients. This is an incentive given to their customers to keep them happy. So you can take advantage of such offers. There is a possibility that you can save up to 5% if you stay with same insurance company for three or five years. This discount can go up to 10% after the six-year mark.

10 – Keep Check & Balance of Your Renters Insurance Policy Annually


After one year of having renters insurance policy you possibly will sell items in your possession or acquire new belongings. The annual review of your renters policy will enable you to adjust your coverage amounts, potentially saving you money.

Though renters insurance is not as expensive like home owners insurance but still you can find different ways to save.

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