What People Are Saying
Thanks for making it easy to find the cheapest renters insurance. Knowing our stuff is always protected gives me peace of mind.
Matt and Bethany, Charleston SC
ECONOMY RENTERS INSURANCE
Economy renters insurance is highly recommended, and often required in lease agreements, in order to protect your belongings. Fortunately, you can quickly and easily get comprehensive plans at very affordable renters insurance rates. You can obtain a $20,000 to $40,000 policy for as little as $10 to $20 a month. Although these economy renters insurance rates are low, there are ways to drop this monthly amount even more.
Like any other type of insurance, rates vary depending on your specific situation. Your economy renters insurance premium will depend on several factors, including the location of your home, your deductible, the company you choose to work with, the amount of coverage you need and other factors. To find the most affordable plan, here are 10 ways to lower your economy renters insurance rates even more.
1. Shop around: By getting quotes from multiple renters insurance providers, you can compare renters insurance plans and rate to choose the most affordable offer. This site offers a quick, easy and free way to obtain multiple quotes from local agents offering economy renters insurance.
2. Ask an agent about discounts: The Insurance information Institute offers information on discounts and money saving tips that can be applied to your economy renters insurance policy. Specifically, ask about senior discounts. People who are 55 or older and are retired can save 10% - 25% depending on the type of home.
3. Raise your deductible: Your deductible is the amount of money you need to pay toward a loss before your insurance covers anything. Usually, renters insurance deductibles start at $250. You can talk to an agent about increasing your deductible to decrease your premiums. However, you need to consider what will happen if you ever need to make a claim.
Can you afford to pay the higher deductible out-of-pocket should you need to make a claim? Also consider the percentage you will be paying as a deductible in comparison to your total coverage. Does it make sense to save 35% on your $20 monthly premium if you need to pay a deductible of $5,000 before your $20,000 policy kicks in. This is something to carefully consider. Below are general percentages you can expect to save when you increase your renters insurance deductible by a certain amout.
- Raise your deductible by $500 to save up to 12 percent on your premiums.
- Raise your deductible by $1,000 to save up to 24 percent on your premiums.
- Raise your deductible by $2,500 to save up to 30 percent on your premiums.
- Raise your deductible by $5,000 to save up to 37 percent on your premiums.
4. Purchase your insurance policies from the same provider: Find economy renters insurance rates by buying your car, health or life insurance policies from the same agent. You could add up to 15% savings.
5. Maintain good credit: Insurance companies use your credit rating as a tool to see how likely you are to pay your premiums on time and as a measure of responsibility as an indicator of your likelihood of filing a claim.
6. If you smoke, quit: Cigarette smoking accidents cause an average of 25,000 residential fires annually. Some insurance agents will offer a reduction in economy renters insurance premiums if no residents in the unit smoke.
7. Install safety and security devices in your home: If they are already installed, be sure to let your renters insurance agent know and inquire about discounts. Many states require that buildings and units meet certain codes, such as having smoke detectors and fire extinguishers. Some companies will even give discounts for security measures such as dead bolt locks on doors and windows. Protective measures taken, such as installing alarm, smoke or sprinkler systems, can give an additional 15% in savings.
If you are considering adding a system or investing in any protective measures simply for the discount in economy renters insurance, rethink this. Generally, any safety and security measures are a good idea, but decide whether you really need an item. Talk to a renters insurance agent about how much each item would save you on your renters insurance policy and how much the item would cost you out of pocket. Always talk to your landlord about installing any specific device before doing so yourself.
8. Check out group coverage: Some larger employers, alumni associations and business associates will often have long standing relationships with certain insurance companies that will offer discounts for employees and members. Talk to heads of any groups you are involved with to see if they partner with any such insurance companies.
9. Take a home inventory when needed: Take a home inventory annually and update your current home inventory and economy renters insurance policy whenever you make a big purchase. Taking a home inventory can be quick and easy - and even fun! Going from room to room, write down or record everything you own. You can create a word document or just use a piece of paper and pencil. Taking photos, using a video camera and even saving receipts can help immensely. Keep a copy of this record in a safe location not in your home. Be sure to include all your small items as well as these can add up to large amounts in replacement value. When you buy something new, make sure you add this to your record and, depending on how large the purchase, call you agent to add it to your policy.
10. Reevaluate your policy annually: Get new quotes to see if you are still getting an economy renters insurance plan. Look at your home inventory, your deductible and your policy amount. Decide if anything needs to be increased or decreased depending on your situation.