Get free, no obligation quotes from multiple providers

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

State Farm Insurance Allstate Insurance Farmers Insurance American Family Insurance Unitrin Insurance Travelers Insurance

RENTERS INSURANCE AND YOUR CREDIT SCORE

Renters insurance and your credit score may be more intimately connected than you think. It's true that most people on the market for renters insurance believe that insurers only use a potential buyer's credit score to determine the premium on an auto policy. However, recent market trends suggest that your score may also be a factor insurers are beginning to use more frequently when determining the premium on renters insurance policies.

This is important information to know. It tells you that you need to keep that score in good condition and it also tells you that this score will help you get the best premium rate out there on your renters policy.

You want to be negotiating your renters insurance premium from a position of strength, so having this information puts you in a better position to do that. If you get blindsided by a higher premium than you were expecting, you deserve to know why. Don't let this happen to you. Realize that your renters insurance and your credit score are partners on the same team. They shouldn't cancel each other out!

Silent Partners: Renters Insurance and Your Credit Score

Your credit score influences just about everything in this day and age. Whether it's getting a new job or applying for a loan, your credit score is king in the decision-making process. Renters insurance and your credit score are closely related. You need to know that the overall impact of your credit score on the policy's price is huge. From the insurer's point of view, your rating as a payer and buyer in the market is an indication of your risk level. Studies show that individuals with a lower financial risk rating are more likely to default on payments and even more likely to file renters insurance claims

Knowing this, you can make yourself a more attractive customer to insurers. This way, renters insurance and your credit score are the best of friends and your insurer is an additional friend when you need help.

Renters Insurance and your Credit Score: Negotiation and Coverage

The negotiation process for your premium is not that complex, but you can make it even less complex by heading into it with a copy of your credit report in hand. It's not a guarantee of the lowest premium, but with this in hand, it shows good faith.

Also, you can save on your coverage by covering your automobile and any recreational vehicles you have with the same insurer. The idea is that by insuring multiple properties, again, you are showing good faith. In return, your insurer will offer you a reduced premium. 

With a solid credit score and a little maneuvering on your part, you can get an excellent deal for coverage on your home, condo, or loft.

Renters Insurance and your Credit Score-Final Thoughts

In the final analysis, the connection between the price of your renters insurance and your credit score is a significant matter. But, don't make the mistake of thinking that your rating as a payer and borrower in the market is the only influencing factor.

Another key element to remember is that you can get a good deal on coverage if you set a higher deductible. Additionally, you can get a better rate by adding basic safety features to your home. Consider adding a burglar alarm and a sprinkler system. By doing this, your rate goes down.

Whether you're a college student who just got a place off campus, a senior citizen recently moved into a retirement village, or a young family newly relocated, you can find a policy that is affordable and that offers you the greatest amount of coverage for the best premium rate.

In addition to the tips already mentioned here, you should shop around online for good rates. There are so many top-notch insurers out there now who are ready to give you a quote and to answer any and all questions you might have. All you have to do is pick up the phone or point and click your mouse to save big instantly.

You don't need a rocket scientist to tell you that renters insurance and your credit score are important aspects of the whole insurance pricing equation. This is just information that helps you make a better financial choice when you select your provider and make you a better negotiator when you do so. Getting the coverage you need just got one bit easier by putting the right information into your hands today. With the power of the World Wide Web, you can click right now on an insurer's website that is of interest to you and find out who to call and how to apply for a renters insurance policy covering the personal belongings in your rental property.