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How Do I Save Money on My Renters Insurance Policy?

Renters insurance is an excellent value because it offers great coverage for a low price. But even with this being said, there are certainly ways renters can find even better prices on their policies. There are strategies you can use within the confines of your policy to save you money off your premium. And beyond that, shopping around for coverage can also help you get a better price on your plan. Not all insurers are the same and not all of them have exactly the same pricing strategies for the policies they sell.

Cut Costs on Your Plan

If you already have renters insurance, chances are you are already well aware of the great value represented in this policy. Renters can get excellent protection for their personal property and great coverage against liability expenses for just a small premium. But even so, not all policies are priced the same, and even within the confines of your plan there are ways to save money. You can elect to raise your deductible to save money. The deductible is the portion of your overall coverage limit you are choosing to self insure against.

In other words, you are responsible for meeting your deductible before the remaining available funds in your policy will kick in. So raising your deductible will effectively increase the self insured portion of your plan, and this reduce its premium cost to you because you are buying less insurance protection even though the upper limits are the same. Raising your deductible should be done with an understanding that it does reduce the level of insurance you are really getting, and also of the fact that you are limiting your ability to make small claims by doing so.

Shop Around to Save Money

Of course, lowering the limits of your plan could conceivably be a way to save money. But doing so makes your policy much less useful. It's more productive to focus on ways to keep costs down rather than concentrating on cutting coverage. One great way to save money on your renters insurance without cutting benefits (and often without raising your deductible at all) is to shop around for coverage and get a better deal elsewhere. A good place to start is to inquire among other insurers you're using for other policies, like car or life insurance plans. You can save with multi policy discounts on both plans, so this is a great way to save in many cases.

Get a price from your current auto insurer if they offer renters plans, then get online and search out coverage to see how the online market compares to the prices you've come up with so far. In many cases you can save the most money by shopping and buying online, even when stacked up against plans with multi policy discounts added in. Shop around to find the best deals, and save even more money on your next renters insurance policy.

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