In today’s society, renters insurance is necessary for all renters. It not only protects your possessions, which is a huge plus even if you don’t think you have that many, but it also protects your future financial interests in the event that someone is injured or property is damaged on your property or as a result of actions on your property.
For instance if you fall asleep while cooking and your kitchen catches on fire leading to smoke, fire, and water damage to your apartment and the apartments next to, above, and/or below you, you could be on the financial hook for all the other property that is damaged. The liability protection on renters insurance offers some degree of protection in instances like these.
But many renters don’t get renters insurance in NY because they are concerned about the costs. These tips can help you cut the costs while getting the NY renters insurance coverage you need without breaking the bank.
8 Ways to save on NY Renters Insurance
Reduce Your Risks
There are many things you can do to reduce your risks when it comes to insurance. Look for rental properties that are newer, or that have at least undergone recent renovations for things like wiring, fireproofing, and security. In some cases you can reduce your costs by living in a building with a 24-hour doorman. Choose properties in areas that have low crime rates.
Insurance is a business that’s all about minimizing risks. The steps you take to reduce yours, can help to reduce the costs.
Improve Your Credit Score
Boosting your credit score can help you save big on your auto and renters insurance. It all goes back to the risk factor and insurance companies view people who have dings and dents on credit reports a bigger risk.
Take the time to examine your credit report, get rid of false information, and make strides to clean up any negatives so that you can enjoy lower rates on your NY renters insurance in the future.
Insurance companies do reward loyalty. The more insurance products you have with one company, the deeper the discounts tend to be. Even if you do not own a car, you do have other options to bundle with your renter’s insurance policy. This includes things like like life insurance, motorcycle insurance, and other types of insurance. Keep that in mind and see what types of discounts are available.
Smoking is a leading cause of residential fires and represents a big risk to insurance companies. Quit smoking and you can save a great deal of money on your premiums each year.
Increase Your Personal Stake
Once again, it comes to risk for insurance companies. They invest a great deal of money into creating complex algorithms to help them minimize their risks. When you take on a larger portion of the risk by choosing a higher deductible, it reduces their burden and allows them to assume you’ll take extra precautions, because your own stake is higher, to reduce your risks. Just remember that by doing so, you will be required to pay out more for each incident of theft, fire, vandalism, etc.
While loyalty is great, and some insurance companies will offer rewards for remaining loyal, it isn’t always the best way to get the lowest cost. Provided you are making apples to apples comparisons, there is no harm in seeing if the grass is greener with another insurance provider. Get multiple quotes, or work with an agency that will do so on your behalf, to determine the best coverage for the best costs. Just remember to take into account things like customer service, local adjusters, and access to real people when things go wrong when comparing those costs.
Look Into Your Payment Options
Many renters pay their renters insurance in monthly or quarterly installments. But you may be able to get a premium discount if you pay your entire year’s premium in one annual payment.
Inquire About Discounts
One other option you have to reduce your insurance costs is to ask for discounts. Work with a live agent and ask if there are any discounts you may qualify for already or if there are small changes you can make (like installing deadbolts if your rental agreement allows or adding exterior lighting, etc.) that could help to reduce your rates. A good agent wants to work with you to get the right amount of coverage for the best possible price for your NY renters insurance.
Renters insurance is already affordable, and using these how to save money on your NY renters insurance tips will help it to be even more so.