Saving Money on Renters Insurance is Easy with These 10 Tips

We hear it all the time. “I can’t afford renters insurance.”

We beg to differ.

The truth is that you can’t afford NOT to have renters insurance.

How well do you know all your neighbors? Can you guarantee one won’t leave a candle burning overnight? Is there a chance that one would buzz a stranger into the building and put everyone at risk for a burglary? What would happen if your upstairs neighbor left their sink running before heading out of town for a week?

We can’t stop terrible things from happening. The key to preventing the unthinkable from tearing apart our lives is to be as prepared as possible. Having renters insurance is a great start.

Renters insurance will help you replace destroyed or stolen items and protect your future financial interests in the event that someone is injured in your home. Yes, it’s an added expense. But when you think of what could happen without it, the yearly cost suddenly seems more than worth it.

If you’re still worried that the cost of protection will throw your budget off balance, there are a few things you can do that will have you saving money on renters insurance. The following tips will not only help you reduce the price of your policy, but also reduce the chances you’ll ever need to use it.

Location, location, location

The neighborhood you live in can have a direct effect on your renters insurance premium. Do you live in a neighborhood that’s ranked as safe or one that experiences regular break-ins and violence?

Sometimes, your budget puts you in a neighborhood that’s somewhere in the middle but if you can spring it, opt for a safer neighborhood (for several reasons). Also look for buildings with 24-hour doormen. This is another way to receive a discount.

Increase safety measures

We can’t prevent everything. But by taking a few preventative steps, your insurance provider will see you as less of a risk. Here are just a few things you can do to bump up the safety in your residence (just check with your landlord or co-op board if necessary beforehand).

    • Add more locks, either on entrances or windows.
    • Install additional security systems and monitors.
  • Live in newer or updated buildings or speak to your co-op board about building renovations, like updating old wiring.

You can call your insurance agent for more ideas.

Payment options

Save yourself a little time and stress by setting up your renters insurance payments to be paid automatically. Not only will you not have to worry about a lapse in coverage or late fees, you can save a bit from your premium with most companies.

Another way to save in this department is to pay your premium annually instead of monthly or quarterly.

Group savings

This isn’t a guaranteed savings but it’s worth looking into. Some insurance providers give discounts to certain business or professional groups, like dentists, teachers, police, firefighters, or doctors.

Are you in a union? You could also be eligible for a discount. If you’re part of a large company and can speak with the right management personnel, see if you can work out a group savings discount with your insurance company if a certain number of employees switch to their coverage.

Miscellaneous discounts

Who doesn’t love an easy discount? Senior discounts aren’t just for restaurants or retail shops. If you’re enjoying the golden years of your life, give your insurance agent a call and inquire about a senior discount.

Still several years before retirement? See if your policy offers a veterans discount (if applicable) or student discount. It never hurts to ask. Even if a company doesn’t currently offer a discount, they could offer one in the future if they receive enough requests.

Inform your agent of any changes

If anything changes regarding your insurance needs, make sure you call your agent right away. You may need to increase your coverage, or you could be safe staying with the same policy. At the same time, you might be able to remove a floater or expansion if it no longer applies.

Make sure you check your policy, especially after a change. We know, it’s long and full of legal jargon. But taking the time to read through it and bringing up any questions with your insurance agent will ensure you’re getting the coverage you think you are at a price that seems fair. You might catch an error or find out you’re paying for something you no longer need.

Quit smoking

Smoking is the leading cause of civilian home fire deaths and one of the top causes of fires in general.

If you’re currently putting yourself (and your neighbors) at risk by smoking in or near your building, cutting the habit will not only improve your health but lessen the cost of your renters insurance.

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.

Bundle Policies

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 renters insurance policy. This includes things like life insurance or motorcycle insurance. Keep that in mind and see what types of discounts are available.

Compare Costs

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.

If you work with a brokerage, like Co-op Insurance, you’ll enjoy the benefits of working with an insurance broker rather than an agent. Brokers sell insurance from several carriers where an agent works for just one company. A broker can ensure you’re getting the perfect combination of coverage and savings by doing the shopping around for you.

Overall, speak with your insurance agent about saving money on your renters insurance. Remember, a good agent will want to work with you to get the right amount of coverage for the best possible price.

Renters insurance is already affordable but once you put these renters insurance money saving tips to use, you’ll be able to protect your possessions without your budget taking a hit.

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