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How Can I Save Money on Renters Insurance?

A happy latino couple who just moved into their new apartment portray how to save money on renter's insurance.

Renters insurance is one of those necessities that often gets overlooked, and one of the biggest reasons for that is that people don’t realize how cheap renters insurance can be. Most people are surprised to discover that renters insurance cost is much less than they expect, but today it gets even better, as we’re going to discuss ways that you can keep that already-low cost to its minimum.

How Much Does Renters Insurance Cost?

Your first step in keeping the cost of your apartment insurance low is to compare renters insurance rates. If you’ve never shopped for affordable renters insurance before, you are probably wondering, how much is renters insurance? You might be shocked when you realize that the average cost of renters insurance is only about $144 annually; for that, you’ll typically get $30,000 in property coverage, plus $100,000 in liability.

How to Save Money on Renters Insurance

As you begin getting renters insurance quotes, there are a number of things you can do to get the best rates possible. Here are some of the best strategies we’ve found to keep your rates down.

  • Bundle your policies
    You probably have other types of insurance policies. One of the best ways to save on all your policies is to bundle them. Many insurance companies offer discounts if you have multiple policies with them, so be sure to check with any insurance companies you currently work with.
  • Keep your risk low
    All insurance rates depend on risk, so if you can reduce that risk you’ll save. This is especially important when you’re looking for a new place to live, since living in a safer neighborhood means better rental insurance rates. Even if you’re not moving, be sure the place you live is as safe as possible by having working smoke detectors and fire extinguishers. Some companies offer discounts for security alarms and fire sprinklers, too.
  • Maintain a healthy credit score
    Your credit score will impact your rates, so be sure you’re paying all your bills on time. If your score is lower than it could be, it’s not too late to start working to improve it.
  • Get the right amount of coverage and the right deductible
    It is time consuming to properly assess the value of your possessions, but doing so ensures that you’re not over-insuring or under-insuring your property. You don’t want to pay for more coverage than you need. Also, the higher your deductible, the lower your rates will be, so if you know you’ll be able to afford a higher deductible when you need it, raising it will reduce your rates.
  • Take advantage of auto-pay
    Auto-pay is a convenient way to ensure that you’ll never miss paying your bill. Better yet, your insurance company might offer a discount for doing so. Paying semi-annually or annually instead of monthly will probably also get you a nice discount, so consider this if you can.

Rental insurance is important for apartment-dwellers to have, and using the strategies outlined here you’ll get the best rates available. When you’re shopping for insurance for your rental, bundling, using auto pay, and getting the right amount of coverage will keep you from ever paying more than you need to for rental insurance.

Freeway Insurance can help you find the best renters insurance coverage at the best price. Request a free renters insurance quote online or over the phone at 800-777-5620 and find out just how affordable renters insurance can be.

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