Insurance Advisor at Oliver L.E. Soden Agency, Inc

4 Ways to Save on Renters Insurance

Did you know that 60 percent of renters don’t have renters insurance? We can never understand why this type of insurance gets underrated. While it’s not mandatory, it’s a very smart idea to give yourself this protection. Your landlord’s policy will not protect your losses if the property suffers water damage, fire or theft. And, renters insurance doesn’t have to be expensive. It’s already affordable, but if you’re on a tight budget, there are additional ways to lower a policy.


1. Pick Your Location Carefully


If you have a few options of where to rent, chose your location wisely. Low-crime neighborhoods, apartments in newer buildings and rental properties near fire stations or police stations may cost less to insure.


2. Bump Up Your Deductible


One of the quickest ways to get your premium to go down is to raise your deductible. But, keep in mind that you should be able to cover the deductible if something were to happen. For example, if your deductible is $1,000, you should have that money in a savings account because this is the amount you would owe if your apartment burned down. You can start at a deductible of $250 to be on the safe side and increase it as your savings grows.


3. Ask About Safety Discounts


Another great way to lower your renters insurance is to turn your place into a safety net. If you’re renting a townhouse or single family home, for instance, inquire about installing a home security system, new smoke detectors or fire extinguishers. Your landlord won’t mind you taking these extra precautions!


4. Bundle Your Insurance and Set Up Auto-Pay


Talk to your insurance carrier about bundling your renters insurance with your automobile policy for additional savings. Multi-policy discounts are usually generous. Also ask about auto pay and if there are extra savings for receiving payment on time every month.


With renters insurance, you’re paying for what’s inside the building and not the entire building, so it’s more affordable compared to homeowners insurance. If you have questions about a renters insurance policy, give Hal Soden a call and get the fast, reliable answers you need to make a decision.