It’s a good idea to consider purchasing renter’s insurance when you rent a house or an apartment. Many people don’t consider, or even realize, that a landlord only has insurance for the building itself. This does not include coverage for all your belongings such as your television, computer, DVD player, clothes, jewelry, furniture and other valuable possessions.
In the event of a fire, or if something is stolen or damaged, all of your belongings are lost if you don’t have renter’s insurance. You can easily realize the value of purchasing rental insurance once you understand what your landlord will and won’t cover. The good news is renter’s insurance is relatively inexpensive; there are many ways to save on your renter’s insurance.
Shopping around is the most important action you can take for saving on renter’s insurance. Start by comparing the quotes of different companies and find out which one is the most suitable for you. Insurers are likely to give you a reduction if you have several insurance policies, such as a car policy, by the same company. Also if you opt for automatic payments, this will reduce your expenses. You can do this by allowing your insurer to directly withdraw your monthly payments from your bank account; this will reduce your bill by dollars each month.
Online shopping can save you money and is often the fastest way to compare rates. There are even insurance comparison websites that give the possibility to compare renter insurance quotes of different companies. If you fill in the necessary information, the site gives you a calculation about of the premium in several companies, and often you’ll see some of the differences are higher than you expect. It is not unusual to save more than 40% on your renter’s insurance by exploring the different rates through comparison shopping.
Raising the deductibles of your renter’s insurance will give you a high savings. A large deductible will prevent you for using your renter’s insurance for small claims, and this approach saves you money in premiums. Most insurance companies add a surcharge from 10 to 75% which is dependent on the quantity of claims during a certain time period. When you raise your deductibles to a higher amount you can save a higher percentage on your premium, but be sure you can afford to pay the higher deductible if something were to happen. Carefully consider the consequences of this decision because if the deductible is into your savings, the premium can lead to