Ways to save on your renters insurance – Part 1

Many people who rent their homes assume that either the rental company or landlord has insurance that will protect their belongings, or that they don’t own enough valuable “stuff” to bother with renter’s insurance. But the property owner’s insurance covers the property, not your possessions, and if you took the time to figure out how much it would cost to replace what you own, it is clear that renter’s insurance is a necessity. Here are some ways to save money, but still protect yourself.

There is a good chance that the company you use for other insurance will offer you a good deal to include renter’s insurance in a package deal, so check with them first. But once you know what your auto or life insurance provider will offer you, shop around. It is so easy now to use the internet to get quotes and estimates from several companies, and you can find some good deals that you never would have known were out there. Also consider finding group coverage, through an alumni association, club membership, or employer.

You also need to take steps to minimize your risks. You should have one anyway, but if you don’t have a smoke alarm, get one. Having other fire protection devices, like a fire extinguisher or a sprinkler system, can also reduce your premiums. Most insurance providers are also looking to see if you have a deadbolt lock on all your doors, as well as secure windows with locks, to prevent break-ins. Installing a security system, especially one that directly alerts the police, can save you quite a bit of money on renter’s insurance. You will need to decide how at risk you are for a burglary, to decide whether the money you will save on insurance is worth the money you will pay for a security system.

There are some other quick tips to keep in mind. Remember to mention to your insurance provider if there are no smokers living in the home, as smoking increases the risk of fire. And your credit rating will also be taken into consideration. Not only does a good credit rating suggest you will pay your premium every month, but someone who is careful paying their bills will be more likely to be careful with other things, like locking the door and keeping the curtains away from the decorative candles!

If you do your homework, you can get a very affordable renter’s insurance policy to protect your belongings.