Renters Insurance Discounts

Whether you rent an apartment, townhome, or house, your belongings need to be protected against fire damage, break-ins, and more. While it's typically inexpensive to begin with, renters insurance can be even more affordable when you're aware of the various discounts available. 

An independent insurance agent can also help you get affordable renters insurance with all of the discounts that you're eligible for. First, here's a breakdown of common renters insurance discounts and other ways to save on your coverage.

Factors that Can Affect Renters Insurance Costs

As you search for renters insurance discounts, keep in mind some of the different variables that can affect the cost of renters insurance. The amount of coverage you need can obviously impact your premiums because the more protection necessary, the more you'll have to pay for it. Choosing a lower deductible, or the amount you'd have to pay out of pocket per claim, can also result in higher premiums. 

Other factors, including crime rates in your area and your claims history, can cause higher renters insurance premiums. Fortunately, there are some steps you can take to help reduce your policy's costs.

Improve your home's security

When it comes to personal property, renters are most at risk of loss due to burglary. Burglars can steal your most valuable possessions and may also damage your other personal belongings, such as furniture, in the process. These risks can mean more insurance claims and higher costs to insurance companies. For this reason, your renters insurance company may give you a discount for improving your security.

If your unit or neighborhood has good security measures in place, such as a gated entrance, be sure to let your insurance company know. You can also consider increasing your unit’s security by installing a burglar alarm or other security system yourself. 

A common point of entry used by burglars is the front door. Windows and other doors to the home are also commonly used for break-ins. For this reason, many renters insurance companies can offer discounts to policyholders who have deadbolt locks on all external doors.

Reduce your risk of fire damage

Because a major fire in an apartment complex can result in extensive damage to multiple units, insurance companies encourage safe practices that minimize risks. They're also often willing to give discounts to customers who reduce the likelihood of a fire.

Smoking indoors is one of the leading causes of residential fires, so many insurers offer discounts to non-smokers. Additionally, early warnings from smoke alarms may allow you ample time to extinguish flames or minimize damage by getting first responders to the fire quickly, so you may qualify for discounts for having smoke alarms in your home. You may also qualify for cheaper renters insurance if your rental has a sprinkler system or a fire alarm system that automatically notifies the local fire department of smoke or fire.

Increase your deductible

Raising your deductible amount means you'd have to pay more money out of your own pocket if you had to file a claim. However, a higher deductible also means cheaper monthly or annual premiums for your coverage. If you want to reduce premium costs, one simple way to do this can be to increase your deductible amount. Before making this decision, just keep in mind you'd have to pay your deductible by yourself if an incident occurred and you chose to file a claim.

Maintain a good credit rating

Your insurance company may request your Social Security number in order to provide a renters insurance quote. This is often because the company factors your credit score into your rates. Insurance actuaries have found that credit scores are linked to risk tolerance; therefore, a good credit score signifies that you are less likely to have risky behaviors. 

Your credit rating is important in many ways, so regardless of whether or not your insurance company offers lower rates to customers with high credit scores, check your credit report frequently and take measures to improve your score.

Opt for automatic payments

Automatic payments, also sometimes known as EFT payments, are a great way to save money on your renters insurance policy and prevent the risk of late payments. You can save money by opting to have your premium payments automatically deducted from your bank account.

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Ask about Renters Insurance Discounts

You can also save a great deal of money on renters insurance by asking your carrier or your independent insurance agent about the available renters insurance discounts you may qualify for. Here are some common renters insurance discounts offered by most insurance companies, though the specific discounts available can vary by insurer.

Membership or affiliation discounts

This is a little-known way to receive a discount on your policy. Some companies offer reduced rates to members of certain professional organizations or interest groups. You may be a part of one of these organizations without even realizing it. 

For example, simply being a member of a certain credit union, being in a local alumni organization, or having a particular credit card might be enough to save you money. It never hurts to ask for a list of affiliated organizations.

Multi-policy discounts

If you own a vehicle, you may be able to combine your renters and car insurance policies under one insurance company and receive discounts on both. This is known as a multi-policy or bundling discount. You may qualify for discounts on other insurance policies as well, such as boat insurance or motorcycle insurance. 

Paid-in-full discounts

If you can, choose to pay your entire annual renters insurance premium upfront in one lump sum, rather than in monthly installments. Many insurance companies offer a nice discount for this.

Safety and security discounts

As previously stated, the safer your home, the more likely you are to possibly score a discount on your renters insurance. Renters insurance companies may offer you discounts for living in a secure or gated community or having storm-proof windows, security cameras, burglar alarms, fire and smoke alarms, sprinkler systems, or deadbolt locks. If your home has any of these security features, be sure to let your carrier know.

Claims-free discounts

If you've never filed a renters insurance claim before, you can save on your coverage. Many carriers automatically apply a claims-free discount to customers to whom this applies. But if you think you're entitled to this discount and don't already have it, be sure to ask your carrier or your independent insurance agent about it.

Why Work With an Independent Insurance Agent to Get Renters Insurance?

There are a lot of common-sense measures you can take to get savings and discounts on your renters insurance. Each company is different, however, and not all of them offer every discount. 

As you're searching for affordable renters insurance, it can be wise to get a few quotes before you buy. Even if you already have a policy, shopping and comparing policies to see if you can get lower rates and better coverage can still help you save.

Independent insurance agents can help do this for you. They shop and compare renters insurance policies and discount options from multiple carriers in your area. They can also help ensure you're getting all the discounts available to you.