Ways to Lower Your Renters Insurance Premium

There are ways to save money and lower your renters insurance premium.

If you’re a tenant, you’re likely aware of the importance of renters insurance. It provides valuable protection for your personal belongings and liability coverage. Fortunately, renters insurance alone is generally affordable. According to Nerd Wallet, the average cost in the United States is $148/year. While renters insurance alone can be considered affordable, premiums can vary based on where you live and coverage you need. However, you may be wondering how to lower your renters insurance premium without compromising your coverage. In this blog post, we’ll explore five smart ways to do just that.

1. Bundle Your Insurance Policies

One of the most effective ways to lower your renters insurance premium is to bundle it with other insurance policies, like your auto insurance. Insurance companies often offer discounts when you combine multiple policies under one roof. This can result in savings while maintaining comprehensive coverage.

2. Increase Your Deductible

The deductible is the amount you pay out of pocket before your insurance kicks in. By choosing a higher deductible, you can lower your premium. When you increase your deductible, you want o ensure you have enough savings to cover that amount in case you need to file a claim.

3. Enhance Your Home Security

Making your rental property more secure can also lead to premium reductions. Installing smoke detectors, burglar alarms, and deadbolt locks can help your insurance carrier see your home as less of a risk, potentially leading to lower premiums. Many times your landlord will already have these safety structures in place.

4. Review and Adjust Your Coverage:

Regularly reviewing your renters insurance policy can help ensure you’re not paying for coverage you no longer need. If your coverage exceeds the value of your belongings, consider adjusting it to a more appropriate level. This can help reduce your premium while maintaining adequate protection.

If you are purchasing renters insurance through Renters Insurance Wizard, you can adjust your deductible and coverages as you need to and see how adjustments affect your premium. If you are purchasing renters insurance through a broker, then ask your broker how they can help you lower your renters insurance premium.