10 Ways to Find Cheap Renters Insurance

By Robert Lewis, InsWeb.com

Renters insurance is already very affordable—just $15 to $30 per month according to the National Association of Insurance Commissioners. But here are 10 ways to make renters insurance even cheaper.

Compare renters insurance quotes online and you could save big!

1. Compare Renters Insurance Quotes
   Comparing renters insurance quotes and coverage is the best way to find a renters insurance policy that you can afford.


2. Increase Your Deductible
   A deductible is the amount you must pay before the insurance provider will make payments on a claim. As a general rule, the higher your deductible is, the lower the premium will be. You'll owe more out of pocket if you file a claim, but the savings on the rate is often worth it.


3. Good Credit Rating = Lower Renters Insurance Costs
   Yes, your credit score even affects your insurance rates. So maintaining a good credit score is a great way to keep your renter insurance rates as low as possible.
   
4. Buy Your Renters and Auto Policies from the Same Company
   A large number of companies offer multi-line discounts if you combine renters insurance with auto coverage.


5. Install Safety and Security Devices
   The installation of smoke detectors, a fire extinguisher and dead bolt door locks and window locks can lead to savings since your home is less of a security risk.


6. Stop Smoking
   Smoking is one of the leading causes of residential fires, damaging more than 23,000 homes every year. Some insurance providers offer reduced premiums to non-smokers.


7. Look for Senior Discounts
   Research has shown that retired individuals are less risky to insure. Renters aged 55 and older can sometimes save up to 10% on their renters insurance.


8. Consider Group Coverage
   Find out if your employer or other association (alumni or business) offers affordable group coverage.


9. Ask for a Loyalty Discount
   Many insurance companies reward loyalty with lower premiums as an incentive to keep you happy. You may be able to save up to 5% if you stay with the same company for three to five years, with the discount growing to 10% after the six-year mark.


10. Review Your Policy Annually
    Over the course of a year you may sell items in your possession or acquire new belongings. An annual review of your insurance policy will allow you to adjust your coverage amounts and has the potential to save you money.

Even though renters insurance doesn't cost a bundle, you can still find ways to save. So speak with an experienced renters insurance agent today by comparing renters insurance quotes online at InsWeb.