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How To Save Money On Renters Insurance

Updated on September 1, 2012


Insurance can eat up a lot of your earnings. However, some people don’t see the value in the investment to insure their belongings.

If you’ve ever had someone break in and steal your stuff, you know the enormous sense of loss and violation that you feel. Add to that the cost of having to replace your items and it can be devastating.

Even if you don’t own a home, having renters insurance is really a necessity if you don’t want to have to start all over after a theft, fire damage, etc.

Renters insurance pays for itself in the long run because you can rest easy....although you can’t replace personal items or items with sentimental value, you can replace items like TV’s, stereos and computers or other high ticket items and start over.

That said, there are many ways to save on renters insurance and some tips to help you get the best coverage from your policy. Let’s look at some of them.



Good credit speaks louder then anything.  Like any other insurance policy, your good credit score or credit report is going to get you lower rates.

Shop around.  Don’t take the first renters insurance policy you come across.  Shop for better rates and don’t be shy about comparing them to different agents.  Invite him or her to match your lowest rate.  If they want your business, they’ll compromise and give you a lower rate. 


Bundle up.  If you have other policies such as car insurance or disability insurance, consider keeping them all with the same company.  Tell them you want an "umbrella" rate and they should give it to you for having all your insurance policies with them.

It pays to be old.  If you’re over 55 years old, you qualify for a senior discount.  Don’t be shy in asking for it! 

When the smoke gets in your eyes.  Install smoke detectors if not already there in every room.  Consider installing a sprinkler system for fire.  Invest in dead bolts and locking devices.  Get a home protection alarm system and install safety devices on windows and doors.  This will greatly reduce your premiums....and keep you safe! 

No butts about it.  If you’re a nonsmoker, excellent!  Renters insurance discounts are available for nonsmokers.  If you do smoke – shame on you.  Quit it – kick the blasted habit! Save money, be healthier, and knock down your renters insurance premiums!  If you smoke, always smoke outside but not sure if that will afford you the discount as it’s your word that you don’t smoke inside! 

Be a groupie.  If you belong to an organization, are an alumnus of a college, work for a company....many times there are group discounts available.  Remember to ask and inquire everywhere. 

Sticking around.  Staying with your insurance company should provide you with a loyalty discount.  You should also receive discounts for not making claims against your policy.  Don’t be shy about asking.  “Hey....I’ve been a customer for 10 years, and I’m wondering if I qualify for a discount.” 

Take the hit on the front end.  If you have higher deductibles, your premiums will be lower.  Deductibles traditionally start at $250 and move upwards from there. 

Give yourself a checkup.  Evaluate at least yearly if your home’s contents have changed and if so, update your policy or downgrade it accordingly.  Make sure that if you have losses, you’ll be covered for the right amount.  If you have things that will not reap a payback that is equal to the value of the item, remove them from the policy.  Only insure what you truly need replaced or will be replaced at fair market value.

Consider the options.  Consider all the different deductible options and inquire as well about full payment discounts (paying for the whole year at once), automatic withdrawal discounts, good student discounts, safe neighborhood discounts, gated community discounts or even safe zip code discounts.  You never know what’s available in your area unless you ask. 



Lastly, do your homework and make sure that you know how to properly detail and protect your possessions.  You can’t just claim a vague amount of money for items that you had in your home and expect insurance companies to pay money out. 

Documentation is terms of writing down how much you paid and when and then keeping a detailed inventory on a consistent basis....additions, subtractions to your "stuff" list. 

Also keeping detailed picture coverage of everything you have so as to document the state of the items is essential in getting top dollar back should there be a claim.  Use a camera or a video camera and make sure you store the video or digital photographs somewhere where they can't be stolen along with your "stuff".

If you have further input or helpful advice on how to save on renters insurance, please leave comments and tips for the rest of us below.


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