10 Ways to Save on Renters Insurance
When renting a new place there are so many things to think about and arrange, so often times renters insurance does not make the list. In fact, only 41% of renters obtain renters insurance.
Sometimes it is the amount of things already on the agenda that distract from the importance of renters insurance, but sometimes it is due to the lack of understanding. So, what exactly is renters insurance? Renters insurance is insurance to cover stolen or damaged belongings, since you are not covered under your landlord's building insurance for these things. It also covers temporary living expenses and liability/medical bills.
Choosing a policy can also be confusing, so experts suggest that you take inventory of your valuable personal belongings and estimate their worth. It is also recommended that you round to the nearest 10,000, if possible to have a little cushion of coverage.
This may sound overwhelming, especially the price which is another reason why some renters may stray away from purchasing renters insurance. Here are some tips to ensure that you are getting the most affordable renters insurance.
Install a Fire Extinguisher, Smoke Detectors, Etc.
Adding these to your place reduces the likelihood of fire damage or at least extensive fire damage, so insurance companies are more likely to lower your premium when you have these features.
Invest in a Security System
Making additions to your residence that prevent break-ins lowers your premium. It also maintains your peace of mind as if a break-in occurs it violates your sense of safety.
Use One Insurance Provider
Often times when you stick to one insurer for all your insurance needs, they offer lower premiums.
Use Paperless Billing
Most insurance companies offer some sort of savings if you set up automatic payments or electronic billing.
Stay Claim Free
You may think this defeats the purpose of insurance since you are paying to be protected in the event of a mishap, but most companies offer a significant reduction in premiums for those who have not filed a claim in years.
Smoking is a fire, health, and budget hazard. Quitting smoking, although it may not be easy can save on renters insurance premiums, life insurance premiums, and your overall budget since cigarettes are extremely expensive.
A lot of the crowd that is renting right now is the elderly, especially those who desire moving closer to family. If you are due to retire, doing so may help you save. The way insurance companies see this is that you will be home more often to intervene with potential disasters, thus lowering your premium.
Shop around for insurance to get the best rate, most say that seeking out at least three quotes and selecting the best price for your needs is beneficial. However, some companies offer discounts for sticking with them each year.
Pay for the Year in Advance
By selecting this payment option you can avoid the monthly bill processing fees of companies. If you need to cancel a policy do not fret about refunds, in most cases they refund the amount for the months left of the current year. But, be sure to check this ahead of time.
By increasing your deductible, it usually decreases your premium. But, be careful because you have to be prepared to pay this cost.
Renters insurance can be intimidating, but necessary when renting a home or apartment. Keep these tips in mind when selecting insurance to ensure the best price possible.
By Ted Quinn
Article Source: http://EzineArticles.com/expert/Ted_Quinn/2578364
Article Source: http://EzineArticles.com/9996398