There are several ways to get a lower price on your Renters Insurance policy. You should be aware however that saving money in this area will really only get you enough saved in a whole year to pay for a night out at the movies.
The first thing to consider is the size of your deductible. If you are carrying a very low deductible you should always consider going to something higher. Going from $250 to $1000 will probably shave some dollars off your yearly premium. If you are concerned that you would not be able to come up with $1000 if a loss occurs, then get yourself on a budget, and build a savings account up to at least $1000 just for the deductible. Maintaining a savings is always a good idea anyway, and this buffer will help you sleep at night.
The liability part of your policy will have a limit for property damage and bodily injury, and a separate limit for medical payments coverage. You may find that the medical payments coverage is optional, and cutting that might save on premium, but that is really a good coverage to keep. A limit of $1000 to $3000 for medical payments coverage is fairly common and unless you are carrying over $10,000 in medical payments coverage and adjustment here isn’t going to affect your premium that much. Liability limits are commonly set at $300,000 minimum, but you might find a company willing to write them at $100,000. It would be good advice to keep as high a limit as you can afford so keeping it at $300,000 or over is a good idea, but you probably would not need millions of dollars of coverage for liability, unless you believe that you are at risk of causing an injury or property damage valued at $1,000,000.
Many insurers are offering discounts if you maintain your renter’s policy and your auto policy with them. If your insurers are not the same, contact each one and see if there is a discount available. If so, it might be time to stick with just one insurer for both your renter’s policy and your auto policy.
Credit scores are now factoring in to the rates that companies apply to your policies. The reason for this is that people with poor credit ratings generally have a larger number of claims. If you have bad credit, find out why, and then take the necessary steps to improve it! That is not just a good idea for insurance premiums by the way. Bad credit can make things difficult in many areas of your life.
When it comes to the insurance buying experience, it always pays to shop ’til you drop. Just watch television for an afternoon and you will soon see that the insurance market is very competitive with carriers fighting for your business. It pays to contact several companies, but do make sure that you are comparing apples to apples. As stated above, there are several factors that can influence the amount of premium you pay. Stay educated about your coverage and you will be able to find the best possible deal by hunting for it.