3 Things You Should Know about Saving Money on Renters Insurance

by Site Manager on November 13, 2014

renters-insurance3 Things You Should Know about Saving Money on Renters Insurance

If you sublet a home from an individual or a company, renters insurance is an absolute must. All too often, those that rent a home fail to realize that insurance coverage is an imperative step to protecting personal property. While it is true that most landlords carry an insurance policy that covers the structure that you reside in, it is also true that – generally speaking – these types of insurance policies do not cover the property owned by the individual renting the structure. Renters insurance will protect your personal property from loss and/or damage. Should a situation arise, such as a fire, a burglary, or water damage, your clothing, furniture, electronics, jewelry pieces, and other items could be lost or severely damaged. By ensuring that you have renters insurance, these items and other items that you own will be protected and may be replaced. In addition to this, this type of insurance typically includes liability protection which will promptly cover any injuries that another may experience while on your property. Now that you know and understand the importance of obtaining this type of insurance if you are a renter, it is time to expound on ways that you may save money on renters insurance.

 

Low Risk Translates into Low Rates

One of the first facts that you should know when it comes to saving money on renters insurance is that low risk translates into low rates. This means that the area that you reside in will have a large impact on the amount of money you have to pay on your insurance rates. No two policies are exactly alike. The state that you live in, the city where you live, and the neighborhood that you have chosen to reside will have a dramatic impact on the amount of money you pay on your renters insurance. It is best to opt for locations that are considered to be low-crime. If you have a desire to save even more money, you may live in a safe neighborhood in close proximity to a fire department and police department.

 

Safety Measures Means Savings

If you reside in a rental property that is considered to be old and/or damaged, you will find that you pay higher insurance rates. While it is true that it is not your responsible to make repairs to a building or renovate the structure that you reside in, there are some safety measures that you may take in order to reduce the amount of money that you pay on your insurance policy. Older buildings may carry an increased risk of electrical complications, fire hazards, and even plumbing hazards. Safety measures that may be taken to reduce the risk that these complications could detrimentally impact your property include the installation of fire alarms, carbon monoxide detectors, updated emergency water shut off valves, and fire extinguishers. When you call for your renters insurance rates, be sure to inform them of safety measures you have taken in and around the structure and inquire about discounts that may be obtained as a result of those measures.

 

Higher Deductibles Means Lower Payments

If you are interested in reducing the amount of money that you pay each month for your renters insurance, you should consider going with a higher deductible – which is the amount of money that you are required to pay before the insurance company will cover the losses and/or incidents that have occurred on the property that you sublet. For example, if you elect to go with a deductible of $500.00, your monthly payments will be on the high end; however, if you choose to go with a $2,000.00 deductible, your monthly payments will be exceptionally low.

 

Conclusion

There are many types of renter insurance plans available. If you are a renter, it is imperative to take out a policy that will protect your property from damage. While landlords do, typically, have insurance policies that will cover a structure, those policies will not cover your personal property. These types of insurance policies will protect against damages incurred by events such as theft, natural disasters, unnatural fires, sewer damage, and other similar types of situations. In addition to this, renters insurance also offers policies that will cover injuries that guests to your home sustain. By reviewing the 3 things you should know about saving money on renters insurance that are highlighted in this brief guide, you are sure to find the policy that suits your needs – both in personal property protection and budget allowance.

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