How to Lower Your Apartment Insurance Premiums

Purchasing an Apartment Insurance Policy

Apartment insurance is usually very affordable to begin with, but you can drive your rates down even more with the right tactics. The simplest strategies, such as shopping around for policies or buying all of your insurance from one company, can yield massive savings on your renters policy. In this post, we’ll discuss ten of the easiest and most effective ways to lower your apartment insurance premiums considerably.

1. Compare at least three quotes. Comparison shopping is the only way to find the lowest rates on apartment insurance. Try to get between three and six quotes on coverage.
2. Watch your credit rating. In order to qualify for the best renters insurance rates, you will need a good credit rating. Pay your bills on time and keep your debt to a minimum.
3. Increase your deductible. Although higher deductibles will raise the out-of-pocket costs associated with filing a claim, they will also lower your apartment insurance premiums. Try raising your deductible by $500 to reduce your rates.
4. Buy your apartment, life, and auto policies from the same insurer. Insurers usually offer a multiple-policy discount that will take as much as 20% off your apartment insurance premiums. To qualify for the multiple-policy discount, buy your auto and/or life insurance policies from your renters insurance company.
5. Quit smoking. Smoking and smoking-related materials are one of the leading causes of residential fires, so it stands to reason that insurers charge smokers higher renters insurance premiums. If you want the best rates, you’ll need to quit.
6. Install safety devices. Your insurer may offer discounted renters insurance rates if you install items like smoke detectors, window locks, burglar alarms, dead bolts, and fire extinguishers in your apartment.
7. Ask about senior discounts. People aged 55 and older are not as risky to insure, so insurers commonly offer a senior discount on apartment insurance.
8. Stick with the same insurer. Insurers reward loyalty with lower apartment insurance premiums. Staying with the same insurer can result in substantial savings. For example, staying with an insurer 3-5 years can save you up to 5%, while staying six or more years can save you up to 10%.
9. Go with group coverage. Group coverage is an apartment insurance policy that is offered through an employer, alumni association, or other organization. Group coverage is often much cheaper than coverage obtained individually.
10. Review your policy every year. Taking an inventory of your belongings every year and adjust your policy as necessary. Maintaining the proper amount of coverage may help you reduce your rates.