Renters should know that while a house or other rental unit may be protected by homeowner’s insurance, renters insurance is required to protect their belongings. If there is a flood, the homeowner’s insurance that the landlord purchased will cover any damage to the walls, floors or other structural elements of the home, but the insurance will not cover damage to furniture, electronics, books or any other personal items belonging to renters. Renters should always purchase renters insurance to prepare for the event of damage or loss of personal property. Here are some tips to save money on renters insurance so that all renters can afford this important insurance.
The best way to get the best deal on renters insurance is to shop around. A renter can go online to request quotes from several different renters insurance agencies. The renter should be careful to enter the exact same information on each company’s quote request form and choose the same coverage so that the renter can accurately compare the price quotes from each company.
Another way to reduce the cost of renters insurance is to carefully choose policy coverage. Renters should only purchase coverage for the items that they would want to replace in the event of damage, such as expensive jewelry, electronics, furniture and collectibles.
Insurance companies love when their customers are loyal, so renters can save money by using the same insurance company for all of their insurance needs. A renter can save a good deal of money on insurance premiums by using one company for renters insurance, car insurance, health insurance and life insurance. Renters may also save money by using the same insurance company when moving to different rental units.
A great way to save money on renters insurance is to ask about discounts that the insurance companies offer. A renter should find out what discounts are available for installing safety features like dead-bolt locks, security systems, fire extinguishers, smoke alarms and more. A safer home will be less expensive to insure, but renters should always find out which features their insurance companies will provide discounts for before putting out the expense to install these sometimes costly features.