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How to get renters insurance discounts

10 Ways to lower your renters insurance premiums

The average renters insurance policy is only around $15 a month, but there are always ways to lower your premium with renters insurance discounts and still get good coverage. So if you’re looking for a good renters insurance policy that won’t break your bank, you’re in luck!

10 Ways to get cheaper renters insurance  

1. How much renters insurance coverage do you really need?

According to Allstate, the average two-bedroom apartment contains about $30,000 worth of stuff. But there is no reason to pay for extra coverage. Add up how much it would cost to replace belongings and use this number to purchase the proper amount of coverage.

Simply, don’t pay for $20,000 worth of personal property if you only own $15,000 worth of stuff. It’s not worth it.

Roost Tip! Not sure of the value your stuff? Use the Insurance Information Institute’s home inventory tool to help you figure it out.

2. Bundle your renters insurance

Insurance companies want to provide you with renters insurance — and with life and car insurance, too. Basically, the more policies you have with a company, the more renters insurance discounts they’ll offer you. Companies that offer bundling tend to give a 5-25% discount on each policy.

If you already have car insurance, check your provider’s website to see if they offer a bundle with renters insurance. Or, if you find a company that offers the kind of renters insurance you’re looking for, think about converting your auto insurance over to them.

If you have questions, talk to an agent to see if they’ll give you a bundle offer that’ll save you money.

3. Go with a higher deductible on your renters insurance

If you increase your deductible (how much you pay before your insurance kicks in), you can lower your monthly premium expense. Just make sure that you could afford the deductible if you needed to.

4. Upgrade security and safety features in your apartment

Many insurance providers offer discounts to renters who install safety and security devices. For example, your building likely already has smoke alarms in place, but a front door alarm, window alarms, and strong locks can also help.

Take some time to read up on your policy and see what deals you can get for having these safety features. Again, talk to your agent to see if they have any tips on what discounts you can get for these safety features.

Researching apartment buildings that offer other security features such secured lobby entrances or security cameras can also earn you renters insurance discounts if you are apartment hunting.

5. Ask an agent about lower-cost neighborhoods 

If you’re getting ready to move, ask an insurance agent about which neighborhoods have lower insurance rates. Crime and a variety of other neighborhood factors can influence the cost of your policy. As with any form of insurance, your provider calculates risk, and if your apartment is in an area with a higher crime rate you’re more likely to face theft or damage.

That’s why it’s important to get a quote ahead of time, so you know how much your new neighborhood will affect your insurance premiums.

6. Maintain a good credit score

Nowadays, it’s quite common for insurance providers to check your credit score as a part of the quoting process. Auto insurance providers have been doing this for years, and now renters insurance providers are doing the same.

If you have good a good credit score you will get a better renters insurance premium rate.

7. Ask for a good customer, claim-free discount

If you’ve been a customer for many years and have been claim-free, then ask for a discount. Some insurers will give this to you for asking and to keep you as a customer — especially if they know you’re shopping around for a better rate. Claim-free customers are great for insurance providers.

If you never put in a claim, your provider will never have to pay out, which makes you an ideal customer for the insurance provider. Because providers are always trying to attract claim-free customers, they may offer you a discount to get your business.

8. Set up automatic payments or pay a year in advance

Some providers will offer a discount if you agree to auto-payment from your bank account or pay the yearly premium in advance. Allstate, for example, offers a decent discount — typically 5 percent off.

Autopay can be a nice arrangement for both you and your insurance provider. They know that you’ll be paying each month on time, and you don’t have to worry about reminding yourself to pay this bill every month.

9. Get an association discount 

You often get discounts for being a member of the military, being retired, a college student, or having a credit union membership, so don’t be afraid to ask what your options are.

Different providers offer different discounts, so check their website or talk to your agent. There may be discounts available that you’re not aware of, and you may be leaving money on the table.

10. Re-bid your policy to get better rates

Insurers are competing for your business. If you’re not having luck with your current provider or need a lower rate, bid it out. You’ll likely find another insurer who will.

At the worst, you’ll be left with your original rate, but there’s a pretty good chance you can get your rate lowered by looking for multiple quotes. You never know, they might give you a break on your rate to get or keep your business!

Try these tips to get a better deal on your renters insurance

Renters insurance is important (and required, in many cases) to have to protect your belongings. But just because you need it doesn’t mean you have to pay an arm and a leg for it.

There’s no harm in trying to get a lower rate, so give the above tips a shot and see if you can lower your renters insurance bill by a couple of bucks a month. Even the smallest savings can go a long way!

A quick note! Our goal is to gather and share info that’s up-to-date and helps you make great decisions as a renter. That said, the information you get directly from a provider could be a little different. Make sure to review their terms and conditions directly; and, if you see anything here that needs to be updated, please let us know! Advertising disclosure
Last Updated: March 24th, 2024