Did you know that the average renters insurance costs are almost $200 a year?
However, a renters insurance premium can vary in cost from state to state. Sometimes it can even fluctuate from one year to the next.
With potentially fluctuating costs, plus with more people on a tighter budget, you may be wondering how you can reduce your renters insurance costs.
Fortunately, it’s easy to lower your insurance costs. Here’s how to do it.
Invest in Security
One way to lower your renters’ insurance (and give yourself peace of mind) is to invest in a security system. There are many options for DIY home security systems.
Some of these cater to renters better than others. Look for companies that offer inexpensive monthly packages with short-term or no contracts.
If you’re on a budget, there are even cheaper security options that don’t require a subscription. These usually consist of security cameras that can be paired with your smartphone, enabling you to monitor them remotely via an app.
However, these less expensive options don’t offer professional 24/7 monitoring. Additionally, the image quality of the camera may not be as good, and other features, such as the number of images or video clips you can save, may be limited.
Bundle Your Insurance
If you already have another type of insurance, check with the insurance agency to see if they offer renters insurance too. If so, you can bundle different insurance types together.
For example, many insurance companies offer coverage for renters insurance and auto insurance. Or they may offer a combination of renters, motorcycle, and auto insurance.
While not every company offers multipolicy bundles, it’s worth looking into. You may be able to reduce your insurance costs this way.
Modify Your Insurance Plan
There are a few different ways of modifying your insurance plan to reduce your costs. You could start by decreasing your policy limits. You could also increase your deductible. That means that if a theft or accident does occur, you will have to pay a higher deductible before your insurance takes effect.
If you’re not sure what your insurance covers, take some time to examine your policy. Also, note the difference between renters insurance vs landlord insurance. The latter covers the landlord’s property, protecting the building against damages.
Renters coverage covers the content of the home or apartment, as well as other protections. Your insurance company may also offer optional insurance for additional valuables such as jewelry and art. However, if you don’t need this kind of optional coverage, its best to forgo it to save money.
Use These Tips to Reduce Your Renters Insurance Costs
You may take your renters’ insurance for granted. However, if something happens, you will be grateful that you had it.
If you’re looking to save money, don’t cancel your insurance. Instead, follow these tips to reduce your renters insurance costs.
Looking for more money-saving tips? Check out the rest of our site, including our Finance section for additional help.