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Follow on Google News | 10 Tips to Help You Save on Renters InsuranceRenter's Insurance ensures your property is covered. Don’t let the price of rental coverage dissuade you from buying a policy -- there are several ways to save aon renter’s insurance.
By: Diane Frost Shop around -- Check with several different insurance companies to compare rate quotes. Some insurance agents can provide quotes from multiple companies to save you time. Companies are very competitive so it pays to shop around. The Internet is a great resource. Raise your deductible -- The deductible is the amount of money you have to pay toward a loss before your insurance kicks in. Typically, renter’s insurance deductibles start at $250. This means if your $2,000 leather couch needs to be replaced, you pay for $250 of the replacement cost and the insurance company will pay the other $750. You can increase your deductible to: • $500 and save up to 12 percent on your premiums. • $1,000 and save up to 24 percent. • $2,500 and save up to 30 percent. • $5,000 and save up to 37 percent. Just make sure that you can afford to pay the higher deductible out of your own pocket if something should happen and you need to file a claim. Maintain a good credit rating -- Having a good credit rating is one of the best ways to lower the cost of any insurance policy. Pay your bills on time and try to reduce your installment debt (such as credit cards). Buy your auto and renter’s insurance from the same company -- Many companies will give a multi-policy discount if you buy both renters insurance and auto coverage from them. Other policies can be bundled as well such as motorcycle, life, or other types of insurance. Install safety and security devices in your apartment -- Some companies will give you a discount if you install smoke detectors, a fire extinguisher or dead bolt door and window locks in your apartment. A simple written statement that you’ve installed these items is usually all that is required to get the discount. Stop smoking -- Smoking accidents account for more than 23,000 residential fires every year. Some insurers will reduce premiums for non-smokers. Ask about senior discounts -- Retired people stay at home more and spot fires sooner than working people. If you're a senior you may qualify for as much as a 10 percent discount. Look for group coverage -- Some employers, alumni groups, unions, guilds, credit unions or business associations offer discounts for employees and members on insurance. Stay with an insurer -- Some insurers will reduce their premiums by 5 percent if you stay with them from three to five years, and some companies will discount you as much as 10 percent after six years. It pays to be loyal. Adjust your policy annually -- If you review your policy every year, you can make adjustments to reflect changes in your inventory of insured items. If you bought or sold expensive electronics, a computer or jewelry during the year, for example, you may be able to decrease the amount of coverage for your possessions. Click here for more information and get a free quote: http://www.newyorkcitynyinsurance.com/ # # # Premier Insurance Services of New York City offers competitive rates on various New York City NY Insurance products. Premier Insurance Services of New York City Insurance has 24-hour service. End
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