5 Tips for Getting the Best Renters Insurance Rates

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5 Tips for Getting the Best Renters Insurance Rates

Staff Writer · Nov 23, 2009

Getting the best renters insurance rates, or tenant insurance, will help you save money. The amount you save could be just what you need to pay for your next tank of gas, or money that could go towards your rent payment. Here are 5 tips for getting the best rates:

1. Multiple Policy Discounts

Ask your car insurance agent how much it would cost you to buy renters insurance with them. A multiple policy discount should apply, because you already have a policy with them and they want to keep your business. However, you should call around to check on other renters insurance rates to weigh all of your options.

2. Compare Quotes

It takes time to get a quote on renters insurance, because of all the information required. However, it’s worth it to you to get several quotes to compare before you make a decision. Some companies allow you to submit information using an online form, and they’ll respond with a quote within 48 hours. If you choose to fill out a form for a quote, only do it on websites of reputable insurance companies, and not brokers. The other option is to call the company and speak with an agent on the phone. This will allow you to ask questions or clarify answers on the phone, instead of trying to respond to questions via email.

3. Dead Bolts

The security of your apartment affects your renters insurance rate. You’ll be considered a risk if it’s easy for a burglar to kick down your door and steal your possessions. Taking the simple step to install dead bolts on your front and back doors will show that you’re not a risky policy holder, and therefore reduce your rate. Getting permission from your landlord is important, because you don’t want to lose portions of your security deposit over it. However, it’s not your landlord’s responsibility to provide you with dead bolts.

4. Other Apartment Security

Highlight other apartment security to try to get better rates. Let the agent you’re working with know about apartment gates with controlled access, lights in the front and back entrances, security cameras, security guards and any relevant information that lets them know that your apartment is secured.

5. Coverage Amount

Another tip is to limit the coverage amount you need. You want tenant insurance to cover the costs of replacing your belongings, but not much more. If you buy too much insurance, your rates will be higher. Figure out the cost to replace your valuable possessions and buy insurance based on replacement costs (not market value) of those items. At the same time, you don’t want to underestimate the worth of what you own, because you may not have the money to otherwise to replace your items.

Once you find the best renters insurance rate, complete the process of getting the policy as quickly as possible. You don’t want to take too long and risk a fire, robbery or other injury to guests while in your apartment.

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