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How to Reduce Your Renter’s Insurance Premiums

Living room of a one-bedroom apartment at Elmwood Manor

March 2023


Many of our residents have renter’s insurance to protect the personal property in their apartment or townhome. It’s not required, but depending on your situation it can be worth it. If you’re not familiar with renter’s insurance, you can read more about it here.

If you have it (or want it) and are trying to better manage your budget, here are some ideas for possibly reducing your annual premium.

  1. Shop around for the best deal. If you’re getting renter’s insurance for the first time, don’t settle for the first insurance company you find. If you have a policy and it’s about to renew, shop around and compare quotes from different companies. You may be surprised at the difference in premiums offered. Even one year can make a big difference in how companies price things.
  2. Increase your deductible.  An insurance deductible is the amount of money you have to pay out of your own pocket before your insurance policy starts paying for a claim. A higher deductible means a lower premium. Consider increasing your deductible if you can afford to pay more out of pocket in the event of a claim.
  3. Bundle your policies. Many insurance companies offer discounts if you bundle your renter’s insurance with other policies, such as auto insurance or life insurance. Check with your insurance provider to see what discounts are available.
  4. Maintain a good credit score. Believe it or not, your credit score can affect your insurance premiums. Maintaining a good credit score shows the insurance company that you are responsible and less likely to file a claim. Check your credit score regularly and take steps to improve it if needed.
  5. Ask about discounts. Many insurance companies offer discounts for things like being a non-smoker, having a good driving record, or being a member of certain organizations. Ask your insurance provider about any discounts that may apply to you.
  6. Review your policy regularly. As your circumstances change, so too may your insurance needs. Maybe you used to own something with a high replacement cost. If you no longer own it, you certainly don’t want it factored into your insurance premium. Making sure you have the right amount of coverage for your belongings is something you should do annually.

By following these tips, there’s a good chance you can reduce your renter’s insurance premiums and potentially save hundreds of dollars each year. But while everyone loves to save money, there’s a reason you have insurance. So, make sure you have the coverage you need to protect your belongings in the event of a disaster or theft.