Take Inventory of Your Belongings

Knowing what you have (and being able to prove it) BEFORE it is destroyed or stolen is the easiest way to make sure you will be reimbursed when tragedy strikes.  However, writing everything down, making a video or photo inventory of your loot before you start shopping for a policy will also help you and the insurance agent determine how much coverage you need!

Also, it is a good idea to keep all of the receipts for big purchase and any written or digital copies of inventory in a fireproof case along with your policy card and the phone number of the insurance company. –It can never hurt to be organized!

Ways to Save on Renters Insurance & Get the Most Bang for Your Buck!

Just like homeowners insurance, your renters insurance premium (upfront policy costs) depends on a number of factors.  Here are some ways to keep premium costs down:

• Get Several Quotes & Compare Prices- every company is different

• Get A Package Deal for Renter’s & Car Insurance Using the same company to insure your car and your home can be a convenient way to save money!  This is a good negotiating tool to use when shopping around for your quote. The insurance agent can tell you what percent the discount will be for insuring your car and apartment together.

• Raise Your Deductible Raising your renter’s insurance deductible can lead to substantial upfront savings.  Having a large deductible may also prevent you from using your renter’s insurance for small claims. Often times, insurance companies will add a surcharge of 10-85% to as little as one claim!  However, a large deductible could make it harder for you to replace expensive items without having to go out of pocket…

• Smoke Alarms Some insurance companies give discounts to those that have  working smoke alarms.  Companies want to see that you are helping to prevent fires from spreading resulting in large insurance claims!  Smoke alarms also save lives!

• Security Systems Having a burglar alarms and window locks can prevent theft and therefore make your apartment less of an insurance risk.  Security systems that directly link to local police and fire departments are most likely going to give the best discount.

• Dead Bolt Locks Most insurance agents will ask you this, but check again to make sure you are not loosing a discount if you already have them. If you don’t, it is well worth it. Dead bolt locks are very inexpensive compared to the possible renter’s insurance savings.

• Sprinkler System If you have a sprinkler system inside your apartment, let the agent know!

• Non-Smoking Household Believe or not, some insurers give discounts to non smokers- they pose less of a risk for fire

• Organization Affiliation Many insurance companies offer a discount for being affiliated with certain organizations. These benefits may be included through certain credit cards, clubs, professional affiliations or unions.

• Automatic  Payments Many companies are now charging up to $5.00 or more for mail in payments. It may be worth setting up your bank account for automatic quarterly or annual debit, or set up your credit card to be automatically charge.

• Credit Rating Many insurance companies  check your credit to help determine your policy and price! Another good reason to keep your credit score in check!

Where to Go for Quotes

Get your search started.  Here are some links to the biggest most reliable insurance companies.

• All-State
• Geico
• Liberty Mutual
• Nationwide
• State-Farm
• Travelers

So take note, “just” because you’re renting doesn’t mean you don’t deserve – or need – insurance!  Whether or not you own the home you live in, remember -ALL of us own things that might need replacing. With a little thought and a small monthly payment, you too can be prepared. –  NOW is the time to think about what would happen if your computer gets rained on by the burst pipe leaking water from the apartment upstairs!

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