Renters insurance is an invaluable way to protect yourself against disaster. When you’re already balancing rent and other necessary expenses, paying for a monthly premium can be difficult to justify. Fortunately, there are ways to reduce your renters insurance fees if you’re ready to do the research and hunt down discounts. Muller Insurance is an independent insurance agency offering policies from more than 20 leading insurance companies in New York, New Jersey, Pennsylvania, Connecticut, and other states. Here, we share deal-finding tips for renters insurance to help you save money and stay protected.
Shop Around
The first rule of saving money on renters insurance is to shop around. Instead of taking the first offer you get, gather quotes and information from multiple providers. This will help you better understand the range of prices and discounts available to you.
While you shop, don’t only have an eye on the rates. Pay attention to services as well. If one policy appears significantly less expensive than others, it’s probably for a reason. Perhaps it has narrow coverage rules, sizeable gaps, low reimbursement limits, or few customer perks. The lower cost may be worth the limitations, but remember that investing in better insurance can save money in other ways. If disaster strikes, you’ll be glad for the relief provided by a high-quality policy.
By working with an independent agency like Muller Insurance which represents multiple carriers, you’ll get access to an array of policies from different companies. You’ll also have assistance from agents who will help you find the best deals.
Understand Your Needs
Second, you’ll need to decide your priorities. This requires understanding your lifestyle requirements, your budget, and how much you’re able to pay if the worst should occur. Once you know what you need, you’ll also know what you can safely cut in order to save:
Increase Your Deductible
When you file a claim, your deductible is the amount of money you must pay out of pocket before your insurance policy kicks in. Higher deductibles typically correspond with lower premiums, so increasing your deductible can be a viable way to save monthly. The downside, of course, is that you’ll need to pay more out of pocket if you need to file a claim. This option is best if you have enough money in savings to cover some expenses in case of an emergency.
Lower Your Coverage Limits
You can also lower your coverage limits. This term refers to the maximum amount your provider will pay to help you recover after a loss. Minor losses may never meet a high limit. Similarly, you may not need to have every expense covered. After a burst pipe, for example, you could handle cleanup yourself if the insurance paid for a plumber. Once again, this option is ideal for individuals with a healthy emergency fund who aren’t worried about carrying less coverage.
Earn Renters Insurance Rewards
Depending on your provider, you may have access to cash-saving rewards. Many insurers offer discount incentives for their best customers. Different rewards have different requirements, often related to loyalty, reliability, or safe living. By meeting these standards, you can reduce your premium – sometimes significantly. Common reward programs for renters include:
- Being a student away from home
- Being a first-time renter
- Paying rent on time
- Signing up for autopay
- Paying premiums on time
- Renting in a secure community
- Installing a home security system
Different providers offer different rewards, and they may not always apply to you. When shopping around, keep an eye open for rewards that match your circumstances. You may qualify for significant savings from a provider that’s otherwise above your budget.
Bundle With Other Policies
Another way to save money is to bundle your renters insurance with other policies you carry. If your renters insurance policy is provided by the same company as your auto insurance, for example, your insurer may offer a discount on both – letting you pay less for the same amount of coverage. You’ll need both products anyway, so why not purchase them together and save?
As with rewards, bundling discounts differ between insurance providers. Start by determining what types of policy you need, and the level of protection you want from each. This will help you narrow your search to only providers that meet your requirements. You may then compare bundling and other discounts.
Work With an Independent Agency
While worth the effort, researching renters insurance can be hard work. Save yourself time and sweat by working with an independent agency. Muller Insurance represents over 20 leading providers, including names like Lemonade and Chubb. This allows us to request multiple quotes for easy side-by-side comparisons.
Our renters coverage options include Franklin Mutual and Safeco, which offer renters insurance policies for enhanced peace of mind. We can also help you identify bundling opportunities and other discounts to take advantage of.
Contact Muller Insurance Today for Renters Insurance Deals
Don’t leave yourself vulnerable—trust Muller Insurance to help you secure renters insurance you can afford. We have been in the insurance business for more than 118 years and have developed a strong reputation for providing enhanced coverage and policy deals. To learn more about renters insurance deals in NJ, NY, PA, and CT, contact us today or request a quote to get started.
