Just because you’re renting an apartment, townhouse or home doesn’t mean that you don’t have nice things to protect. However, many people don’t think to buy renters insurance until it’s too late. Here are a few top tips for finding cheap renters insurance and for saving money on your insurance premium.

As with most other forms of insurance, the only way you’ll find the best deal on renters insurance is if you shop around. Do your homework and compare coverage plans and premium costs between companies.

You can always lower your insurance premium rates, including the monthly premium for renters insurance, by increasing your deductible. According to insuranceagents.com, having a deductible of $500 can reduce your monthly premium rate by around 12 percent, and raising your deductible to $1,000 can reduce your monthly premium rate by about 24 percent. However, you’ll always want to be sure that you can afford to pay your deductible cost from out of your own pocket in case of a theft or emergency.

Asking if you qualify for renters insurance discounts can end up saving you a lot of money as well. People who have recently retired or have recently married are often eligible for discounts, and checking to see if your renters insurance provider offers bundle packages that include auto insurance or life insurance can cut costs as well.

Outfitting your home with extra security measures can pay long-term dividends as far as your insurance premium is concerned. Smoke detectors, burglar alarms, sprinkler systems, fire extinguishers and other safety devices can lower your monthly premium. Be sure to check with your insurance provider to make sure that safety upgrades will actually lower your premium, though.

It is always better to pay your premium in a single lump sum rather to spread it out over a period of time. You will usually rack up additional fees and charges by only making minimum payments, so take care of the bulk of the payment, if not the entire payment, as soon as you can. Having a good credit score can also help you secure lower insurance premiums.

A completely obvious way to save on renters insurance is to move to a safer neighborhood or city. Insuring tenants and residents of neighborhoods and cities with lower crime rates is a less risky proposition than insuring someone who lives in a high-risk area, and the insurance premium will reflect that.

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