Controlling Your AARP Renters Insurance Premiums

The AARP offers renters insurance to retired people across the country to protect them against the loss of their possessions. Many seniors end up renting apartments or condos and having some sort of protection against loss is important. Many of them do not have the funds necessary to replace everything they own in the event of a loss. Therefore, renters insurance is necessary to prevent this. While it is a necessary thing to have, it can get expensive. Keeping your premiums at a level you can afford is paramount with any insurance policy.

Get Multiple Quotes

Just because an insurance provider has the AARP symbol on their front door does not necessarily mean they will be the cheapest insurance around. Get multiple renters insurance quotes before deciding on a policy. Getting multiple quotes will help keep agents honest and renters insurance cost low. Knowing what the going rate is for renters insurance is critical to your success in finding a policy that you can afford. If you just take the word of the first agent you meet, you will probably not get the best deal.

Raise Your Deductible

One sure-fire way to lower your monthly premiums is to increase your deductible. When a loss occurs, you will be required to pay a deductible before the insurance company pays anything. If you raise your deductible, your premium will go down as a result. The odds of a claim actually taking place are small, but they can happen. Therefore, raising your deductible will probably not hurt you too bad. It will give you more money in your monthly budget to use on other things. You will still be covered in the event of a large loss, but it just raises the amount slightly that you will have to pay if a loss occurs.

Keep Valuables Out

One mistake that a lot of renters make is to keep their valuables in their rental property with them. Over the years, you have undoubtedly accumulated a lot of stuff. If the items are too valuable, it can actually raise your renters insurance premiums. When you get a renters insurance policy, the company will want you to document all of the items that you want to be covered. Since the items are valuable, you will undoubtedly include them in your policy. However, the higher the value of your items, the higher your premiums will be.

If possible, keep your valuable possessions in a safety deposit box at a bank. This will take the responsibility off of you and put it onto the bank. Therefore, your renters insurance will now be lower because they are no longer responsible for replacing the valuable items if a total loss were to occur.

This problem is common with those that collect things. If you collect baseball cards, stamps, spoons, jewelry, or anything else that is rare and valuable, consider getting it out of the house and off of your policy.

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