How To Get Affordable Renter's Insurance

Renter's insurance is something that many people overlook. They might have life, health and car insurance, but forget about renter's insurance. They think that they don't need it because they don't own their house and can replace their belongings. More importantly, most of us think bad things will not happen to us. However, if you stop and consider what your possessions are worth, it might be an eye-opening realization of how expensive everything would be to replace. Renter's insurance is something that should not be forgotten and should be included in your list of monthly expenses. Here are a few ways to get more affordable renter's insurance.

Shop Online

The first thing you should do to find affordable insurance is go online. While you might not get an official quote from every site, you can at least figure out the average renter's insurance price and be prepared. Visit a few insurance review sites and see what others are saying. They will give you an idea of the service level and the cost of the more popular insurance carriers. Once you select a few that you might like to work with, visit the company website.

Sometimes an insurance company's website will have "internet only" specials that you can take advantage of and will offer online quotes. There are also many insurance companies that only operate online and do not have agents or offices. Their rates tend to be a little lower than the market rates. 

Visit Agents

Once you have done your homework online, visit a few insurance agents. Talk with them about your insurance needs and see if they can customize a package for you. With your quotes that you received online, you are in a position to negotiate with them. Many times, they can give you a better rate than they advertised. Insurance agents are very competitive and they want to get your insurance business. If they can do better, they usually will.

Different Options

With insurance, there are a few things that you can do to lower your premiums. Play with the different options with your agent to see what lowers your premiums. One of the easiest ways to lower your premium is to raise your deductible. Raising your deductible will have a direct affect on your premium. The deductible is the amount that you pay whenever a loss occurs. The more money that you pay when a loss happens, the less money the insurance company has to pay. They are willing to lower your payments, if you commit to paying more money upfront. While it is an easy way to lower your monthly payment, don't let the deductible get too high. You want the deductible to still be reasonable. If you had a loss, you still want to be able to pay the deductible so be sure to keep the amount of the deductible in a bank account that you do not use. Let the money work for you and earn interest.

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