Renters’ insurance isn’t that exciting, as you pay for and hope you never need it—then you probably forget what’s even covered. But the thing is, if you feel like you’re paying too much, you probably are, and the fix for this doesn’t take a full weekend or a spreadsheet. Let’s look at thirteen fast fixes to lower renters’ insurance and how they work. Some are weird, some are smart, but all of them are rather quick.
Featured Image Credit: belchonock /Depositphotos.com.
Take Photos of Your Stuff and Upload Them to the Cloud
Grab your phone and take a few photos of the things you care about (like your TV & laptop), then save them to Google Drive or iCloud. After this, let your insurance company know about this, as some of them may give you a tiny discount for being “organized.” If any of your stuff ever gets damaged or stolen, those photos also will speed up the process of making a claim, and you don’t need a fancy inventory app to do it—just clear photos & a folder with a date.
Ask Your Landlord For a Sprinkler Certification
You may have sprinklers in the building, but you shouldn’t assume the insurance company knows, and instead, send your landlord a message asking if there’s any kind of certification or paperwork proving those things are up to date. Once you send that to your insurer, they might reduce your insurance cost because fire damage becomes less of an issue for them. Some companies want the exact installation date or maintenance record, so having that ready will save time, too.
Go Paperless On Your Policy
Some companies are quite generous when you click “email only,” and going paperless saves the trees and saves you a few bucks every year—it takes about 30 seconds in your online account settings. A lot of insurers also give faster updates & policy documents by email, so you’re not waiting for something to show up in the mailbox, and you can switch back any time. But most people never do once they see how fast and easy it is to manage everything online.
Raise Your Deductible By $250
As long as you’re okay with covering a bit more out of pocket when something happens, increasing your deductible could lower your monthly payment right away, although you shouldn’t go overboard. A $250 increase could help reduce your premium by quite a bit, and a lot of policies have a default deductible of $500, so raising it to $750 is usually a good idea. You could always change it back later if something changes in your budget.
Join a Local Credit Union or Alumni Group
Being a member of some random group could actually work in your favor, as some insurers throw in discounts if you’re part of a credit union or even an alumni association. It doesn’t matter if you don’t attend reunions, just mention it during sign-up or update your profile with that information. Most companies list eligible groups on their websites, and having the membership alone is usually enough to qualify.
Get a Quote Through Rakuten or a Cashback Site
Sites like Rakuten sometimes give you a cashback bonus just for buying renters’ insurance through their link, which will get you the same coverage, but with a gift card or a $15 rebate. Some offers are time-limited or tied to specific companies, so it’s worth checking the site for promo codes. After a few weeks, your cashback lands in your account.
Use a Mobile App to Sign Up
Similarly, you shouldn’t just go straight to the desktop website because some companies include a discount if you sign up through their mobile app—the price on your phone might actually be lower than the one on your laptop. It’s not always the case, but it’s worth double-checking, especially since the apps often include fewer steps & less fine print. Once you’re in, you can manage your whole policy or get a digital copy of your coverage card right from your phone.
Install a Monitored Smoke Detector
Your basic smoke alarm from the hardware store is fine, but one that sends alerts to a security service is even better in the eyes of your insurer. You should also let your insurance company know if you already have something like SimpliSafe or even a monitored Ring setup. It’s usually worth a discount, even though some insurers may want proof that your system connects to a monitoring center. Simply send them that certificate or screenshot from your app.
Use a Pay-In-Full Discount
As long as you have the funds to pay the whole year at once, there’s no reason why you shouldn’t do this, especially since many companies will charge you less overall for doing so. You’ll see the option during checkout or renewal, and the difference could add up to be quite a bit—but even if it’s not, money’s money. Paying annually also means fewer chances of missing a payment & paying a fee, and if you’re on a budget, check if they offer a semi-annual option instead, which could give you a partial discount compared to monthly billing.
Get a Lock Endorsement From Your Landlord
Your apartment may have newer deadbolts or keypad locks, which could actually qualify for a discount, but only if your insurance company knows about it. Ask your landlord for the exact type or brand of the lock, and then pass that information along when you’re setting up your policy. If you don’t have these, small upgrades like bump-proof or double-cylinder deadbolts may be worth it, and a quick email to your landlord could do the trick.
Bundle Renters’ Insurance With a Transit Pass Benefit
This one’s not obvious, but in some cities, your monthly bus or subway pass could get you a discount on renters’ insurance, which is all down to usage data & partnerships. Your insurer may ask you if you’re part of any commuter programs—say yes and give them the details. You usually just need to upload proof of your active pass or transit ID, and while the discount may not be listed on the main site, support chat agents may be able to confirm it.
Keep Low-Risk Pets Off Your Policy
You usually don’t have to list any low-risk pets like fish or turtles on your policy unless your insurer specifically asks, and leaving them off could help you avoid any “pet surcharges” that automatically apply. Most companies are mainly worried about dogs or animals that could damage stuff or bite people, so if your pet doesn’t fall in that category, you could leave it blank. Of course, you will need to check the fine print, but most of the time, it’s okay.
Choose Actual Cash Value Instead of Replacement Cost
Most policies offer two options—replacement cost or actual cash value, with the replacement cost paying more, but also costing you more every month. Anyone who’s trying to save and doesn’t mind getting a slightly smaller payout for filing a claim should switch to actual cash value coverage. You’ll pay less upfront, and you could always upgrade later if your situation changes.
Disclaimer: This list is solely the author’s opinion based on research and publicly available information.
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