While renters insurance is not considered one of the more expensive insurances, there are ways to adjust how much premium you pay. Insurance coverage for renters is designed to cover your belongings and possessions when you reside in a rental property. While the landlord’s insurance will cover structural damages, it doesn’t extend to replacing any of your own things in the event of a fire, vandalism, theft, electric malfunction or other event. 

Adjust the Coverage Amount: When you set up a renters insurance policy, you’ll decide how much money the insurance company will pay you if you make a claim. A higher amount means a higher premium, while a lower amount translates into less money per month for the apartment renter’s insurance policy. However, don’t adjust the coverage amount to be so low that you don’t get a fair value for your belongings. Take stock in what you have and know its value before you get the coverage.

Find Opportunities for Rate Reductions: Smoke detectors, intruder alert systems and fire extinguishers all mean that safety and security is present at that property, reducing the odds of someone filing a claim. Conversely, some companies may feature different premium rates in insurance coverage for renters depending on the crime statistics of certain zip codes or cities. Choosing a rental property in a “safer” area of town may translate into lower premiums of insurance coverage for renters.

Increase the Deductible: A deductible amount is what you must pay before an insurance company will begin to pay. For example, if you file a claim for $2,000 and your deductible is $250, the company will pay out only $1,750. If you raise the deductible, your premium will go down.

Look for Deals: Many agencies and insurance companies offer reduced rates for students who are enrolled full- or part-time in college or senior citizens who are 55 and older. Other companies offer reduced premiums for clients who sign up for another policy in addition to an apartment renter’s insurance policy through the same insurance agency, such as auto insurance or a life insurance.