While where tenants live can affect the cost of renters insurance, there are plenty of opportunities to save on coverage through certain upgrades. From installing security features to selecting a new place to live, tenants have options to save money on their current insurance costs.
Here are five upgrades to consider to save on renters insurance:
1. Smoke detectors
When sharing a building with other tenants, renters may have a higher chance of fire hazards. Even when renting, policyholders should ask about discounts related to safety features like smoke detectors, according to insurance firm Travelers. Renters should ask their landlord about installing detectors around the building to qualify for certain renters insurance credits.
Even in safe neighborhoods, apartment buildings may be vulnerable to break-ins from people entering and exiting complexes on a daily basis. With renters insurance, burglaries are covered in case someone steals valuables like electronics or jewelry, Learnvest stated. Deadbolts provide added security so break-ins are less likely, making apartments less at risk for stolen belongings.
3. Fire extinguishers
A fire extinguisher can prevent a fire from spreading to other belongings or apartment units. By asking about discounts related to fire extinguishers, renters can save money even if they live in an older building, according to State Farm. Make sure the fire extinguisher is in good working condition as long as it is kept in the apartment.
4. Security system
When there are several break-ins at apartments, insurers may be concerned that policyholders live in a hazardous neighborhood. With the risk of burglaries and other incidents, a security system provides comprehensive monitoring of apartments while renters are away. The system could include video cameras, a burglar alarm and more. Security technology can also quickly alert authorities to danger, potentially allowing renters to avoid damaged or stolen property. Renters should remember to set their security system every time they leave their home.
5. New neighborhood
If renters believe their rates are still too high after further security measures, they can also look into moving into a new, safer neighborhood. Upgrading to a new location provides renters with the savings they need to keep insurance costs down. Renters should seek out low-crime neighborhoods or areas close to fire stations to reduce renters insurance costs, State Farm recommended. By timing their new apartment or rental home search, renters can find and sign a contract on a new place before their lease is up.
At CoverHound, we know that your time and money is precious. That’s why we’ve made finding insurance quotes easy. Check us out today to learn more about ways to save.