7 Ways to lower the cost of renters insurance

Key Takeaways

• Bundling renters insurance with other policies, such as car insurance, can unlock valuable, money-saving discounts.
• Improving your home's safety with devices that include smoke detectors or security systems may help lower your premium.
• Shopping around and comparing renters insurance quotes can ensure you're not overpaying for the same coverage.

7 Tips for lowering renters insurance costs

According to the National Association of Insurance Commissioners, monthly renters insurance payments average just $15-$30 nationwide. But with a few smart strategies, you can trim costs even further without losing valuable protection.

1. Shop around for quotes. Getting renters insurance estimates from several different insurers helps you find the right coverage at the best price.
2. Bundle your policies. If you already have auto insurance, consider bundling it with renters insurance. Insurers often give discounts when you have multiple policies with them.
3. Raise your deductible. By choosing a higher deductible, you can immediately lower your monthly renters insurance premium. However, make sure that the deductible you select is something you can afford to pay out-of-pocket if you ever need to file a claim.
4. Improve home safety. Installing smoke detectors, fire extinguishers, or a security system help to reduce risks. As a result, many insurers are willing to reward these types of safety upgrades by offering you policy discounts.
5. Customize your coverage. It doesn't make sense to pay for coverage that you don't need. Adjusting your policy limits to match the actual value of your belongings ensures that you're only paying for what matters, rather than settling for a one-size-fits-all plan.
6. Maintain your good credit. Many insurers factor in credit scores when setting premiums, so keeping your score strong can help lower the cost of renters insurance.
7. Ask your insurer about all available discounts. Some companies offer price breaks for things such as being claims-free or enrolling in automatic monthly payments, being a non-smoker, and of course, having more that one policy with a single carrier.

5 Liberty Mutual renters insurance discounts

Liberty Mutual offers several ways to save on renters insurance. By exploring these five available discounts, you'll find opportunities to help lower your policy costs and keep more money in your pocket.

1. Multi-policy discount. Get an instant discount just for having more than one policy with Liberty Mutual. This valuable discount saves you time and money and is one of our most popular cost-saving discounts when it comes to renters insurance.
2. Preferred payment discount. Paying your monthly renters insurance premium is even easier when you set up automatic payments. With your payment deducted from your bank account once a month, you'll save time and enjoy an extra discount on your policy.
3. Online purchase discount. When you buy a renters insurance policy online, we'll instantly apply a discount when you complete your purchase. Think of it as a thank you for putting your trust in Liberty Mutual!
4. Claims-free discount. If you haven't filed a claim with your previous insurance company for five years or more, we'll add an additional discount onto your new renters insurance policy.
5. Early shopper discount. If you get a renters insurance quote with Liberty Mutual and purchase coverage before your current policy expires, you could save even more on your new policy.

How to find the best renters insurance

Not all renters insurance policies are created equal. To find the best option for you, start by shopping around and getting quotes from several different insurers, as prices and coverage can vary.

Next, don't focus too much on the monthly premium. Yes, cost is important, but you also want to pay attention to what's included in the policy and check the limits. For example, is the replacement cost limit for your personal belongings where it needs to be?

It's also smart to check customer reviews and financial strength ratings of the insurance company you plan on doing business with. The last thing you want is to have a claim and find out that your insurer isn't there to help you when you need them or won't help with things such as billing or coverage issues.

If you're ready to start saving on your insurance, get a renters insurance quote with Liberty Mutual and only pay for what you need.