If you are in the market for renters insurance coverage, you should know that practically all insurance companies will give terrific rates on renters coverage if you have one or more other policies with them. In other words, if you have a life insurance or car insurance policy with a specific company, you will be offered better rates through the company you’re already with than another company. Don’t waste time shopping around, just go with the company you already have coverage through. However, if you don’t have coverage of any kind, here’s what to look for when choosing a renters insurance company to go with.
1) Look for discounts. Choose a company that gives significant discounts. Many insurance companies will offer discounts on renters policies for things like security devices, smoke alarms, even non smoking residents. When shopping around, find out exactly what percentage discounts are offered for the specific features.
2) Deductible options. Most people who obtain rental insurance like to choose the highest deductible option. It’s usually a good idea. You will get the lowest rates possible with the highest deductible possible. Rental insurance claims don’t occur very often so reducing your rates by opting for the highest deductible option is a good idea. Make sure the company you choose gives sufficient deductible options.
3) Look for good credit discounts. Some insurance companies, not all, will offer significant discounts on rental insurance rates if the insured has a good credit rating. If your credit needs improvement, it may even be a good idea to consult a credit repair specialist to raise your score.
