If you rent your home, you should have renters insurance, even if your landlord doesn’t require it. A renters insurance policy can protect you if your belongings get damaged, destroyed, or stolen or if someone gets injured while visiting your home. If the cost of your renters insurance policy is straining your budget, here are some ways to reduce your premiums without sacrificing valuable coverage.

Make Your Home More Secure

A house or apartment that’s equipped with deadbolt locks, an alarm system, and other security features is less likely to get broken into. That means the resident is less likely to file a claim, and the insurance company is less likely to have to make a payment.

If you upgrade your home’s security, your renters insurance company might reward you with a significant reduction in your premiums. Before you make any changes to the property, check your lease or contact your landlord to seek approval.

Bundle Your Insurance Policies

Insurers typically offer discounts to customers who purchase two or more policies through the same company. If, for example, you get both renters and auto insurance from a single company, you might reduce your premiums, saving you money.

Raise Your Deductible

Your deductible is the amount that you’ll be required to pay out of your own pocket before your insurance company will pay a claim for a covered peril. You can choose from several deductible amounts. Selecting a higher deductible usually means that you’ll pay lower premiums.

Before you raise your deductible to save money each month, make sure that it’s an amount you’ll be able to afford. You should have at least that sum in a savings account or another place where it will be easily accessible.

Compare Quotes from Different Insurance Companies

If you get quotes from a handful of insurers for the exact same types and amounts of coverage, you might be surprised by how much the numbers differ. Shopping around and comparing quotes is often one of the easiest ways to save money on renters insurance.

Even if you compared quotes before you took out your current policy, it’s a good idea to check again each year. Insurance companies change the ways that they calculate premiums, and another insurer might offer you lower rates. Contacting several insurance companies to get quotes can save you money, but doing it yourself can be a time-consuming process. Petruzelo Insurance can make things easier by quickly getting you quotes from several top carriers. Contact us today to get help lowering your renters insurance premiums.