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Cheap Renters Insurance
Before you can begin looking for cheap renters insurance, you have to define what you need. The amount of personal property and liability coverage you need will vary depending on the size of your family, your financial situation and other personal details, which means that the amount of coverage needed will be different for any two people. Here are some suggestions for getting cheap renters insurance without sacrificing your family's security. Make a Home Inventory Begin your search for cheap renters insurance by creating a video home inventory of your possessions. This will help you determine how much coverage you need, and will later serve as your proof of ownership, along with your receipts, of the items you insure. One of the most common errors people make when they buy renters insurance is buying a policy that is insufficient for their needs. Make sure that you are buying enough coverage, and that the policy you purchase will pay replacement value rather than actual cash value. Replacement value coverage will mean slightly higher premiums, but the alternative is that you have to pay a large portion of the replacement costs out of pocket if you suffer a loss. Factors to Consider There are a number of factors involved in determining your renter's insurance premiums. Your credit score is an important one, and scores of 650 or higher will get your lower premiums. Your occupation and education level are also taken into consideration with discounts offered to those who hold a Bachelor's degree or better. Even the location of the property you are buying insurance for will have an effect on your costs, as the rates increase for areas that have higher crime rates. Your age is another factor that you don't have control over, but if you are a senior, you may be eligible for special discounts for your policy. Increase Your Deductible If you increase the amount your willing to pay towards a claim before your insurance company has to reimburse you, you'll be able to reduce your monthly renters insurance rates. Before doing this, be sure that you're comfortable with your resulting deductible or else you may wind up paying more out of pocket for a claim than you want. Do You Smoke? Then Quit. Smoking has been found to be one the leading causes of residential fires and some insurance companies will charge you more if you're a smoker. Quit today and call your insurance agent. Shop Online Use the Internet to help you find cheap renters insurance. By getting renters insurance quotes from a website like ours that matches you with several local agents, you can look at how one policy stacks up to another without surfing all over the net or spending your day making phone calls. Be sure to research the companies you are interested in thoroughly before you sign up for coverage, including reading insurance ratings and reviews. Review Rates Every Year Throughout the year, you'll most likely either get, replace or get rid of at least one item of value. Reviewing your renters insurance policy each year will ensure that you are covering all of the items in your home as well as ensuring you're getting the best rates. Also, if your lease is up and you move, you should compare renters insurance rates from different companies rather than staying with the same one just because it's easier. Ask Your Agent About Loyalty Discounts If you do stay with the same company year after year, you are typically entitled to receive discounts between 5-10% depending on the company and length of time you've been insured. If you don't speak up, you could be missing out on savings. Be More Loyal by Buying Car Insurance from the Same Company If you bundle your car insurance policy with your renters insurance, you can typically save more money than if you were to buy them separately. This isn't always the case so you need to do your homework for each insurance type. Make Improvements to Your Home Installing theft deterrent devices such as dead bolts and window locks as well as safety devices such as smoke detectors and fire extinguishers will not only make your home safer, it can also have a nice downward affect on your insurance rates. About the Author: John Cain is an avid writer and content specialist for US Insurance Agents. John authors articles and other content for the company's insurance websites. Google+