Ways to save on insurance

Renter's insurance generally is considered a good deal, but experts say there are factors that could save you more. Here are a few, according to the Web site About.com:

• Car/renter's discount: Insuring your car and apartment with the same company often will give you a package discount.
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• Deductible: Raising your renter's insurance deductible can lead to substantial savings. Furthermore, it is best to have a large deductible to prevent you from using your renter's insurance for small claims since many renter's insurance companies are now adding a surcharge to as little as one claim, and surcharges can range anywhere from 10-85% depending on how many claims you file during a given time period.
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• Security systems: Special burglar alarms and window locks can prevent losses and therefore make your apartment less of an insurance risk. Most any type of security system will help give you a discount, but the type that directly responds to local police and fire departments are most likely going to give you the most discount on your renter's insurance quote and policy.
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• Dead bolt locks: Most agents will ask you this, but check again to make sure you are not losing a discount if you already have them. If you don't, it is well worth it. Dead bolt locks are very inexpensive compared to the possible renter's insurance savings, but make sure all of your doors have them because usually the discount only applies if there are dead bolt locks on every door.
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• Smoke alarms: Preventing a fire loss is important to you and especially to your renter's insurance company. Claims due to fire are very expensive and renter's insurance companies often will give an additional discount for even one fire alarm permanently fixed in the apartment.
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• Sprinkler system: The presence of a sprinkler system may yield a further discount.
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• Non-smoking household: Insurers are trying to cut costs, too, so they are looking for people to insure that pose the least risk. Since a lot of accidental fires are caused by smokers, renter's insurance companies are often giving a renter's insurance quote and policy discount for non-smoking households.
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• Organization affiliation: Many renter's insurance companies offer a discount for being affiliated with certain organizations. These can range from credit unions, college sororities, or just having a certain credit card.
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• EFT payments: Many companies are now charging up to $5 or more for mail payments, but sometimes nothing if you choose to have payments automatically deducted.
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• Credit rating: Yes, a lot of renter's insurance companies are checking your credit and basing your policy on what is found. Make sure you check to see if your credit is in good shape, and if it is not, you may want to seek out companies who do not do credit checks.
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• High risk property insurance: Check with your state insurance commissioner if you feel you may be getting turned down for renter's insurance or are paying ridiculously high premiums because your property may be a high risk such as in a high crime area. Your state may have a renter's insurance plan especially for your high risk property.
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• Additional discounts: There are many additional discounts that may be available such as a reduced senior rate or being in a gated apartment community. Make sure to sit down with your agent on a regular basis, preferably right before your policy renews, to see if there are any additional discounts available to you.
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• Shop around: When shopping for your renter's insurance quote, make sure to find out if you are getting a six-month or yearly renter's insurance quote. Shopping around with different renter's insurance companies can be one of the single best ways to save on your renter's insurance.