If you’re buying renters insurance for the first time, here’s good news: Protecting your belongings generally costs less than protecting other assets like your car. Plus, there are ways to lower the price of your renters policy even more.
Consider a higher deductible.
Choosing a higher deductible—the amount you pay out of pocket when you have a renters insurance claim—could save you up to 25 percent (with a $1,000 deductible), according to the Insurance Information Institute (III).
Bundle, if you can.
Consider buying your renters policy from your auto insurer, if it’s an option. Many insurance companies, including Progressive, will discount property insurance for their auto customers. To see what you could save by bundling your renters and auto insurance with Progressive, get a quote.
Maintain good credit.
If you do, you might get a lower rate. Paying bills on time, only having as much credit as you need and keeping low balances all contribute to good credit, according to the III.
Consider replacement coverage.
Although choosing replacement coverage might not save you money upfront, it could save you big if your belongings are ever damaged beyond repair. Here’s why: With replacement coverage, your insurer will pay to replace your belongings instead of just paying you their current value.
Quote a renters policy today! Through Progressive Home Advantage®*, you can get renters insurance for as little as a $1 a day.
The information in this blog may vary based on your particular state or situation. Always refer to your insurance policy for your specific coverages.
*Progressive Home Advantage® policies are placed through Progressive Specialty Insurance Agency, Inc. with select insurers that it represents. These insurers are not affiliated with Progressive, are solely responsible for claims and pay PSIA commission for policies sold. Prices, coverages, privacy policies and PSIA's commission vary among these insurers. A quote from one of the insurers can be provided through this site. Click here for a quote from other insurers or more information about PSIA's commission.