Many make the mistake of thinking that a renters insurance policy is too big an expense to take on.
While it's true that coverage can be expensive, it's also true that if you know what steps to take to get discounts on it, it can actually be so affordable that securing coverage becomes a no brainer.
Follow the steps listed below and you could get renters insurance coverage for as low as $1 a month.
1) Get your policy with the same insurance company that you already have coverage with.
Do you have a car insurance policy? Do you have life insurance? If you already have any type of insurance policy, going through the same company will net you big savings, no matter what type of insurance you have through that company.
2) Raise your credit score.
I'm not sure why it is but insurance companies will give big discounts to people with high credit scores.
Speak to a credit counselor for help in improving your credit score and do everything you can to maintain it from this point on.
(It's a great thing to do for various other reasons anyway.
) 3) Go with the highest deductible possible.
Of course, if your personal effects are not super valuable, you may not want to go with the highest deductible because it wouldn't make sense to have to pay too much out of pocket for a low payout.
Figure out what your possessions are worth and choose the highest deductible that makes sense.
4) Secure your residence.
Things like burglar alarms, smoke detectors and deadbolt locks will go a long way in netting you big discounts.