A renter’s insurance is a necessity when you rent a house or an apartment. Many people don’t consider their landlord has only insurance for the building and not for all your belongings like television, computer, DVD player, clothes, jewelery, furniture and many valuable things.
In case of fire or if something is stolen or damaged, all these belongings are lost if you don’t have a renter’s insurance. It makes sense to look for this particular factor too, when searching for the best rated investment properties in Singapore. The reason for the need of a renter’s insurance is not difficult to understand and however these kinds of insurances are mostly not expensive; there are many ways to save on your renter’s insurance.
Shopping around is probably the most important action you can take for saving on your renter’s insurance. Compare the quotes of different companies and find out the most suitable for you. Insurers are likely to give you some reduction if you have several insurance policies like a car policy by the same company. Also automatic payments will reduce your expenses. If you allow your insurer to directly withdraw your monthly payments from your bank account, they will reduce your expenses with a few dollars each month.
Online shopping can save you money and is often the fastest way to compare rates. There are even insurance compare sites that give the possibility to compare renter’s quotes of different companies. If you fill in the necessary information; the site gives you a calculation about the premium in several companies and you will notice the differences are often higher than you expect. It is not unusual to save more than 40% on your renter’s insurance.
Raising the deductibles of your renter’s insurance can give a high profit. A large deductible will prevent you for using your renter’s insurance for small claims. Most of them add a surcharge from 10 to 75% dependent on the quantity of claims during a certain time period. When you raise your deductibles to a higher amount you can save a higher percentage on your premium but be sure you can afford to pay the higher deductible if something would happen. Consider good about the consequences because if the deductible is into your savings, the premium can lead to a greater loss in the money which you get from your insurance company in such circumstances.
An insurance company want always to limit the risk of paying. They are likely to give you some deductions if you pay attention on certain safety risks. Smoking is the highest risk factor for many risks and not only for your health. It is also a risk factor for fire in your house or apartment. Most insurance companies will reduce the premiums if nobody of the persons living together with you in your house or apartment smoke.
Installing some safety and security devices in the house or apartment you rent is a good decision and can give some discounts on your renter’s insurance premium. Smoke detectors, an alarm system, dead bold locks on every door and window, a sprinkler system and a fire extinguisher in the house or apartment you rent can reduce your premium in many cases. The reason is very simple: a safer house or apartment decreases the risk of fire and reduces the risk insurance companies need to pay.
Your credit rating is always important if you want a lower cost of every policy you possess. It is not different with the policy of a renter’s insurance. Your company need to be sure you can pay your bills. If you have a good credit rating you don’t have anything to fear, otherwise it would not be easy to find an insurance company for a renter’s insurance. Maintaining a good credit rating is an important factor if you want to limit the cost of your premium.
Some insurance companies offer also discounts to people reaching retirement age. Sometimes you can find discounts of 10% for these people. These discounts are called “senior rates”. Regularly revision of your policy can save you much money because this discount is only applicable if you are at least 55 years old. Age differences for senior rates are possible between different companies.
An annual revision of your policy is always a good idea. You can make some adaptations to your policy for enjoying some additional benefits or increasing the amount of coverage. A higher value of your belongings means you need to increase the amount of coverage; otherwise the risk will exist your insurance company doesn’t pay enough for the damage you have. Some companies will also give you some discounts when you stay with them for several years.
Finding out how you can save on your renter’s insurance is a lot of research but you can save a lot of money. Take the one with the cheapest premium and giving the coverage you want. Pay attention to the good reputation of the insurance company and you can save yourself a lot of problems and keeping more money in your pocket!
David Robson is the founder of Complus Alliance. He has been writing about different topics for almost 10 years. He’s main focus is delivering quality insights to a wide array of audience.