When hunting for a renters insurance policy you need to consider:

• The policy premium – the amount you’re required to dish out to the insurance company each year.

• The deductible – the amount you have to pay before your insurance kicks in when you make a claim.

The premium depends on a bunch of factors: the amount of property that you’re covering, the insurance company, where you live, and whether or not your apartment has smoke alarms or security devices. If you live in a costal area prone to hurricanes, or if you live in a city with a high crime rate, your premium will be higher to account for the greater chance that your belongings will suffer damage or disappear.

Most insurance providers will let you opt for a lower premium if you accept a higher deductible. Your policy will cost less because you’re taking on more risk yourself.

Be sure to ask a potential insurer about all of their available discounts. Having security systems, fire extinguishers, smoke detectors, dead-bolt locks, sprinkler systems and other such safety devices might help knock the premium down a bit. If your rented space isn’t fully equipped with these devices, apply a bit of friendly pressure on your landlord to add some of them.

Also, you may get a discount if you open a renter’s insurance policy with the same company that handles your auto insurance. Check in with your current insurance provider.

Want to Know More?

• What is Renters Insurance?
• Do You Need Renters Insurance?
• Grilling Guide: Questions to Ask Before Buying Renters Insurance