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There are a lot of ways you can save on your renters insurance, including taking advantage of many of the same discounts that are offered to homeowners.

“Renters insurance is almost identical to homeowners, the only difference is that you’re not paying to insure the structure in which you live,” says Jeanne Salvatore, senior vice president for public affairs at the Insurance Information Institute.

As a result, you can save on renters insurance in much the same way a homeowner can save on their insurance. Below we’ve outlined 10 ways to get cheaper renters insurance.

Key Takeaways

  • You can get a lot of the same discounts on renters insurance that are offered on homeowners insurance, like bundling discounts and safety discounts.
  • A higher deductible means lower renters insurance rates; just choose a deductible you can afford.
  • Shopping around is the best way to save on renters insurance; depending on the coverage you choose, youcould save up to $329 a year.

How to get cheaper renters insurance

Looking to save on your renters insurance policy? Check out the tips below to get the best deal.

1. Shop around

Check with several different renters insurance companies to get rate quotes. The price of a policy will vary significantly among insurance companies, because they all use different formulas when calculating costs for coverage. That means you can save by comparing rates among the best renters insurance companies and choosing the lowest rate.

Rates also vary based on coverage amounts, your credit history, and where you live. The average renter pays $246 a year,  based on an rate analysis for a renters policy with coverage levels of $40,000 for personal property, a $1,000 deductible and $100,000 of liability.

Check the table below to see how much you can save just by comparing renters insurance rates. It shows the difference — or savings — between the highest and lowest rate fielded, average based on rate quotes from 148 companies for various personal property coverage levels, combined with deductible and liability options.

Coverage levelHighest rateLowest rate$ savings% savings
$20,000 with $500 deductible and $100,000 liability$291$145$146101%
$20,000 with $500 deductible and $300,000 liability$321$156$165106%
$20,000 with $1,000 deductible and $100,000 Liability$269$133$136102%
$20,000 with $1,000 deductible and $300,000 liability$298$143$155108%
$40,000 with $500 deductible and $100,000 liability$417$198$219111%
$40,000 with $500 deductible and $300,000 liability$451$209$242116%
$40,000 with $1,000 deductible and $100,000 liability$387$184$203110%
$40,000 with $1,000 deductible and $300,000 liability$421$195$226116%
$60,000 with $500 deductible and $100,000 liability$567$243$324133%
$60,000 with $500 deductible and $300,000 liability$609$255$354139%
$60,000 with $1,000 deductible and $100,000 liability$528$229$299131%
$60,000 with $1,000 deductible and $300,000 liability$570$241$329137%

2. Raise your deductible

The deductible is the amount of money you have to pay toward a loss before your insurance kicks in. Typically, renters insurance deductibles start at $500.

Increasing your deductible also saves you money on renters insurance. However, you should make this move with caution. Make sure you can afford to pay the deductible if you need to.

The table above shows a wide variety of coverage levels with different deductibles. On average, raising your deductible from $500 to $1,000 saves $22 a year, but the savings vary by company and coverage level.

3. Maintain a good credit rating

Having a good credit rating is one of the best ways to lower the cost of any policy. An insurance company screener will want to know not only how well you pay your bills, but insurance companies use this tool as a predictor of your likelihood to file a claim. In most states, insurance companies can use credit as factor in calculating your rates.

4. Buy your renters and auto policies from the same company

Many companies will give a multi-line discount, more commonly called a bundling discount, if you buy both renters insurance and auto coverage from them.

Here’s a look at the average discount percentage from top companies for a renters and auto bundle.

Company Average renters and auto bundle discount
State Farm6%
Farmers Insurance8%
American Family5%

5. Install safety and security devices in the apartment

Some companies will look favorably on you if install smoke detectors, a fire extinguisher, a burglar alarm, and dead bolt door locks and window locks in your apartment. Ask the landlord to install these items if you live in a state in which these items aren’t required. Few companies would ask for anything more than a statement from you saying these items are included in the apartment.

6. Stop smoking

Smoking is the No. 1 cause of residential fire deaths. Some insurers offer to reduce premiums if no resident of the apartment smokes.

7. Look for senior or retiree discounts

Insurance companies have found that retired people stay at home more and spot fires sooner than working people. If you’re at least 55 years old and retired, you might qualify for as much as a 17% discount. Here’s a look at some of the available discounts. Note that some of these companies are regional and not available in all states.

Company Average retiree discount
Farm Bureau Mutual Ins Co of AR13%
Franklin Mutual8%
Georgia Farm Bureau9%
NYCM Insurance5%
Ocean Harbor9%
United Insurance Holdings16%

8. Look for group coverage

Large employers and alumni and business associations often work out deals with insurance companies which include discounts for employees and members.

9. Stay with an insurer

If you’ve kept your coverage with a company for several years, you may receive special consideration. Several insurers will reduce their premiums by 5% after you stay with them from three to five years, and some companies will discount you as much as 10% after six years.

10. Check your policy annually

You want your policy to reflect the value of your belongings. If you review your policy every year, you will be able to make the necessary adjustments. If you bought or sold expensive electronics, a computer or jewelry during the year, you may need to increase or decrease the amount of coverage for your possessions.

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Michelle Megna


Michelle, the former editorial director, insurance, at QuinStreet, is a writer, editor and expert on car insurance and personal finance. Prior to joining QuinStreet, she reported and edited articles on technology, lifestyle, education and government for magazines, websites and major newspapers, including the New York Daily News.