The demand for rental properties across the country has never been so high. It seems that more people are renting than ever before, which means that your ability to find an apartment or unit that is right for you is even harder.
All across the country, there are millions of people who are on waiting lists for apartments because demand is so sky-high. This means that many people are left out in the cold, having to settle on a location they aren’t truly happy about because their first option is all booked up.
Moving into an apartment isn’t always easy. There are obviously various expenses related to relocating, buying furniture, paying for utilities, and getting comfortable. And renter’s insurance is just one of the many things that you might have to pay for month after month.
While having renter’s insurance is a very smart idea for anyone who is living in an apartment, it’s more than just a benefit for some. For many, it’s actually a necessity. That is because many rental companies now require that those living on their properties pay renter’s insurance every month.
The good news is that, generally, renter’s insurance isn’t very expensive. Most people can pay for it for less than $20 a month. But that price is higher in some locations, and it will surely only go up in the years ahead. When you are renting, there are so many things you have to pay for, so why wouldn’t you want to save some money on your renter’s insurance?
What are some of the best tips to follow if you want to save some cash when affording your monthly renter’s insurance?
Bundle Your Insurance
Over the last few years, numerous insurance companies have had the brilliant idea of bundling their insurance policies together. If you are buying car insurance from a company, you can also get your renter’s insurance from them too.
This makes perfect sense for insurance companies because they are going to get more money out of their customers. That means that they will be more than willing to show you all the options you have when you are thinking of bundling your renter’s insurance with something else.
You should consider yourself a potential customer when you are asking about bundling. Let the company of your choice woo you and win you over with tantalizing offers, discounts, and more. They want your money, so you should make them work for it.
Modify Your Plan
Did you know that if you’re on a tight budget, you can actually modify your renter’s insurance plan so that you don’t have to pay as much month to month?
It’s true, there are countless insurance companies that are willing to adjust your policy so that it doesn’t hurt your pocket book and bottom line as much. For example, you can adjust the deductible associated with your plan so that you pay less monthly.
A deductible is the amount that you will pay before your insurance company starts paying. Therefore, if you want to take a risk and have a higher deductible, you will pay less right away with your monthly fee. Of course, you will not have as good of coverage with a higher deductible, meaning you will pay more out of pocket if something bad happens to your home. But it’ll definitely lighten the load on your monthly expenses.
If you are thinking of changing your deductible, make sure that there hasn’t been a slew of crimes in your area recently. Also, make sure that you have security features in your apartment, such as a doorbell camera to keep criminals away. Once you are sure that you have set yourself up for a safe home, feel free to adjust your policy and save some money.
Use Automatic Payments
There are now many companies, insurance and otherwise, which will cut you a slight discount if you sign up to use automatic payments every month.
The reason why they do this is totally clear from a business perspective. When someone agrees to automatic payments, the company is ensured that they will get paid an amount and don’t risk the client missing a pay date. Because of that, they might take a few dollars off of your monthly bill as an incentive.
Now, not all insurance companies do this, so you’ll have to check with who provides your policy and see what sort of discounts they can give you. Automatic payments will take the money out of your account every month, typically on the same day, and will do away with the hassle of you calling in, showing up in person, or logging onto a website.
While you are inquiring about automatic payments and any discounts they provide, be sure to check in with your renter’s insurance company about other savings you might get. Perhaps they give discounts for students, military members, or other classifications that you fall under. You don’t know unless you ask.
Just like with other types of insurance, smoking definitely doesn’t help you if you are trying to have an inexpensive plan.
Health insurance plans will cost more if you smoke because of the amount of money the insurance company will eventually pay because of health matters. Similarly, renter’s insurance will also charge you more if you’re a smoker.
This is not only because smoking can do damage to the walls and carpets of your home but also because it can start a fire and do a great amount of destruction to your apartment living space. While there are many apartment complexes that do not permit smoking, insurance policies will still charge you more if you’re a regular smoker.
For this reason, and many others, it just makes a lot of sense that you give up smoking before you move into a new apartment. It’s a nasty habit that you should be quitting anyway, especially if you want to keep your money - and your health.
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