Renters insurance is probably the most affordable insurance among your daily life but can protect you from quite a lot of risks. Finding the cheapest one may not suit your best need, however, getting the best deal from a few favorite brands you want may be a better strategy than finding the cheapest no matter what the coverage or brand is.

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Most carriers provide various discounts for renters insurance as well just like for auto insurance. Although you can use tools like SafeButler to find out the discounts for you automatically, it’s always good to learn what standard discounts are available. This article shows you a list of most often used discounts.

discounts saving money

Multi-policy discount

If you purchase both renters and auto insurance from the same company, you may qualify a discount for the auto insurance. For instance, if your auto insurance costs you $1,000 a year and your Renters insurance costs you $150 with a bundle discount of 5%, your auto insurance will be $50 off as if you are paying $100 for your Renters insurance. However, this does not mean that buying renters and auto insurance from the same provider is always the optimized solution because a standalone renters insurance from some reputable carriers may be lower than $100 a year.

Secured home discount

If you have extinguishers, burglar alarms devices or you are in a gated community, you may qualify for the secured home discount. This averages about 5% from quite a few carriers.

Extinguisher

Claim-free discounts

Just like auto insurance is lower for accident-free drivers, renters insurance is also cheaper for claim free tenants. If you have never reported any claims before, you will qualify for the claim-free discounts from quite a few carriers.

Age discounts

Usually, for renters insurance, older people pay less than younger people for a similar property. So, if you’re a college student and trying to find a renters policy for your apartment near school, you probably will pay more.

Good Credit Discounts

A customer with a credit score higher than 700 can often get a better rate than those who don’t.

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Pay-in-full discounts

If the carrier supports both monthly and yearly payment, usually paying-in-full will give you a discount. In other words, if you choose to pay monthly, you should pay attention to the extra fee charged by your carrier.

Paperless discounts

A few carriers even provide paperless discounts. But more and more new insurance carriers do not offer it probably because the overall cost has already been saved.

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