2torial #0641:
Learn2 Buy Renter's Insurance (continued)

Get the best price

There are several ways you can reduce the price of your premiums.

Shop around. Naturally, once you've found several insurers with good reputations for customer service and financial reliability, you should look at their prices on comparable policies.

Install protective devices. A house or apartment with measures of protection against fire and theft will cost less to insure than the same dwelling without. Insurance companies may also give you a break if you attach electronic identification devices to your computer, television, and other valuables. Ask your agent about these devices.

Find out about group coverage. As previously mentioned, you may be able to combine your renter's policy with another policy (like auto) or, if you're a student, seek coverage under your parents' policy. You may also be eligible for a break if you belong to a professional or alumni association. Ask potential insurers.

Ask about age-related breaks. Many insurers offer discounts to those who are over age 50 and/or retired.

Choose a higher deductible. The deductible is the amount you'll have to pay toward insured damages before the insurance company starts paying on a claim. If it's high (say, $1,000 U.S.), you'll pay the first $1,000 against any covered damage. Because you're sharing so much of the risk, your premiums will be lower.

You're the best judge of how much risk you want to take on yourself and how much you want to pay the insurer to bear. In any event, buying renter's insurance is a wise financial decision, and it should afford you some priceless peace of mind, too.

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