Renters insurance is already one of the most affordable types of coverage, but that doesn’t mean you can’t reduce your premium even further. With smart adjustments and the right discounts, you can significantly lower your renters insurance costs while still keeping strong protection for your belongings and liability. This guide breaks down the most effective ways to save money on renters insurance.
Compare Quotes From Multiple Companies
Renters insurance prices vary widely—even for identical coverage.
Rates are influenced by factors like:
- Your ZIP code
- Building age and safety features
- Your claims history
- Company pricing models
Get three or more quotes from reputable insurers and compare the same coverage limits, deductibles, and add-ons.
Increase Your Deductible
Your deductible plays a big role in your monthly premium.
- Higher deductible → lower monthly cost
- Lower deductible → higher monthly cost
Raising your deductible from $250 to $500 or $1,000 can reduce your premium significantly.
Just make sure you can comfortably afford your deductible during a claim.
Bundle Renters and Auto Insurance
Bundling is one of the easiest ways to save. Most insurers offer 10–25% discounts when you combine renters and auto insurance under the same provider.
Added benefits:
- Single monthly payment
- Simplified renewals
- Potential loyalty discounts over time
Take Advantage of All Available Discounts
Most renters qualify for discounts without realizing it. Common savings include:
- Claims-free discount
- Autopay or paperless billing
- Good credit discount (in many states)
- Multi-policy discount
- Loyalty discount
- Safety device discount
- Senior or student discounts (depending on provider)
Ask your insurer for a full list of all eligible discounts—you might discover several you can apply immediately.
Improve Apartment Safety and Security
Insurers reward renters who reduce the risk of theft or damage.
You may qualify for discounts if your home includes:
- Smoke detectors
- Fire alarms
- Sprinklers
- Deadbolt locks
- Smart home monitoring
- Video doorbells
- Burglar alarms
- Gated access
Even small security upgrades can reduce premiums.
Only Pay for Coverage You Actually Need
Renters insurance policies include:
- Personal property coverage
- Personal liability coverage
- Medical payments
- Loss of use (additional living expenses)
You may be able to adjust your policy if:
- You don’t need high personal property limits
- You live alone and need less liability coverage
- You don’t own high-value jewelry or collectibles
- You want to remove optional endorsements you don’t use
Just be careful not to remove essential protection.
Maintain a Good Credit Score (Where Allowed)
In most U.S. states, insurers use credit-based insurance scores to calculate rates.
To keep costs down:
- Pay bills on time
- Keep credit card balances low
- Review credit reports for errors
- Avoid frequent hard inquiries
Better credit can lower your renters insurance premium over time.
Avoid Filing Small Claims
Small claims may raise your premium for years—costing far more than the payout.
Examples of claims not worth filing:
- Minor stolen items
- Low-cost water damage
- Small accidental breakage
If the damage is close to your deductible, it may be smarter to pay out-of-pocket.
Ask About Higher Liability Limits (Sometimes Cheaper Than You Think)
Oddly enough, increasing liability coverage from $100,000 to $300,000 often increases your premium by only a few dollars per year.
Sometimes insurers offer better pricing on higher-limit packages, so review your options—this can improve coverage without significantly affecting cost.
Review Your Policy Annually
Your insurance needs change over time.
Update your policy when you:
- Move to a new apartment
- Add a roommate
- Buy new valuables
- Declutter or downsize your belongings
- Install new security devices
Annual reviews help ensure you’re not overpaying or underinsured.