Living in an apartment can be very secure and provides additional peace of mind, especially if your building has a doorman or security cameras throughout the property. Renter’s insurance protects your rented home just as homeowners’ insurance protects a home you own. There are many ways to keep your property protected and save money simultaneously. With the right renter’s policy, you will also get peace of mind. The key is making your policy as affordable as possible.
Increase Your Deductible
The quickest way to lower your monthly premium is to raise the amount of deductible you will pay if an event occurs that requires you to file a claim. Increasing your deductible will raise your out-of-pocket expenses and lower your monthly premiums, making them more manageable on a much tighter budget. You can also lower your premiums if you choose to pay one lump sum each year instead of twelve monthly payments.
Check for Discounts
You may qualify for certain discounts related to safety. Living close to a fire station and having a centralized alarm system throughout the building is a plus. Having a smoke alarm and fire extinguishers are beneficial as well. Many apartment buildings hire doorman and security guards to ensure their residents are fully protected from unwanted intruders. All these factors can provide you with discounts.
Bundle Your Policies
If you have a car or motorcycle, you can bundle your policies for an additional discount. Combining all of your policies into one bundle means less paperwork, and all of your premiums are rolled into one. With less paperwork, your policies are easier to understand and more convenient to file a claim. The more policies you have to bundle, the easier they are to manage.
Insure Expensive Items Separately
If you have expensive items, it may be more cost-effective to insure each one separately and then bundle all of them together. This ensures that you can get sufficient coverage for all of your items. Expensive items will not be properly covered if you don’t report their accurate value. This may mean that you have to purchase a supplemental or endorsement policy to ensure you have the right amount of coverage.
Install a DIY Security System or Surveillance Cameras
Installing a DIY security system or surveillance camera will offer you an additional level of protection. If you buy a system and install it yourself, you can take it with you when you move. The right system will allow you to identify any potential problems and take care of them quickly and expeditiously. Most DIY security systems can be accessed by using an app on your smartphone or tablet.
Just because you are living in an apartment or rental property, it doesn’t mean that you can’t fully protect your personal possessions. Renter’s insurance also offers liability coverage. If you have any questions regarding renters’ insurance, contact us today. At Ron Young Insurance, we will work with you to ensure that you get the right coverage to protect your financial future.