How To Save On New York Renters Insurance
Article by David Williams
Here are questions that every renter should ask before selecting a New York Renters Insurance :How can I lower my premium?
Whether because of who you are – such as senior citizen or college alumnus – or what you do – employee, association member, etc – you may qualify for special group rates with many insurers. Non-smokers enjoy reduced insurance rates compared to smokers, since smoking is the most common cause of residential fire-related deaths. Quitting smoking will help your premiums and your health.
Protect your credit rating. Insurers use your credit-worthiness not only to assess your ability to pay your premiums, but also as a reliable indicator of your likelihood of filing a claim. The better your credit, the lower you premium will be.
Upgrade the security of your dwelling. This doesn’t have to be a major investment – it can be as simple as window locks and a fire extinguisher. But check with your landlord before undertaking any projects – they may be required to provide the security devices.
Review your policy every year. Any significant changes to the value of your dwelling or possessions should be taken into consideration. You don’t want to over- or under-insure.
How does the insurance company I choose affect my renter’s insurance premium?
Buying your renters insurance from the same company you buy your auto or other insurance from will often lead to added discounts.
Loyalty pays. Staying with the same insurer for years may mean added savings, depending on the company. Some insurers offer discounts after just three years, and some discounts can amount to as much as 10% after a while.
But if you’re looking for a new insurer, it pays to shop around. Ask for referrals from friends and relatives, and find out what they like and dislike about their renters insurance company.
How does the policy I select affect my renters insurance premium?
The deductible is the single largest determinant of the premium you pay. Consider carefully the maximum amount you could pay out of pocket if you were to have a claim. For instance, raising your deductible from 0 out of pocket to 0 will lower your premium up to 12%. Raising the deductible higher will significantly reduce your premium.
Your New York renters insurance policy will give you peace of mind that your home is protected. Doing the research before buying will give you the financial peace of mind that comes with a prudent decision.
An independent insurance agent will gladly assist with comparing several renters insurance companies.
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