If a person is a tenant in a condo, house or apartment, buying Renters insurance in Harrisburg PA is a good way to protect personal property. This coverage can be costly in some cases, but it may help to think of it as an investment. Below are some tips that can help renters lower their monthly premiums.
Get a Higher Deductible
An insurance deductible is an amount a policyholder pays before an insurer will cover damages. By raising the deductible, the renter pays a lower monthly premium. Additionally, high deductibles discourage people from making small claims. Insurers raise fees after the first claim, and it’s best to wait until a loss is significant enough to meet the deductible.
Install Deadbolts
Most home insurers will give renters a discount if the residence comes with deadbolt locks. These are relatively cheap, but they are worth getting to save on insurance. Be sure to install deadbolts on all doors, because that’s the only way to get a discount on renter’s insurance.
Smoke Detectors
Although most apartments have smoke alarms, some don’t. Claims arising from fire damage are very costly for renters and insurance companies, so insurers offer discounts for those who install even one alarm on a permanent basis. If there are already smoke alarms in the apartment, the renter will pay less each month for coverage.
Security Systems
This tip is perhaps the most effective. Alarm systems, motion-activated lights, locks and other measures go a tremendous way in decreasing insurance liability. The greatest reductions in price come when an apartment has a security system which can call the local fire department and police directly.
Replacement Value vs. Cash Value
In a replacement value policy, the insurer pays an amount equal to the damaged property’s original value. However, an actual value policy considers depreciation when determining the amount to be paid out. These policies are less expensive, but they can leave a renter struggling to afford the replacement of their belongings.
Renters insurance in Harrisburg PA can mitigate the cost that comes with the loss and damage of property. By considering the above tips when purchasing a policy with Farnham Insurance, a renter can lower the cost of monthly premiums while still getting the coverage they need.
