There are many reasons why you should purchase insurance for your apartment. It is important to note that your landlord’s property insurance only covers losses or damages to the building itself. Having your own tenant insurance will protect you and your belongings in case of a fire or any other peril listed in the insurance policy document. Below are some important tips to consider when purchasing apartment insurance:

1. Compare quotes

One of the first things to do when looking for apartment insurance is to compare quotes. There are many insurance companies offering apartment insurance. Each one of them charges premiums differently. It would be a good idea to get a list of several insurance companies and compare their rates. However, you should also consider other factors such as credibility before choosing one.

2. Bundle policies to save

Bundling policies is one of the best ways to save money on renters insurance. This means combining several types of insurance policies into one. For example, if you own a car, you can bundle your auto insurance together with apartment insurance as a way of reducing the cost of monthly or annual premiums. Most insurance companies allow this arrangement to attract customers. You can talk to your insurance agent to offer more guidance on the type of insurance policies that can be bundled together. It is possible to save up to 20% off the cost if your insurance company provides discounts for bundling services.

3. Ask about discounts

Although apartment insurance is relatively cheap, you can still save a few dollars by leveraging discounts normally offered by insurers. Apartment insurance discounts normally differ depending on individual insurance companies. It is important to talk to your insurance company to find out if they are offering any discounts. Some insurers will reduce the cost of premiums if they find certain things like deadbolt locks and smoke alarms already installed in your apartment.

4. Get the optional credit check

This is another great tip for those looking for apartment insurance. Property owners and insurance companies are always interested to know about your credit score before renting out or insuring your apartment. One way of getting a better deal on your apartment insurance is to conduct a credit check in advance. This will give the insurance company confidence about your financial status and they might offer you a lower premium rate.

5. Pay annually

You can pay your apartment insurance either monthly, biannually, quarterly or annually. Paying monthly requires that you have a regular source of income. The monthly insurance premiums are slightly higher compared to annual payments. You will save a considerable amount of money if you decide to pay your apartment insurance annually. The insurance company will require you to deposit a lump sum before operationalizing the cover. Talk to your insurance agent to find out which payment plan offers maximum saving benefits.

In a nutshell, the importance of apartment insurance cannot be overemphasized. Apartment insurance is meant to protect your belongings as well as your personal liability. Covered events include windstorms, explosions, hail, vandalism, theft, and weather related incidents.