How To Get a Discount on Renters Insurance

You can typically qualify for renters insurance discounts by meeting specific requirements, such as holding multiple policies with the same insurer, paying on time or installing security devices to reduce the risk of making a claim. Discounts and other methods can help lower your premium on your renters policy, resulting in monthly savings you may already qualify for.

Keep reading to learn what types of discounts you can get on your renters insurance coverage and tips on how to get them.

On This Page

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  Common Types of Renters Insurance Discounts

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  How Else To Save on Renters Insurance

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  Tips To Get Discounts on Renters Insurance

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  FAQs

Common Types of Renters Insurance Discounts

Below are a few examples of renters insurance discounts you may qualify for with various insurance companies.

Protective Device Discount

If you’ve installed or are considering installing a protective device in your rented home or apartment, you may be eligible for a renters insurance discount. Depending on the device, these systems can be critical in reducing theft from burglaries or personal property damage from fires. With a lower risk of making a claim on your renters insurance, many providers offer savings for adding extra protection.

Some protective devices that may qualify for discounts include:

• Installing a burglar alarm, doorbell camera, deadbolt locks or another home security system
• Keeping properly working safety devices, such as fire extinguishers
• Installing smart home devices that can alert you or authorities in the event of a fire

Multi-Policy Discount

You can often earn a multi-policy, or bundle, discount when you hold multiple policies from the same insurer. For example, you might bundle your renters and auto insurance policies, which could help you save up to 5%, depending on the insurance company.^[1]

Some policies you may be able to bundle with renters insurance include:^[2]

• Auto insurance
• Umbrella insurance
• Business insurance
• Life insurance
• Motorhome insurance
• Recreational vehicle insurance
• Boat insurance

Depending on the policies offered by the insurer, you may not have the option to bundle your renters insurance. If you cancel the policy bundled with your renters insurance, you will likely lose access to this discount, so it’s important to factor this in when switching or ending policies.^[3] For example, if you cancel your auto insurance to switch to another insurer with better rates, you may pay more overall due to the lost savings from a multi-policy discount.

Claims-Free Discount

If you avoid making a renters insurance claim for a certain length of time, your insurer may reward you with a claims-free discount. For example, Liberty Mutual offers this discount if you’ve avoided making a claim with them or any previous insurer for at least five years.^[4] Keep in mind that the length of time necessary to qualify for this discount can vary between insurers.

Additionally, if you make even a single claim, you risk losing this discount.

Early Shopper Discount

Getting a quote for a new policy and enrolling before your current term expires could result in a discount on your renters policy. In some cases, this may also apply when switching to a different insurer. For example, if you’re shopping for a new renters insurance policy, you may earn a discount for enrolling early.

Automatic Payment Discount

Setting up an automatic payment for your monthly premium could result in savings. You can usually schedule automatic payments directly from your bank account, so you don’t have to worry about missed payments on your insurance.

Online Purchase Discount

Purchasing your renters insurance through the provider’s website could result in savings. For example, Liberty Mutual offers a discount of up to 10% on policy enrollment if you apply online.^[4]

Loyalty Discount

Some insurers, such as American Family, offer discounts for remaining enrolled in a renters insurance policy for at least one year. They may also provide a generational discount for young renters between the ages of 18 and 30 whose parents are existing policyholders.^[5]

Paperless Discount

Notices about claims, policy documents and upcoming payments can add to an insurer’s costs over time when sent by physical mail. Opting to receive updates and notifications by email, website or text may result in savings on your policy.

Pay On Time Discount

Consistently meeting premium payment deadlines is often rewarded with lower premiums, as insurers may see this as a sign that you are a stable and responsible policyholder. For example, Farmers offers this discount if you avoid late fees, missed payments and returned checks for at least the previous 12 months.^[2] However, requirements may vary among insurers.

Retired Seniors Discount

Retired senior renters may be eligible for a discount on their renters insurance. For example, Allstate offers up to 25% savings for renters who are 55 or older and not actively seeking full-time employment.^[6]

How Else To Save on Renters Insurance

In addition to discounts, there are other ways to save on renters insurance. For example, you could increase your insurance deductible. A higher deductible means taking on more of the financial burden when making a claim, but it typically results in a lower premium.

However, be cautious about setting your deductible too high, since it could create financial strain if you need to file a claim in the future.

You could also consider adjusting your coverage limits. For example, lowering the cap for personal liability coverage, personal property coverage, medical payments coverage and additional living expense coverage often results in a lower premium. The tradeoff is that you would only receive reimbursement up to your limits, minus your deductible.

While reducing coverage may seem ideal if you rarely or never make claims, renters who own many valuable personal items, live in a high-risk area for theft and vandalism or have limited finances to cover a potential loss may want to avoid lowering their coverage limits too much.

Tips To Get Discounts on Renters Insurance

Below are a few tips to help you find discounts on your renters policy:

• Check if you can bundle insurance under the same company
• See if any safety devices you have installed qualify for a discount, or research ones that you may want to add
• Set your policy for paperless and make your insurance purchase online
• Ensure you pay your monthly premium on time by enrolling in automatic payments
• Shop around early and often to take advantage of all potential discounts for renters insurance