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Step 1
Check with your employer or Human Resources Department to see if they have access to a group type of policy. Often they will have an agreement with a certain insurance provider to give a discount to its employees if it can be the exclusive provider for that company. You can save even more by paying your premiums automatically through the payroll deduction method. They can provide more information or a website that you can visit to learn more and get plan quotes.
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Step 2
Change your deductible to a higher level or different coverage if you already have renter's insurance. Take stock and inventory the items you own. Consider dropping extra riders on your policy, especially if the items are older or have decreasing value. Consolidate your items and donate some no longer needed items to charity, especially if you are paying for extra coverage on a storage facility.
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Step 3
Update your information and items frequently and call the insurance carrier to let them know. If you have moved, this is especially important as your insurance premiums could become cheap if you move to a different zip code or a lower risk area as determined by the renter's insurance company.
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Step 4
Go online and get quotes from different providers, even if you receive coverage on a plan through your employer. It does not hurt to check out the current rates and what you get for that money. You could stumble on a cheap renter's policy without even trying (see Resources).
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Step 5
Call around and verify the present rates and wait for quotes by mail if that is all that is offered by the renter's insurance provider. Never switch policies until you have a new one in place. If the insurance company insists, allow them to pull your credit report. This could also result in cheaper renter's insurance rates for your family. Be willing to provide proof of employment and financial documents as warranted by the insurance company.
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Step 6
Combine your renter's insurance with marine, auto, health or a motorcycle insurance plan. You can get a cheaper renter's insurance policy without changing companies just by taking this simple step. Most insurance plans will ofter discounts for multiple policies.
