This can be as simple as installing alarms and locks. Unexpected occurrences such as fire, theft, lightning, and smoke can swiftly and completely demolish all of your belongings. According to the Insurance Information Institute, with renter’s insurance, thousands of dollars worth of damages might be replaced for as little as $200 per year.
In light of the affordability of renter’s insurance, it may surprise you that according to a 2006 Insurance Research Council poll, less than half of U.S. renters are in possession of renter’s insurance. A 2009 study notes that 14-percent had insurance in the past but didn’t renew their policy because of the economic downturn.
If you’re one of those people who didn’t renew your policy in an effort to save money, you should know that many insurers offer discounts based on the features of your home.
Discounts on Renter’s Insurance
Major insurance companies like State Farm, GEICO, and Nationwide give discounts to renters who install and activate burglar alarms. A 2009 Rutgers University study conducted at their School of Criminal Justice demonstrated that active burglar alarms not only deter thieves from the subject home but from neighborhood homes as well. Ask your insurance provider how much money you might save on your premium with a burglar alarm and weight the costs and benefits.
The installation of deadbolt locks on your exterior door can keep potential thieves at bay and companies like State Farm prefer specific brands when doling out discounts. For instance, a preferred State Farm brand is a deadbolt by the American National Standards Institute (ANSI) with a grade 1 classification.
Other Safety Features that May Help
- Be aware of how many copies of keys you have out there and who has them.
- High-security strike plates are a good way to prevent burglars from kicking-in your door. Keep in mind that not all strike plates give protection. Some are merely decorative.
- Install saw-resistant bolts and bolts with anti-drill features.
- Make sure deadbolts have at least a one-inch “throw.” Throws are the length of the bolt that slides from the door to the door frame.
Install smoke alarms. Smoke alarms sense fire before your nose can smell it. The chance that you’ll be able to respond to a fire more quickly increase when you have one, thus making your home less of a claims risk.
Smoke Alarm Tips:
Most homes have at least one alarm installed but what if the single alarm fails? The National Fire Protection Association provides tips on how to keep your smoke alarms working:
- Make sure the battery is charged, is in the device, and properly hooked-up to the alarm.
- Avoid battery-related problems by hardwiring a smoke alarm device.
- Interconnect hardwired smoke alarms throughout the house. If one detects smoke, all alarms will sound.
Ask if you’re Not Sure- Might save You Money
Insurers want to know your home is as safe as it can possibly be. The more preventative measures you take, the lower the chance you’ll be filing a claim. If you think other preventative features of your home insurance might save you money- ask. Things like fire extinguishers and working sprinkler systems all add to decreasing your risk of filing a claim and make you eligible for rate discounts.