Renters insurance discounts

Renters insurance is already pretty cheap, but you can save even more money through discounts, like savings for safety measures or for paying your annual premium in full.

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Kara McGinleySenior Editor & Licensed Home Insurance ExpertKara McGinley is a former senior editor and licensed home insurance expert at Policygenius, where she specialized in homeowners and renters insurance. As a journalist and as an insurance expert, her work and insights have been featured in Forbes Advisor, Kiplinger, Lifehacker, MSN,, and elsewhere.

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When you’re shopping for renters insurance, you’re probably going to look at an insurance company’s rates, coverage options, customer reviews, and how they handle and pay out for covered claims. But another thing you should keep in mind is how many discounts your insurance company offers to help save you money on your premium. Renters insurance is already one of the most affordable insurance products on the market — a typical policy costs just $15 a month on average — but discounts can help you save even more.

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Renters insurance discounts will vary depending on the insurance company, but most renters insurance providers will offer a variety of discounts you can get in order to lower your premium price.

Make sure you ask your insurance company about any discounts they offer that might not be automatically applied. Some companies will reduce the price of your premiums for things already installed in your home, like smoke alarms or deadbolt locks.

Here are some common renters insurance discounts to look out for.

Key takeaways

  • You can get discounts on your renters insurance due to your lifestyle, like a non-smoking discount

  • You can get discounts on your renters insurance depending on the type of policy and coverage you buy, like if you bundle your renters insurance and your car insurance together

  • If you take safety precautions, like adding a deadbolt or stormproof windows, many renters insurance companies will offer you a discount

Renters insurance policyholder discounts

When it comes to renters insurance rates, the price usually depends on things like where you live, how much your personal property is worth, and how much liability and additional living expenses coverage you need.

These factors are usually more or less out of your control, but there are certain measures you can take that could get you a discount on your premium.

Non-smoker discount

Certain renters insurance companies will offer a discount if you have been smoke-free for two consecutive years. Non-smokers are less of a risk for insurance companies, because there is less chance of an accidental fire or smoke damage due to cigarette smoke.

Senior citizen discount

If you’re a senior citizen, you’re less of a risk for insurance companies. Insurance companies factor in your age and lifestyle, so if you’re a senior citizen than your insurance provider will consider you less of a liability coverage risk than, say, a college student.

Claims-free discount

Renters insurance companies will check your claims history when you go to buy or renew a policy. If you don’t have a history of filing claims, or if you haven’t filed one in a few years, your insurance company may offer you a discount for your clean record.

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Renters insurance policy discounts

There are a few factors you can control when it comes to your policy that will affect how high or low your premium is.

Multi-policy discount

If your insurance provider offers more products besides renters insurance, like car insurance, you might be able to bundle the two policies. Many insurance providers will offer a discount if you bundle multiple insurance policies with them.

If you pay a year's worth of premiums up front (instead of a monthly or bi-anual payment) your renters insurance company will typically offer you a discount.

Paperless-pay discount

Many insurance companies are making an effort to go green, so if you opt to pay online and receive your bills via email rather than in hard copy, your insurance company might offer you a discount.

Security and safety discounts

Renters insurance companies almost always offer discounts if you take safety precautions to try and prevent covered perils from happening in the first place. Some common safety measures you can take are:

  • Installing fire and smoke alarms

  • Sprinkler systems

  • Deadbolt locks

  • Cameras or burglary alarms

  • Storm proof windows

  • Secured/gated community

Other ways to save on renters insurance

Renters insurance is one of the most affordable insurance products you can buy, costing on average $15 a month. Besides discounts, there are other factors that will result in an even cheaper renters insurance premium.

Comparing policies

When shopping for renters insurance, you should compare quotes from different insurance companies to find the best renters policy at the best price for you.

Actual cash value policy

There are two types of renters insurance policies: an actual cash value policy and a replacement cost policy. Actual cash value policies will pay you out less than a replacement cost value policy would, but your premiums will be lower with an ACV policy.

Higher deductible

You can lower the cost of your monthly premiums if you choose to have a higher deductible. Usually, the higher your deductible is the lower your premiums will be. However, that means if you file a claim your deductible will be quite high, so you should consider whether you could actually pay that about before deciding to do so.

Maintain a high credit score

Maintaining a high credit score shows that you pay your bills on time and responsibly, which proves to your insurance provider that you are accountable and are more likely to pay your renters insurance premiums on time.