If you’re buying renters insurance for the first time, here’s good news: Protecting your belongings generally costs less than protecting other assets like your car. Plus, there are ways to lower the price of your renters policy even more.  Here are four ways to save on your renters premium:
1. Consider a higher deductible.
Choosing a higher deductible—the amount you pay out of pocket when you have a renters insurance claim—could save you up to 25 percent (with a $1,000 deductible).
2. Bundle, if you can.
Consider buying your renters policy from your auto insurance company, if it’s an option. Many insurance companies will discount property insurance for their auto customers.
3. Maintain good credit.
Most personal insurance companies will do some sort of credit check in the calculation of your premium.   Better the credit, the lower your rate. Paying bills on time, only having as much credit as you need and keeping low balances all contribute to good credit.
4. Consider replacement coverage.
Although choosing replacement coverage might not save you money upfront, it could save you big if your belongings are ever damaged beyond repair. Here’s why: With replacement coverage, your insurer will pay to replace your belongings instead of just paying you their current value.