The crime rate in your ZIP code will significantly influence your rate, as insurance companies use it to determine your risk of theft losses.Type of residence
The kind of structure you're renting may play a part in how much you pay. Renting a single-family home, duplex, or condo will be costlier than renting an apartment. That's because theft is more common in homes than apartments.
If you're renting an apartment, bigger buildings are better from a cost standpoint. A high-rise complex will be cheaper to rent than a building with less than nine rental units.
Credit and insurance score
Some renters insurance companies may use an insurance score in some states. Your insurance score is generally calculated from information on your credit report. Insurers value this information because data suggests a correlation between credit history and insurance risk. The higher your score, the lower the cost of renters insurance.
Since you could be sued if your dog bites someone, certain breeds may raise your renters insurance rate or even disqualify you from getting a policy. Even if you have the friendliest dog in your apartment building, you still may be denied coverage since some carriers don't provide coverage for animal liability.
Insurers will offer a range of limits for various coverages on a renters policy. You'll want to make sure your belongings are covered and any assets are properly protected, but increasing your coverage amounts will obviously raise the cost of the policy. Choosing a deductible, which is simply the amount you have to pay if you have a claim, will also impact your rate. For example, if your $1,000 computer is stolen and you have a $500 deductible, you'd pay $500 and your insurer would pay the rest.
The higher your deductible, the more of the repair or claim cost you'll have to take on. That means your out-of-pocket costs will be higher, but you'll have a lower overall rate and vice versa.
Pro tip: You can bundle multiple policies to earn extra discounts
You can save more if you get both renters and auto insurance from the same company. This is called “bundling insurance,” and Safe House Insurance and most other insurers offer a discount for bundling. Plus, at Safe House Insurance, you can bundle even more, including renters + motorcycle, renters + boat, and RV + auto. You name it.
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