How to Get Cheap Renters Insurance in New Brunswick

Renters insurance is an essential investment for anyone renting a home in New Brunswick. It provides valuable protection for your personal belongings and liability coverage, giving you peace of mind. However, finding affordable renters insurance can sometimes be a challenge. In this article, we will provide you with some practical tips on how to get cheap renters insurance in New Brunswick without compromising on coverage.

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Shop Around and Compare Quotes

One of the most effective ways to find cheap renters insurance is to shop around and compare quotes from different insurance providers. Each insurance company may have its own pricing structure and discounts, so it’s important to obtain multiple quotes. Take the time to compare the coverage options and premiums offered by different providers to ensure you’re getting the best deal.

Bundle Your Policies

Consider bundling your renters insurance with other insurance policies, such as auto insurance. Many insurance companies offer discounts to customers who bundle multiple policies with them. This can result in significant savings on your premiums. Before committing to a bundle, make sure to compare the combined cost of the policies with individual policies from different providers to ensure you’re still getting the best price.

Increase Your Deductible

The deductible is the amount you must pay out of pocket before your insurance coverage kicks in. Choosing a higher deductible can lead to lower premiums. However, keep in mind that you’ll need to have enough funds readily available to cover the deductible if you ever need to make a claim. Carefully consider your financial situation and the potential risks before opting for a higher deductible.

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Install Safety and Security Measures

Taking proactive measures to protect your rented home can also help lower your renters insurance premiums. Install safety and security features such as smoke detectors, fire extinguishers, deadbolt locks, and a security system. Insurance providers often offer discounts for these safety measures as they reduce the risk of property damage and protect against theft.

Maintain a Good Credit Score

Believe it or not, your credit score can impact your insurance premiums. Insurance companies may consider your credit history as an indication of your reliability as a policyholder. Maintaining a good credit score can help you secure lower renters insurance rates. Pay your bills on time, keep your credit utilization low, and regularly monitor your credit report for any inaccuracies.

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Ask for Discounts

Don’t be afraid to ask your insurance provider about available discounts. Many companies offer various discounts that you may qualify for. For example, you may be eligible for a discount if you are a non-smoker, have a good claims history, or have completed a renters insurance education course. Inquire about these discounts and make sure to take advantage of them to reduce your premiums.

Review Your Coverage Annually

As your circumstances change, so do your insurance needs. It’s important to review your renters insurance coverage annually to ensure it still meets your requirements. If you’ve downsized your belongings or made significant improvements to your rented home, you may be able to adjust your coverage and potentially lower your premiums. Contact your insurance provider and discuss any changes that may affect your coverage and rates.

APOLLO offers effortless tenant insurance designed to protect renters across Canada. Get your free quote in less than a minute and we’ll email your policy documents directly to your inbox.

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