Let's be honest: most renters don't think they need renters insurance until something goes wrong. But here's the thing—renters insurance is already one of the cheapest insurance products you can buy, averaging just $12 to $15 per month. And with the right discounts? You could be paying even less while protecting everything you own.
The secret to getting the best rate isn't finding some obscure loophole. It's understanding the discounts that insurers actively want to give you—and making sure you're taking advantage of every single one. From bundling policies to installing a simple smoke detector, there are more ways to save than you might think.
Bundle and Save: The Easiest Discount You'll Ever Get
If you only do one thing to save money on renters insurance, make it this: bundle your renters policy with your auto insurance. This is the single biggest discount most people qualify for, and it's almost effortless.
When you bundle, insurers typically offer discounts ranging from 5% to 25% on both your renters and auto policies. That's not just a few bucks—a 25% bundling discount could save you around $659 per year when you factor in savings on both policies. Even a modest 10% discount translates to over $263 in annual savings.
Some insurers sweeten the deal even more. For example, bundling with Allstate can bring your renters premium down to as low as $4 per month. American Family offers a 5% discount when you combine renters and car coverage, and you can often save up to 7% when you bundle with many major carriers.
Don't have auto insurance? You can also bundle renters insurance with life insurance, pet insurance, or even umbrella policies at many companies. The key is keeping your policies under one roof—it simplifies your life and saves you money at the same time.
Security and Safety Devices: Protect Your Stuff, Lower Your Premium
Insurance companies love anything that reduces risk, and security devices do exactly that. If your apartment or rental home has smoke detectors, fire alarms, burglar alarms, or a security system, you're likely eligible for a discount.
State Farm, for instance, offers discounts if you have smoke detectors, fire alarms, burglar alarms, or monitored security systems installed. Travelers and Erie also provide discounts for smart home technology, interior sprinklers, and security systems. Even if your landlord installed these devices and you're not paying for them, you can still benefit from the discount.
Thinking about installing your own security system? Many modern smart home devices like Ring doorbells, Nest cameras, or SimpliSafe systems can qualify you for these discounts. Just make sure to ask your insurer which devices they recognize—not all smart tech qualifies, and you'll want confirmation before making the investment.
Here's a pro tip: if you're renting in a gated community or a building with controlled access, mention that when you're getting quotes. Some insurers offer additional discounts for living in secured communities because it lowers the risk of theft and property damage.
Stay Claims-Free and Watch Your Rates Drop
Not filing claims might sound like a weird way to save money—after all, isn't that what insurance is for? But here's the reality: insurers reward renters who don't make claims with lower premiums. If you've been claims-free for three to five years, you could qualify for meaningful discounts.
Liberty Mutual offers a claims-free discount if you haven't filed a claim with them or any previous insurer for at least five years. Amica provides rate reductions if you've been claims-free for three or more years. Many other carriers have similar programs, though the waiting period and discount amount vary.
This is why it's worth thinking twice before filing a claim for small losses. If your laptop gets stolen and it's worth $800, but your deductible is $500, you're only getting $300 from the insurance company. Meanwhile, filing that claim could cost you your claims-free discount and potentially raise your rates for years to come. Sometimes it makes more financial sense to absorb the loss yourself.
Of course, if you have a major loss—like a fire that destroys everything you own—file the claim. That's exactly what renters insurance is for. But for smaller incidents, run the numbers before you pick up the phone.
Autopay, Paperless Billing, and Other Easy Wins
Some of the simplest discounts require almost no effort at all. Setting up automatic payments, choosing paperless billing, or paying your annual premium upfront can save you 2% to 10% depending on your insurer.
Why do insurers offer these discounts? Autopay reduces their administrative costs because they don't have to chase down late payments. Paperless billing saves them money on printing and postage. Paying annually means they get your money upfront instead of hoping you'll stick around for twelve monthly payments. Everyone wins.
If you can swing it financially, paying your entire premium upfront can be one of the best moves. Not only do you avoid monthly payment fees, but the discount can range from 2% to 10%. On a $180 annual policy, a 10% discount saves you $18—enough for a couple of coffees, and you never have to think about your renters insurance bill for another year.
Progressive even offers discounts just for getting a quote online (7%) and signing your policy online (10%). These digital-first discounts are becoming more common as insurers try to streamline their operations and pass some of the savings along to customers.
Other Discounts Worth Asking About
Beyond the major discounts, there are several smaller ones that can add up if you qualify. Senior citizens can sometimes save up to 25% with certain insurers. If you're 55 or older, always ask about age-related discounts.
Some companies offer discounts if you get a quote well in advance of when you need coverage. Erie, for example, discounts policies if you get a quote at least a week before your desired start date. This rewards planners and helps insurers manage their workflow.
Good credit can also work in your favor. While not technically a discount, having a strong credit score can significantly lower your renters insurance rates. Insurers use credit-based insurance scores to assess risk, and borrowers with better credit typically pay less. If your credit has improved since you first got your policy, it's worth asking for a rate review.
And don't forget about loyalty. While loyalty discounts for renters insurance aren't as common as they are for auto insurance, some companies do reward long-term customers with gradually decreasing rates. That said, don't let loyalty blind you—it's still smart to shop around every year or two to make sure you're getting the best deal.
How to Maximize Your Savings
The real magic happens when you stack multiple discounts together. Let's say you bundle your renters and auto insurance (saving 10%), set up autopay (saving 3%), go paperless (saving 2%), and maintain a claims-free record (saving another 5%). Those percentages add up quickly, potentially cutting your premium by 20% or more.
Here's the important part: you have to ask for these discounts. Insurance companies won't always volunteer every discount you qualify for, especially if you've been with them for a while. When you're shopping for a new policy or reviewing your existing one, specifically ask your agent or the online quote tool about every possible discount.
Also, remember that not all insurers offer the same discounts. One company might give you 15% for bundling while another only offers 5%. One might care deeply about your security system while another barely acknowledges it. This is why comparison shopping is so important—get quotes from at least three different insurers and compare not just the base price, but the available discounts.
Ready to Start Saving?
Renters insurance is already affordable, but with the right combination of discounts, you can make it even cheaper without sacrificing coverage. Start by bundling if you can—it's the fastest way to see significant savings. Then look at your apartment's existing safety features, set up autopay and paperless billing, and commit to being thoughtful about when you file claims.
Take an hour to compare quotes from multiple insurers. Ask specifically about every discount mentioned in this guide. You might be surprised at how much you can save—and how little effort it takes to put that money back in your pocket while still protecting everything you own.
