Renters Insurance: 4 Insider Big Saving Tips You Need To Know

Did you know that you can actually reduce your cost of living in your New York City apartment with a single phone call? That's right. You can save 5% to 20% per year in your renter's insurance monthly premium without reducing coverage, says Jeff Schneider of Gotham Brokerage.

But how exactly is that possible? Here's how according to brickunderground.com:

Make sure you're getting the discounts you're entitled to

Check your renter's insurance premium to see if it reflects credits for the following number of things as most insurers do says Schneider:

• Doorman or security guard: 3% - 4% credit
• Smoke detectors & fire extinguishers: 1-2%
• Central station alarm system: 15%
• Fire-resistant building: 10-15%

Consolidate your policies with a single insurance company

You might want to consider using the same insurer for your car and apartment if you currently have them insured with two different companies:

"If you have multiple policies with the same company, you can typically save 10-20% on all," says Schneider.

Increase your deductible

Renter's insurance offers various standard increments for deductibles that range from $250, $500, $1000, and $2,500. By going one threshold higher could trigger a reduction of about 10% of your premium, according to Schneider.

Multiply that savings by each additional deductible hike.  Go from a $250 deductible to $1,000 and you could save 20%--an annual savings of a few hundred dollars or more on a typical co-op or condo insurance policy. 

Another good reason to raise your deductible is that most insurance companies will cancel your policy or dramatically raise your premiums for only having two legitimate claims in a span of three years. You will have to buy more expensive insurance from the excess insurance market until you have only one claim in the past 3 years. This only means that it would make more sense to pay out of pocket for smaller claims.

If you have a lot of art, insure it separately

Insuring your costly artwork separately could save you a bundle instead of throwing them in altogether in your renter's insurance policy. "It costs about half as much to insure expensive artwork on a separate policy based on appraisals, and the coverage is better," says Schneider.