How to Negotiate a Cheaper Rate on Insurance

Learning how to negotiate a cheaper rate on insurance starts by knowing which insurance discounts you’re eligible for. For example, installing an alarm system in your house can reduce homeowners insurance rates. You can also negotiate a cheaper rate on insurance rates by knowing how much other people are paying for the same level of coverage in your area. Enter your ZIP code below to start comparing policies from local companies for free.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Jul 16, 2021

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There was a time when you couldn’t get cheap house, or renters insurance, because there may not have been many insurance companies to choose from. Today, however, it’s a different story. The Internet and the explosion of insurance providers have provided consumers with more choices than ever before. More importantly, now consumers have more control related to getting the best, cheaper rates on homeowners or renters insurance.

Tips for Getting Cheaper Homeowners Insurance

Here are some great money-saver tips for getting cheaper rates on house insurance.

  • Install safety alarms or security devices in your home. Doing this helps reduce the potential risks from accidents, like fires, or burglaries, and you are less likely to file a claim with the insurance company. This will incentivize your insurance companies to offer cheaper rates when you negotiate discounts with them.
  • Consolidate your policies. Generally, most people have more than one kind of insurance – health, home, auto, and life. If you haven’t already done so, consider having all your insurance policies with one company. It is a good bet that this will result in considerably cheaper discounts for multiple policies
  • Shop Around. Ask for recommendations from friends, family, or research possible insurance companies online. The latter provides the easiest way is to comparison rates and quotes.
  • Opt for high deductibles. Realize that your savings on homeowners insurance will depend on the cost of your deductible. The higher your deductibles, the lower premiums. But consider this option only if you can afford high deductibles.

Getting the Best Renters Insurance Rates

Similar to researching choices for homeowners insurance, you can go online to get free renters insurance quotes. What’s nice about this method is that you are able to get multiple quotes conveniently, and with no cost and no obligation.

Renters Insurance Liability Coverage Protection

Accidents will happen. As a renter, potential liabilities include injuries to visitors that occur in and around your home as a result of unsafe conditions.

Make sure you discuss this very important subject with the insurance company. Ask if this type of coverage can protect you from many types of liability claims and lawsuits brought by others for accidental bodily injury or damage to their property while in your apartment. In addition, find out if the insurance company offers optional liability coverage options for renters, such as personal injury, additional premises coverage; home day care, etc.

Generally speaking, there isn’t a lot of difference between homeowners and renters insurance. In both cases, conducting your due diligence will result in getting the best, most affordable rates, whether it’s homeowners or renters insurance.

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