You know that renters insurance is important, but you also wonder what the odds are that you will need it. After all, the building is covered. Yes, the building is covered, but if there is a fire or another covered event, the landlord is not going to replace or repair your belongings. It's up to you to purchase renters insurance. But, we all like to save money, so how can you save on renters insurance? 

1. Raise your deductible. The deductible on the insurance is what you pay if there is a claim before your benefits kick in. If you don't have a history of claims, then raising your deductible from $500 to $1,000 can save you money. At the same time, for those expenses that are less than your deductible, just fix them rather than filing a claim. You would pay for them anyway. That way you reduce the number of claims you file. Your renters insurance premiums are dependent on both of those things. 
2. Ask about discounts. Ask your auto insurance carrier if they give a discount for adding renters insurance to your policy. Most insurance companies will give discounts for multiple coverage bundles. 
3. Roommates. If you have a roommate, talk with your insurance company about roommate coverage. Some companies will allow one person to have renter's insurance and include the property of a roommate. 
4. Credit rating. Protect your credit rating. Insurance companies consider you less of a risk for renters insurance if you are responsible with your credit. The way they see it is that if you are responsible with your credit, you are probably responsible with your belongings. This often translates to lower rates. 

Renters insurance does not have to be expensive. Use these four ways to save on your coverage today. Protect your belongings.