As a tenant, you should not assume that your landlord has insurance that covers your personal property; therefore, you should considered buying renters insurance. Renters insurance is expensive, but if you need it, here are things you can do to lower your insurance costs.

Shop Around. Prices for renters insurance vary from company to company, so it pays to shop around. Get at least three price quotes. Don?t shop on price alone. Ask friend and relatives for their recommendations. Understand the Scope of Coverage. Make certain you purchase enough coverage to replace what is insured. ?Replacement? coverage gives you the money to replace your property. An ?Actual Cash Value? policy is cheaper but pays only what your property is worth at the time of loss?your cost minus depreciation for age and wear. Ask about special coverage you might need. You may have to pay extra for computers, cameras, jewelry, art, antiques, musical instruments, stamp collections, etc. Also, remember that damages caused by floods and earthquakes are not covered by the standard homeowners or renters insurance policy so be sure to specifically request this coverage.

Raise Your Deductible. Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim, according to the terms of your policy. The higher your deductible, the more money you can save on your premiums. Most insurance companies recommend a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 25 percent.

Improve Home Security. You can usually get discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks. Some companies offer to cut your premium by as much as 15 or 20 percent if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations. Not every system qualifies for a discount so before you buy such a system, find out what kind your insurer recommends, how much the device would cost and how much you?d save on premiums.