3 questions I ask myself to make sure I'm getting the best deal on renters insurance

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• To make sure I'm getting the best deal on renters insurance, I regularly compare my existing coverage against other options.
• I currently pay $18 to $19 a month for up to $20,000 of personal property coverage, up to $100,000 of personal liability coverage, up to $1,000 per person of medical payment coverage, and up to $4,000 of loss of use coverage.
• To make sure there aren't better options I'm overlooking, I ask myself: What does my existing policy cover? What else is out there? Do any alternatives give me a lower monthly premium?
• Policygenius can help you compare renters insurance to find the right coverage for you, at the right price »

I've had the same renters insurance policy for six years, even though I've moved about five times. My renewal date is coming up this November, which makes now the perfect time to compare my existing policy with others and make sure I still have the best one for my needs.

To do so, I'll ask a series of questions:

1. What does my existing policy cover?

My current policy covers me in four important areas:

Personal property (up to $20,000)

Personal property covers all of my personal belongings up to $20,000 in the event that one of my covered perils occurs. The perils included in my policy are fire or lightning, windstorm or hail, protest, riot, or civil unrest, aircraft, vehicles, smoke, vandalism, theft, falling objects, weight of ice, snow, or sleet, accidental discharge or overflow of water/steam, air conditioner or heater damage, and frozen plumbing.

That is quite a bit of coverage! The best part is that my belongings are covered whether they are in my house or not.

Personal liability (up to $100,000 per occurrence)

My personal liability coverage covers me in the event that a person is injured in my home. It protects me against a lawsuit, for coverage up to $100,000.

Medical payments ($1,000 per person)

I also have medical payment coverage that would allow a person to submit a claim for up to $1,000 for medical payments of a no-fault accident in my home resulting in their injury.

Loss of use (up to $4,000)

Last, my loss of use coverage would pay for me to stay in a hotel room or find other accommodations in the event that I could not use my home due to a fire, sump pump failure, or other damages.

2. What other options are out there?

The fastest way for me to compare my coverage with others is to visit an insurance comparison site (I chose Policygenius.com) and enter information about my home for an instant quote.

Policygenius can help you compare renters insurance to find the right coverage for you, at the right price »

Any time I compare insurance policies, or any financial policy for that matter, I like to give myself the benefit of a three-way comparison. I was able to compare multiple insurance providers through Policygenius, but I figured I'd check out another insurer as well, just in case.

I chose Progressive, which has a similar instant quote setup. One interesting thing to note about Progressive is that, if someone has a Progressive auto insurance policy, they are eligible for a discount for renters insurance. After entering my information, I learned that I can get essentially the same exact policy that I have currently, except with $1,000 more in loss of use coverage - for about $1 more per month than I am already paying.

3. Do any of these options give me a lower premium?

My current premium for all of my coverage is just over $217 per year, or between $18 and $19 per month.

A quick look at Policygenius offers me a policy with a higher premium, at $25 per month, but with $5,000 more in coverage. Even though it is a little bit higher, I would consider it.

The other nice thing about this alternative, through Stillwater Insurance Group, is that even though my premium would be higher, I have the option of absorbing the risk into a higher deductible and lowering my monthly rate.

Choosing the option of a $2,000 deductible would lower my premium about $4 per month. But I would never do that, because I would rather have the benefit of a lower deductible in the event something like my laptop, valued at about $1,000, were to be stolen and I would want to file a claim to replace it.

All in all, I've decided I'll stick to my existing policy because it doesn't look like I can get a better deal elsewhere right now.

But in a year, or after my next major life change, I know I'll go through this same process and evaluate my coverage once again.

Policygenius can help you compare renters insurance to find the right coverage for you, at the right price »

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