If you rent your home, you’ll want renters insurance to cover your personal belongings from problems like fire and theft.

“Think of your apartment or rental unit as a box. At its most basic, renters insurance can cover the things in your box,” says Josh LaRoche, spokesperson for Toggle by Farmers Insurance.

Renters insurance isn’t limited to just the things in your apartment. It also comes with liability insurance to cover you in case you’re responsible for accidental injury or property damage to others. It also includes coverage for additional living expenses if you can’t live in your apartment due to a problem like a fire.

Plus, renters insurance is relatively inexpensive. The average national cost for renters insurance is $182 a year for personal property coverage between $26,000 and $31,999. That works out to about $15 bucks a month.

Here’s how to find the cheapest renters insurance.

How Much Renters Insurance Do You Need?

One key to finding cheap renters insurance is knowing how much renters insurance you actually need. Here’s a quick guide:

  • Create a home inventory. Renters insurance covers your personal belongings, so the best way to figure out how much coverage you need is to calculate the value of all of your stuff. A home inventory is a good way to do it.
  • Take note of high-value items. Certain high-value items, like jewelry, electronics and musical instruments, have what are called “special limits” if they are stolen. For example, a renters insurance policy might limit all stolen jewelry to $1,000. If you need more insurance, you can schedule high-value items.
  • Cover your assets. Liability insurance pays for injuries and property damage to others when you’re legally responsible. It also pays for a legal defense and settlements if you’re sued. A good rule of thumb is to buy enough liability insurance to cover what you could lose in a lawsuit, such as savings and other assets.

While it might be tempting to go with lower coverage limits to save a few bucks, skimping out on coverage could be a big mistake, says Yael Wissner-Levy, a spokesperson for Lemonade Insurance. “If disaster strikes, that small savings is going to end up costing you thousands if the coverage limits you selected aren’t enough to pay for everything you lost.”

Compare Renters Insurance Quotes

Once you have a ballpark figure for your personal property and liability coverage needs, you can start shopping around.

The best way to find cheap renters insurance is to get quotes from multiple companies. You can find them online or by calling an insurance agent. An independent agent can gather quotes from multiple companies. Some agents work for a specific company and can give you quotes only from that insurer.

A word of caution: Don’t let price be the only determining factor. A cheap rate is great. But you also want solid customer service in case you need to file a renters insurance claim. The best renters insurance companies can deliver competitive rates with good service.

Look for Discounts

When you’re getting renters insurance quotes, make sure they reflect the discounts you’ll be entitled to. Common renters insurance discounts are:

  • Multi-policy discount. Often referred to as “bundling,” this is when you buy two insurance types with the same company. For example, you can bundle your car insurance with renters insurance. This is one of the best discounts you can get.
  • Home safety discounts. You can typically get a discount if the home has safety features such as deadbolt locks, a fire alarm, sprinklers or a burglar alarm.
  • Payment discounts. Some insurers offer small discounts for going paperless, enrolling in auto-pay and paying your premium in full.

Raise Your Deductible

One way to get the cheapest renters insurance is by raising your deductible amount. The deductible is the amount of money that will be deducted from an insurance claims check. When you buy a renters insurance policy, you can typically select from deductible amounts ranging from $250 to $2,000. The higher your deductible, the less you pay in premium. That’s because your insurance company will shell out less money in the event you file a claim.

For example, if you select a $2,000 deductible and your claim is worth $2,500, your insurance company will only send you a check for $500.