One of the final options you have for reducing your renters' insurance is policy-tweaking the plan that you have. Insurance plans have rules that iron out what is covered and what is not covered under the plan. With that in mind, you can go in and make some changes. Upping your deductible, which you pay before the insurance covers you, is one thing—but another option is changing the policy entirely. Adjusting to a policy that values your items differently, for example, might be the way to go. Some policies will pay out less for an old item or depreciated in value, for the payout if you make a claim will be less. Your monthly premium will go down, though. Discuss your plan with your insurer to see your options, and go over everything you need to reduce your renters' insurance cost.