What Is the Average Cost of Renters Insurance?

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Everyone knows that car insurance is a necessity, both logistically and, in most states, legally. And everyone agrees that health insurance is a good idea, too. But after car and health insurance, some of the other insurances tend to get a little looked over. Other types of insurance are still vital, though, and that includes renters insurance.
Renters insurance is exactly what it sounds like: insurance for people who rent their home. If you own a house, condo, or apartment, then you’ll want to purchase homeowners insurance. But if you rent your home, then what you want to look at is renters insurance.
Renters insurance can save you a lot of money and hassle if something goes wrong in your home. Still, many people who have visions of pricey car and health insurance premiums think it’s not worth it to dole out a ton of money just for renters insurance. But that’s where the good news comes in: Renters insurance is nowhere near those price tags. Read on to find out just how affordable it can be.

How much does renters insurance cost?

The cost of renters insurance varies due to a few different factors, but it almost always lands between $100 and $300 per year. The average renters insurance cost is about $15 per month, which ends up at about $180 per year.
So while the thought of adding another insurance package might sound daunting, the cost of a year of renters insurance is still less than a month of many other insurance policies.

What does renters insurance cover?

In general, renters insurance covers three things: personal property, personal liability, and additional living expenses.
Personal property is the things you own that you keep stored in your home, even if they’re damaged or stolen away from your home. Personal liability is physical damage that you sustain in your home. And additional living expenses are the cost of living elsewhere while your home is returned to a livable state.

What are some things that influence the cost of your renters insurance?

The biggest factor in determining renters insurance price is where you live. If you live somewhere with extreme weather conditions, or threats of tornadoes, you’re more likely to file a claim, which makes your policy more expensive. As a result, homes in the south usually have the highest premiums.
As with other types of insurance, the amount of coverage you opt for influences the price, as does the size of your deductible. Finally, the better your credit score, and the fewer expensive items you own, the more likely you are to keep your rates down.

Ways to bring your renters insurance price down

Many insurance companies will offer you a discount if you bundle your other insurance packages with them, so look at bundling your car insurance and renters insurance. And some companies will lower your rates if you provide proof of certain security measures, such as deadbolt locks, home surveillance systems, and automatic sprinklers.
Finally, raising your deductible is a surefire way to lower the cost of your monthly premiums.

Do you need to have renters insurance?

You are not legally required to carry renters insurance when renting property. However, some landlords will not lease to renters unless they provide proof of insurance. When in doubt, check with your landlord.

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