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How much does $500,000 of renters insurance cost?
My new landlord is asking me to get renters insurance when I move in. She’s requiring $500,000 worth of coverage, but how much does $500,000 of renters insurance cost?
Claire Beaney · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
$500,000 of renters insurance costs approximately $21 per month, or $259 per year on average.
This amount of
renter’s insurance
coverage will cover a tenant’s personal liability in a rental property. In other words, you’ll be protected from claims made against you for any injuries (like if your dog bites somebody) or damage to property that occurs while you’re renting. Additionally, most renter’s insurance policies will also extend coverage of your belongings and
personal property
up to your policy’s limit—although you can always purchase extra or separate personal property coverage. Beyond your landlord requiring it, having renters insurance is a smart choice for any tenant. You won’t have to worry about covering expenses related to damaged property, loss of use, or medical expenses for any injuries that happen in the rental property—so you can have peace of mind in your new home.
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