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Why is my renters insurance so cheap?
I just sold my home and decided to rent an apartment so I could downsize. I’m looking for insurance and—holy moly. It’s so much less than what I was paying for home insurance! Why is renters insurance so much cheaper?
Natalie Todoroff · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s one of the upsides of downsizing: more money back in your pocket!
Renters insurance
only insures your personal property, liability, and additional living expenses—not the physical building. And less to insure means there will be less cost to you.It’s your
landlord’s
responsibility, both contractually and financially, to insure the building you’re renting in. They’ll be the ones with the heavier end bill because they have more to insure. Renters insurance is some of the most affordable insurance you can get, with basic policies beginning at just $15 a month. However, certain things could make renters insurance policy increase, such as:
- Natural disaster area If you’re renting smack-bang in the middle of a wildfire zone, you’ll probably see a higher monthly renters insurance premium than you would somewhere with a more moderate climate.
- Endorsements Purchasing any additional coverage on your renters policy will grant you more protection, but you’ll see a slight uptick in your monthly premium. Examples of this can include extra coverage for jewelry, electronics, artwork, or other valuables.
- Lack of safety features Your renters insurance provider is likely to offer you a discount if you install safety features to your rented space such as deadbolt locks or smoke alarms.
Downsizing your home is an excellent way to save money, as is shopping for insurance with
Jerry
. No, Jerry’s not a person—it’s a comparison shopping app that, on average, saves users $887 per year on their policies. Download for free from the app store today to be on your way to savings! MORE: Does renters insurance cover mold?
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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