The average cost of renters insurance in the US The average cost of renters insurance was highest in Louisiana, followed closely by Michigan, Arkansas and Oklahoma. However, even if a renter has no personal property, the other features of the coverage make renters insurance worthwhile. Renters insurance protects all the items you bring into your new home or rented flat, as well as your own personal liability in case something happens in your home for which you are held responsible. Mississippi, Alabama, Louisiana and Texas are some of the most expensive states for renters insurance.
In general, renters insurance will cost more in areas prone to risk factors such as natural disasters or high levels of crime. Renters insurance increases in price as the amount of coverage increases, so you are likely to end up paying more if you have many valuable possessions. New York has the highest proportion of renters of any state in the country, so strong competition in renters insurance helps drive rates down. While homeowners, earthquake and flood insurance can be expensive, renters insurance is comparatively inexpensive.
A standard renters insurance policy includes coverage for jewellery and other high-value items (furs, watches, collectibles, etc.). With renters insurance you will have loss-of-use coverage, which covers living costs that exceed your normal expenses, such as hotel stays, food and special transportation you need to continue living until you return home or find a new permanent residence. In the meantime, there are many online insurance companies that will provide you with renters insurance at competitive prices. Renters’ insurance is not required by law, but landlords can require tenants to take out renters’ insurance as a condition of their lease.