The average cost of renters insurance in the US The renters insurance deductible is the amount you have to pay before you receive a claim in the event of a loss. Statistically, insurance companies have found that policyholders with lower credit scores tend to file claims more often than those with higher credit scores. Where you live: If you live in a region prone to severe storms, you will typically pay more for coverage than renters who do not. 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.
In addition, renters insurance helps solve the problem if you accidentally break other people’s property. One of the main factors in the cost of renters insurance is the value of your personal property, which determines how much coverage you will need. Insurance companies refer to any event or circumstance that could cause personal injury or property damage as a risk. Although renters insurance may not seem urgent, you should not do without it because it can protect your property and save you money in case the unexpected happens.
The best renters insurance policy will have a coverage limit that approximates the value of your property. So, if your sofa is damaged in a fire, renters insurance can step in to help cover the cost of a new sofa. Having a dog does not make your insurance directly more expensive, but having a dog may mean you need more cover. You should always check how changing your excess will affect your rates, which you can usually do by using an insurer’s online quote tool.
Here we will provide average renter’s insurance costs by postcode, state and level of cover, as well as showing how much renter’s insurance costs per month.