Skip to Content

How much should renter’s insurance cost per month?

How much should renter’s insurance cost per month?

The average cost of renters insurance in the U.S. If you have other policies, such as auto or life insurance, you might consider bundling them with one insurer. Whether you live in a high-value rental home or a cozy flat, renters insurance can be a good buy. Renters insurance is a cost-effective way to protect your belongings against theft, accidental damage and more.

If you can prove you are a low-risk customer, you will often pay lower rates, so if you are a tenant with fire alarms, burglar alarms, deadbolts or other security features, you may qualify for a discount from your insurer. Your renter’s insurance protects any 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. Purchasing an endorsement will increase the cost of your renters insurance policy, but such coverage may be necessary if your most valuable belongings fall outside of standard insurance protection. So far we’ve found out how much a typical renters insurance policy costs and the factors that affect it.

Your renters insurance excess is the amount you have to pay before you receive a claim in a loss. The minimum amount of personal property coverage available, the part of a renters insurance policy that covers your belongings, such as your clothes, furniture and some electronics, varies by company. The renters insurance company will consider different aspects of your rental property, such as its age and construction. A standard renters insurance policy includes coverage for jewellery and other high-value items (furs, watches, collectibles, etc.).

Traditional insurers cover renters, but may charge higher rates unless you combine that coverage with auto insurance or other policies. Another aspect of your renters insurance policy that you can control is the amount of money you choose to cover your personal property. New York has the highest proportion of renters of any state in the country, so strong competition in renters insurance helps drive down rates. The cost of renters insurance depends on several factors, such as the value of your personal property, where you live and the amount of coverage you purchase.