Renters insurance is a type of policy that provides coverage for your personal property and personal liability while you are renting a house or apartment. The cost of renters insurance can vary depending on several factors, such as where you live, the level of coverage you want, and your deductible. In this article, we will explore the average price of renters insurance, what factors affect the cost, and FAQs related to renters insurance.
Factors that Affect the Cost of Renters Insurance
The cost of renters insurance varies based on several factors, including:
Factor |
Description |
Location |
The location of your rental property can affect the cost of your renters insurance policy. If you live in an area with a high crime rate, you may pay more for renters insurance. |
Deductible |
The deductible is the amount you pay out of pocket before your insurance policy kicks in. The higher your deductible, the lower your monthly premium will be. |
Level of Coverage |
The level of coverage you choose for your renters insurance policy will affect the cost. If you choose a policy with a high coverage limit, you will likely pay more than if you choose a policy with a lower coverage limit. |
Credit Score |
Some insurance companies consider your credit score when determining the cost of your renters insurance policy. If you have a higher credit score, you may pay less for renters insurance. |
Prior Claims History |
If you have a history of making claims on your renters insurance policy, you may pay more for coverage. Insurance companies may view you as a higher risk for future claims. |
Average Price of Renters Insurance
The average cost of renters insurance in the United States is $180 per year, or about $15 per month. However, this can vary widely depending on where you live and the level of coverage you want. According to the National Association of Insurance Commissioners, the average renters insurance premium by state is:
State |
Average Annual Premium |
Alabama |
$209 |
Alaska |
$156 |
Arizona |
$192 |
Arkansas |
$232 |
California |
$182 |
Colorado |
$149 |
Connecticut |
$190 |
Delaware |
$171 |
Florida |
$185 |
Georgia |
$227 |
Hawaii |
$185 |
Idaho |
$136 |
Illinois |
$167 |
Indiana |
$184 |
Iowa |
$128 |
Kansas |
$173 |
Kentucky |
$199 |
Louisiana |
$259 |
Maine |
$148 |
Maryland |
$177 |
Massachusetts |
$201 |
Michigan |
$182 |
Minnesota |
$130 |
Mississippi |
$255 |
Missouri |
$179 |
Montana |
$139 |
Nebraska |
$138 |
Nevada |
$183 |
New Hampshire |
$142 |
New Jersey |
$196 |
New Mexico |
$187 |
New York |
$194 |
North Carolina |
$159 |
North Dakota |
$119 |
Ohio |
$182 |
Oklahoma |
$227 |
Oregon |
$173 |
Pennsylvania |
$166 |
Rhode Island |
$185 |
South Carolina |
$192 |
South Dakota |
$131 |
Tennessee |
$207 |
Texas |
$227 |
Utah |
$142 |
Vermont |
$142 |
Virginia |
$157 |
Washington |
$179 |
West Virginia |
$190 |
Wisconsin |
$128 |
Wyoming |
$139 |
Keep in mind that these values are just averages and could vary depending on the factors mentioned above.
FAQs About Renters Insurance
What does renters insurance cover?
Renters insurance typically covers your personal property, such as your furniture and electronics, and personal liability, such as if someone is injured in your home. Some policies also cover additional living expenses if you are unable to stay in your rental property due to a covered event, such as a fire.
How much renters insurance do I need?
The amount of renters insurance you need depends on how much your personal property is worth and how much personal liability coverage you want. Some landlords may require a certain amount of coverage, so be sure to check with them before purchasing a policy.
How can I save money on renters insurance?
You can save money on renters insurance by choosing a higher deductible, comparing quotes from different insurance companies, and taking advantage of any discounts offered by the company, such as multi-policy or safety device discounts.
Is renters insurance required by law?
Renters insurance is not required by law, but some landlords may require it as part of your lease agreement. It is always a good idea to have renters insurance to protect your personal property and provide liability coverage.
Can I purchase renters insurance online?
Yes, many insurance companies allow you to purchase renters insurance online or through their mobile app.
Conclusion
Renters insurance is an important type of policy that can protect your personal property and provide liability coverage while you are renting a home or apartment. The cost of renters insurance varies based on several factors, such as location and level of coverage. By understanding these factors and shopping around for quotes, you can find a policy that fits your needs and budget.
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