A renters insurance premium is the monthly rate you pay to your insurance provider.
Renters insurance premium rates average between $15 to $20 a month, making renters insurance one of the cheapest kinds of insurance out there.
Your premium is determined by the amount of coverage you buy, and may increase if you file too many claims. The main factors that affect your premium rate are:
- The state and city you live in
- Whether or not your city is prone to extreme weather and natural disasters
- The crime rate of your neighborhood
Other factors that affect your monthly insurance cost include:
- Your credit score
- Your claim history
- Whether or not you have safety features installed in your home
- Whether or not you own exotic pets or excluded dog breeds like pit bulls
If you have an at-home business, you may be able to claim tax deductions on your renters insurance premiums.