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Renters Insurance How Much Is Renters Insurance?

How Much Is Renters Insurance?

Renters insurance costs between $15 and $20 per month, which makes it the cheapest kind of insurance. Read on to learn more about the typical monthly cost of renters insurance for houses and apartments.

Robert Jellison Robert Jellison March 5, 2021 Get a Renters Insurance Quote
Living room with property protected by renters insurance

Table of Contents

  1. What is the average cost of renters insurance?
  2. What factors affect the cost of renters insurance?

Get cheap renters insurance quotes from insurers near you!

What is the average cost of renters insurance?

Renters insurance costs $15–$20 per month on average. However, this can vary by $5 to $10 in either direction. Anything under $10 or over $20 is either very cheap or very expensive.

Renters insurance rates are determined by several factors. One of the most significant is where you live, although there are several other important factors that we cover below.

What factors affect the cost of renters insurance?

There are seven major factors that affect the price of renters insurance:

  1. The amount of coverage you need
  2. Where you live
  3. The type of building you live in
  4. Your home’s safety features
  5. Your pets
  6. Your credit score
  7. The payment schedule you choose

Your monthly rate is called a premium

In this section, we use the term premium a lot. Premium is an industry term for the amount that you pay your provider each month. To learn more about renters insurance terminology, see our introductory article on what renters insurance is.

1. Your total coverage

Unsurprisingly, your monthly premiums depend on how much coverage you buy.

Standard renters insurance policies offer about:

  • $30,000 personal property insurance
  • $100,000 personal liability insurance
  • $1,000 to $2,000 guest medical insurance
  • $9,000 to $10,000 loss-of-use insurance

That level of coverage is enough for most people (and might even be overkill for some). However, if you own a lot of valuable things, you might want to add more.

Adding $10,000 of property coverage or $100,000 of liability coverage will raise your premiums by a few dollars each month.

Other coverage factors

  • Endorsements: If you want to add a new type of coverage (e.g. earthquake coverage), you can purchase an addition to your policy, which is called an endorsement or rider. This will raise your premiums.
  • Your deductible: Conversely, you can lower your monthly premiums by agreeing to pay a higher deductible, which is the amount that you pay out-of-pocket when you file a claim.

2. Your location

Where you live has a significant impact on how expensive renters insurance is.

Crime

If your city has a high crime rate, your premiums will be correspondingly higher. For example, in Irvine, California, which is a relatively safe city, the average cost of renters insurance is about $15.86 per month. On the other hand, in Los Angeles, which has a higher crime rate, renters insurance typically costs about $22.07 per month.

Weather

You’ll have to pay more if you live in a state that frequently sees extreme weather, such as tornadoes, hailstorms, or blizzards. You also might have to pay more if you live in a drought-prone area, which can increase the risk of a fire.

3. Your building

If you live in a house, you may have to pay higher premiums than if you live in a large apartment building with many units. This is because single-family homes are usually larger, with more to insure: a yard, a patio, and sometimes a garage, as well as more furniture overall. Large apartment buildings and complexes also usually have apartment managers to look after them, which makes them more secure.

You’ll also have to pay higher premiums if you live in an older building that might present a fire risk.

4. Your home’s safety features

On the other hand, you can lower your premiums by outfitting your home with safety features, such as a smoke detector, a burglar alarm, and a secure deadbolt on your door. If your home is safer, your insurance company will charge you less, because you’re less likely to file a claim.

5. Your pets

Renters insurance covers dog bites, but if you own a large dog that might bite people, you’ll have to pay a higher premium.

Many insurance providers have blanket policies against selling to people who own certain breeds of dogs, such as pit bulls or rottweilers. If you own one of those breeds, you might have trouble getting renters insurance at all.

6. Your credit score

If you have a good credit score, your renters insurance premiums will be lower, and vice versa.

This is because statistically, people with high credit scores are less likely to file claims. They’re also less likely to go bankrupt and default on their premiums.

7. Your payment schedule

When you buy renters insurance, your provider will offer you a choice: you can pay a small amount each month (usually between $12 and $20), or pay upfront for an entire year’s worth of insurance. There may also be a few options in the middle, like paying every three months.

Most insurers will give you a small discount if you pay upfront, because it means there’s no chance you’ll forget or be unable to pay at any point.

Takeaways

  • Renters insurance costs about $15 per month on average, which makes it the cheapest kind of insurance.
  • The price of renters insurance depends on several factors, including where you live and how much coverage you buy.
  • Renters insurance is more expensive in cities with high crime rates and in states that are prone to extreme weather.
  • Your premiums are also affected by the kind of building you live in, your home’s security features, your pets, your credit score, and the payment schedule you select.

Related Questions

  • What is guest medical coverage in renters insurance?
  • What is a sub-limit in renters insurance?
  • Does renters insurance cover home-based businesses?
  • Does renters insurance cover gold or silver bullion?
  • What does "dependent in the care of" mean in renters insurance?
  • Does State Farm renters insurance cover hotel stays?

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