Renters insurance is something that most landlords require your to purchase in order to rent their house or apartment. So a question we get often is “how expensive is renters insurance?”. This answer, as with everything insurance related, can vary greatly depending on your situation and needs. However, we’ll try to break it down the best we can so that you have a better idea of how much renters insurance will cost you.
How Much Does Renters Insurance Cost?
Renters insurance costs an average of $15 to $25 a month. This price is if you are to purchase a very basic renters insurance policy. Many apartment complexes require you to purchase liability limits of at least $100,000. So we’ll often get emails asking us “how much is renters insurance for 100 000?”. We will give a price but then we recommend that you purchase more coverage than $100,000. In most cases, increasing the coverage to $300,000 is only going to cost you $1 more a month. This makes it easy to increase the coverage while still offering a good monthly price on renters insurance.
Instead of asking how much is renters insurance per month, it may be worth it to ask how much is renters insurance per year. This is because you get a discount for paying in full. You also avoid paying monthly installment fees each month. Some insurance companies will charge up to $5 every time you pay a bill. So ask your insurance agent about the pay in full discount.
How Much is Renters Insurance For An Apartment?
Whether you’re looking for renters insurance for an apartment or for a home the price and coverage offered will most likely remain the same. As mentioned above, apartment complexes will require you to have at least $100,000 liability, but this isn’t the only coverage you should worry about. Another important coverage is your personal property. Should anything happen to your belongings, you want to have coverage.
Depending on how much personal property coverage you need, the price of rental insurance is going to increase.
You apartment complex will also ask you to add their name on your policy as an additional interest or insured. This is very normal and easy to do. You simply need to give their information to your insurance agent and let them know. They can process this request very quickly.
How Much is Renters Insurance a Month?
Renters insurance will cost an average of $15 to $25 a month. However, the best way to figure out how much renters insurance costs is to talk with an independent insurance agent. They can look at your unique situation, determine how much coverage you need and then find the best policy for you. To get started on that process, click here.
How Much Should Renters Insurance Cost?
How much renters insurance you need determines how much for renters insurance you’ll pay. The more liability coverage you have and the more personal property coverage you have, the price will increase. So the answer to the question “on average how much is renters insurance?” is answered by how much coverage you need; and that will be different for everyone. How much renters insurance you need is different than even your next door neighbor.
Instead of basing how much should renters insurance cost off your friends answer, consult with an independent insurance agent. They can help you determine what does renters insurance cost for you.
In many cases, you can bundle your renters insurance with your auto insurance. Many times, the savings from bundling will pay for the renters policy. So make sure you check with your insurance agent instead of simply buying the renters insurance from your apartment complex.
For more information on what renters insurance actually is and what it covers, check out our post here.