How Much Does Renters Insurance Cost? Industry Averages and Trends

How much does renters insurance cost? According to latest surveys and statistics, the average renters insurance cost is rated at $10 to $12 a month. For that small amount of money, you can get protection amounting from $10,000 to $30,000 for your property. How much does renters insurance cost? To simply put it: cheap. Of the many insurance policies that one can get, this has got to be the cheapest of them all. The renters insurance cost is very cheap for different reasons, but first, let us look at how much does renters insurance cost across different states of the US to determine the range for insurance policies designed for renters.

Based on the most recent records, North Dakota has the lowest average for renters insurance cost. At $119 a year, you have minimum coverage for property that you own inside the apartment or rental home. Not surprisingly, it is Louisiana that has the highest average for renters insurance at $245. Therefore, how much does renters insurance cost can be based on the geography of the area. Louisiana is subject to hurricanes, storms and flood and that is why the policy can be a lot higher in these areas compared to locations where the climate are less complicated and risky for apartment owners. How much does renters insurance cost, no matter how high or low it may be is still a very affordable kind of insurance compared to the standard homeowners policies.

Given that the renters insurance cost is lower compared to other policies, sadly, it is also the most overlooked policy most often by young apartment dwellers who think that this is not a worthy expense.

How much does renters insurance cost may not be too much for someone but they forego paying since most of young renters think that they can only afford to replace if they had to. The problem with apartment living is that you are at risk even if you are not doing anything risk in your space. Beyond the walls, the risks of fires, theft, and other kinds of natural or manmade disasters can happen and when you get compromised, the amount of money you have to pay would be considerably bigger compared to how much does renters insurance cost.

A lot of confusion is present among many renters. While it is possible to get a policy that is just above $100 for an entire year of protection, the confusion lies on the perceived idea that insurance in general is very costly and finding policies at $100 per annum may just be too good to be true. To address this issue on the confusion regarding how much does renters insurance cost, it is ideal to talk to insurance experts, do some research and not be easily be affected by myths and hearsays until you have verified. Since renters insurance is mainly property protection and does not cover the actual structure, it is a lot easier to get at a very low cost. Much of the younger population of US from college students to young professionals live in apartment. It is but ideal to invest a little bit on renters insurance.

Take advantage of the low cost renters insurance for your safety as an apartment dweller. Choose your state and receive quotes from top insurance companies in your location.

Source: www.onlineinsuranceportal.com

Category: Insurance

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