According to NAIC.org. renters insurance typically costs between $15 and $30 per month. The primary factors that impact the cost of your renters insurance policy are:
- Your coverage limits
- Your deductible
- Your location (ZIP Code, etc.)
- Any personal riders (e.g. additional coverage for jewelry)
Do I Really Need Renters Insurance?
Renters insurance may not seem like a high priority—especially when you already have so many other things to pay for. But not being covered could cause you serious financial difficulties later. Your landlord is responsible for ensuring the building you rent is insured, but getting insurance coverage for your personal belongings is up to you. Should the property burn down or your possessions be stolen, you would have to foot the bill for replacing all of them—and you could be rendered homeless without adequate finances to pay for alternative accommodations.
Renters Need Insurance As Much as Homeowners
A recent survey by the Insurance Research Council showed that while up to 96% of home owners have taken out insurance on their homes and content only 43% of tenants have taken out any renters insurance. This means that the majority of people renting homes in this country could lose the contents of their house without having any means of replacement. Renters insurance also covers you for additional living costs which would be incurred should your rental property be in need of repair due to disaster or vandalism. These costs would include renting alternative accommodation or hotels, or paying for meals—essential coverage for you and your family should disaster strike.
Renters Insurance Is An Affordable Investment
When you consider all the protection you get with a renters insurance policy for a relatively low price, it's clear renters insurance is a good investment for most tenants. Compare renters insurance quotes today.