Are you staying in a rented property? Then find out how much is renters insurance per month and how to get renters insurance quotes online.
RELATED: What is Renters Insurance and What does It Cover?
Depending on the amount and type of coverage you need, renters insurance will generally cost between $10 to $25 every month.
Coverage amount is one key factor that will determine how is much renters insurance every month for you. Your coverage amount will depend largely on the combined value of your personal possessions. On the average, most tenants will require $20,000 to $30,000 of coverage.
To calculate the amount of insurance coverage you'll need, add up the value of your personal possessions. Furniture, appliances, electronics, clothing, jewelery are the standard items being covered by renters insurance. Some companies may cover additional items such as tools, books, CDs/DVDs, sports equipment, outdoor gear and even guns.
Your renters insurance deductible is the second factor that affects how much your renters insurance will cost. The deductible is the amount of money that you have to pay out of your own pocket before your insurance coverage kicks in.
Example: there was a fire breakout in your rented home and $3,000 worth of your possessions were destroyed. If your deductible amount is $500, you will have to pay for the first $500 loss (out of your own pocket) while the insurance company will reimburse you for the remaining $2,500.
In general, the deductible amount starts at $250. By increasing it to $500, you can save about 10% of your renter insurance a month. A deductible of $1,000 is likely to get you a discount of 20% or more.
As we have mentioned earlier in our What is Renters Insurance article, choosing between an actual cash value and replacement cost insurance will also influence your renters insurance premium. While a replacement cost insurance policy will usually cost 20 to 30% more, we highly recommend it for better protection.
To find out how much is renters insurance for you, you can get and compare renters insurance quotes online from the major insurance providers - Progressive, Geico, StateFarm and AllState. (the links lead directly to their renters insurance quotes page).