YOU ASK:

How much is renters insurance?

WE ANSWER:

Few people renting apartments are aware that they need renters insurance to protect them financially if a loss occurs on the premises of the property they reside in. Even fewer are those who know that renters insurance is indeed amazingly inexpensive.

How Much to Pay for Renters Insurance

Renters insurance policies are not uniform: each buyer can choose how to tailor their coverage so that it suits their insurance needs. Thus, just like with any other type of insurance, people can choose the liability limits, certain deductibles and may or may not qualify for a discount. All these factors and preferences shape the policy and come into play to determine the specific insurance premium.

Still, it will be difficult to find a renters policy that costs over $200 per annum, regardless of the policy amount and liability limits selected. In fact, most renters insurance policy prices range between $100 and $200.

How to Save on Renters Insurance

Although renters insurance is relatively cheap and most consumers find it affordable, you can still make use of some hints and tips to save a few bucks on your renters insurance premium, as follows:

  • If you have auto insurance, you can get your renters insurance policy issued by the same company. The so-called "multi-line discount" may apply to customers who have two or more policy issued by the same company.
  • Raising your deductible can also help lowering your renters insurance premium. A deductible of $1000 is usually considered reasonable, if you can afford it.
  • Shop around: although renters insurance is generally considered cheap, you still need to do an extensive search for the policy that will best match your needs and preferences. Also, don't underestimate the importance of the insurance companies' financial strength and reliability.
  • Do ensure an adequate renters insurance coverage: liability limits of $100,000 usually fail to provide the necessary protection.
Was this question and its answer useful?
Not a bit
  • Currently 4/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Very useful
Have a question about insurance? Ask the experts
Share: