How Much Does Renters Insurance Cost on Average?

How Much Does Renters Insurance Cost on Average?

Renters insurance is one of those essential coverage options that you need. Much like car insurance, it helps to have renters insurance when life happens. Not to mention, it’s probably mandatory where you live.

If you’re moving into a new place, you may be wondering, “How much does renters insurance cost”? Well, that answer depends on a variety of factors. Continue reading below to learn more about renters insurance prices.

The Average Cost of Renters Insurance

The price you pay for renters insurance varies from state to state. Also, you may pay more or less based on the price that the renter’s insurance company charges. However, the average cost of renters coverage is about $168 per year.

That’s only about $14 a month. So, you won’t break the bank paying for it.

It’s not as nearly as expensive as car insurance or health insurance. If you live in a large city, like Atlanta and Houston, you’ll pay a little over $20 in those areas.

What Does Renters Insurance Cover?

You may be wondering what renters insurance actually covers. Here’s what most policies take care of:

Personal Property

If any of your personal belongings are stolen during a home invasion, most likely the insurance will cover the cost of replacing those items. Also, in instances of severe weather or fires, your policy will also cover your belongings.

Just keep in mind that coverage is usually subject to a deductible and there might be a limited amount of money they’ll pay towards replacing personal items.

Medical Payments

If a guest is injured in your house, the insurance takes care of the medical payments. This protects you from being sued. Medical payments coincide with liability, which is also handled by the insurance provider.

They’ll cover liability for damages and legal expenses related to incidents. Not only will it cover a person getting hurt in your home, but it may also cover situations like your dog biting the neighbor.

Additional Living Costs

If you have to relocate while your home is undergoing repairs, that’s an expense that’s also included under your renter’s insurance policy. When disaster strikes, and there’s lots of damage to your residence, you can’t stay there.

Therefore, your policy will pay for your hotel stay and other relocation costs. The renter’s insurance may even cover expenses like restaurant bills that you incur while staying at a hotel.

Visit to learn more about renters insurance.

Essential Coverage: How Much Does Renters Insurance Cost?

Hopefully this content answers your question of, “How much does renters insurance cost”? The good news is, you won’t spend too much money on renters insurance.

However, you’ll still have the coverage that you need to take care of your residence if something were to happen. Essentially, it provides peace of mind.

If this content was helpful, continue browsing our website to find more finance-related articles.

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