Average Cost of Renters Insurance

Average Monthly Cost of Insurance
What is the Average Cost of Renters Insurance?

Coverage and Cost - UPDATED April 26th, 2012

The last thing someone would probably think about when moving to a new apartment or condo is a renters insurance. This is due to the popular belief that a landlords insurance will cover any damage loss of property within the vicinity. But a landlords insurance will only cover damages to the actual property itself. According to the Insurance Information Institute, a renters insurance cost would be somewhere around $150 to $300 per year of coverage, and prices may vary depending on the amount of deductible and additional policies you would like to take.

Common Coverage of Insurance

Similar to a homeowners insurance, a renters insurance protects your belongings from fire, lightning, windstorm, hail, explosion, riot or civil commotion, aircraft and vehicular accidents, smoke, vandalism, theft, volcanic eruption, falling objects, weight of ice, snow or sleet, water-related damages from house utilities, electrical surge damages and other unforeseen events. But in some areas prone to natural disasters like tornadoes, earthquakes and flooding, additional policies may be purchased separately.


So for any of the reasons stated above, your belongings got damaged or lost, a renterís insurance covers you in different ways. At this point, we examine how insurance companies usually return the items back to you. There are two ways how your stolen TV may be returned, itís either through actual cash value or replacement cost coverage. And when shopping around for renterís insurance, this is one thing that you may want to consider. Some insurance companies may offer you both as an option but others may just have either one of it.

Actual cash value is when a stolen item, for example, is returned to you by reimbursing the amount that the item would cost now and not for how much you originally bought it for. So when you have this old stereo component you bought for $100 and it costs probably around $20 at a second-hand shop, you would probably need to use some of your own money to buy a new one. On the other hand, replacement cost coverage is when the actual purchasing price of the item is fully paid back. But you would need to replace it first before getting your claim. They would need to have you present a receipt of the things you bought as replacement for the damaged or stolen items. But then again, everything is fairly compensated.


When you have a dog or your apartment gets too slippery at times, having a renterís insurance with liability protection may be a wise thing to have. This covers any untoward incident that happens within the area you are renting. So when you often have a lot of people coming to visit, this is something you can think about. And another feature of a renterís insurance is the additional living expenses provided to you when your apartment becomes unlivable due to fire or flooding.

Factors That Affect Cost

Other than controllable factors such as deductibles and additional policies which come as an option, uncontrollable factors such as location and premise conditions also affect the cost of a renterís insurance.  When you are located in an area prone to natural calamities or with a high crime rate, the policy may cost a little more due to high risk. Also, history of claims of the previous renter of the place may also affect the cost.


Bundle, and compare. When buying a renters insurance policy, bundling services may give you a discount. And itís always important to compare prices from different insurance companies to get the best deals. Getting the lowest rates is important but you usually get what you pay for. Cheaper is not always better. To find the average cost of renters insurance in your area click the button above.
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