Renter Insurance Cost

Renter insurance is a very affordable way to protect your possessions and you.

The average nationwide cost of renter insurance is only $15 a month. Renter insurance policies are calculated by how much coverage you need, and how much risk there is that you will have a loss. Your insurance rate is made up of where you live, security features in your rental, insurance claims you’ve made in the past, and more.

Summary
  • Areas you should consider for getting renter insurance discounts are: bundling with your auto, comparing insurance company quotes, and having protective features like fire extinguishers and smoke detectors.
  • Your location, the construction type of your building, previous claims and credit history are among the rating factors that you can’t change in the short-term to impact your rates.
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How do insurance companies calculate the cost of renter policies?

Insurance companies always balance charging enough to pay you for a covered loss with the need to have a competitive price. This means the amount you pay is probably an accurate reflection of your actual risk.

Here’s a list of the things that impact your price that you can’t change in the short-term. The next section has a list of things you can change (and ways to get discounts).

  • Where you live: Three things are involved here: 1) how prone your rental is to natural disas- ters like windstorms, fires or tornadoes, 2) the crime rates in your local neighborhood, and 3) how close your rental is to a fire hydrant and fire station.
  • Construction type of your rental house or building: A building made with reinforced steel is more resistant to fire than one made with wood.
  • Previous insurance claims you have made: The point of insurance claims is to file them when you need to. But the flipside to filing a claim is that insurance companies think you are more likely to file a claim in the future, which increases your rate.
  • Your credit history: It’s true that people with higher credit scores enjoy lower insurance rates for almost any insurance product they buy: Renter, Auto, Life and more. Making headway on this measure can put you into a lower insurance rating bracket in the long-term.

Discounts: get the most out of your renter policy

These are the rating factors you can tinker with to make sure you have the coverage you need at the best price possible.

  • Bundling with your auto: “Bundling” your standard auto and renter insurance can save you 10%–20%.
  • Shopping insurance: How do you get a good deal? Shop around. Gone are the days when finding competing insurance quotes was such a hassle that you were better off just buying whatever your insurance agent put in front of you. Working with an independent agency like IN-SURANCE-MOD allows your to input your information once and get comparative insurance quotes.
  • Protective features in your residence: Protective features like: deadbolts, smoke alarms, fire extinguishers and security alarms not only perform their function to keep you safe but they also get you insurance discounts.
  • Coverage limits: The more you buy, the more you pay. Renter insurance is so affordable already, that slightly skimping on your insurance may not be in your best interest. Remember, your goal is to keep yourself in a financially stable position even if you have a significant loss to your property or become liable to someone else for a large amount of money. On the other hand, there is no sense in being over-insured. Renter insurance limits come in three main categories: Personal property, liability and medical expenses, and loss-of-use. Read more about renter coverages to learn how to accurately estimate your limits of insurance.
  • Deductibles: Higher deductibles, lower rates. Insurance deductibles are a simple way to reduce the cost of insurance. But instead of figuring out how much money you want to save and then picking your deductible, we always recommend thinking about how much of a deductible you can reasonably afford if there is a loss and then making sure your deductible isn’t too low.
  • Your dog: Thinking about getting a dog? Man’s (or woman’s) best friend is well worth it but you should get into this with your eyes open. Having a dog increases your insurance rates, and having certain breeds of dog—or a dog that has bitten someone—will increase them even more, or make you entirely ineligible with some companies. Insurance companies may also cancel your policy instead of renewing it if you are liable to another person for a dog bite.
  • Your roommates: People on a rental lease may be able to be on the same renter insurance policy, and splitting the bill can save you money. Be aware that any claims made on the policy caused by your roommate will be added to your claims history, and impact your rates later on, even when you’re no longer living with that person.

Renter insurance cost by state

Most people are pleasantly surprised at just how affordable renter insurance can be. The nationwide average renter insurance premium is $180 a year, or just $15 per month. And this isn’t just for your stuff, it’s also for significant liability limits.

The below by-state averages will vary based on all the rating criteria listed above, but this is a great ballpark to be in.

StateAverage
Annual
Premium
StateAverage
Annual
Premium
Alabama$235Nebraska$143
Alaska$166Nevada$178
Arizona$178New Hampshire$149
Arkansas$212New Jersey$165
California$182New Mexico$187
Colorado$159New York$194
Connecticut$192North Carolina$157
Delaware$159North Dakota$120
Florida$188Ohio$175
Georgia$219Oklahoma$236
Hawaii$185Oregon$163
Idaho$153Pennsylvania$158
Illinois$167Rhode Island$182
Indiana$174South Carolina$188
Iowa$144South Dakota$123
Kansas$172Tennessee$199
Kentucky$168Texas$232
Louisiana$235Utah$151
Maine$149Vermont$155
Maryland$161Virginia$152
Massachusetts$194Washington$163
Michigan$182Washington DC$158
Minnesota$140West Virginia$188
Mississippi$258Wisconsin$134
Missouri$173Wyoming$147
Montana$146

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