What People Are Saying
Thanks for making it easy to find the cheapest renters insurance. Knowing our stuff is always protected gives me peace of mind.
Matt and Bethany, Charleston SC
COST OF RENTERS INSURANCE
The cost of renters insurance is an important thing to consider when you are comparing renters insurance online. You do not want to pay more than you need to, especially on a service that you hope never to use. While you are not required by law to purchase insurance for your rental home, you also do not want to be stuck in the midst of a disaster without it. If you are renting any type of home, from a townhouse to a loft, from a condominium to an apartment, you will benefit from the security that rental coverage can provide.
What is Renters Insurance?
Renter protection is a type of coverage for renters in all areas of life. If you are renting any type of home you may think that your landlord or condo association is responsible for any costs in the event of a disaster, emergency or accident; however, this is only partially true. While your landlord or condo association is responsible for the structural damage incurred, the renter is responsible for any damage that occurs to the contents and guests inside the building. In the event of a theft, for example, your landlord will need to pay for the broken window but as the renter, you are responsible for the stolen goods.
Furthermore, renter/landlord responsibility barriers also spans into serious injuries as well - if a friend slips and falls on your balcony, then you are responsible as a renter; however, if a friend slips and falls down the lobby stairs, then the landlord will be legally responsible for any medical and legal expenses incurred.
Under a standard online renters insurance coverage plan, you can expect to have both contents coverage as well as liability protection. Renters can also choose additional coverage options which will impact the cost of renters insurance. Contents coverage will pay for any damages to your movable objects and belongings such as your furniture, clothing and electronics. This includes damage caused by a theft, vandalism, storm, broken pipe, fire, smoke from a fire, hurricane, tornado and other natural disasters.
Liability coverage will pay for the costs in the event of a serious injury in your home including medical costs, rehabilitation costs and loss of income in certain circumstances. How much or how little you are compensated will depend on your policy. Most renters insurance policies will include around $20,000 of contents protection and $100,000 of liability coverage which will cost anywhere from $10 to $20 per month depending on a number of things.
Rental Coverage Cost Comparison
There are several factors that will go into the cost of renters insurance. First of all, where you live will have a great impact on your cost of renters insurance. If you live on the ground floor, near a flood plain, in a dangerous city or in a high-crime suburb, then your cost of renters insurance may be higher than expected. Furthermore, if your building is older, prone to thefts and incidents or not gated, then you can also expect higher coverage cost quotes.
Another thing that will impact the cost of your coverage is how much or how little you choose. As mentioned above, the average cost of renters insurance is around $15 per month but if you want more coverage, you can expect a higher rate. If you want $300,000 worth of liability insurance, then you can expect your rate to be higher than someone looking for only $100,000 worth of coverage.
Where you are in your life will impact your ratings as well. A student may only need to insure a room full of valuables and thus can expect a much lower rate than a family looking to insure an entire house full of valuables. A senior citizen wanting to insure 50 years worth of antique collectables may also be looking at a higher cost than someone just starting out with second hand furniture and only a handful of electronics and gadgets.
Compare the Cost of Renters Insurance
Before you buy any policy, be sure to compare the cost of renters insurance. With an online search you will be able to compare prices in the comfort of your home. Get instant access to a number of quotes from providers in your area.
In addition to comparing the cost of renters insurance online, you can also save by choosing a higher deductible which will lower your premium. Another good trick to save on your rental coverage is to make your home as safe as possible. Invest in an alarm system or anti theft devices to help lower your renter coverage rates. You do not have to sacrifice your level of coverage to save on your annual renters insurance - get the protection you want for a fraction of the cost with an online search.