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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

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Renters insurance, as with any other form of insurance fluctuates. Policy rates have many determining factors. It is important to know what renters insurance factors impact your policy rates. Truth of the matter is that many individuals carrying renters insurance don’t know how their policy premiums are determined.

There are several determining factors that are used in assessing your policy. These renters insurance factors directly correspond with the price of your premium.

Renters insurance factors play directly into the cost of your policy. When shopping for a renters insurance policy these factors should be kept in mind. While some factors can be controlled, others cannot. Prior to purchasing a rental insurance policy, it is important to have a thorough knowledge of which renters insurance factors determine your policy. Having knowledge of these determining factors can save you money on your policy’s premium. That being said, renters insurance factors that will be assessed in determining your premium include:

Policy Provider

There are many providers of renters insurance available. Renters insurance premiums vary and the cost for the same levels of coverage can change from provider to provider. Insurance is not unlike any other business in this regard. When looking to purchase renters insurance it is imperative to comparison shop rates so that you get the most bang for your buck.

Location of Property Rented

Properties located in areas prone to natural disasters as well as crime tend to have higher premiums as they are considered high risk. Similar to car insurance, property more susceptible to damage will often necessitate a higher number of claims. Property location is one of the most common renters insurance factors. Renters insurance for individuals living in areas with higher populations also tend to be affected by this renters insurance factor.

Size Matters

When it comes to obtaining renters insurance for multi-dwelling property, size matters. The number of units within an apartment or condo building will directly influence the price of your premium. Typically, the rule of thumb states that the larger the building the lower the insurance premium.

Coverage and Liability Limits

Renters choosing higher coverage amounts or liability limits will expect to pay higher premiums for renters insurance. Coverage of personal property is imperative, and in the event of a disaster or a break in one would expect their property to be recovered. Individuals with a great deal of material goods, collectibles, or general valuables should carry higher coverage amounts within their renters insurance policies.

Security of Property to be Insured

Properties featuring security equipment such as alarms or gated entry tend to have lower renters insurance rates. Buildings with onsite security can also stand to benefit from these security measures. Properties located in high crime areas benefit from taking security precautions. Often, the use of security equipment will balance the high risk location of the property.

Fire Detection and Prevention

Rental property featuring smoke detectors and/or sprinkler systems will benefit from lower premiums. These are renters insurance factors that can be easily controlled by the tenant. Those living in apartment buildings will find that these deductions are common amenities. However, individuals renting houses may need to install such equipment themselves.

Construction of Property Rented

The material of which your property was constructed is directly reflected within your premium. The more physically stable the material used to construct the property, the lower the insurance premium. Dwellings constructed of brick or masonry tends to have the lowest rates to renters.

Got Credit?

The more likely an individual is to pay their premium on time, the lower the rate of renters insurance. As with any insurance policy, the insuring party will obtain the inquiring party’s credit report. This information will be used in assessing the policy premium.

Multi-Task Your Policy

Many automobile insurance companies also carry renters insurance. Individuals seeking to obtain renters insurance will often receive lower rates by adding to a pre-existing insurance policy. Multi-policy discounts often range between 5% and 10% based on provider. Check with your current insurance provider to see if you qualify for any of these discounts.


This controllable renters insurance factor will directly affect your policy’s premium. Renters choosing lower deductibles pay higher premiums. Renters choosing higher deductibles pay lower premiums. Your deductable determines how much money you will pay up front in the event you have to file a claim on your renters insurance policy.


When purchasing renters insurance these factors can directly influence the premium of your policy. Taking these renters insurance factors into consideration will allow you to confidently purchase. Having knowledge of what factors can affect your policy’s premium can also allow you to make an informed decision. Certain renters insurance factors can be controlled allowing you to take proper action allowing you to benefit from available deductions.

As with any other insurance purchase, always get comparison rates prior to purchasing a policy. By comparison shopping for renters insurance you can possibly save yourself some money.