How Much Is Renters Insurance?
Updated November 1, 2021 . AmFam Team
How Much Is Renters Insurance?
Whether you’re a first-time renter or have been in your third-floor studio for years, renters insurance is one way you can help protect what matters most. But with all the other bills you have to pay, you might be wondering just how much renters insurance will cost you. We’ll help you understand what goes into the cost of renters insurance and how much you can expect to pay.
How Much Does Monthly Renters Insurance Cost?
The average cost of renters insurance is often less than $15 a month. In general, most renters insurance policies are extremely affordable. So for the cost of about three fancy coffees or one large pizza, you could get the coverage you need for your apartment or home.
How Is Renters Insurance Calculated?
So how is your renters premium calculated? Here are a few factors that can affect the price of your renters policy:
- Coverage limits
- Location of residence
- Property type
- Replacement cost vs actual cash value
- Deductible amount
We’ve highlighted some questions below to help you better understand the cost of your renters insurance.
What Are Your Coverage Limits?
One of the biggest factors that helps determine the cost of your renters insurance is the amount of coverage you have. Every renters insurance policy has standard coverage limits, which are the maximum amount your policy will pay in case you have a claim. Your personal property and liability coverage both offer protection up to two different dollar amounts.
And there are also options to expand your coverage limits to protect valuable items worth more than your limits. Perhaps you have expensive electronics, a pricey new engagement ring — you’ll want to consider scheduled personal property coverage (also known as itemized personal property coverage). This not only gives you a higher coverage amount, but your items will be covered for more types of events.
Just remember that extending your coverage limits will impact the cost of your renters insurance premium.
Will Location Affect the Cost of Your Renters Insurance?
The location of your rental may also affect your insurance rate. If your area is prone to natural disasters or crime, your renters insurance rate will probably be higher than an area that is relatively safer.
Average Cost of Renters Insurance By State
Depending on where you live, renters insurance costs vary. The national average is $179 a year, or $15 a month. Check out the table below to see what your state charges.
The cost of renters insurance varies depending on your coverage and limits — that’s why it’s important to talk with your American Family Insurance agent (Opens in a new tab) to find the best policy for your belongings and your budget.
And be sure to check out our Resource and Apartment Resource Hub to learn more about renters insurance, landlords, DIY ideas for your place and more!
This article is for informational purposes only and includes information widely available through different sources and does not afford or guarantee any coverage.
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Your home is more than a roof over your head. It’s where your dreams grow, your family thrives and memories are made. But the possessions you keep inside are important, too.
Whether you’re renting an apartment or own your home, you’ve most likely got an insurance policy designed to protect your dwelling and the things inside. Should the unthinkable happen and you have to use that insurance policy, it’s important to have a plan in place. And a home inventory list is a great way to get started!
We’ll walk you through how to create a home inventory so — in the event of the unexpected — you’ll be more prepared and have a streamlined recovery.
What Is a Home Inventory?
Quite simply, a home inventory is a complete list of all the items, especially valuables, in and around your home. The best home inventories include photos, descriptions and dollar values of each of your belongings. The more detail, the better! It’ll help you provide a comprehensive list to your agent of items lost in the event your home is damaged or destroyed, allowing you to get the most out of your coverage.
When your describing the items in your list, remember that the more information, the better. Here’s a quick reference list of the type of information you should include in your home inventory list:
- An in-depth description of the items. For example, rather than writing down “diamond ring,” be more descriptive, such as: “an emerald cut diamond ring, with white gold shank, accent stones and initials inscribed below the bridge.”
- Make, model, and/or serial number of the items.
- Date of purchase, receipts and photos.
- Estimated replacement cost if you bought it today. Do note that the value of the items might be different today than it was when you first bought them. This is especially true with jewelry, and other valuables.
- Appraisals at time of purchase. Especially if your items were appraised for insurance purposes.
Why Do I Need a Home Inventory?
Whether you’re a homeowner or a renter, everyone can benefit from a home inventory!
If you ever have to make a claim, a home inventory is a great asset to have, especially after stressful events like theft, storm damage or a fire (take a look at how one renter used their home inventory after facing an apartment fire).
When you make a claim, you typically submit information on everything that was lost — which can be difficult to do off the top of your head for all your possessions. Remembering to replace your TV or computer are no-brainers, but when it comes to remembering each piece of jewelry in your jewelry box, things tend to get overlooked. Having a personal property inventory will help, along with knowing how to properly insure your jewelry.
When you have your home inventory checklist, you know exactly what needs to be replaced, and you’ll have peace of mind knowing your entire household is protected.
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You’re admiring the rain from the comfort of your home when you notice a sound — the unmistakable drip of water dropping onto your floor. The first and hardest step is figuring out why your roof is leaking. And with these tips, you’ll find the culprit in no time!
Here’s Why Your Roof Is Leaking
The list of reasons why your roof is leaking may seem long, but don’t worry — when it comes to finding the leak and fixing it, the finding is the hardest part. And the good thing about these problems? They can all be fixed. Check out the list and see what’s troubling your roof:
Your roof is old
Roofs don’t last forever. Protecting your home and everything inside it from the elements comes with a cost. And with all that rain, snow, ice, wind and even sunlight wearing down your roof, it becomes more susceptible to leaks. Every roof will eventually need to be replaced, so learn more about how long your roof should last based on what it’s made of.
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There’s no good time to find out your roof needs repair — but you may be able to mitigate that pain by routinely checking your roof for damage after severe weather. Waiting for a leak or damage to present itself gives the problem time to grow and worsen.
And sometimes, you’ll be faced with expensive roof and interior damage repairs if you’re not diligent. By being proactive and checking your roof for damage after severe weather hits can help your roof — and your savings — stay healthy.
