There is not one definitive answer to how much renters insurance is. However, the good news is that renters insurance is indeed affordable. That being said, the average cost of renters insurance does vary, as it depends on a variety of factors. Take a look at the information below to find out how your renters insurance cost is determined.
What does the average cost of renters insurance depend on?
Your renters insurance rate is determined by multiple factors including:
- The state where you live
- What insurance provider you have
- How much coverage you need
- The type of coverage you choose
- The amount of your deductible
- The location of your rented home or apartment
The best way to figure out how much you will pay on a monthly basis is to get a free renters insurance quote.
How much renters insurance do I need?
Determining how much renters insurance you need for your particular situation largely depends on the value of your personal belongings, as well as how much liability coverage you think you’ll need.
Take a home inventory
People often underestimate the value of their personal belongings, which is why keeping an ongoing inventory list is so important. Here are some tips on documenting your possessions:
- Walk through each room in your rental.
- Write down the descriptions, quantities and values of each item, along with serial numbers and purchase dates (you can estimate, or use receipts if you saved them).
- Take photos of your valuables.
- Consider using specific inventory software that can help keep things organized.
- Place a copy of your inventory in a safe place, such as a fireproof document box and/or a bank safety deposit box. You can also save a digital copy.
Consider liability coverage
If an individual is injured on your property, liability insurance may help to cover medical costs and legal fees. Take time to consider your liability coverage limit, as legal expenses can become extremely expensive.
Depending on the insurance company, there are different limits on how much coverage they will provide for your items. Review your home inventory and make note of the more expensive items, such as electronics or valuable collectibles. This will help you determine if you need to purchase additional insurance to keep these items protected.
Renters insurance is a responsible choice that can prevent you from paying out of pocket for certain types of damages. Learn more about Nationwide’s renters insurance options and start your quote today.