What Is The Price Of Renters Insurance?
Renters insurance is a type of home insurance policy that covers your personal belongings and liability when you live in a rented house or apartment. The price of renters insurance depends on several factors, such as your location, coverage amount, deductible, and discounts. According to some sources, the average cost of renters insurance in 2024 is between $120 and $347 per year, or about $10 and $29 per month.
The table below shows some examples of renters insurance quotes from different insurers and locations, based on a policy with $40,000 of personal property coverage, $1,000 deductible, and $300,000 of liability protection.
Insurer | Location | Annual Premium | Monthly Premium |
---|---|---|---|
State Farm | New York, NY | $144 | $12 |
Allstate | Los Angeles, CA | $216 | $18 |
GEICO | Chicago, IL | $252 | $21 |
Progressive | Houston, TX | $288 | $24 |
Liberty Mutual | Miami, FL | $336 | $28 |
Renters Insurance: What It Is and How It Works
Renters insurance is essential for people who rent their homes, whether it’s an apartment or a house. This type of insurance offers peace of mind, protecting your personal belongings and covering liability if someone gets injured on your property. Renters insurance is affordable and can save you from financial loss due to theft, fire, water damage, or other unexpected events. It’s crucial for renters to understand the benefits and security that renters insurance provides.
In this blog, we will explain what renters insurance is, how it works, what it covers, and why you should consider getting it. We will also give you some tips on how to find the best renters insurance policy for your needs and budget.
Table of Content
- What Is Renters Insurance?
- How Renters Insurance Works
- Is Renters Insurance Necessary?
- How Should I Purchase Renters Insurance?
- What Is The Price Of Renters Insurance?
- What Is Covered By Renters Insurance?
- What Kind Of Coverage Do I Need For Renters Insurance?
- What Is Not Covered By Renters Insurance?
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