Renters insurance costs

In most cases your renters insurance will cost you only a few hundred dollars per year. This can calculate to as low as 20 dollars per month to protect your belongings and even your assets (in the event someone is injured by your pet).

A misconception that people have is that if their roommate has renters insurance than they themselves are also covered. This is not true, if there are multiple persons sharing a residence than they must cover their own possessions with separate policies or purchase a policy jointly.

Cost will also be determined by the amount of coverage that you purchased, as well as any additional protection you request such as flood protection. You should not expect your policy to cost you more than $25.00 per month for a standard solid policy. When you consider the cost to replace your belongings in the event of fire or theft, obtaining an insurance policy is much cheaper in the end.

In most cases across the US, a standard renter’s insurance policy will have a minimum personal property coverage of $10,000 to $15,000.

Along with this coverage, the minimum amount for liability coverage is almost always $10,000 in a basic premium policy. You can always purchase a higher limit if you want, but your price will go up.