Average Cost of Renters Insurance in 2022

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  • The average cost of renters insurance in the United States is about $15 per month or $174 per year.
  • Your premiums will vary based on where you live and the amount of coverage you purchase.
  • having pets and installing alarm systems will affect the cost of your policy.
  • Check out the insider’s guide to the best renters insurance companies in 2022.
  • The average cost of renters insurance in the United States is about $15 per month or $174 per year, according to 2019 data from the Insurance Information Institute.

    Reading: What is the average price of renters insurance

    Renters insurance protects you where homeowner’s coverage doesn’t. Your renters insurance protects all the items you bring into your new house or rented apartment. it also protects you from liability if someone is injured on your unit.

    While it won’t help rebuild the structure if it burns down (that’s what homeowners insurance is for), it will protect you and your property. Many landlords or leasing companies will require renters insurance as a condition of your lease.

    The type of home you live in will not play a large role in the cost of your renters insurance mainly because this insurance policy covers you and your belongings. however, your renters insurance costs will vary depending on your location and how much coverage you need.

    How much does renters insurance cost in my state?

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    Where you live plays a big role in how much you’ll pay for renters insurance, according to data from the Insurance Information Institute.

    You’ll pay more in the southeast. Mississippi, Alabama, Louisiana, and Texas are some of the most expensive states for renters insurance. they are also low-lying areas where flooding and hurricanes are common. insurance companies view them as higher risk and will charge more in these areas as a result.

    by contrast, south dakota and wisconsin have some of the lowest renters insurance premiums. these states have relatively calm weather patterns.

    This is what the average renter paid for coverage in each state in 2019, based on data from iii.

    states with the cheapest renters insurance

    These are the states with the lowest average annual premiums.

    states with the most expensive renters insurance

    These are the states with the most expensive average annual premiums.

    average price of renters insurance by amount of coverage

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    Usually renters insurance policies will cover a certain amount for your personal property and liability.

    The more coverage you get, the more you pay for coverage. For an apartment in New York City, the cost of renters insurance will increase a few dollars each month with every $10,000 in personal property coverage, according to quotes obtained from Allstate, one of the best insider picks for insurance for renters in 2022. To estimate the amount of coverage you’ll need, calculate the total value of your belongings.

    Also, consider the level of risk associated with your unit. For example, someone who rents a single-family unit with an outdoor pool might want to consider more coverage than a college student who rents a 600-square-foot studio apartment off campus.

    source: insurance.com

    other factors that influence your renters insurance costs

    Although the list is not as long as homeowners insurance, there are some variables that influence the cost of your renters insurance policy.

    • Types of alarm systems installed in your home: Insurers will often lower your premiums if you have home security devices. Having both a burglar alarm and a fire alarm installed can reduce the likelihood of a loss, and in turn, pose less risk to your provider.
    • Own a dog: Owning a dog won’t necessarily increase your premiums, but owning a dog may mean you need more coverage. If your dog bites someone, renters insurance will cover your liability costs. According to III, the average cost of a dog bite claim was more than $44,000 in 2019. In this situation, your insurer might recommend getting more than the typical $20,000 or $30,000 policy, which will increase your overall insurance bill.
    • how to get the best price on renters insurance

      Get the best price on your renters insurance policy by doing your research. You can do this by collecting quotes from at least three insurers. then look for quotes with the lowest monthly premium and highest coverage limit. Also, consider your deductible, or the amount you’ll be responsible for paying before your insurance coverage kicks in. the insurance policy with the most coverage, the smallest premiums, and the lowest deductible is probably best for you.

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