How Much Does Renters Insurance Cost?
Are you a renter considering obtaining insurance for your personal belongings? If you have this question in mind, “How much does renters insurance cost?”, then you’re at the right place. In this article, we’ll delve deep into the costs associated with renters insurance and factors affecting it.
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So, What’s The Average Cost?
On average, the cost of renters insurance can range anywhere from $15 to $30 per month. This variation exists due to several factors, including the amount of coverage you need, where you live, and the insurance company itself.
While these figures offer a general idea, it’s essential to remember that renters insurance costs can vary significantly based on several factors as we’ll discuss right away:
Factors That Affect Renters Insurance Cost
Personal Property Coverage
How much would it cost to replace your belongings if they were destroyed in a fire or stolen? The answer plays a significant role in determining your insurance cost. The more belongings you need to cover, the higher your insurance premium will be.
Liability Coverage
Liability coverage protects you if you inadvertently cause damage to the property or if someone gets injured in your home. The more liability coverage you want, the higher your premium.
Deductible
The deductible is the amount you’ll pay out-of-pocket before your insurance pays a claim. A higher deductible typically translates into a lower monthly premium, while a lower deductible means a higher premium.
Location
Where you live impacts your renters insurance cost. For instance, locations prone to natural disasters (e.g., flooding, hurricanes) can lead to higher premiums. Similarly, areas with high crime rates can also increase costs.
APOLLO offers tenant insurance starting at just $11/month.
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How Can You Lower the Costs?
The costs of renters insurance can be a significant concern, especially if you’re on a tight budget. But don’t despair! Here are a few tips to help lower your renters insurance costs:
Comparison Shop: Different insurance companies may quote different prices for similar coverages. So, take the time to get quotes from various insurers and pick a policy that offers the best balance between cost and coverage.
Bundle your policies: If you already have auto insurance, consider getting your renters insurance from the same company. Bundling policies can often lead to discounts.
Install Safety Features: Some insurance companies offer discounts if your rental home has safety features like alarm systems, smoke detectors, or sprinkles installed.
APOLLO is Canada’s leading provider of tenant insurance, designed specifically for renters and customizable to your lifestyle. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.
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Get the protection you need in minutes with custom Tenant Insurance from APOLLO.
Originally published June 30, 2023, updated August 9, 2024
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