Renters Insurance And Theft FAQs
Here are some things to consider when trying to decide if you need to purchase renters insurance:
How much does renters insurance cost?
The exact cost of a renters insurance policy varies by location and the amount of coverage you want. According to Forbes, the national average cost of renters insurance (known as the premium) with $15,000 worth of personal property coverage is just over $14 per month, or $173 annually. $30,000 worth of coverage costs an average of $19 per month, while $50,000 worth of coverage costs about $25 per month.
What determines the cost of renters insurance?
Things that contribute to higher or lower renters insurance rates include state laws and regulations, as well as crime rates and the likelihood of natural disasters. Forbes also notes that the state with the lowest average premium for renters was Alaska at $48 per year, while renters in Louisiana paid the most at $294 for a year.
How do I get renters insurance?
You can get a free renters insurance quote online, over the phone or in person. It’s best to get quotes from numerous companies so you can compare costs and coverage. If you use the same insurance company that covers your car, you may get a discount for bundling the policies together.
How do I know how much renters insurance I need?
Before you start really considering a particular policy, you should be aware of the different kinds of coverages and which ones you really need. You should also add up the value of your possessions. These can include furniture, artwork, jewelry, clothing, accessories, sporting goods/equipment and any appliances that do not come with the home. This will help you determine how much coverage you need.
What happens if my belongings are stolen while traveling or away?
Any possession covered by your renters insurance is covered if stolen, no matter where you or the items were when they were lost or damaged, or for what reason. The only exception is if the loss is by your own intent.
Does renters insurance cover damage from a house or car break-in?
Only if the break-in results in the loss of or damage to your personal property. In the case of a car break-in, the smashed window would be covered by your auto insurance. But if the person who smashed your window also stole your laptop that was in your bag on the passenger seat, your renters insurance would cover that loss. Same thing with your home. Your landlord’s homeowners insurance would cover the broken-down door, but anything stolen in your unit is covered by your renters insurance.
