How much is the renters insurance per month? To be very precise the premium rates range from $15 to $30 per month considering almost all of the countries. Renters insurance has been declared as one of the most affordable form of financial protection.
How much is Renters Insurance?
The question how much is renters insurance brings along with it a variety of cost ranges depending upon several factors. Also each country has it’s own best insurance companies giving out different prices for the ease of the customers.
The average cost of rental insurance in Canada is estimated to be $23 per month but it can go higher or lower depending upon the location of the cities.
|Cities||Cost per Month|
|Ottawa||Starting from $15|
And according to the best insurance companies in Canada, following are the ranges for per month payment considering the customer with high credit and no prior claim.
|Companies||Cost per Month||Reason to Choose|
|TD insurance||$40.33||More trustworthy|
|RBC insurance||$40.59||Modify according to your own will|
|CIBC||$46.67||Easy online process|
|Desjardins||$46.67||Make money smart|
|Square One||$25.69||Cheapest of all|
|Sonnet||$41.76||Full online services|
According to the latest 2020 research following companies have been regarded as the best renters insurance companies in United States of America.
|Company||Monthly Cost||Ratings||Reason to Choose|
|Lemonade||$15.42||4.3 out of 5|
|USAA||$12||4.1 out of 5||Best for military members|
|Erie Insurance||$11.33||4.0 out of 5|
|State Farm||$13.75||4.0 out of 5||Best for policy management|
|Allstate||$23||4.0 out of 5||Best for online tools|
|American Family||$27.74||3.9 out of 5||Best for competitive rates|
|Nationwide||$16.08||3.9 out of 5||Best for extended coverage|
But as far as different states of US are concerned, the prices may vary as follows:
Europe is among the seven continents containing various different countries located within the Northern hemisphere. The average per month prices of renters insurance in these countries are:
|Countries||Average Monthly Premium|
|Germany||Basic policies for €4|
In New Zealand
Most of the best insurance companies in New Zealand can provide or offer you the coverage of $25,000 worth property and the cost ultimately ranging from $30 to $60 a month almost everywhere. Some of the best renters insurance in this country are:
- AA insurance
- Towers insurance
- AMI insurance
- Trade Me insurance
Considering all types of coverage the renters insurance in Australia may range from $30 a month to $50 a month. But if average monthly cost for $20,000 worth property, of some of the best insurance companies over there, are discussed then following result is obtained:
|Companies||Average per Month|
Thus, the per month amount of renters insurance, world wide, varies greatly because of the respective country’s economy, currency rate and most importantly the location of that specific place.
How much is Renters Insurance for an Apartment?
Whenever and wherever people are looking for some place to rent, most of them would think about renting an apartment because that would be easy to get and easy to live. So the precise question should be how much is renters insurance for an apartment?. By calculating average, per year cost would be 187 dollars or to make it easier 16 dollar a month should be paid by the customers.
Factors Affecting Rental Insurance
There are several factors which greatly affect the per month cost of renters insurance and which should be considered while taking the insurance:
This is a major factor because the place where you live in is highly considerable while taking the insurance. If you live in an uncertain neighborhood where crime scenes are high or the place where you live is more risky of being damaged due to any natural disaster then the cost will surely be high.
2. Amount of Deductible
The deductible is that amount which is paid by you but will be compensated by the premium. Therefore higher the amount of deductible, lesser will be the premium required.
3. Type of Coverage
There are three types of coverage offered by every renters insurance:
- Personal Property: Covering only your belongings like clothes, furniture, accessories,etc.
- Liability: Covers if you accidentally damages someone else’s property or any other person.
- Additional Living Expenses: In case you are being temporarily shifted from your own rented apartment to any other hotel or condo then the expenses would be covered by this type of coverage.
The cost vary depending upon the coverage you choose. And it is quite obvious that if you select personal property coverage then it will cost you less as compared to additional living expense coverage as it will be more expensive.
4. Number of Valuable Items
The quantity of valuable expensive items you possess also affect the premium price. If you are insuring valuable jewelries then you might have to increase the premium cost or you also have to take an extra coverage to cover these kind of items.
5. Security Features
The security features include:
- Fire alarms
- Deadbolt locks
- Security cameras,etc.
If the customer has any of the above mentioned feature installed in his house then he/she may get discount on their premium because of lower risk of loss.
6. Bundle Policy
This policy is for the customers ease. It is to have any other policy, most probably, cheap car insurance policy combined with the renters insurance so that to reduce the total premium cost.
It is concluded that no matter what the price is you can easily control it by considering all these factors. Such as may be you can live in rather safe area, and has security system in your apartment or you can choose to pay high deductible, etc.
How much is Renters Insurance in Florida?
Florida although having the average renter insurance of $16 a month but can vary and goes up to $29 a month which is very expensive depending upon the type of coverage you are choosing. But before moving to this state, and on rent, you should be aware that how much is the renters insurance in Florida?
How much is Renters Insurance in Texas?
Living in Texas could be very expensive because you not only will have to pay all the family related expenses, and of course the rent of your residence. But what about renters insurance? do you know how much is renters insurance in Texas? Well you better be prepared because it is almost $19 a month which would be $228 a year.
Frequently Asked Questions
How much does it cost to start renters insurance?
The starting worth of coverage could be $20,000 or $30,000, this might be more than your current property but remember rental insurance is there to cover your liability and additional expenses too. And don’t worry the total sum is divisible in months.
Can I get renters insurance same day?
It depends! Some companies out there won’t do the same day policy thing even if your demand is affordable insurance and rapid proof coverage. While on the other hand some insurance companies are willing and can offer same day renters policy. Not only that they can help you by sending out proof to your landlord too.
Does renters insurance cover damage to the apartment?
The only key difference between renters and homeowners insurance is that any damage done to the structure of the house or apartment will not be covered in rental insurance. Therefore to cover any damage done to the apartment, the landlord has to have landlords insurance.
Can roommates share renters insurance?
Yes roommates can share the same insurance policy only if the names of all roommates are present on that policy. But according to most of the renters insurance all of them should have separate personal policy because it is best for each of them to be responsible of their own belongings.
Being a tenant requires a monthly pay out of rent which is obviously the prime responsibility of the tenant. But this is not just it if you have renters insurance, which is kind of necessary, you also have to take out a monthly amount from your credit for the insurance too. For this you have to know how much is renters insurance per month? and this amount is approximately 20 to 30 dollars almost everywhere.