If you’re a renter, you’re used to kicking back while your landlord handles any problems that pop up in your home. Ah, the good life! Now for the reality check: Your personal belongings are your responsibility. If a fire destroys your valuables, or if you’re robbed, you’re on your own. Unless, that is, you have renters insurance.
But what should you expect to spend to protect your stuff? We’ve got answers.
How much does renters insurance cost?
On average, renters insurance costs $15 to $30 per month. But your actual renters insurance quote depends on both the value of your belongings and where you live.
If I submit a claim, will I have to pay out-of-pocket costs?
Yes. Renters insurance policies almost always include a deductible—a set amount that you must pay before your coverage kicks in—that tends to range from $250 to $1,000.
What kind of renters insurance coverage can I buy?
There are a few different types of renters insurance. Here’s a quick rundown:
- Personal property damage coverage
- Personal liability and medical payment coverage
- Loss of use coverage
Now that you know about the different types of renters insurance and how much it all costs, here’s a tip that’ll save you a few dollars each month: If you buy your auto and renters insurance from the same company, you’ll probably get a discount. Speak with a AAA insurance agent to learn more.