No, renters insurance is not expensive. According to the latest figure from the Insurance Information Institute (III), the average cost of renters insurance is $174 per year. Average renters insurance premiums vary by state, but even in the most expensive states, the annual cost rarely exceeds $250.
Yes, renters insurance covers theft. This typically includes not only valuables but also cash, up to a certain limit. It may even cover theft that occurs outside your home, such as belongings stolen from your vehicle, hotel room or an offsite storage unit. Read your policy documents carefully to determine what your renters insurance covers.
A good renters insurance deductible is one you can afford to pay. A deductible is the amount you must pay out of pocket before your policy kicks in. Before selecting the lowest available deductible, note the premium associated with it.
A lower deductible typically means a higher premium. It may make more sense to choose a slightly higher deductible to save money on your premium. However, you should not choose a deductible that you would not be able to afford if a covered loss occurs.
Yes, renters insurance is a good investment. The right policy will provide thousands of dollars of coverage for your belongings, additional living expenses and personal liability — often for less than $200 per year.
Flood damage to your personal property will not be covered under renters insurance. You may want to consider purchasing flood insurance separately, especially if you live in a ground-flood apartment or are renting a home
