Renters insurance helps protect you and your belongings in case of a disaster. Whether that is a fire, burglary or something else, renters insurance can help covers the cost of what you lose. But since renters insurance does not cover the building you live in and only your stuff, how much does it cost?
How Much Does Renters Insurance Cost
The average renters insurance provides anywhere from $35,000-$45,000 in coverage. This would cover most if not all of your personal property. You can chose a plan that has a higher or lower deductible, which will play a role in what you pay per month. But if you happen to choose a deductible in the $500-$1000 range, you will most likely pay in the range of $15-$20 per month.
The cost of your coverage may fluctuate on a few different things. The size of the apartment or house you live in, the deductible you want to pay and the overall amount of coverage you want. If you happen to be an art collector, with millions of dollars worth of paintings in your apartment, you may want more coverage than a recent college grab with an Xbox.
When it comes to renters insurance, it is important to document all of your belongings. Just a list of things you on won’t cut it. Keeping receipts of major purchases such as electronics is recommend. Taking pictures of your apartment is also a way you can document the items in your household.