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There two main considerations when buying renters insurance: how much stuff you have, and how much risk you’re willing to take on.
Renters insurance isn’t just a good way to protect your belongings inside and outside your apartment – it’s also an affordable way to do it. But the amount of renters insurance you need depends on what you’re covering and how much you can afford to pay each month.
Your renters insurance policy is split into a few different coverage types. Here’s how your policy is typically divided, along with the most common coverage amounts in the U.S.
To learn more about your coverage, find out what renters insurance covers and what it doesn’t.
You should also aim for a $500 deductible – the amount you have to pay before your insurer begins covering costs.
You can lower your renters insurance premiums by opting for lower coverage amounts, but the difference in price is negligible. For example, the above coverage will cost most shoppers under $15 a month, and changing the personal property damage coverage to $10,000 lowers the premium amount by just $4. Learn more about the average cost of renters insurance here.
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Rather than just guessing how much coverage you need, use these guidelines to figure out what your stuff is worth (which determines what your limits should be) and how much of a premium you can actually afford.
You’ll want to make sure your personal property damage coverage is enough for all of your possessions. Any easy way to do this is with a home inventory, where you’ll take stock of what you own and its value so you know how much it would cost to replace or repair anything (and everything) if it’s stolen or damaged.
Some renters insurance policies have coverage limits on expensive items like art, electronics, and jewelry. Before you sign your renters insurance policy, make sure you know its coverage limits and get additional coverage for valuable items, or a separate policy like jewelry insurance.
If someone injured themselves in your apartment, would you be able to cover legal bills if they decided to sue you? What about covering their medical bills? These can add up fast, and renters insurance lets you cover them without dipping into savings like an emergency fund.
Whatever you do, don’t underestimate your coverage needs. Renters insurance is one of the most affordable types of insurance available, and saving a few dollars a month isn’t worth the thousands it could potentially cost you if you need to make a claim. For more answers to your questions, check out our renters insurance FAQ.
Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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