Need to figure out how much your renters insurance will cost? Easily crunch the numbers with our cost calculator.
There are many reasons to buy renters insurance. Your landlord might require it, or you might just want protection so you’re not on the hook for personally replacing all of your belongings in the event of water damage.
Luckily, renters insurance is a relatively inexpensive form of protection. If you want to know how much it’ll cost you to cover all of your property, use our renters insurance calculator to crunch the numbers, and see what goes into a renters insurance quote.
Determining how much renters insurance will cost is a matter of entering some details on your residence, your possessions, and any additional coverage you want.
Click the button to get started, or read on for more information on calculating your own coverage needs and cost.
How much renters insurance should you have? That depends on the total value of your personal belongings, how much you’re able and willing to pay out of pocket to replace or repair them, and what you can afford to regularly pay as a premium.
The different protections included in a renters insurance policy, and the things you’ll need to take into account while calculating the cost, include:
Learn more about figuring how much renters coverage you need in each category.
You’ll also need to consider your deductible. The deductible is how much you need to pay before your insurance kicks in. For renters insurance, deductibles typically range from $250 to $1,000. A higher deductible results in slightly lower monthly premiums, and vice versa.
Aside from the above considerations, there are a few other factors that determine the cost of a renters insurance policy.
The first is any riders, floaters, or endorsements you include on your policy. These allow you to customize the policy, usually to increase coverage limits on certain categories for items. For example, your policy might only cover $2,500 worth of electronics, so if both your television and computer are damaged, you’d be paying more than you expected for both of them. You also might have to schedule individual high-value items like an engagement ring to cover them. Buying additional coverage will add to the cost of the policy.
You also need to know what kind of policy you have. Replacement cost coverage will pay however much it takes to replace or repair an item based on its original value; an actual cash value policy will pay out based on the current value of an item, taking depreciation into account (so if you paid $1,000 for your TV five years ago, you might only get $500 today). Replacement cost policies are typically more expensive than comparable actual cash value, but also provide more protection.
Finally, look for savings in the form of discounts. Your carrier may provide discounts if you have safety features like burglary alarms, or have a multi-policy discount if you bundle your auto and renters with them. Policygenius can use the information you provide when applying for renters insurance to automatically detect and apply discounts.
No matter how much coverage you need or the discounts you get, renters insurance is still relatively affordable. The national average premium is around $16, meaning you can get several hundreds of thousands of dollars worth of coverage for under $200 annually.
One last thing to consider is any coverage you need for your belongings for incidents that don’t fall under your renters policy. For instance, flood damage won’t be covered, and earthquake insurance will be an additional cost. Make sure you closely read your policy to see what your insurance covers and what it doesn’t and decide on what additional policies you’ll need.
Which is the best renters insurance carrier for you? That depends on your individual scenario and needs. While everyone will have their own criteria, some things to consider are:
Colin Lalley is the Associate Director of SEO Content at Policygenius in New York City. His writing on insurance and personal finance has appeared on Betterment, Inc, Credit Sesame, and the Council for Disability Awareness. Colin has a degree in English from the University of North Carolina at Chapel Hill.
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.