How Much Is Renters Insurance?

Renter's insurance protects your property from theft, fire and other sudden and unforeseen events. Your location: Renters insurance rates can vary widely by location (see the table above) and can even vary within cities and neighborhoods and property by property (older buildings tend to cost more, while newer buildings with more security and safety features can garner lower premiums).

Prices will vary, but a standard renters insurance policy with $30,000 in personal property coverage and at least $100,000 in liability protection (in addition to loss of use and medical payments coverage) can easily be found for $20 per month or less.

Even if you don't believe that the value of your personal possessions warrants insurance protection (though you may think differently after an inventory of their value), renter's insurance covers other potential risks that can adversely impact your finances.

So if you knew you'd be forking over a lot for your teenager's braces, your husband's dental work and your own arthritis medications, and that changes www.policyreviews.com to your health plan meant you'd be shouldering more of the burden for routine office visits to doctors, you could set aside $3,000 or more.

Worters says that according to the National Association of Insurance Commissioners' data the average policy cost just $184 per year, a figure that works out to a little more than $15 per month for coverage that ranges from $30,000 to $50,000 (depending on where the renter lives) with a $500 to $1,000 deductible.

A standard home insurance policy includes four types of coverage: coverage for the structure of your home, coverage for your personal belongings and other contents in your home, coverage for temporary living expenses if you're displaced, and liability protection.

If you choose not to protect yourself with earthquake residential insurance, you will be responsible for 100 percent of the costs to replace your belongings and the expense of finding another place to live if your home is damaged or destroyed after a major earthquake.

Renters insurance typically covers loss of use, also called additional living expenses.” If your apartment is uninhabitable due to damage, such as a fire, renters insurance can pay for additional living expenses such as hotel costs, restaurant meals and other bills.

But beware: if you are operating an Airbnb out of your apartment - which would be illegal in Chicago, by the way, if you don't have a Chicago vacation rental license and your landlord's permission - the renter's insurance policy won't cover theft or damage done to your home by the Airbnb tenant.