1. Home
  2. Answers
  3. Insurance Basics
  4. Renters Insurance is More Affordable Than You Might Think

Renters Insurance is More Affordable Than You Might Think

Whether you dig maintenance-free living or you’re just not ready for a fixed-rate commitment, you rent. And you’ve got things, right? Expensive purses, a near-complete baseball card collection of the ’85 World Champion Kansas City Royals, or maybe even a beautiful assortment of bling.

Is Renters Insurance Mandatory?

Not at all. Unlike homeowners’ insurance, which is required by most mortgage lenders, purchasing renters’ insurance is up to you. In some cases, however, a landlord may require it. So I guess we should change that “no” to a “maybe”?

Is Renters Insurance Worth It?

Take a good look around your place, and write down everything you own, down to the last popcorn kernel. Now, how much would it cost to buy all that stuff brand-new? Add it all up and the actual
retail price is… most likely worth it.

Why Should I Get Renters Insurance?

Yes, it protects your things, but it can also help to cover the costs of lawsuits, living expenses if you need to move out temporarily, and medical bills if you or a visitor is injured. So for the monthly price of
two burritos and a fountain drink, you could get yourself some solid peace-of-mind.

What Does Renters Insurance Cover?

Your everyday, garden-variety renters’ insurance policy typically involves a trifecta of coverages that will financially keep you keepin’ on if the bad-luck bear decides to attack.

A renters’ insurance policy can include the following:

  • Personal property coverage: This will help pay for the cost of replacing damaged or lost goods.
  • Liability coverage: This will help to cover legal defense costs and medical bills for you or a visitor.
  • Additional living expense (ALE) coverage: If the rental property is too messed up to live in while it’s being repaired, some policies will pay for a hotel and other living expenses, like groceries.

How Much Does Renters Insurance Cost?

The average annual cost of renters’ insurance is $188 nationwide, but that can vary state to state, based on the amount stuff you have (and how nice it is) as well as a number of other risk factors.

Contact us for an affordable quote on renters insurance.

Want to know more about renters insurance? Contact Kelly Miller Insurance Associates at (916) 652-3100 or email info@kellymillerinsurance.com.

Was this article helpful?

Related Articles

Share This