Your renters ' insurance excess is the amount you must pay before you receive compensation in the event of a claim. The cost of renters' insurance depends on a number of factors, such as the value of your personal property, where you live and the amount of cover you take out. Several different factors can affect the cost of your renters insurance, including coverage options and personal factors. Only 40 per cent of renters have renters insurance, but that doesn't mean you should stop taking out a policy for yourself.
If you can prove you are a low-risk customer, you will often pay lower rates, so if you are a tenant with fire alarms, burglar alarms, security locks or other security features, you may qualify for a discount from your insurer. The average cost of renters insurance was highest in Louisiana, followed closely by Michigan, Arkansas and Oklahoma. At ValuePenguin, we are always studying industry data and reading policy details to identify the best renters insurance options. Since your circumstances are largely out of your control, the amount of coverage you select will, in large part, determine how much renters insurance you pay.
Riders are extensions to your renters policy that you can purchase to add or increase coverage for those items. Traditional insurers cover renters, but may charge higher rates unless you combine that coverage with auto insurance or other policies. Renters insurance is a cost-effective way to protect your belongings against theft, accidental damage and more. This prompted us to take a closer look at states where renters see unusually high or low costs for insurance.
Finally, we'll show you how to apply that information to choose a renters insurance policy that is affordable and effective.