The average cost of renters insurance in the United States depends on the amount of coverage you want, as well as your claims history and your location. Price is important, but you should also consider customer service ratings when choosing a renters insurance company. For example, if your sofa is damaged in a fire, renters insurance may step in to help cover the cost of a new sofa. The renters' insurance company will take into account different aspects of the rented property, such as its age and construction.
Not all renters insurance policies are the same, so comparing renters insurance quotes from several companies is something to do when selecting the right one. Considering the low cost of renters insurance, the peace of mind and financial security it offers is probably worth it. The landlord should also have his or her own insurance policy to cover the physical structure of the unit. Also be aware of the deductible - the amount you will have to pay before the insurance cover kicks in.
While that may seem like more than you need to replace your own property, remember that renter's insurance may also cover your liability, or the amount you could be liable for in a lawsuit. The change in rental prices nationally is difficult to attribute to any one factor, however, statistics compiled by iProperty Management show that renters are leaving the cities for the suburbs. The five most expensive states for renters insurance are all southern states prone to extreme weather, such as hurricanes. Insurance companies call a risk an event or circumstance that can cause personal injury or property damage.
According to data from the Insurance Information Institute, the state and region in which you live greatly influences the amount you will pay for renters insurance. If you already have insurance for your car, home or boat, you may want to consider bundling your policies. You will also consider how your home can alert you to danger: having a burglar alarm and fire alarm installed can reduce the likelihood of your property being damaged in the first place and, in turn, the risk to your insurance company. In the event that a guest is injured and visits a doctor, renters' insurance could pay for the cost of treatment.