Rental insurance rates are very affordable. And you can also get additional coverage by paying a little more. Because renters insurance costs depend on your personal situation, you should compare renters insurance quotes before deciding on a policy. MoneyGeek, in partnership with Quadrant Corp, analysed renters insurance quotes in all 50 states to determine the average cost of renters insurance.
Statistically, insurance companies have found that policyholders with lower credit scores tend to file claims more often than those with high credit scores. Insurance companies call a peril an event or circumstance that can cause personal injury or property damage. As discussed above, selecting a higher deductible on your renters insurance policy can reduce your premium. Traditional insurers cover renters, but may charge higher rates unless you combine that coverage with auto insurance or other policies.
This led us to take a closer look at states where renters see unusually high or low costs for insurance. If you can prove you are a low-risk customer, you will often pay lower rates, so if you are a renter with fire alarms, burglar alarms, deadbolts or other security features, you may qualify for a discount from your insurer. Renters insurance increases in price as the amount of cover increases, so you are likely to end up paying more if you have a lot of valuable possessions. Renters insurance is a cost-effective way to protect your belongings against theft, accidental damage and more.
Once you have settled into a new flat, renters insurance may not be at the top of your list of financial priorities. Personal factors that can affect your renters insurance rate include where you live, your credit score and the risk of natural disasters. Here's how you can save money on renters insurance by looking for specific discounts and adjusting your excess. Insurance companies do not cover all risks: there are usually some exclusions, which means that insurance does not cover all sources of damage.
If you own a vehicle, consider taking out your car insurance and renters insurance with the same company to get a package discount.