You might think you don’t own much, but remember that last move? All those belongings you schlepped from one apartment to another? Well, renters insurance covers those personal items in case of disasters like fires. Without it, you’d be footing the bill for replacements.
What Does Renters Insurance Cover?
Personal Property: Your stuff matters! If you own $15,000 worth of belongings, get renters insurance with $15,000 in personal property coverage. Create a home inventory to assess what you own.
Liability Insurance: This covers you if someone gets hurt in your rented space. It’s essential to protect your net worth.
Additional Living Expenses: Imagine your place becomes uninhabitable due to a covered issue (like a fire). This coverage helps with temporary living costs.
How Much Does It Cost?
- Average Annual Cost: Around $173 per year or approximately $14 per month.
- For $30,000 Personal Property Coverage: Expect about $19 per month.
- Rates vary by insurer. Here’s a snapshot:
| Insurer | $15,000 Coverage | $30,000 Coverage | $50,000 Coverage |
|---|---|---|---|
| Allstate | $106 | $149 | $210 |
| Chubb | $114 | $178 | $276 |
| State Farm | $122 | $160 | $209 |
| Nationwide | $126 | $165 | $216 |
| … | … | … | … |
Remember, renters insurance is worth it. For a small monthly fee, you gain peace of mind and protection for your belongings. So, safeguard your stuff—it’s more affordable than you think!
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