Renters Insurance Info

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Home Can I Afford Renter's Insurance? How much is renters insurance?

How much is renters insurance?

College students who are able to break away from the dorms must concern themselves with finding an apartment located close to campus without breaking their budget. Between rental payments, student loans, books, fees, and tuition, the last thing many students want is another bill to pay. Renters insurance is one bill which will save money in the future.

Often the question occurs, "How much is renters insurance?" Some think that it comes at too high of a cost. This is the main reason renters give when asked why they do not carry their own coverage. Up to a certain age, and perhaps while they were in the dorm, the student's parents' homeowners insurance would likely cover their property in the event of theft or a fire, but older college students, those who have left the dorms, and for those not covered by their parents' policy, getting their own renters insurance is important.

Answering the question of how much is renters insurance is not simple. The general answer is not much. Average college student renters insurance premiums range from $15 - $30 per month. This is less than the cost of a high-priced latte a day. The exact amount is based on dozens of factors: location of the apartment, personal protection devices such as security system, coverage amount, type of policy, and coverage level. Other factors can also be taken into account and personalized to the student's needs by an insurance agent. He will be able to tailor a policy to match the requirements of a student and help to answer how much is renters insurance.

There are ways to lower the cost. By choosing basic coverage rather than a more comprehensive coverage will ensure that the most common events are still covered without paying for unnecessary protection. Basic coverage will typically replace items lost due to fire, theft, flooding from plumbing problems, lightening and wind storm damage. While the landlord's policy will cover the costs to repair the structure of the building, the student must get his own policy for his personal items which are not covered by the landlord.

Another way to get the lowest possible answer to how much is renters insurance is to choose a cash value policy rather than a replacement policy. This repays for the price of an item minus its depreciation value, similar to how a used car trade in is calculated. A replacement value policy is more expensive, but it will compensate the renter for the current value of the item, regardless of age.

College students at many locations find that they are required to purchase renters insurance. When asking how much is renters insurance, they might want to inquire as to the cost of what will happen to them without it.