Only about 40% of renters opt into renters insurance, but as anyone who has ever experienced damages or loss will tell you, it's well worth the cost. Landlord insurance only covers the structure, common areas, and premises of the apartment. Renters insurance will cover your personal belongings in case of common perils like theft or fire. It also includes liability coverage should a guest be injured in your apartment, and often covers certain additional living expenses. The most common policy limit is up to $100,000. That may seem like a lot until you consider the cost of replacing all of your possessions or covering legal and medical fees related to an accident. So, how much are renters' insurance $100,000?While your policy rate will vary based on your specific needs, renters insurance is very affordable. Remember that cost is only one factor we'll discuss your top considerations below.
Personal Property Coverage
As mentioned, one of the biggest reasons to get renters insurance is to protect your personal belongings from fire, theft, vandalism, smoke damage, and more. This includes items in your car as well as items you bring with you while you travel. Items such as clothing, electronics, and furniture, and appliances that didn't come with the apartment all fall under your $100,000 renters insurance. However, you will only be compensated for each item or type of item up to the limit detailed in your policy. Furthermore, for high-value items like jewelry that can easily exceed these thresholds, you may have to purchase additional coverage. There are two main types of personal property coverage: actual cash value (reimburses for the current value of your item) and replacement cost (covers the cost of replacement after the deductible is paid).
Other Types of Coverage
A renter's first concern is likely protecting their personal belongings. However, $100,000 renters insurance also covers less thought of but equally important issues like liability and additional living expenses. If a guest is injured in your apartment, or you damage their property, whether or not it is a direct result of the actions of your or your pet, you will likely be liable for legal and medical fees. These sorts of fees can easily represent a huge financial strain, but the liability coverage in renters insurance will activate in these cases to handle the majority of the costs. Additional living expenses refer to costs accrued from having to relocate if your apartment becomes temporarily uninhabitable or experiences a total loss. Food, hotel charges, and other expenses are usually covered under this category.
The Cost of Renters Insurance
Now for the question: How much is renters insurance for $100,000? It partially depends on where you live. Insurance providers will charge higher premiums for higher-risk areas. Everything from your building's age to your neighborhood's safety to how disaster-prone your state is will affect your insurance rates. Other factors like your apartment being full of valuable items or pet ownership can influence the cost of your $100,000 renters insurance. The average cost for renters insurance is around $15 a month, though depending on the above factors, you may pay as much as $245 a year or as low as $115 a year. Look up the average cost of renters insurance in your state and compare quotes from companies with policies that offer your level of desired coverage. You can often get free quotes online, and there are frequent discounts to be had.