how much does renters insurance cost

Although renters insurance isn't free, the cost is small when considering how much it would cost to rebuild your life in a day. Could you afford to repurchase a closet full of clothes, a bed to sleep on and pay for another rental contract tomorrow? In the event of fire, theft or other devastation, renters insurance can give apartment, condo and house rental dwellers the security they need in the event of an emergency.

Types
Renters insurance is available for rented houses, condos or apartments. The cost of these policies will vary depending on the location of the home, the value of your personal items in the home, the cost of your deductible and the company you choose to purchase a policy from. If you choose to add on additional policies for flood or hurricane coverage, expect to pay additional fees. Traditionally, a renters insurance policy will cost less per year than a homeowners insurance policy. Expect to pay from $150 to $400 for annual renters insurance premiums.

Features
Each policy will feature different caveats, however, be sure to ask if the coverage of the policy will be for actual cash value or replacement cost coverage. In the event of damage to electronics, actual cash value may be significantly less than when you purchased them, making it difficult to buy a similar item with the low reimbursement. Opt for a plan that offers replacement cost coverage if you have several TV's, cameras, computers or other electronics.

Considerations
Purchasing a renters insurance policy will protect you from loss of your personal items due to theft, vandalism and fire. Purchasing a liability policy to cover guests in your home is something to be considered of you have many guests. Consider increasing your deductible to make your premium lower.

Benefits
Although renters insurance is not free, or covered by a landlord, there are many benefits insurance companies will give a renter when they chose to go with their policy. Ask about discounts if you install smoke and fire detectors throughout the home, add a fire extinguisher or burglar alarm system. These extra precautions reduce the chance you will make a claim against the policy, and the insurance company likes to reward that type of behavior. Many insurance companies will also offer a multi-line discount if you hold more than one policy with their company. Consider transferring auto or business policies to the new company when applying for renters insurance, to receive a discount.

Effects
Having a renters insurance policy in place gives the renter piece of mind of anything devastating should happen. Knowing you have a way to replace some of your loss, and having a safe place to stay while rebuilding or looking into a another home option, is valuable.