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Renters insurance in the United States costs an average of $148 annually, or about $12 each month, according to Nerd Wallet, though that number fluctuates depending on where someone lives. While renters insurance doesn't cover damage to the structure, rates are still largely based upon how prone an area is to natural disasters like severe storms, hurricanes and flooding.
Renters insurance generally includes coverage for liability, the renters' personal property and additional living expenses that may be incurred if a renter has to leave their unit due to a covered peril. Coverage limits vary policy-to-policy, but it is common for a renter to purchase policies with a threshold somewhere from $100,000 to $300,000.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
