Average rental prices are cheaper than average mortgage payments in many major markets these days — and renting comes with lower insurance costs.
According to Triple-I, the average renters insurance policy costs $170 annually, or $14 monthly. The average homeowners insurance policy right now is $2,110 per year, or about $176 per month, according to NerdWallet.
Renters insurance, also known as HO-4 insurance, covers tenants and their belongings in the event of covered damages. It can also provide additional living expenses if a tenant needs to move out for a covered reason, and it can provide liability coverage if someone is injured in the unit.
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Corey Dahl
Corey Dahl is assistant editor with PropertyCasualty360.com. Reach her at [email protected].
