What is a fair price for renters insurance?
Renters insurance costs by state
| State | Average annual renters insurance cost | Average monthly renters insurance cost |
|---|---|---|
| California | $178 | $15 |
| Colorado | $164 | $14 |
| Connecticut | $188 | $16 |
| Delaware | $157 | $13 |
How much is renters insurance monthly?
The average cost of renters insurance in the US is about $14.90 per month, according to data from the Insurance Information Institute. The average renter can expect to pay about $179 per year in total for coverage. Renters insurance is good to have, since it protects you where your landlord’s coverage doesn’t.
Who has the cheapest apartment rental insurance?
The Cheapest Renters Insurance Companies by State
- State Farm is the cheapest renters insurance company in 18 states.
- Lemonade and Allstate are tied as runners-up, with both offering the cheapest renters insurance on average in 10 states.
How much is $100000 renters insurance a month?
Renters insurance rates are super affordable. The average cost for the policy with $100,000 in liability coverage is about $27 a month or $326 a year.
How much should I spend on renters insurance?
We found that the average cost of renters insurance in California is $16 per month, or $195 per year. The cost of coverage in California is slightly more expensive than in all of the United States, where we calculated that renters insurance usually costs about $187 per year.
Why is lemonade insurance so cheap?
The company takes customer premiums and places them in a central pot, then uses that pot of money to pay out claims to other customers. Because Lemonade isn’t pocketing excess premiums as revenue, it lets the company offer coverage at a lower cost than other insurers.
What type of people need renters insurance?
You’ll only need renters insurance if your landlord or your building requires it. While not required otherwise, anyone renting any type of residence long-term — be it an apartment or single-family home — should strongly consider purchasing a renters insurance policy.