How Much Does Renters Insurance Cost

Have you ever really considered the question, "How much does renters insurance cost?" The answer may surprise you.

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Just like every type of insurance, costs vary depending on which insurer you go with as well as your particular circumstances. While homeowners insurance can typically range from a few hundred to over a thousand dollars a year, renters insurance is an entirely different story and may only cost from $50 to $150 a year, depending on many factors.

Renters insurance is actually a very important form of insurance that every person who's renting a property should consider. Whenever you move into a house or a building, you move all of your belongings into that building. These belongings include furniture, electronics, large appliances, jewelry and a whole multitude of other items people tend to accumulate as time goes on. If you were to catalog all of those belongings and apply a market value for each one, you may be surprised at the total value of all of your belongings that reside inside that building you're renting. This is primarily what "renters insurance" was created for.

If you're considering purchasing a renters insurance policy, you can probably find the best deal by contacting the same insurance company that you purchased your auto policy from. The reason they can give you the best quote is because they'll most likely offer you a discount for purchasing multiple insurance products from them. That doesn't mean that you shouldn't shop around, but it does mean that it's the first place you should start before you look elsewhere.

Before you start shopping for renters insurance, it's a good idea to:

• Take a quick inventory of what you own. Concentrate mostly on expensive items like family heirlooms, antiques, jewelry or very expensive appliances and electronics.
• Estimate the general size of your house in terms of floor space and how many levels it has. If you want an exact number, call your landlord and ask them for what dimensions of the home are listed on the deed.

Once you have this information, you're ready to start calling around and asking for quotes.

Renters insurance covers all of your property. That includes every single ounce of your property that resides inside the house. The policy will typically protect that property from fire, theft and certain types of damages.

Renters insurance also covers any situations where someone gets injured while they're visiting you. Most people assume that the landlord's own property insurance covers all liability, but in most cases that isn't true. If you're renting, you're typically liable for any accidents or injuries that occur when people are inside the home or apartment where you live. Renters insurance will cover medical costs and other damages associated with any of those accidents.

Unfortunately, renters insurance is the last type of insurance people consider until there's a situation where they need it. It isn't that uncommon for renters to face the theft of property, or even damaged property due to fire. This insurance product will help set your mind at ease that even though you're renting someone else's house or apartment, your property is still protected no matter what happens.

When you purchase a renter's insurance policy, there are a few things that you should always make sure to do. The cost of your policy depends upon the size of the structure and the overall value of your belongings, so it's important that you focus on taking an accurate inventory. Here are a few tips:

• Catalog your belongings. When you purchase your policy, you want a permanent record of what you own. The best way to do this is to take a video recording of everything in your house. Just take a video camera and walk through your house or apartment, recording every corner of the household. This way you don't need to write down everything you own, but you'll have something you can look at when you later need a list.
• Store your recording in a safe deposit box, or any place other than where you live, in case of fire or natural disaster.
• If you own anything particularly expensive, like a large diamond ring or an old family heirloom, specifically note it to the insurance agent. You may even consider insuring that particular item separately. It will cost a bit more, but you can rest assured that the item will be covered even if the value of your other belongings hit the policy's "maximum" benefit.
• Remember to take a fresh catalog every couple of years to keep track of anything new that you've purchased.

The entire process of purchasing renters insurance - calling an agent, cataloging your belongings and purchasing the policy - only takes a few hours. However the money it could potentially save you is significant, and the peace of mind it can bring is priceless.

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