The Average Coverage Amount of Renter's Insurance

The average renters' insurance coverage is $30,000 in property and $100,00 in liability.

Renters' insurance covers property damage from 16 perils, including theft, natural disaster, and fire, as well as liability protection if a person is injured in your home, according to Insure.com. The average coverage amount of renters' insurance varies, but the minimum policy is often $10,000.

Factors That Influence Average Coverage

Like auto insurance, which offers variable coverage based on a preset deductible and premium, your renters' insurance coverage varies by the deductible you choose, the type of coverage you are purchasing, the value of the possessions in your home and if your home has any safety features. A basic policy will cover the cost of the items in your home, but a replacement policy will pay for the actual cost but the cost of replacement, which will raise your coverage amount considerably.

Premiums Vs. Average Coverage

The website RentLaw.com states that an average renters' insurance policy covers $30,000 in property damage and $100,000 in liability coverage, which averages a premium of $12 a month.

Average Liability Coverage

Many people purchase renters' insurance to cover the possessions in their home, but renters' insurance also protects you if an accidents occurs in the home and you are sued. The average liability coverage for renters' insurance, according to Rentlaw.com, is $300,000.

References

• Insure: The basics of renters insurance
• Bankrate: Renters insurance protects your property
• Renters Insurance: Five Factors that Influence Renters Insurance Rates
• Rent Law: Renters Insurance Guide

Resources

• Insurance Finder: Renters Insurance Finder