How to Estimate Renters Insurance Cost

Renters insurance is a good idea for people to get when renting a home or apartment. It covers the cost of your possessions in a rented house or apartment in the case of property damage such as a fire. There are a lot of factors that contribute to the final renters insurance cost, however you can easily estimate a ballpark figure.

Instructions

1. Find out the number of rooms in the property. The number of rooms, instead of the size of the property is considered when figuring renters insurance cost. This gives the insurance company a better idea of how much property is inside the residence.

2. Decide on a deductible. A higher deductible will lower the renters insurance cost, while a lower deductible will result in a higher premium.

3. Consider the cost of identity theft. Some policies include identity theft coverage in the renters insurance cost, and this can increase premiums. The amount that it increases premiums depends on the amount of coverage purchased.

4. Consider other factors that will increase the premium. For example, renters insurance cost will be higher if you have previously filed a claim under renters insurance, the property is more than 10 miles from a fire station, or the residence lacks security measures such as deadbolt locks or burglar alarms.

5. Renters insurance cost can be reduced by getting discounts from the insurance company for having multiple policies with the same company. For example, if you have renters insurance and car insurance with the same company, your renters insurance premium could be a couple hundred dollars less per year.