Renters insurance typically costs between $12 and $19 per month, depending on your location and coverage. On average, U.S. renters pay around $148 annually, making it an affordable safety net for most tenants.
A standard renters insurance policy protects personal belongings, covers liability claims, and includes additional living expenses if you need to move out temporarily due to covered damages like fire or smoke.
Renters insurance does not cover flood or earthquake damage unless you purchase additional coverage. Without these add-ons, any loss caused by natural disasters may not be reimbursed, leaving you financially exposed.
The cost of your renters insurance depends on location, coverage limits, and your deductible amount. Areas with higher crime rates or natural disaster risks tend to have higher premiums, as do policies with higher coverage limits.
You can lower your renters insurance premium by bundling it with other policies, choosing a higher deductible, and paying annually. Many insurers also offer discounts for using safety devices like smoke detectors or security systems.
Discover the average renters insurance cost, what it covers, and how to save. Get expert tips from Spotlight Insurance. Call 720-923-1500 for a quote today.