Renter’s insurance is a type of policy that protects your property and possessions from loss.
Approximately 40% of renters have one as a safeguard against theft and natural disasters.
And believe it or not, renter’s insurance remains one of the most affordable forms of insurance.
The key is determining the appropriate policy for your needs. One of the most common policy limits is $100K, which covers most replacement costs for an individual.
How Much Does $100K Renters Insurance Cost?
The average cost of $100,000 in renters insurance is about $14 per month or $168 per year. Essentially, it's more expensive to go without renters insurance than it is to have it. Keep in mind that rates can fluctuate based on the state you live in or your claims history.
Here are the top five and bottom five states when it comes to renter’s insurance prices:
Most Expensive States for $100,000 In Renter’s Insurance
- 1Mississippi - $244 per year
- 2Louisiana - $242 per year
- 3Alabama - $239 per year
- 4Oklahoma - $234 per year
- 5Texas - $228 per year
Least Expensive States for $100K Renter’s Insurance
- 1North Dakota - $115 per year
- 2South Dakota - $118 per year
- 3Wisconsin - $130 per year
- 4North Carolina - $134 per year
- 5Utah - $145 per year
Insurance providers try to minimize their risk when approving policies. States along the Gulf Coast and Tornado Alley are at an elevated risk of natural disasters, so insurers offset it with higher premiums.
Floods and tornadoes are among the most destructive natural forces and cause millions of dollars in damage each year.
Renter’s insurance prices can vary within a state and even a city. Insurers consider a range of factors, such as your neighborhood’s safety and your building’s age.
More expensive belongings means more coverage, so if your apartment strictly has Gucci apparel and Restoration Hardware furniture, expect a higher premium.
RENTERS INSURANCE WHERE YOU LIVE
Renters insurance by state.
As a home renter, there are insurance policies available for you regardless of where you live.
With quality Renters Insurance, you can protect your home and everything inside it. For more information, click on your state.
Here is how to estimate the cost of a $100K renter’s insurance policy and how to get one.
There is no standard way to calculate renter’s insurance needs. You can use an online calculator or hire an appraiser to assist you. The quickest method is creating a home inventory of your belongings and their value.
Go room by room and note the valuable items you own. That includes clothing, furniture, cookware, sporting equipment, and electronics, to name a few.
Include your receipts and take photos to document their condition. Thorough documentation will streamline the compensation process in the event of a claim.
What Things Can You Cover with a $100K Renter’s Insurance Policy?
A $100K renter’s insurance policy will cover most, if not all, of your belongings.
There are some exceptions, which we will get to in a moment.
The policy protects your possessions, while your landlord is responsible for insurance covering the building and structure.
You can divide renter’s insurance into three subcategories: personal property, liability, and additional living expenses.
Personal property insurance includes your belongings, like clothing, appliances, and electronics. Most insurance policies have a limit on these items and won’t compensate you if the property loss exceeds that threshold.
The liability insurance portion applies if you hurt someone or damage their property. The insurance provider steps in to pay the claimant’s medical bills, so you pay almost nothing out of pocket. However, keep in mind that there are limits to how much an insurer will pay.
Additional living expenses are usually covered when you experience a loss of use of your apartment or condo. You may need to live in a hotel temporarily while you look for another place to live.
Renter’s insurance doesn't cover everything. For instance, you need auto insurance to cover your car. Specific high-value items, such as jewelry, art, and musical instruments, may require customized coverage. The exact cost of the coverage and limits will depend on your insurance provider.
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What Type of Coverage Does Your $100,000 Renter’s Policy Need?
Renter’s insurance comes in two types: replacement cost and actual cash value. Replacement cost is the price to replace your property with comparable items.
After you pay the deductible, your insurance provider covers the rest of the replacement cost.
The actual cash value is the replacement cost minus depreciation. The dollar value represents how much you would earn if you sold that item pre-loss.
An insurance provider calculates actual cash value using a couple of factors, including the brand, age, and property type.
How to Get $100,000 in Renter’s Insurance
To get $100,000 in renters insurance it’s actually pretty simple. All you need to do is click here or on any of the above buttons to get started.
You can look at a few companies; however, we recommend Lemonade they are super fast and have a very easy application process.
You can go through the quote process very fast and get covered in under 3 minutes for a renters insurance policy.
Taking Action
The average $100K renter’s insurance policy costs $168 per year. Most people can expect to pay somewhere between $115 and $244.
The policy protects your personal belongings up to a specified living, as well as additional living expenses. There is no need to wait around if you need coverage, click here or on any of the above buttons to get things started.