A Guide to Renters Insurance
Part 3c Pay and review your policy
A final word.

Pay for Your Policy

Compared to homeowners insurance, renter’s insurance is relatively inexpensive. Rates vary from state to state, from company to company and, of course, are based on the amount of insurance and other factors, including the amount of the deductible you choose.

Renter’s insurance often provides substantial discounts for measures you take to lessen the risk to the insurer. These can include fire or burglar alarm systems, fire extinguishers, sprinkler systems or even dead bolt locks on outside doors. And, as mentioned earlier, you might get an additional break if you already are a policyholder with a particular company.

The National Association of Insurance Commissioners places the average cost of renter’s insurance  at about $15 to $30 per month. $20 to $25 per month is a typical range.

Insurance tends to be cheaper when you pay an entire year's premium at once instead of paying in installments, so if you can afford to pay annually, you should do so (insurance companies love to tack on administrative fees when you pay in installments). If you decide to pay monthly, be aware that some companies will require an automatic monthly withdrawal from your checking account.

Once you get your new policy in the mail, you'll want to read it to make sure that you understand exactly what is and isn't covered and that your policy states any non-standard additional coverage that you may have purchased. Also, make sure that your deductible and premium amounts are correct.

The Final Word

"What is renter's insurance?" is a fair question. But a better question might be, "Why should I have renter's insurance?" Renter's insurance keeps accidents and annoyances from becoming bank account and budget killers. Remember your landlord's insurance protects his or her building; landlords do not ever cover your stuff. Only you can protect yourself. Don't be the person on TV that the news crew asks, "Did you have Renters insurance and you said no I lost everything" 
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Posted 12:00 PM

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