How much is the rent security deposit?

How much is the rent security deposit? - home insurance

If you live in a quality rental house or a comfortable apartment, it is recommended that you take out home contents insurance. Renters insurance costs an average of $509 per year and offers many of the same protections as higher-priced homeowners insurance, including: B. Personal Property, Loss of Use, and Liability Insurance.

Rental insurance benefits you after unforeseen events such as fire, theft or vandalism. The cost of the policy varies by provider, location, and other factors, but at about $42 a month, renters insurance is relatively cheap compared to what you might lose if something goes wrong. can be assumed to exist.

Average cost of renter insurance

Knowing the average rate in your state is a good first step in determining how much your renter’s insurance will cost. Where you live can affect everything from the value of your personal belongings to the types of losses you are most likely to incur.

Tenant insurance premium by state

Renters insurance is generally affordable, but premiums vary greatly from state to state based on factors such as crime rates and the likelihood of certain types of weather damage that can damage personal property. may vary. The table below shows average renter insurance costs by state, including annual and monthly premiums. These premiums apply to lessee insurance covering $25,000 for private property.

to express average annual cost average monthly cost
Alabama $672 $56
Alaska $404 $34
Arizona $554 $46
Arkansas $637 $53
California $564 $47
Colorado $614 $51
connecticut $510 $42
Delaware $524 $44
florida $485 $40
Georgia $478 $40
Hawaii $195 $16
Idaho $289 $24
Illinois $681 $57
Indian people $524 $44
Iowa $577 $48
Kansas $890 $74
kentucky $746 $62
Louisiana $561 $47
maine $286 $24
Maryland $564 $47
Massachusetts $619 $52
Michigan $499 $42
Minnesota $644 $54
Mississippi $504 $42
Missouri $522 $44
Mountain $517 $43
Nebraska $958 $80
snowfall $327 $27
new hampshire $311 $26
new jersey $309 $26
new mexico $524 $44
New York $348 $29
north carolina $391 $33
north dakota $620 $52
Ohio $559 $47
Oklahoma $1,040 $87
Oregon $332 $28
pennsylvania $293 $24
rhode island $536 $45
south carolina $449 $37
south dakota $721 $60
Tennessee $552 $46
texas $509 $42
Utah $294 $24
Vermont $248 $21
Virginia $437 $36
Washington $375 $31
washington dc $325 $27
west virginia $618 $51
Wisconsin $382 $32
wyoming $279 $23

Depending on where you live, renter insurance estimates can be higher or lower than the national average of $509 a year. There are possible unique factors. For example, renters in Oklahoma pay an average of $1,040 per year. The higher the insurance premium, the higher the risk of weather-related loss of goods in this condition.

States with the highest renter insurance premiums

The following states have the highest average rental premiums due to their large population, high cost of living, and high common causes of damage.

to express average annual cost average monthly cost
Oklahoma $1,040 $87
Nebraska $958 $80
Kansas $890 $74
kentucky $746 $62
south dakota $721 $60

Some states have higher renter insurance premiums than the national average, but the overall cost is far less than the potential direct costs of not having insurance and following an accident. , note that it also relies on personal information such as: B. Your credit level, your coverage choices, and previous billing history. Comparing quotes from multiple insurance companies for different renters can help you find insurance at a lower price.

cheapest states for renters insurance

The following five states have the lowest rental insurance premiums in the United States. Renters in these states pay an average of less than $25 a month for insurance coverage.

to express average annual cost average monthly cost
Hawaii $195 $16
Vermont $248 $21
wyoming $279 $23
maine $286 $24
Idaho $289 $24

Cheap mid-range fares aren’t always worth it. Carefully review your tenant’s insurance quotes to ensure you have the coverage you need.

Factors affecting the cost of renters insurance

There are many factors that can affect the cost of home insurance. These charges may or may not be under your control.

For example, one of the main benefits of renters insurance is the ability to replace personal items based on insurance claims. Renters insurance personal effects are generally covered in two ways. Our Replacement Cost (RCV) policy pays you for the cost of replacing a damaged property with a new property of equal quality. On the other hand, the ACV (Actual Cash Value) policy replaces personal wealth with depreciated value. ACV insurance is generally less expensive than RCV insurance because it provides less reimbursement.

Other ways to control insurance costs include choosing lower or higher deductibles, paying full premiums instead of monthly premiums, and general discounts such as safety equipment discounts and multiple policies. and so on. Factors that are generally beyond your control include the rental location and common causes of damage in your area.

How to save on home insurance

Rent security premiums are generally cheaper than homeowners insurance, but there are still ways to save. Understanding the eligibility factors for renters insurance policies within your control can help you spot savings opportunities.

Combining other insurance

If you have other policies, such as life insurance or auto insurance, you can combine them with one insurance company. This entitles you to discounts on all insurance policies.

Choose a present value policy

The main difference between ACV (Actual Cash Value) and RCV (Replacement Cost Value) policies is how personal property is compensated, either at depreciated or replacement value. RCV policies are often more expensive as many items such as TVs and laptops can be more expensive to replace at market prices. ACV insurance pays for the depreciation of the product, so if you make a claim, you’ll pay less to replace it, but you’ll also pay less premium.

Knowing the total replacement cost of an item can help you decide which type of policy accounting is best for you.

increase the deductible

The deductible is the amount you pay out of your own pocket when making a claim. In general, the higher the deductible, the cheaper the premium for the renter. Increasing the deductible can lower your premium, but choose a level you can reasonably afford when making your claim.

Install safety equipment

Additional safety equipment such as smoke detectors and security systems can be discounted. Security equipment can deter thieves and smoke alarms can warn you of potentially dangerous situations. Some insurance companies offer discounts for these precautions.

Adjust your payment method

Paying your annual premium in full can get you discounts from your insurance company, but you may not have to manage a separate monthly bill or pay a collection fee. Please check with your insurance company to see if this discount is optional.

Check your personal insurance limit

Another aspect of renter insurance that you can control is the amount you choose to cover your private property. A reduction may lower your insurance premium. Before you reduce your insurance coverage, you should consider whether you have enough insurance to cover the cost of replacing your private property.

Frequently Asked Questions

Do you need home insurance?

Renters insurance is not required by law, but may be required by the landlord or rental property. You can also cover your personal items. A landlord’s insurance policy usually covers losses that affect the actual structure of the rental property, but damages to personal property and liability arising from accidents in which guests cause damage are your responsibility. will be responsible. Some landlords offer additional insurance for their pets.

Is the rental security deposit profitable?

Renters insurance costs about $42 a month and is designed to protect against financial stress if your property is damaged or someone is injured by your property. Many policies also include disability insurance to cover temporary living expenses if rentals become unavailable due to insurance claims. Renter insurance can be an important part of your financial planning to avoid out-of-pocket expenses being left behind after the unforeseen.

What doesn’t your renters insurance cover?

A renter’s insurance policy usually excludes damage from earthquakes and floods. However, these events may be covered by additional passenger and insurance policies. Talk to your insurance company about available coverage options. Other scenarios, such as bed bug infestations or damage to property of housemates, can also be excluded from most standard policies.


Business Insurance uses Quadrant Information Services to verify 2021 rates for all zip codes and carriers in all 50 states and Washington DC. Rates quoted are based on male and female renters over the age of 40, with a clean and good billing history, and with the following coverage limitations:

  • Cover C, personal item: $25,000
  • Cover D, disabled: $5,000
  • Cover E, Liability: $100,000
  • F Compensation, medical expenses: $1,000

The renter also has a $500 overage.

These are sample rates and should only be used for comparison purposes. Your estimate will be different.

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