On average, you should be paying about $15 per month for renters insurance. However, the exact number depends on your living circumstances. Insurers charge more if you live in an unsafe home or neighborhood.
Factors that make renters insurance more expensive
- Extreme weather: This is the single biggest factor. If you live in a city or state that frequently sees damaging storms or other natural disasters, your insurer will charge you more.
- Crime: If you live in a city with a high crime rate, you’ll have to pay more.
- Your home: You’ll also have to pay more if you live in an old building that might present a fire risk or is otherwise unsafe.
- Dangerous pets: If you own a pit bull or a dog with a bite history, your insurer might raise your rates or even refuse to insure you altogether.
- Your personal history: If you’ve filed several insurance claims in the past few years, or if you have a history of credit trouble (i.e. a poor credit score), your insurer will charge you more.
How to tell if you’re paying too much for renters insurance
To tell if you’re paying too much for renters insurance, shop around for quotes from other insurers’ websites. If they’re significantly lower than your current rates, you might be paying too much, and should consider switching providers.