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According to the latest data available from the Insurance Information Institute (Triple-I), the average cost of renters insurance is $ $170 per year, or about $14 per month.
The average annual premium for renters insurance in the U.S. is $173 per year. That means, on average, it could cost just about $14.50 per month for a standard HO-4 policy.
To determine the appropriate amount of renters insurance, landlords should evaluate the specific characteristics of their property and the potential risks involved.
The remaining 21.3% of home insurance policies were covered by renter's or condominium insurance. 14.8% of these had the HO-4 Contents Broad form, also known as renters' insurance, which covers the contents of an apartment not specifically covered in the blanket policy written for the complex. [13]
Renters' insurance, often called tenants' insurance, is an insurance policy that provides some of the benefits of homeowners' insurance, but does not include coverage for the dwelling, or structure, with the exception of small alterations that a tenant makes to the structure.
How Much Does Renters Insurance Cost? The premiums for renters insurance range from $15 to $30 per month, the National Association of Insurance Commissioners reports.
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