How to Use Our Renters Insurance Calculator

To get the most accurate estimate, consider these key factors:

Value of Your Personal Property

• Create a home inventory: list items like clothing, furniture, appliances, electronics, jewelry, and sports equipment.

• Estimate each item’s replacement cost value (RCV) or actual cash value (ACV). RCV pays for new replacements; ACV deducts for depreciation.

• Don’t forget high-value items—consider scheduling them for extra coverage if needed.

 Liability Coverage

• Decide how much liability protection you need. Typical limits range from $100,000 to $200,000, but higher limits are available.

• Liability covers you if someone is injured in your apartment or if you accidentally damage someone else’s property (including pet-related incidents).

 Location & Other Factors

• Where you live affects your premium—rates vary by state, city, and even neighborhood.

• Other factors include your credit score, the size and type of your rental, and the presence of security or fire systems.

Deductible

• Choose a deductible amount (commonly $250–$1,000). Higher deductibles lower your premium, but mean more out-of-pocket if you file a claim.

What Does Renters Insurance Cover?

• Personal Property: Protection for your belongings against risks such as fire, theft, and certain types of water damage.

• Liability: Financial protection if you’re found responsible for injuries or property damage to others.

• Medical Payments: Covers medical bills if a guest is injured in your home, regardless of fault.

• Loss of Use: Pays for temporary living expenses (like hotel stays) if your rental becomes uninhabitable due to a covered loss.

Important Exclusions:
Renters insurance typically does not cover flood, earthquake, or pest damage. You may need separate policies or endorsements for these risks.

How Much Does Renters Insurance Cost?

• The average renters insurance policy in the U.S. costs about $19 per month or $233 per year.

• Rates vary widely by location, coverage limits, and insurer. For example, Louisiana averages $38 per month, while Maine averages just $12 per month.

• Sample coverage: $50,000 personal property, $100,000 liability, $5,000 loss of use, $1,000 medical payments, $500 deductible.

How Our Calculator Works

Input Your Property Values: Enter estimates for your belongings by category.

Select Liability Coverage: Choose your desired liability limit.

Add Location & Deductible: Enter your ZIP code, deductible, and any additional coverages (such as flood or earthquake).

Get Your Estimate: See an estimated premium based on your inputs—then compare with real quotes from top insurers.

Tips to Save on Renters’ Insurance

• Bundle policies: Combine renters and auto insurance for a multi-policy discount (average savings: $79/year).

• Install safety devices: Smoke detectors, alarms, and deadbolts may earn you discounts.

• Maintain a good credit score: Many insurers use credit to set rates.

• Shop around: Compare quotes from multiple companies for the best deal.

What’s Not Covered? (Exclusions & Limitations)

• Flood, earthquake, and pest damage are not covered—ask about separate policies.

• High-value items may have sub-limits; consider scheduling them for full protection.

• Wear and tear, maintenance, and intentional damage are excluded.

Next Steps

After using our calculator:

• Review and Adjust: Ensure your coverage aligns with your needs.

• Get a Detailed Quote: Use your estimates to get real quotes from our experts.

• Consult an Agent: Have questions? Our licensed agents are ready to assist you in making informed decisions.