How Much is Renters Insurance? Is it Worth it?
After you’ve settled on the perfect apartment or rental home, the next thing you should settle on is the perfect renter’s insurance in Kenosha.
How Much is Renter’s Insurance?
Don’t worry that renters insurance in Kenosha is just going to add another $100+ bill to your monthly budget. In fact, a renters insurance policy isn’t likely to cost nearly that much. Renters’ insurance rates are determined by a few factors.
- Your location: Renter’s insurance rates can vary widely by your location, even within a city. For example, if your rental is in a neighborhood of the city filled with older buildings, it may cost more. A building with more security and safety features will typically have lower premiums.
- Your credit score: A strong credit history can increase your chances of getting a better rate on insurance policies. Poor credit history flags as higher risk and will likely raise premiums.
- How much stuff you have: More coverage will cost more money. If you want higher coverage limits and/or additional riders for more expensive items (which you probably will want), you can expect your premium to be higher.
- High/Low Deductible: A deductible is the amount of money you pay out of pocket before your coverage kicks in. The higher the deductible, the lower the premium.
- Discounts for Members or Multiple Policy Discounts: Many insurance companies offer discounts to members of certain organizations, like AAA, or a wholesale club, like Costco.
Is renters insurance worth it?
Renters insurance provides protection for your protection, not your landlord. While every policy is different, most renters insurance in Kenosha may include coverage for the following
- Personal Property: A renters insurance policy can protect the loss of your personal property in case of theft, vandalism, explosion, frozen plumbing, and more.
- Loss of Use: This coverage is for the dwelling becomes damaged and uninhabitable. The policy will pay for your stay in a hotel until the property is repaired.
- Liability Coverage: This is an important part of renter’s insurance. If a guest slips and falls inside your apartment, they could try to sue you. While in some cases a landlord’s liability coverage will cover an accident, if an accident is caused by a tenant’s possessions, the tenant will be held responsible. It is crucial to have personal liability coverage.
Purchasing a renters insurance policy is almost always worth it. The policy protects you against damage to your personal property or potential legal liabilities for an affordable price.
Questions about our different policy types? View your options here!