How Much Under $10 a Month on Renters’ Insurance Can Save You
by Natalie Daher
After an unexpected apartment disaster, the last thing you’ll want is to cover the cost of a new laptop. But without renter’s insurance, you could be forking over the money for your electronics, plus your damages.
While the number of U.S. households who rent has hit a peak compared to the last five decades, only around one third of renters buy insurance. In the U.S., renter’s insurance costs around $188 annually and varies by state, according to a previous survey. In New York, the insurance costs $218 annually, or less than $18 a month.
Still unsure if renter’s insurance is worth it? You can figure out the rough value of your belongings with this calculator from Allstate.
Renter’s insurance is often misunderstood: it protects your personal property, while your landlord’s insurance does not, according to the National Apartment Association. These protections might apply to damages after natural disasters or theft as well as liability for injuries that occur at your apartment. In the long-term, building a relationship with an insurance company as a renter might prepare you to become a future homeowner who qualifies for insurance, too.
Also consider: the total amount of valuables protected by insurance varies according to policy. Speak with your individual insurance provider on specific terms and maximum amounts of insured property.
Writer & journalist based in NY.