Renters Insurance
Understanding your renters insurance premium
Renters insurance is affordable, but rates still vary. Here's what affects your price.
Understanding your premium
What affects your renters insurance rate
Insurance companies use several factors to calculate your renters insurance premium. Some you can control, others you can't—but understanding them helps you find the best rate.
Ways to lower your rate
Location
Urban areas and neighborhoods with higher crime rates have higher premiums. Your specific ZIP code matters.
Tip: When apartment hunting, check insurance rates in different neighborhoods—they can vary significantly.
Coverage Amount
More personal property coverage means higher premiums. But the difference between $20K and $30K is usually just a few dollars per month.
Tip: Do a quick inventory of your belongings to choose the right coverage amount.
Deductible
Higher deductibles mean lower premiums. A $1,000 deductible costs less than $500, but you pay more when filing a claim.
Tip: Choose the highest deductible you could comfortably afford if you needed to file a claim.
Claims History
Previous renters insurance claims can increase your rate. Too many claims may make it hard to find coverage.
Credit Score
In most states, your credit-based insurance score affects your rate. Better credit typically means lower premiums.
Building Type and Age
Older buildings or those without sprinklers may have slightly higher rates due to increased fire risk.
Pets
Some dog breeds increase liability risk and may raise rates or require additional coverage.
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