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What affects the cost of renters insurance?
I’m looking into getting renters insurance, but all of the quotes I’ve found list different prices. In addition, my friend from a town over got completely different estimates than me! So, what affects the cost of renters insurance?
Matt Terzi · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It can feel confusing to see different companies offering different rates—after all, your personal information isn’t changing. Each insurer uses its own algorithm to determine rates and might weigh certain personal factors differently, such as your marital status and credit score.
Other than price differences between companies, what affects the cost of renters insurance specifically? Here are several factors:
- How much coverage you’re getting. The price gap between a $30,000 policy and a $200,000 policy is enormous. (Most renters get a $100,000 policy.)
- Your claims history. If you have a history of filing claims, insurers may consider you more likely to file another in the future.
- Your location. You’ll pay more to insure a rental home or apartment in an area with high crime rates. In contrast, safer zip codes usually enjoy lower rates.
- The building’s construction and its size. Insurers look at building integrity and safety—and you’ll pay less if the building has brick walls as opposed to, say, shingle siding.
- Security features. Smoke detectors, fire alarms, a doorman, security cameras, and the like can all lower your risk of filing a claim and lower your rates.
- The policy type you need. You’ll need to choose between an actual cash value (ACV) or replacement cost policy. The former entitles you to the value of your items at the time they are lost or damaged, while the latter entitles you to the full cost to buy a new item. Replacement cost policies are more expensive than ACV policies.
We hope this helps explain why the renters insurance quotes are so different. To make it easy to compare dozens of competitive quotes, just use
Jerry
. You can also bundle renters and car insurance
for a great discount!View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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