What is the Average Cost of Renters Insurance? Average Renters Insurance Price
Americans may have higher average net worth when compared to citizens of other countries. But the gap between this average and the average net worth of renters in the country is also quite large. On average, a renter in America may own valuables such as furniture, refrigerator, microwave, television set, computer, DVD player, stereo equipment, etc, apart from some clothes and jewelry. Unlike the homeowners, renters do not have adequate savings to replace these things, should they be lost or damaged due to any natural calamities, fire, arson, theft, floods, etc. Therefore, it is all the more essential that a renter takes renters insurance. Generally it is the cost of renters insurance, which is a deterrent for this. Moreover, such insurance cost differs from State to State. This is because different States in the country face different types of risks. In addition to this, the extent of cover taken or needed also determines the price of renters insurance. An average of these costs and factors gives average cost of renters insurance in the country. As of now, the average cost of renters insurance in the US may be approximately $75 to $150. This insurance would be valid for an entire year. Considering the replacement cost of assets at risks, this average cost of renters insurance seems very reasonable.