Once making those considerations, you should arrive at a figure that you can use to go out and shop for a renter’s insurance policy. On average, a single person living in an apartment will insure about $25,000 worth of possessions, and that can change a lot depending on the size of your place or the number of family members living with you.
Other factors affecting your price.
Even though the amount of coverage you choose for your things create the bulk of your insurance price, there are a few other variables to keep in mind. These include the amount of liability insurance you choose to carry, the deductible you settle on, or if you schedule any specific items (jewelry, guns, collectibles).
Is that it?
Almost, but not entirely. There is still the “You” factor to consider. Just like with auto insurance, your credit history will carry weight. Past credit problems can increase the overall rate. That’s not even the most significant item, though. What’s most important is your past claims history. Insurance carriers will go back five years to determine if you’ve had to file a claim on any property insurance policy you have had. Prior claims can drastically affect the premium. More than one claim in the past five years can diminish the number of carriers willing to offer a policy.
Did you hear you can get a free policy?
That is a question we have received! The funny part about it is that, in a way, it’s true. It’s not unusual for us to pair your car and renter’s insurance policies with the same carrier. Doing so creates what’s called a multi-policy discount. Sometimes the discount on the auto policy is so significant that it covers the entire price of the renter’s policy! That won’t always be the case, but it’s happened enough to mention it.