Renters Insurance

Renters insurance provides protection against the loss or destruction of your belongings when you rent a house, townhome, condo or apartment. The landlord's rental insurance policy typically does not cover tenant's possessions. Keep in mind that since renters insurance policy does not cover the building, the cost is relatively inexpensive.

What's Covered Against Renters Insurance?
Standard renters insurance policies will cover losses from perils: fire, smoke, lightning, vandalism, explosion, theft, windstorm, hailstorm and water damage. Note that the insurance will not cover floods or earthquakes.

Another benefit of renters insurance is that the difference between your normal living expenses and new living expenses will be covered because of damage to your place that causes you unable to stay there.

There are two main types of renters insurance:

1. Actual Cash Value - pays to replace your possessions minus a deduction for depreciation up to the limit of your policy
2. Replacement Cost - pays the actual cost of replacing your possessions (no deduction for depreciation) up to the limit of your policy

Since the cost of a regular renters insurance is relatively cheap, the insurance companies will only cover up to a certain amount for valuables, such as jewelry, gold, silver, etc... If you have items that you believe are worth a lot to replace, ask your insurance agent about a separate policy that will cover those valuables.

Average Renters Insurance Cost 2007

State	Average Premium Cost	Rank
Alaska	$175.00	17
Alabama	$218.00	6
Arkansas	$201.00	10
Arizona	$200.00	11
California	$231.00	3
Colorado	$172.00	18
Connecticut	$196.00	12
District of Columbia	$190.00	13
Delaware	$155.00	26
Florida	$202.00	9
Georgia	$218.00	6
Hawaii	$209.00	7
Iowa	$132.00	38
Idaho	$150.00	29
Illinois	$165.00	22
Indiana	$169.00	20
Kansas	$168.00	21
Kentucky	$143.00	34
Louisiana	$248.00	2
Massachusetts	$223.00	5
Maryland	$147.00	31
Maine	$142.00	35
Michigan	$170.00	19
Minnesota	$138.00	36
Missouri	$154.00	27
Mississippi	$250.00	1
Montana	$155.00	26
North Carolina	$133.00	37
North Dakota	$112.00	41
Nebraska	$143.00	34
New Hampshire	$153.00	28
New Jersey	$172.00	18
New Mexico	$185.00	14
Nevada	$201.00	10
New York	$218.00	6
Ohio	$162.00	23
Oklahoma	$223.00	5
Oregon	$161.00	24
Pennsylvania	$144.00	33
Rhode Island	$182.00	15
South Carolina	$176.00	16
South Dakota	$113.00	40
Tennessee	$204.00	8
Texas	$226.00	4
Utah	$138.00	36
Virginia	$145.00	32
Vermont	$158.00	25
Washington	$170.00	19
Wisconsin	$122.00	39
West Virginia	$175.00	17
Wyoming	$149.00	30