< Renters Insurance Calculator | How To Estimate The Cost Of Coverage | Insurance Brokers
Renters Insurance Calculator

Renters Insurance Calculator

How To Estimate The Cost Of renters insurance

Most people are aware that mortgage companies require homeowners' insurance.

However, you might be wondering how you can protect items located in rented or leased space.

It all comes down to renter's insurance.

Renters insurance offers coverage for damaged, lost, or stolen personal possessions. It also covers injuries that happen to someone who is inside of a rented apartment or home.

Of course, nobody wants to spend too much on any sort of insurance. That's where a renters insurance calculator comes into play.

Save time and money at the exact same time.

Ready to learn more about what renters insurance is all about? Want to understand how to calculate renter’s insurance?

Read on, and we'll share all the information you could need.

What Renters insurance is All About

We talked about how renters insurance offers protection to someone who rents a home or apartment. And it also helps if someone is injured on the property.

But what you might not know is that if the injured individual files a lawsuit, the renter's insurance covers your legal defense up to the limit of the policy.

Don't have renters insurance? You are responsible for all of those costs out of pocket.

The best way to get the renters insurance you need at a coverage level you want is by working with an agent. Most of the time, you can get several quotes from various carriers to ensure maximum coverage at a great price.

Renters Insurance Calculator

Get the cost of buying renter's insurance policy locally

Why Renters insurance is an Indisputable Necessity

Renters insurance is essential when renting a home or apartment because it protects your valuables if they are lost, stolen, or damaged.

Not all places require renters insurance by law, but many property owners require tenants to carry it by entering into a rental agreement. Having it is a good idea even if it's not required because you never know when an emergency will happen.

Having renters insurance protects landlords and tenants. No matter what happens on the property, both parties are entitled to compensation.

Let's talk about an example:

The neighboring tenant is cooking a meal and steps out of the house for a few minutes for another task. The apartment catches on fire and results in damage to your apartment and belongings.

You need a way to handle the cost of repairs. Tenant's renter's insurance, landlord's property insurance, and personal property insurance can take care of those bills.

All About a Renters’ or Landlords Insurance Calculator

Knowing how much coverage you need is a monumental necessity. You also want to be sure you know how much value the policy offers you.

Here are the four most important things to consider when it comes to a renters insurance cost calculator:

  • How much your personal property is valued at
  • Where the location of the property is
  • How much liability coverage you require
  • Any additional services you consider essential

Of course, the more you spend on a renters insurance policy, the more coverage you are going to get.

But if you don't correctly calculate the amount of coverage you need, you might end up spending too much. On the other hand, you could end up with insufficient coverage when you need it the most.

Calculating Your Personal Property Value

best renter’s insurance

Since renters insurance covers your property up to the policy limit, you need to know how much coverage is needed. That means making a list of your belongings and their approximate value.

Some categories of times to note include:

  • Appliances
  • Art, jewelry, and other valuables
  • Books, music, movies, and games
  • Clothing
  • Cookware and dishes
  • Electronics
  • Furniture
  • Tools and landscaping equipment
  • Sports equipment and bikes

Have your list ready? The next step is to estimate how much everything is worth.

Start with the big-ticket items and then work to the smaller and less expensive items. Since most renters insurance is sold in $10,000 increments, the pricier items will give you the best idea of what coverage you need.

Think Digital Instead of Manual

Sure, you need to know what belongings you have and how much they cost. But all the math doesn't have to be done with a pencil and a sheet of paper.

A quick google for "How much renters insurance do I need calculator" will offer tons of websites that make the process easy.

Most of these calculators have you pop in the values of various items and then quickly calculate your property's value. Once you have the information, all you need to do is find renters insurance that meets your needs.

There's no need to spend hours on the process when the Internet has your back.

The Average Cost of Renters insurance

What is the cost for renters insurance

A renters insurance calculator can help determine what you might pay for this kind of insurance. The good news is that in most cases, this is a negligible cost.

Depending on where they live, most people will spend around $100 to $300 a year for coverage.

That means you can expect to pay around $15 to $30 each month for protection that you may not be able to put a price on.

Again, finding the best renters insurance starts with getting a renters insurance estimate cost from a leading company. You can compare prices and find something affordable with coverage that works for your needs.

Understand What Renter's insurance Calculators Don't Cover

Most things are covered under renters insurance, but that doesn't mean all are.

Automobiles aren't covered, neither is the actual structure of the home or apartment.

Cash, jewelry, and gold may not be covered. Or they could be subject to a specific dollar limit. Make sure you know what the facts are before selecting insurance.

Some of the most common exclusions to renters insurance are the following:

  • Artwork
  • Bicycles
  • Cash
  • Electronics
  • Jewelry
  • Musical instruments
  • Precious metals

Have some of these things and want coverage? Add a floater or an endorsement that covers them so that you don't end up in a bind.

Using a Renters insurance Estimate to Decide on Liability Amount Needed

Protecting property is one part of renter's insurance. It's also essential to be covered financially if someone experiences damages, medical or otherwise, that you're liable for.

For example, someone might make a claim if they slip and fall in your apartment. The same thing might happen if your dog bites them.

Most of the time, the liability insurance comes in increments of $100,000, and even $200,000 may not be enough coverage.

The more you participate in high liability activities and the more assets you have, the more coverage you need.


Because individuals are more likely to start a lawsuit if they think you can pay to settle it. Having frequent houseguests, owning a dog, or employing workers can make you high risk.

Consider yourself extremely high risk? An umbrella policy that offers over $1,000,000 of liability coverage might be worth the additional cost.

Extra Coverage Types to Consider

Sure, your renter's insurance calculator will take into account liability and personal property coverage.

However, sometimes, additional coverage is needed. A few of the standard extras bought along with rental insurance include:

  • Bedbug coverage for costs associated with laundering clothes and getting an exterminator
  • Earthquake coverage for damaged belongings
  • Flood coverage which is much like earthquake coverage
  • Homesharing protection for coverage of theft of belongings when using Airbnb or other services
  • Identity theft coverage for costs of getting a new ID and paying fraudulent bills
  • Loss of use coverage for times when the property is uninhabitable
  • Medical payments for injured guests
  • Valuable item coverage to replace uncovered expensive belongings
Renters insurance calculator

The Process of Getting Renters insurance

The best thing you can do is work with a reputable company to access a renters insurance calculator. You can also get a renters insurance estimate for various companies.

Answer a few quick questions, and you can get an assortment of options with various start dates and coverage amounts. It takes only a few moments of your time.

What questions can you expect to answer?

You may need to share information about existing damage to the home or apartment and how many smoke detectors and alarm systems are in place.

You'll also need to know how much coverage you need, which you can find using a renters insurance calculator online. These are handy for getting insurance as quickly as possible.

Personal information will also be requested for your identity can be verified. Names of others who reside in the home will also need to be accessible.

Get Renters insurance Quickly and Easily

Ready to get quotes from top renters insurance companies? It's a simple process!

All you need to do is visit InsuranceBrokers.com and get started.

Insurance rates from top companies like Liberty Mutual, Progressive, Kemper, and Safeco are just a few clicks away!

You can reach the team online or by phone at 314-569-1010. Find out today what your renter's insurance options are!

Click Here to Leave a Comment Below 0 comments
%d bloggers like this: