Renters insurance premiums vary by insurance company and depend on several factors, only some of which the renter can control. Where the house or apartment is located is one factor, as is whether or not the property has been burglarized (even if the break-in occurred before the current renter moved in). The policy's limits and deductible are significant factors. The policy limit is the total amount of coverage per occurrence. For personal property, this number often is as low as $15,000. According to Bankrate, insurers estimate most renters' possessions to be worth between $20,000 and $30,000. Liability coverage, in the event the renter is sued by a guest, generally starts at $100,000. Property claims also have a deductible, an amount the renter needs to pay before the insurance company reimburses them. The higher the deductible, the lower the premium. Policyholders may be able to choose a deductible of $250, $500, $1,000, or more.
Related: 19 Car Insurance Discounts You Didn't Know About