How Much Is Renters Insurance For $100,000 Coverage?

Protecting your personal items from theft, damage, or an unforeseeable event is the purpose of a renters insurance policy. Going without can leave you at risk of losing the items you cherish, unable to replace them after a claimable event. In my 9 years of insurance experience, I have helped individuals like you avoid heartache and have the right coverage in place to protect your belongings.

This rate will change depending on how you arrange your policy. Coverage includes a Liability portion, a Personal Property portion, and then your deductible.

• Liability coverage you will generally see $100,000 or $300,000.
• Personal Property coverage you can see as $20,000, $40,000, or $60,000; and
• Deductibles you will see in multiples of $500, from $500 up to generally $2,500.

These are not standard and will vary by insurance company. Your cost will increase as your coverage increases. It will also increase should you add coverage or have bad credit.

How Much Is Renters Insurance For $100,000 If You Have Bad Credit?

Many factors can influence renters insurance cost, credit score is one of them. A poor credit history can reflect how you deal with creditors. However, if you live in California, Maryland, or Massachusetts, a negative credit score will not have an impact on your insurance cost.

Here are examples of how credit can affect premiums for an individual’s annual Renters Insurance policy for $100,000.

How Much Is Renters Insurance For $100,000 By Insurance Provider?

Renters insurance cost can vary by provider due to several reasons. One is the claim data of the area they are serving. Insurance is primarily about risk. If a particular region has seen a higher number of claims, they will charge a higher premium across the board, even for those who have zero claims. This is why it is important to obtain rates from multiple companies.

Below we have compiled a list of the lowest rates from a few of the top renters insurance companies.

*100K liability; 30K personal property; 10K ALE; 1K medical payments – 30yr old tenants with good credit; $500 deductible.

Renters Insurance Cost For $100,000 Coverage – By Deductible

Many factors can impact insurance rates. Your age, where you live, and the type of insurance you have, namely your deductible. This is how much you will pay out of pocket before the insurance company pays its portion. The more you are willing to pay, the lower your premium will be.

One cost-saving measure is to raise your deductible. In our example below, if you were to increase your responsibility from 1000 to 2000, you could save $12 per year.

How Much Is Renters Insurance For $100,000 By State?

Where you live can directly impact the cost of renters insurance for $100,000 by state. Things like population density and if you live in a disaster-prone state can cause your rate to increase.

For instance, living in New Hampshire, renters insurance will cost you $90 per month, while living in Montana, rates average $254, primarily due to the severe weather they face. Other states are as follows:

Most Expensive States For $100,000 Renters Insurance

If you notice most of the top ten most expensive states for renters insurance are southern states and those along coastal regions where disasters such as hurricanes happen.

However, while renters insurance covers your belongings from damage such as hail, it will not cover flood damage. That is a separate policy. It will, though, cover loss of use from hurricane damage if you must live elsewhere while repairs are made.

According to our above table, the ten most expensive states are:

*100K liability; 20K personal property;

Least Expensive States For $100,000 Renters Insurance

With a monthly average of less than $10, these states are all, mostly, northern states. Away from coastal waters. There are few threats of hurricane, tornadic, or earth movement activity in these areas of our country.

While they do have their threats, they do not pose as severe of a threat to renters. According to our research, the ten least expensive states are:

*100K liability; 20K personal property

What Affects Renters Insurance Rates?

Many factors go into determining renters insurance rates.

Where You Live

Different states, different counties, and even different cities can have varied Renters Insurance rates as factors such as climate, home type, and crime rate will affect insurance costs.

Type And Amount Of Coverage

Your coverage level will affect your monthly insurance rate. The higher your liability coverage the higher your premium will be. The same can be said of more personal property coverage.

Your Deductible Amount

The more responsibility an insured assumes the lower their premiums will be. If you choose to lower your deductible and pass that responsibility to the insurance company this will increase the premium.

Added Coverage

When you have riders or endorsements to protect personal property such as jewelry, art, or collectibles, this will increase your Renters Insurance premium.

Credit History

Unfortunately, your past can weigh into your Renters Insurance rates. Some but not all can pass this on in the form of higher monthly premiums.

The insurance company itself can also impact your insurance rates as not all companies are created equal. It pays to shop around.

Is $100,000 Coverage Enough?

Keep in mind that $100,000 is for the Liability portion of your coverage. Having a standard renters insurance policy generally begins with this basic amount. Consider where you live and the risks you are exposed to where you may be held accountable. If this amount is too little, then consider raising your coverage limit.

If you do choose to increase your amount, the difference can be as little as $15 per year between $100,000 and $300,000 of Liability Insurance coverage.

What Does Renters Insurance Cover?

Renters insurance consists of three parts, Personal Property Coverage, Liability Coverage, and Additional Living Expenses. Let’s go over each of these in detail.

Personal Property Coverage

Personal property includes items that did not come with your rental property. If your landlord provided the appliances, these are not included, however, whatever you own is. Appliances, furniture, bedding, clothing, and even items you keep in an external storage closet attached to the unit.

Liability Coverage

If a guest in your home is injured and incurs medical bills or sues you, this portion will pay for their medical expenses and your legal fees. It will also protect you from claims against you outside your home, this can include pet-involved incidents like dog bites.

Additional Living Expenses (ALE)

If you need to live elsewhere due to a covered event, this portion of your policy will cover hotel bills, restaurant bills, and costs above your normal living expenses.

It is important to take an inventory of your home to determine if $100,000 is enough. This includes your Property coverage of 20K or 30K. Owning specialty items such as collectibles and rare items could affect how much you need. Also having Replacement Cost or Actual Cash Value can change your premium. It is important to check the rates between insurance companies because rates will vary by company.