Many people don’t know how much renters insurance is. You’ll be surprised at how affordable Minneapolis Renters Insurance is. Many people find it easier to pay for the year up front so that they don’t have to worry about such a small bill every month.
What Is The Monthly Cost Of Renters Insurance?
The monthly cost of renters insurance will, of course, vary based on a number of factors. Your location, your credit, your claims history, and other things all play into it. But just like anything else, we can look at the average costs of things and get a general idea of what most people are likely to pay.
The national average price of renters insurance is just $187.00, according to the III. That works out to as little as fifteen dollars per month. The vast majority of families can budget renters insurance easily at those prices.
Additionally, it's important to note that renters are at a significantly higher risk of experiencing loss than homeowners. Renters occupy roughly one third of total housing stock in the country, and yet they are fully fifty percent more likely to experience theft than homeowners, according to the Bureau of Justice Statistics.
It only costs a few dollars a month to protect your family, and this cheap renters insurance is a great way to mitigate the additional risks that come with being a renter.
That’s it. What’s the monthly cost of renters insurance? Cheap! To put it in context, that’s two six-packs of (bad) beer. If you’re a drinker, that’s less than half a beer per day difference in your drinking habit.
It’s also about two packs of smokes. If you’re a smoker, that works out to just over one cigarette a day difference over the course of a month. Sure, it’s a sacrifice. We have smokers in the office. We polled them, and all said they’d happily smoke one less cigarette a day if it meant that they could afford the monthly cost of renters insurance. Mind you, none was willing to state which cigarette it would be – probably not the first or last one of the day – but the point is made.
Do you like Chinese food? Fifteen bucks is about what it costs to go out to the Chinese buffet and spend the afternoon chowing down on risky seafood. Renters insurance is probably a better investment than chancy sushi. Why is there sushi at a Chinese buffet, anyway? We don’t know either, but it’s common to see. And risky to eat.
Buying renters insurance is a much better investment than any of those things, and it doesn’t even require a significant sacrifice. Some people just save their change at the end of each day and use that to pay for their renters insurance every month.
Why Should I Pay The Monthly Cost Of Renters Insurance In A Lump Sum For The Year?
Paying the monthly cost of renters insurance in a lump sum for the year saves you money. In many cases, if you get billed by mail, you’ll pay anywhere between three and five dollars extra per month because they’re sending you a bill and there are costs associated with doing so.
Even if you’re on an automatic plan like recurring credit card billing, there are often still fees attached to that because there is a cost associated with charging the card every month. That cost has to come from somewhere, and generally it’s not something that can be built into the price of a policy.
If the monthly cost of renters insurance is fifteen dollars a month, and you’re actually paying twenty dollars a month with the fees included, you’re better off paying for it by the year in a lump sum. Doing so will save you fifty-five dollars over the course of the year, based on eleven bills being sent to you after you make the initial payment.
When you pay for your renters insurance in a lump sum, you also are assured that your coverage remains in force. The mail isn’t perfect, and neither are people. It’s easy for that fifteen dollar a month bill to get forgotten about, and when it’s paid for the year that’s not a risk.
How Can I Get Renters Insurance Discounts On The Monthly Cost?
You can get discounts on the monthly cost of renters insurance in a couple of different ways. You should know, first, that Effective Coverage applies all applicable discounts to your policy. We don’t make you ask for them. If you live in an apartment, for example, it’s a pretty safe bet there’s a smoke detector because there generally has to be in order for the apartment to be legal. You’ll get credit for that.
You can get discounts on your Minneapolis Renters Insurance by bundling your car insurance with it, of course. You can also get discounts if you have certain other safety features in your home, newer construction, and things like that. Those are applied automatically to the extent practical.
The single easiest way to get a discount on the monthly cost of renters insurance, of course, is to pay for the year in full. That saves you a ton of money. But if that’s not possible or practical, that’s fine. You’re already getting discounts, and you’re already saving money just by working with Effective Coverage.
Is Renters Insurance A Good Investment At The Monthly Cost?
Renters insurance is a good investment at any monthly cost. No matter what it costs you, you should have a policy. But we realize that things are often tight, especially when you’ve just moved, so it’s worth asking the question. When you think about the cost of a loss without coverage, the cost of staying somewhere else, the cost of replacing all of your things, the monthly cost of renters insurance continues to be an excellent value.
Remember that you can’t get renters insurance after a loss happens, so now is the time to make sure that what’s important to you is protected. Also remember that you can afford it, and that renters insurance is relatively cheap.
If you want to find out how much renters insurance will cost a month for your particular situation, just click above. You can get a quote in sixty seconds, or call and speak with an insurance expert for renters. Effective Coverage has worked hard to make it easy for you to get the coverage you deserve at a price you can afford. Along with that comes a desire to make sure that all of your questions are answered. All you have to do is ask!
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.
What's Your Style?
- Do You Need Coverage ASAP? Check out the fastest way to buy renters insurance online and get covered in just 60 seconds!
- Do You Feel Like Talking About It? Just call Effective Coverage and a renters insurance expert can help you get great coverage in minutes.
- Do You Need Some Time Alone With Your Thoughts? We understand, which is why we created the Minnesota Guide To Renters Insurance.
- Just Want To Watch A Movie Together? See our video guide below.
Photo Credit: seler+seler bbb low-cost housing, prototype CC BY 2.0