How expensive is renters insurance?

I know it depends on the area you live in and the size of the appartement/house, but anyways.

We are renting a 5 bedroom house with a basement and an attic in columbus, ohio. We were just wondering if anyone has a general idea of how much renter's insurance for such a house is ?

Thanks!

TheAnswerMan, Home insurance is actually very flexible. I don't understand all the details of my home policy, but my home insurance agent is always a phone call away. Try visting your agent or a homeowners agent in your area. http://www.easyhomeinsuranceguide.com They will be able to assist you.

As far as Renter's Insurance is concerned, it doesn't matter about the size of your house that you're renting. What matters is how much your personal property is worth. You are not insuring the house....only YOUR personal property, and YOUR liability for the possible injury of someone, which was caused by your negligence.

There are some policies that cover only your personal property, and not the liability. These are Contents Only coverages.

The rates for Renter's Insurance are determined by the type of structure, if there are any additional risks, how many units are attached if it's an apartment building, if there are firewalls between apartments, and the distance to the Fire Department and fire hydrant. The latter is partly what determines the fire class.

Your rate could also be based on your credit rating. Less than perfect credit would dictate a higher premium, if insurable.

Another rate decider would be whether or not your policy covers guaranteed replacement or depreciated values of your personal property.

If you live in a fire class 5, for example, and the structure of your house is frame, there are no special risks, a rule of thumb would be that it would cost somewhere around 1/4 cent to 1/2 cent, or less, on the dollar of insurance, depending on many factors.

Example: $100,000 X .0025 = $250.
$100,000 X .0050 = $500

This would also include $100,000 Personal Liability and $1000 medical Payments coverage.

Since you are renting a five bedroom house, it would be safe to assume that you would need more coverage than for just the average family.

I have a three bedroom home and my contents coverage on my HO policy is around $80,000, and about $133,000 on the structure, with $100,000 liability and $1000 Medical payments coverage. All this for about $480/yr.

I don't have rates, but am making the above example by general knowledge, although I have been retired from the insurance business for over two years.

Renter's Insurance is relatively inexpensive, considering what you could lose if a fire consumed your residence. Keep in mind, also, that this is the time of year when there are more house fires than at any other time.

Contact your local Nationwide agent.

Renters insurance is the cheapest of all because you are paying for
your contents to be insured and in some cases you may be covered
for accidental damages you cause. Your personal effects are the
number one thing you insure as a renter.

A $20,000 contents policy with a $250 deductible and $100,000 liability, and replacement cost on the contents, should run around $150 a year. And if you're going to store stuff in the basement, be sure to ask for "backup of sewers and drains" coverage.

See if your auto insurance company sells renters insurance too. Then you get a discount on your car insurance and that may pay for most of the premium.

A very wild guess.......$250/yr.

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