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Average Insurance Cost for Rental Property In 2022

 

Last Updated: 8 Feb, 2022

Renters’ insurance is not just for you’re the home you rent, it can be for an apartment or even a college dorm. If you stay on a rented property, it’s better to get renters insurance in West Virginia. It is to safeguard your personal belongings. We help you find renters insurance as per your budget to protect you and your belongings from theft, natural disasters, water damages, and others. The average insurance cost for rental property depends heavily on your state’s minimum requirements. If you live in a high-risk zone the your insurance cost for rental property increases. An average insurance cost for rental property was about $986  

Average Insurance Cost for Rental Property In 2022   

Renters’ insurance is a bit different from homeowner insurance because it will not have high coverage limits, but it will surely cover your belongings’ losses. Some of the common renters’ insurance coverages include:

  • Contents: It helps to protect your furniture, clothes, and other items at your place.
  • Medical payment: In some cases, the medical payment policy covers someone’s injuries and death at your property.
  • Loss of use: Similar to home insurance, this policy will cover the additional living expenses. When your property is inhabitable caused by covered perils.
  • Personal liability: This policy covers the damages and injuries at your home due to some accident.
  • Building additions and alterations: It covers the damages to additional things added to your homes, such as installation, fixtures, and others.

The basic renters’ insurance in West Virginia will include the above coverages. According to Investopedia, an average renter has $20,000 worth of belongings. You can also add other coverages as per your location. For example, high risk of earthquakes and floods, you can have additional coverage to be safe.

renters' insurance
average insurance cost for rental property

Optional Renters’ Insurance Coverages  

  • Theft extension: With extended theft protection you can protect your belongings stored in your trailer or motor vehicles
  • Earthquakes: The additional policy of earthquake you can cover your damages from the earthquake.
  • Water backup: This coverage will cover the loss caused by water backup from sewers and drains.
  • Valuables plus: The basic renters’ insurance in West Virginia will cover the losses of your belongings. But with additional limits, you can protect specific items like jewelry, watches, and antiques.

With additional coverages, you will protect your personal belongings and your property from various damages. However, you can also choose the coverages required for you and only add those necessary coverages.

Cost Of The Policy 

With basic coverages, the renters’ insurance costs about $15 per month which is an average cost. The rates vary as per the location, size, and crime rates. For instance, renters insurance in Connecticut can vary from renters coverage in West Virginia. The price also depends on the coverages and limits you take. Similarly, we help you with all the processes and make it easier to get renters’ insurance in West Virginia as per your budget. Get customized coverages from a reliable insurance agent as per your location and the risks involved. |We are constantly in touch with various insurance broker clusters and insurance brokerage companies as well. Contact us today to find an agent who can get the best renters insurance for you. Also, reach out to us if you have any queries regarding cyber insurance. You can choose from the best insurance companies for rental properties to get the perfect coverage.  

 

FAQs

In 2022, how much will it cost to insure a rental property?

The average cost of renters insurance is $179 per year, whereas the average cost of homeowners insurance in the United States is $1,312 per year for $250,000 in dwelling coverage. Renters insurance does not cover the structure of your home or apartment like homeowners insurance does, resulting in a reduced price.

How much does it cost to insure a rental property?

A rental property insurance coverage costs about 25% more than a comparable homeowners insurance policy. Given the national average cost of homeowners insurance of $1,445, the national average cost of rental property insurance should be around $1,800.

What should I set aside for landlord insurance?

The usual rule is that landlord insurance will cost about 15% more than a normal homeowner policy. The nationwide average cost of a homeowner coverage, according to Insurance.com, is $1,288. As a result, most landlords may anticipate paying $1,481 per year for insurance.

renters' insurance arizona
renters' insurance arizona

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Renter's Insurance Agency Lafayette 

(470) 280-6551 

Lafayette GA 30728 

Business Hours:

Monday 8 AM - 8PM

Tuesday 8 AM - 8 PM

Wednesday 8 AM - 8 PM

Thursday 8 AM - 8 PM

Friday 8 AM - 8 PM