Enter the total yearly premium of the renters insurance into the calculator to determine the renter’s insurance cost per month, week, and day.
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Renter Insurance Cost Per Month Formula
The following equation is used to calculate the Renter Insurance Cost Per Month.
RIC = YP / 12
- Where RIC is the renter’s insurance cost per month ($/month)
- YP is the yearly premium ($)
What is the Average Renter’s Insurance Cost Per Month?
The average renter’s insurance cost per month is $21.50.
Totaling rental property can be a stressful process. If you live in an apartment complex and your home gets damaged by fire or some other event, it may seem like all of your belongings are lost.
This is why it’s important to have renters insurance. It protects your belongings in case something unexpected happens to your home.
The average monthly cost for renters insurance depends on the value of your personal belongings. The more expensive your belongings are, the higher the premium will be.
If you’re a renter with low-value items, such as clothes, linens, and kitchen supplies, the average monthly cost for renters insurance would be about $12. If you have more expensive items, such as jewelry and electronics, the average monthly cost for renters insurance would be about $50 per month.
The price you pay for renters insurance also depends on other factors, such as where you live and the deductible you choose.