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For most people who rent an apartment or home, the cost of renters insurance fits within their budget.
Renters insurance runs about $15 a month for approximately $35,000 in coverage limits, based on the National Association of Insurance Commissioners (NAIC) survey. That’s almost less than a fast-food lunch.
Combining the purchase of renters and auto policies might save enough to cover the cost of your new renters policy. But it’s not the only way you can save money. Installing a home security device also may help keep money in your pocket.
Personal property coverage is probably the main reason you purchase a renters policy. The coverage will reimburse you for covered damage, loss, or theft of your personal possessions up to a certain dollar amount, so you'll want to make sure you get that amount right.
A deductible is the amount you’re responsible for when you file a claim. For example, suppose your covered burglary claim is $10,000 and your deductible is $500. The amount of your claim settlement after applying your deductible is $9,500.
Generally, the higher the deductible, the lower your premium. However, with the higher deductible, the bigger your financial responsibility will be if you file a claim. When choosing a deductible, think carefully about the out-of-pocket costs that you are willing, and able, to pay. Your agent can help you determine the deductible that’s right for you.
You may want more coverage than your renters policy provides. We can help.
Automatically increases the amount of your insurance coverage on your personal property as inflation changes the cost of living. The changes are based on the movement of an inflation index and are reflected in the premium at each annual policy renewal. This coverage provides payment based on the cost to repair or replace the damaged property at the time of loss, if actually replaced.
Tip: Select replacement cost coverage from State Farm to get the most protection for your money.
Provides payment for your legal liability because of bodily injury or property damage caused by an accident to which the coverage applies. In addition, it may provide for the payment of your legal defense arising from these claims or suits.
Pays medical expenses up to the limits in the policy for people who are on your premises with your permission and are accidentally injured from a covered loss.
Provides payment based on the cost to repair or replace the damaged property at the time of loss.
Provides payment based on the cost to repair or replace damaged property less depreciation at the time of loss.
Most policies have maximum limits the company will pay for loss to specified types of property (these limits can vary among companies). So, while the Personal Property Loss Settlement provisions determine the loss payment on your personal property, know that special coverage limits apply to certain types of property, including
If you need higher limits for certain types of property, your State Farm agent can help.
This document contains only a general description of coverages and is not a statement of contract. All coverages are subject to all policy provisions and applicable endorsements. For further information, please see a State Farm Agent.
Please refer to your actual policy for a complete list of covered losses or a complete list of losses not insured and policy exclusion.
Actual annual premiums for Renters insurance will vary depending on coverages selected, amounts of coverage, deductibles, and other factors. This is only a general description of coverage and not a statement of contract. Coverage is subject to the terms, provisions, exclusions and conditions in the policy itself and in any endorsements.
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