To calculate the Renter's Insurance Cost Per Month (RIC):
\[ RIC = \frac{YP}{12} \]
Where:
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.
Let's assume the following value:
Using the formula:
\[ RIC = \frac{258}{12} \approx 21.50 \]
The renter's insurance cost per month is approximately $21.50.
Let's assume the following value:
Using the formula:
\[ RIC = \frac{300}{12} = 25.00 \]
The renter's insurance cost per month is $25.00.
The cost of renter's insurance can be influenced by several factors including the value of your personal belongings, your geographic location, the deductible you choose, the insurance company you go with, and any additional coverage options you may select.
No, renter's insurance is not required by law.