Nationwide Insurance Renters
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How Much Is Renters Insurance?
The cost of renters insurance is generally quite affordable. You can typically expect to pay between $100 and $250 per year on average, depending on where you live and the coverage amount you carry on the insurance policy. The national average for renters insurance is $15 to $30 per month.
The best way to find the renters insurance you need is to contact an independent agent from the Trusted Choice network to compare renters insurance costs and find an affordable policy that meets your needs.
Is Renters Insurance Tax Deductible?
Renters insurance is not tax-deductible except in the following situations:
- You use a part of your residence regularly and exclusively to operate a business. You then may deduct a portion of your renters insurance, based on the dimensions of the space where you operate your business relative to the total size of the premises.
- You are an employee and work in both your employer’s office and your rented premises. In this case, you can deduct a portion of your renters insurance in the same manner as a home office. Check with your accountant for complete details.
How Much Renters Insurance Should I Have?
- Personal property: Typically a minimum of $2,500 worth of coverage
- Liability: Amounts you choose, such as $100,000 of coverage for liability claims and legal defense
- Additional riders: Coverage you may need for your collectibles, personal items of value such as jewelry, and outdoor toys such as snowmobiles, ATVs, or personal watercraft (PWCs)
