Renters insurance for $100,000 liability hinges on a few things: how much personal property coverage you’re getting, the deductible, plus your credit score and where you live. According to a recent Insure.com cost analysis, the average cost of renters insurance for $40,000 coverage in personal property, $100,000 liability coverage with a $1,000 deductible is $326 a year or $27 a month.
To up your personal property coverage by $300,000, which is the recommended amount, it costs a mere $1 a month—yup, you read that correctly. So you’ll be paying $341 a year, or $28 a month. For not even the cost of a cup of coffee, you can up your liability limits by $100,000.
The cost of premiums can also vary dramatically based on where you live. States prone to more extreme weather are typically more costly to cover. In Mississippi, the cost of a policy with $40,000 personal property and $100,000 liability coverage is $579 a year, or $48.25. The price tag of a premium in Vermont with the same coverage amounts is $136 a year, or $11.33 a month.