Renters insurance typically costs between $15 and $30 per month, depending on the value of your belongings and the amount of coverage you need. Most policies have a deductible, or the amount you must pay out of pocket before your insurance company steps in, of $500 or $1,000. So, if you have a $500 deductible and your TV is damaged beyond repair, you would be responsible for paying the first $500 of the repair or replacement cost.