 TITLE: How to Get Renters Insurance CONTENT: How Much Does Renters Insurance Cost?\n-------------------------------------\nHow much you'll pay for renters insurance varies from company to company and state to state, and also depends on the amount of coverage you choose. In general, renters insurance is very affordable. The average policy costs about $180 annually, according to the National Association of Insurance Commissioners.\nFactors that affect the cost of renters insurance include:\n*   **The coverage you need:** If you have to insure a valuable coin collection, expensive musical instruments or other items not covered by a normal renters policy, you'll pay more. You'll also pay more if you buy earthquake or flood insurance to supplement your regular policy.\n*   **Whether you buy replacement cost insurance or actual cash value insurance:** Actual cash value insurance pays you the current value of the item; replacement cost insurance pays you the cost of replacing it with a new item. For example, if your 5-year-old TV is stolen, actual cash value insurance would pay the average selling price for a 5-year-old TV. Want to be able to replace your old TV with a new one? Then opt for replacement value coverage.\n*   **Your deductible:** Your deductible is the amount of loss you'll have to pay out of pocket when you file a claim. For instance, if $2,000 worth of property is damaged in a fire and you have a $500 deductible, the insurance company will pay you $1,500 (the claim amount minus your deductible). The higher your deductible, the lower your monthly premiums will be.\n*   **The relative safety of your property:** If you're renting in a high-crime neighborhood, you'll likely pay more for renters insurance. Conversely, renting a property that's protected by fire alarms, deadbolt locks, smoke detectors and other safety devices can lower your premiums.\n*   **Multipolicy discounts:** Many insurance companies offer discounts if you buy more than one policy. Getting renters insurance from the same company that handles your life insurance or car insurance could net you a lower rate.\nYour credit score could also affect the cost of your renters insurance premiums. In states where it is allowed, insurance companies might run a credit check when processing your application. Lower credit scores could indicate you may have more trouble paying your premiums. If you're worried about your credit score impacting your insurance costs, check your credit score and review your credit report to make sure it's accurate. END