Renters Insurance Washington
In 2013, the average estimated cost of renters insurance in Washington was $165 a year. Compared to that the average homeowners insurance is $600 a year in Washington, thus renters insurance is cheaper than most people realize.
Comparing Renters and Owners Insurance in 2013 in Washington
The landlord's policy does not cover renter's damages like burglary. There were 60725 burglaries reported in Washington in 2012. So, to protect one from events like fire, burglary or other disasters renters insurance is required.
Renters Insurance Coverage Types:
Actual cash value policy:
The Actual cash value policy covers the depreciated value of loss. An example of this is – a $2280 Desktop might be worth only $1140 in six months and that is the amount the insurance pays for.
Replacement Coverage Policy in Washington:
- By means of the same example, the insurance need not necessarily pay for the Desktop, but it will get you enough to buy another laptop of the same kind. In Washington, the replacement cost insurance costs around $41.25 more than the actual cash value policy.
- The average renters insurance of $10 per month is 0.74% of median monthly rent, taking into account Washington median rent as $1350 per month.
Estimated Renters Insurance for Different House Types in Washington
|House Type||Median Rent||Estimated Renters Insurance|
Deductibles in Washington:
An average of $18.15 can be saved on the insurance premium by choosing a $500 deductible over a $250 deductible.