Renters Insurance Arizona
In 2013, the average estimated cost of renters insurance in Arizona was $186 a year and the homeowners insurance is $630 a year. Therefore, renters insurance is cheaper than most people realize.
Comparing Renters and Owners Insurance in 2013 in Arizona
There were 52934 burglaries reported in Arizona in 2012. The landlord's policy does not cover renter's damages like burglary. Thus to get protection from events like fire, burglary and other disasters renters insurance is essential.
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 $920 Laptop might be worth only $460 in six months and that is the amount the insurance pays for.
Replacement Coverage Policy in Arizona:
- Using the same example, the insurance may not necessarily pay for the laptop, however you will get sufficient amount to buy another Laptop same as the lost/damaged one. The replacement cost insurance in Arizona costs around $46.5 more than the actual cash value policy.
- The average renters insurance of $20 per month is 1.90% of median monthly rent, taking into account Arizona median rent as $1050 per month.
Estimated Renters Insurance for Different House Types in Arizona
|House Type||Median Rent||Estimated Renters Insurance|
Deductibles in Arizona:
An average of $20.46 can be saved on the insurance premium by choosing a $500 deductible over a $250 deductible.