Renters Insurance Wisconsin
In 2013, the average estimated cost of renters insurance in Wisconsin was $143 a year and the homeowners insurance is $640 a year. Therefore, renters insurance is cheaper than most people realize.
Comparing Renters and Owners Insurance in 2013 in Wisconsin
The landlord's policy does not cover renter's damages like burglary. There were 27945 burglaries reported in Wisconsin 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. For example, a Desktop bought for $1080 might be worth only $540 in six months, and that is all one is going to get for it.
Replacement Coverage Policy in Wisconsin:
- Quoting the same example, the insurance essentially may not pay for the Desktop but one will get adequate amount to buy another laptop same as the lost/damaged one. The replacement cost insurance in Wisconsin costs around $35.75 more than the actual cash value policy.
- The average renters insurance of $10 per month is 1.05% of median monthly rent, taking into account Wisconsin median rent as $950 per month.
Estimated Renters Insurance for Different House Types in Wisconsin
|House Type||Median Rent||Estimated Renters Insurance|
Deductibles in Wisconsin:
In Wisconsin, by choosing a $500 deductible over a $250 deductible, an average of $15.73 can be saved on the insurance premium.