Renters Insurance Pennsylvania
The average estimated cost of a rental insurance policy in Pennsylvania was $150 a year in 2013. Renters insurance is less expensive than many people realize: average homeowners insurance is $730 a year in Pennsylvania.
Comparing Renters and Owners Insurance in 2013 in Pennsylvania
In 2012, there were 56859 burglaries reported in Pennsylvania. The landlord's policy does not cover renter's damages like burglary, and to protect oneself from events like burglary, fire and similar disasters renters insurance is critical.
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 $1370 LCD TV might be worth only $690 in six months and that is the amount the insurance pays for.
Replacement Coverage Policy in Pennsylvania:
- By means of the same example, the insurance need not necessarily pay for the LCD TV, but it will get you enough to buy another laptop of the same kind. In Pennsylvania, the replacement cost insurance costs around $37.5 more than the actual cash value policy.
- Considering Pennsylvania median rent of $1100 per month, the average renters insurance of $10 per month is 0.91% of median monthly rent.
Estimated Renters Insurance for Different House Types in Pennsylvania
|House Type||Median Rent||Estimated Renters Insurance|
Deductibles in Pennsylvania:
An average of $16.5 can be saved on the insurance premium by choosing a $500 deductible over a $250 deductible.