Renters Insurance Alabama
In 2013, the average estimated cost of renters insurance in Alabama was $193 a year and the homeowners insurance is $980 a year. Therefore, renters insurance is cheaper than most people realize.
Comparing Renters and Owners Insurance in 2013 in Alabama
The landlord's policy is not going to cover renter's damages like burglary of renters possessions. There were 47481 burglaries are reported in Alabama in 2012. So, to make sure you're protected from these events like fire, burglary or other disaster, you may need renters insurance.
Renters Insurance Coverage Types:
Actual cash value policy:
The depreciated value of the loss is covered by the actual cash value policy. For instance, the LCD TV you bought for $9910 may be only worth $4960 six months later and that is the value you will get for it.
Replacement Coverage Policy in Alabama:
- 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 Alabama, the replacement cost insurance costs around $48.25 more than the actual cash value policy.
- Considering Alabama median rent of $810 per month, the average renters insurance of $20 per month is 2.47% of median monthly rent.
Estimated Renters Insurance for Different House Types in Alabama
|House Type||Median Rent||Estimated Renters Insurance|
Deductibles in Alabama:
An average of $21.23 can be saved on the insurance premium by choosing a $500 deductible over a $250 deductible.