Answer: Renters insurance is actually quite affordable, with the average cost being around $15-$30 per month. The price may vary depending on factors such as the coverage amount, location, and deductible.

Answer: Even if you don’t own expensive items, renters insurance can still provide valuable coverage for liability protection, additional living expenses in case your rental becomes uninhabitable, and protection against theft or damage to your belongings.

Answer: Renters insurance typically covers only the belongings of the policyholder. If your roommate wants coverage for their belongings, they would need to purchase their own renters insurance policy.

Answer: Renters insurance can provide coverage for damage caused by certain natural disasters, such as fire, windstorms, and hail. However, coverage for earthquakes and floods may require additional riders or separate policies.

Answer: Most renters insurance policies have a minimum term, typically one year. However, you can usually cancel your policy at any time and receive a refund for the unused portion of your premium. It’s always best to check with your insurance provider for specific details regarding cancellation policies.