How much does renter's insurance cost?

The cost of renter's insurance varies from person to person, place to place and city to city but for most college students and recent grads, it's extremely affordable.

"An insured's 'personal property' coverage will be the key factor in determining how high or low their premium will be," Casey Hahn, local Farm Bureau Insurance agent tell us.

For most college students and recent grads, the amount of personal property they need to have covered will typically fall on the lower end of the spectrum meaning that you premium, or simply put, your monthly payment, will be on the lower end.

"For the amount of coverage an insured receives when purchasing a renter's insurance policy, the premiums are very reasonable. Depending on the coverage limits and coverage options chosen, a typical renters insurance policy will range from $15- $30 per month," explains Hahn.

You can easily find out how your monthly premium by calling an insurance agent to find out. Oftentimes, you can also get a discount on your auto insurance as well just by pairing the two, making renter's insurance even more affordable.

"Most companies have a variety of different coverage options available, so I encourage everyone I talk to about renter's insurance to sit down with an agent to find out everything they need to know about their policy," says Hahn.

So do the math. At $15 a month for 12 months, covering your personal property costs you less than $200 a year. Replacing all your stuff will cost a lot more.

These are the opinions of writers and not the opinions of or any of our advertising partners.