'I can’t afford it.'
More than half (60%) of the renters without a policy reported that they didn’t think they could afford renter’s insurance before moving in. Prices vary depending on the level of coverage, but according to the National Association of Insurance Commissioners, the average cost of a renter’s insurance policy is about $15 per month; that's certainly less than the day-to-day expenditures a number of people pay for that they don’t need. The average monthly renter's insurance policy is:
- Less than the approximately $80 per month that 50% of American workers spend on coffee, according to a 2012 study by Accounting Principals.
- Less than the approximately $148 per month two-thirds of American workers spend on buying their lunch instead of packing one and bringing it to work, according to Accounting Principals.
- Equivalent to the cost of two movie tickets per month, at the national average of $7.96 per ticket, according to data from the National Association of Theatre Owners.