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Factors Influencing Coverage Costs
The cost of personal property coverage can vary based on several factors:
- **Location:** Living in areas prone to natural disasters or high crime rates may increase your premiums.
- **Coverage Limits:** Higher coverage limits offer more protection but also come with higher premiums.
- **Deductibles:** Choosing a higher deductible can lower your premium, but it means you'll pay more out-of-pocket in the event of a claim.
According to the Insurance Information Institute, the average cost of renters insurance, which includes personal property coverage, is around $179 per year1.