Licensed Realtor with 10+ years in personal finance content
Contributor to Nasdaq and USA Today
Daria is a licensed Realtor and resort property manager specializing in personal finance, real estate, and insurance topics. In her spare time, she practices photography.
Sara Getman is an Associate Editor at Insurify and has been with the company since 2022. Prior to joining Insurify, Sara completed her undergraduate degree in English Literature at Simmons University in Boston. At Simmons, she was the Editor-in-Chief for Sidelines Magazine (a literary and art publication), and wrote creative non-fiction.
Outside of work, Sara is an avid reader, and loves rock climbing, yoga, and crocheting.
At Insurify, our goal is to help customers compare insurance products and find the best policy for them. We strive to provide open, honest, and unbiased information about the insurance products and services we review. Our hard-working team of data analysts, insurance experts, insurance agents, editors and writers, has put in thousands of hours of research to create the content found on our site.
We do receive compensation when a sale or referral occurs from many of the insurance providers and marketing partners on our site. That may impact which products we display and where they appear on our site. But it does not influence our meticulously researched editorial content, what we write about, or any reviews or recommendations we may make. We do not guarantee favorable reviews or any coverage at all in exchange for compensation.
Why you can trust Insurify: Comparing accurate insurance quotes should never put you at risk of spam. We earn an agent commission only if you buy a policy based on our quotes. Our editorial team follows a rigorous set of editorial standards and operates independently from our insurance partners. Learn more.
Tenants are often surprised to learn that landlord insurance doesn’t cover their belongings. For that, you need renters insurance.
Renters insurance policies protect your personal property from losses due to events like fire or theft, and they include liability coverage if you accidentally harm someone or their property. Premiums for policies with $30,000 in personal property coverage and $100,000 in liability coverage average $20 per month, according to Insurify data.
Renters insurance isn’t a legal requirement, but some landlords might include it as a part of the lease agreement. Regardless, you should consider purchasing renters insurance because it’s your only protection against losses from property damage and lawsuits when an emergency strikes.
Here’s how to find and buy renters insurance coverage.
1.Gather information
Having the following information on hand will make it faster and easier to apply for coverage:
Your personal and contact information
Dates of past renters coverage and any claims you’ve filed
An inventory of your belongings and their values
Rental property address
Size of the property
Safety features such as smoke detectors, sprinklers, and deadbolts
Information about family members and roommates who you want to list as additional insureds
Distance to nearest fire department
Some landlords may require you to add them as an interested party on your renters insurance.
2. Compare renters insurance quotes
Renters coverages and rates vary from one insurance company to the next. Comparing quotes from several different insurers helps you find the best rates on the best insurance coverage for your needs.
You can get renters insurance quotes by visiting individual insurance companies’ websites and filling out their quote requests. An easier way is to use an insurance-comparison site to request quotes from several different insurance companies at the same time.
Get a Fast, Free Renters Insurance Quote
Protect your stuff and find affordable peace of mind
3. Compare coverage amounts and deductibles
Price is one factor to consider when you’re shopping for renters insurance. But coverages and deductibles determine your level of protection, so it’s a good idea to base your decision on those factors first, and on price secondarily.
Renters coverage has a few different components:
The emergencies or perils the insurance protects against
The types of property the policy will reimburse you for
How much your insurer will reimburse you
Good to Know
Every insurer approaches coverage differently, so it’s important to compare multiple plans to ensure you have the appropriate amount of coverage.
4. Look for discounts
Many insurance companies offer policy discounts that reduce the cost of your renters insurance. You might create a renters insurance bundle, for example, by bundling the policy with your auto insurance for a discount on one or both policies. You can also get a discount for setting up automatic payments and for paying your policy in full when you purchase it.
Adding safety and security features to your apartment also might qualify you for a discount, but check with the landlord before making changes to your home.
5. Finalize your policy
Once you’ve selected the policy that best meets your needs, purchase your coverage, then provide proof of coverage to your landlord if they require it.
What renters insurance covers
Your renters insurance is only as good as its coverage, so make sure your policy offers the protection you need. Policies typically offer three types of protection:[1][2]
Personal property coverage
Personal property coverage protects your belongings if they’re damaged or lost in a covered mishap. This includes things like a sprinkler malfunction, smoke, fire, theft, and vandalism. You can choose between actual cash value coverage, which reimburses you for your items’ depreciated value, and replacement cost coverage, which pays the full cost to replace the items.
Liability coverage
Liability coverage pays your legal costs if you, a family member, or a pet accidentally injures someone or damages their property. It usually includes no-fault medical coverage for the injured party.
Additional living expenses coverage
Also called loss of use coverage, this pays extra living expenses incurred when an emergency forces you out of your home. For example, it might pay for hotel stays, restaurant meals, and laundry.
What renters insurance doesn’t cover
Renters insurance is typically a named-perils policy, which means it covers only the emergencies listed in the policy. Even when that’s not the case, policies have some exclusions you should be aware of.[3] Renters insurance typically doesn’t cover floods and earthquakes.
Additionally, it doesn’t cover your roommates’ belongings unless you list the roommates on your policy, which experts often recommend against.
It’s important to remember that renters insurance covers only your personal property. Your landlord’s insurance covers the building.
How to get renters insurance FAQs
The more you know about renters insurance, the better you’ll be able to select the right policy. Here’s some additional information to help you on your search.
What do you need in order to get renters insurance?
In addition to your contact information, you’ll need your past renters insurance coverage and claim history if you’ve had renters insurance before. You’ll also need the size and location of your rental home, any safety features it has, and a list of your belongings and their values.
How fast can you get renters insurance?
Overall, it takes just a few minutes to buy a policy online. But it’s a good idea to research policies and compare quotes from the companies you’re interested in before you buy.
Which company has the cheapest renters insurance?
Erie and American Family have the lowest average premiums, at $15 per month for $30,000 in property coverage and $100,000 in liability coverage. But the cheapest insurance available to you depends on your specific situation. Your location, the size of your home, and the value of your belongings all affect how much you’ll pay for coverage.
Can your landlord require you to have renters insurance?
Yes. In addition, they can require you to add them to the policy as an interested party. This requires your insurance company to notify the landlord if your coverage lapses.
Can you get renters insurance if you live in a shared household?
Yes, you can buy your own renters insurance coverage. Even if your state allows you and your roommates to go in together on a policy, it’s better to have your own.
Daria Uhlig is a freelance writer and editor with over a decade of experience creating personal finance content. Her work appears on USA Today, Nasdaq, MSN, Yahoo Finance, Fox Business, GOBankingRates and AOL. As a licensed Realtor and resort property manager, she specializes in real estate topics, including landlord, homeowners and renters insurance. In her spare time, Daria can be found photographing people and places on Maryland's Eastern Shore. Connect with her on LinkedIn.
Daria has been a contributor at Insurify since October 2022.
Sara Getman is an Associate Editor at Insurify and has been with the company since 2022. Prior to joining Insurify, Sara completed her undergraduate degree in English Literature at Simmons University in Boston. At Simmons, she was the Editor-in-Chief for Sidelines Magazine (a literary and art publication), and wrote creative non-fiction.
Outside of work, Sara is an avid reader, and loves rock climbing, yoga, and crocheting.
)
)
){kind=logo}
){kind=small}
){kind=small}
){kind=small}
)
)
)
)
)
)
)
)
)
)
)
)
