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It’s easy to overlook renter’s insurance and underestimate how many items you have. But ask yourself: If your apartment was destroyed by fire, would you be able to pay out of pocket to replace all your furniture, laptop and clothes?
Renters insurance is an inexpensive way to cover your belongings and it can be cheaper than you think. By shopping around and comparing renters insurance rates, you can find a great policy for as little as $14 a month.
How to get free renters insurance quotes today
The best renters insurance companies offer comprehensive coverage at affordable prices. You’ll find that rates vary from company to company, so be sure to compare renters insurance from multiple insurers.
You can get a free quote for rental insurance:
- Online. Some renters insurance companies provide quotes on their websites. You can collect quotes from different companies. Or save time by using a price comparison website that offers renters insurance quotes from multiple companies.
- By phone or in person. If you prefer to speak with a local agent who can help you find the best rate, call or visit an independent insurance agent who can get quotes from multiple companies. An “entitled” agent works for a renter’s insurance company and can only give you a quote from that insurer.
Compare renters insurance rates by company
Renters insurance is cheaper compared to other insurance policies. You can easily find an affordable policy by comparing rental insurance between companies. According to a Forbes Advisor analysis of renters insurance costs for the top-rated companies, renters insurance is the lowest in all states.
Prices from the best renters insurance companies
Prices from the cheapest renters insurance companies
You may be able to find cheap renters insurance for as little as $9 a month for a policy with $15,000 in personal property coverage, $100,000 in liability coverage, and a $2,000 deductible.
Compare renters insurance rates by state
Renters insurance costs vary by location. We found that Alaska has the lowest renter’s insurance rates ($48 per year), followed by North Carolina ($83 per year) and Wisconsin ($100 per year).
The most expensive state for renters insurance is Louisiana ($294 per year), followed by Mississippi ($221 per year) and Arkansas ($208 per year).
What is renters insurance?
Renters insurance is a type of insurance designed for tenants in rental properties. It pays to repair or replace your personal belongings if they are stolen or damaged due to problems covered by your policy, such as fire. Renter’s insurance also includes coverage for additional living expenses, liability and medical bills.
What is covered by renters insurance?
What is covered by renters insurance can generally be divided into these types of coverage.
Personal property coverage
Personal property coverage pays to repair or replace your items if they are stolen or damaged by a problem covered by your policy, such as a fire or storm. This includes your furniture, clothing, collectibles, jewelry, electronics, and kitchen appliances.
If you’re not sure how much personal property coverage you need, a good way to start is to create a home inventory.
Liability insurance
Liability insurance pays for property damage and accidental injury to others. It also pays for your legal defense, trial and adjudication if you are sued as a result of an accident.
Coverage of medical bills
Medical bills coverage pays the medical bills of people injured in an accident in your home (not including you or your family members), regardless of who is at fault. For example, if a guest cuts their hand in your home and needs medical attention, medical bills coverage can pay for an urgent care bill.
Medical expenses coverage is intended for minor injuries and is usually priced at $1,000 to $5,000 per coverage amount.
Additional living expenses
If you are temporarily unable to live in your home due to a problem covered by your policy (such as a fire), additional living expense coverage pays you for additional expenses such as hotel bills, restaurant meals, and services such as laundry or pet boarding.
Events covered by renters insurance
A standard renters insurance policy covers these damages to your property:
1. A sudden discharge or flow of water or steam
2. Airplane
3. Explosion
4. Falling things
5. Fire or lightning
6. Cooling
7. Snow or storm
8. Violence
9. Smoking
10. Sudden and sudden damage due to short circuit
11. Sudden and accidental cracking, tearing, swelling or burning
12. Theft
13. Tampering
14. Vehicles
15. Volcanic eruption
16. The weight of snow, ice or snow
What is not covered by renters insurance?
Renters insurance does not cover problems such as:
- The building. Your landlord’s insurance covers the structure of the building. For example, if a storm damages the building’s roof, renter’s insurance should cover it.
- Damage caused by floods; Earthquakes and landslides. Renters insurance does not cover flood water that comes from outside your home. It does not cover earthquakes. If you need coverage for these problems, you need a separate flood insurance or earthquake insurance policy.
- Accidents in common areas, such as stairs and corridors. That’s under renter’s insurance. For example, if a guest trips on an uneven sidewalk, you can file a claim on your landlord’s insurance.
- Damage caused by your pet to your home or property. If your dog or cat tears up your couch or carpet, it won’t be covered by renters insurance.
How to get renters insurance
Whether you’re a new renter in your first apartment or a longtime tenant, here’s a guide on how to get renters insurance in five easy steps.
Understand what is covered
Renters insurance covers more than just your property. It also covers property damage and accidental injuries to others, as well as additional living expenses if you are unable to live in your home due to a problem covered by your policy (such as a fire).
Determine your coverage amount
If your property is destroyed by a disaster such as a fire, you need adequate coverage to replace it. If you need additional coverage for high-value items such as jewelry, you can plan for personal property.
When deciding how much liability coverage you need, good legal advice is to buy enough to cover what can be legally taken from you.
Browse renters insurance companies
When comparing renters insurance rates, a good place to start is with your car insurance company. You may be able to get a better discount by combining renters and auto insurance with the same company. Ask about other renters insurance offers. For example, you may get a price break if your home has smoke detectors, fire alarms or burglar alarms.
Compare rental insurance quotes
Compare renters insurance for similar levels of coverage, so you’re making an apples-to-apples comparison.
Find the best renters insurance of 2023
Choose a renters insurance company and apply
Once you’ve found the right renters insurance company, it’s time to apply for a policy. Most insurers have an application on their website and you can get a policy the same day.
Compare renters insurance quotes
How much is renters insurance?
Renters insurance costs an average of $14 a month. According to Forbes Consulting Analysis. This is for a policy with $15,000 in personal property coverage, $100,000 in liability coverage and a $2,000 deductible.
Tenants of insurance costs It depends on several factors. Including your location, how much coverage you buy, your deductible and your claims history.
What does renters insurance cover?
types Problems covered by renters insurance They include fire, lightning, theft, vandalism, hurricanes, hail, falling objects, and explosions.
Renters insurance includes other important types of coverage, such as liability insurance that pays for accidental injury or property damage to someone else, and medical bills for minor injuries to guests.
You also cover Additional living expenses If you are unable to live in your home due to a problem covered by your policy (such as a fire).
Do I need renter’s insurance?
If you can’t afford to replace all your belongings after an accident destroys your apartment or rental house, you need renters insurance. You can buy it Renters insurance $14 per month for $15,000 worth of personal property coverage.
In addition, some landlords require renters insurance as part of the lease.