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.
Here’s how to get renters insurance and what a policy covers.
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.
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.
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.
Protect your stuff and find affordable peace of mind
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
Every insurer approaches coverage differently, so it’s important to compare multiple plans to ensure you have the appropriate amount of coverage.
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.
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.
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:[?] [?]
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.[?] 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.
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.
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.
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.
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.
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.
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.
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Licensed Realtor with 10+ years in personal finance content
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