Renters insurance: let us help you figure out the best plan for your needs.
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Renters' insurance helps to protect tenants’ belongings in the case of theft, damage, or other incidents specified in the policy. Did you know you can save money by comparing renters insurance plans before making a purchase decision? That’s right — a quick comparison can help you find the best rate and coverage no matter your needs! By researching coverage options and understanding how policies work, you can end up with quality renters insurance at a price point that works for you.
Key elements that shape your policy include things like: the age of the house, its safety features, the neighborhood, and even the distance from a fire hydrant. Your claim history and credit score, along with the state you live in, will also be factored into your renters insurance premium.
Most renters insurance companies will look at your claim history to determine your coverage and premiums. Underwriters correlate the history of previous insurance claims with the likelihood of future claims. That means that if you’ve previously made a lot of insurance claims, you may end up with higher premiums.
The location of your rental property is another aspect that makes a big difference when it comes to calculating premiums. For example, if you live in an area with a lot of crime, you can expect to pay higher premiums.
Your rental property size can also affect your insurance rates. Your rates might be lower if you live in a compact apartment instead of a standalone house, for example.
If your rental comes equipped with safety features such as fire alarms, sprinklers, door alarms, or smoke detectors (among others!), you may be able to get a lower premium.
A high credit record can reduce your monthly premiums, while you may have to pay more if you have a lower credit score. Though a credit score alone won’t determine your premium, it can have a sizable impact.
Travelers insurance covers personal belongings, medical payments, personal liability, property renovations, water damage, additional living expenses if the unit becomes inhabitable, and more. Policyholders can expect to pay around $17 a month for their renters insurance.
Nationwide renters insurance provides coverage for stolen credit cards, personal belongings, building additions and alterations, reimbursement for additional living expenses, personal liability, medical expenses, and more. On average, policies cost between $15 to $20 a month.
A standard Allstate renters insurance policy covers personal property, personal liability (if you damage someone else’s property and are found responsible for the same), and additional living expenses for around $16 a month.
The basic plan from State Farm renters insurance includes damage to personal property, loss of use, and liability coverage for roughly $15 a month. You can also get add-ons under additional coverage plans, though your premium will increase.
The standard plan from Farmers covers personal property, medical payments, liability coverage, and additional living expenses for around $17 a month. Farmers is one of the biggest insurance companies, offering meaningful discounts for bundling products such as home insurance and auto insurance.
A renters policy from USAA is provided for military members, veterans, their spouses, and children for as little as $10 a month. With USAA, you’ll get earthquake insurance coverage in a standard renters policy, along with personal liability, medical payments, and additional living expenses.
Under Lemonade’s renters insurance, you’ll get coverage for personal property damaged due to fire, hail, windstorms, vandalism, smoke, lightning, and similar conditions. Plus, they offer loss of use coverage and personal liability coverage for as low as $5 a month.
The standard renters policy at Liberty Mutual provides renters with personal property coverage, coverage for a guest’s medical bills, liability coverage, additional living cost, and repair and replacement cost coverage for damage to someone else’s property because of an accident in your property. Premiums start at $5 a month based on coverage level.
Note: All rates were gathered from the insurance carrier website in June 2022 and are subject to change.
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Do I need renters insurance?
While not federal law, many landlords require renters to have renters insurance — but bear in mind that your specific insurance coverage requirements will be based on your state and landlord. Renters insurance will help protect your personal belongings, cover any additional living expenses in case your home becomes uninhabitable, and can offer liability coverage if someone is injured in your home. While some landlords have insurance policies that cover their tenants, many do not.
What does renters insurance cover?
Most insurance agents provide renters insurance coverage for liability, personal possession reimbursement, medical payments, loss of use, and building addition and alteration, among others.
What information do I need in order to get a renters insurance quote?
You will need to provide basic personal information such as your name, address, employment status, and number of residents in the household. Insurance companies may also ask about the type of property and distance from a fire station or hydrant.
