Compare Renters Insurance Quotes Online

Protect your valuable belongings. Get started below to get your price.

Renters Insurance Guides & Advice

SmartFinancial is here to answer your tough insurance questions and give you smart advice about coverage.

earthquake insurance for renters
Renters Insurance

Does Renters Insurance Cover Earthquakes?

Earthquake damage to personal property is not covered by renters insurance. See if you need to buy earthquake insurance and how much it costs.

renters flood insurance
Renters Insurance

Do I Need Flood Insurance as a Renter?

Even if you live in a low-risk flood zone, it’s highly advisable that you buy a flood policy to protect your things. See why it's so important now.

renters insurance coveragre for dog bites
Renters Insurance

Does Renters Insurance Cover Dog Bites?

Your renters policy may cover you if your dog bites someone but insurers may exclude coverage for certain breeds. Keep reading to learn how renters insurance works with dog bites.

renters liability insurance
Renters Insurance

What Is Renters Liability Insurance?

Renters liability insurance provides financial assistance to those whose property or person was damaged or injured due to your negligence. See how it works

renters insurance for college students
Renters Insurance

Is Renters Insurance for College Students Required?

Renters insurance is not required by law, but every renter should consider it, especially if they can’t afford to replace their possessions. Find out more.

how much is renters insurance
Renters Insurance

How Much Is Renters Insurance?

For most people who rent an apartment or home, renters insurance is a cost-effective way to protect their belongings against theft, accidental damage and more. Find out how it works.

What Is Renters Insurance?

A renters insurance policy is a contract between a renter of a home, apartment or condo and the insurance company stating that he/she is protected for coverage on belongings and living arrangements after a covered loss. If clothing, furniture or electronics are damaged as a result of a covered peril or stolen after a burglary, you are protected and should expect reimbursement for your losses. Additional costs, like temporary lodgings if your home becomes uninhabitable, may also be covered in your policy. Your personal property coverage is a standard part of a renters insurance policy . Your things may be replaced if they are damaged or destroyed, in cases of a fire or a burst pipe that causes water damage. Your coverage limits place maximums on how much you can be reimbursed for your losses. Also, note that you are subject to a deductible. A deductible is the amount you have to pay before your coverage begins. In order to get coverage for a burglary or theft of items stolen out of your car, you may need to submit a police report.

Often, tenants wrongly assume that any loss would be covered by the landlord’s insurance. Therefore, only about 37% of renters are covered by renters insurance, whereas 95% of homeowners have home insurance.

It’s important to note that you often have the option between two types of renters insurance policies: the broad form (standard policy) and the comprehensive form (added protections). Like comprehensive coverage with auto insurance, the comprehensive form is an added layer of protection. In the area of renters insurance, it’s advisable to elect higher forms of coverage if you live in, say, Tornado Alley or a hurricane and/or earthquake prone area of the country.

How Much Is Renters Insurance

The cost of renters insurance will barely make a dent in your wallet. On average, renters pay anywhere between $11 and $30 a month to keep their coverage active. If you have a renters insurance policy, dependents like college students will most likely be covered under your policy for up to 10% of your limits. However, we always advise parents to buy a separate policy for their children who are living away from home. Some carriers even offer a reduced policy called dorm insurance.

Where you live greatly determines the cost of your renters insurance as does the building type. Prices vary by state and neighborhood but coverages are very similar according to geographic location. The widest discrepancy in rates is seen from one state to another with smaller shifts on a more local level. The national average for an annual policy of renters insurance is $188, according to the National Association of Insurance Commissioners (NAIC). Compare that national average with the average annual premiums for the following states (from 2015, compiled by NAIC):

  • Mississippi : $262
  • North Dakota : $114
  • California : $202
  • New York : $202
  • Wisconsin : $132

How Much Renters Insurance Do I Need?

The amount of personal property coverage you need depends on how much stuff you own. If you sit down and make an inventory of all your possessions, you’ll be shocked at how much everything adds up. Now, imagine having to replace everything without any help? This is why buying renters insurance is important. When you buy a policy you can decide what kind of coverage to buy an actual cash policy and a replacement cost policy . While the difference won’t affect the price of your premiums much, it will impact your claim very differently.

An actual cash value policy will reimburse you for the cost of the property minus your deductible. With replacement cost, you buy the replacement item and submit the receipt for the new TV as your claim. You may or may not be reimbursed 100%, depending on what you bought. You will only be covered fully for the same/similar model of what you previously had. The replacement cost of renters insurance is about 10% more expensive but you often get more for your money if/when a disaster causes damage to your personal belongings at home. However, if you add riders or floaters to an actual cash value policy, you will fill in the gap for what you’re not reimbursed for after a loss.

What Does Renters Insurance Cover?

Renters insurance covers unexpected losses that might otherwise be expensive. A covered peril is explicitly covered by a renters insurance policy. Covered perils include: theft/robbery, break-ins and injuries on the premises. Renters insurance would help you repair or replace belongings, like clothes, furniture and electronics. It would also cover repairs to someone else’s property if you accidentally damage it. Medical bills for someone who gets injured on the property are also covered. If you need to rent a hotel or live elsewhere until your home becomes habitable again, renters insurance often covers those expenses too.

Let’s say the neighbor upstairs flooded her apartment and it ruined your shoes. You would be able to buy new shoes after being reimbursed by your renters insurance. This includes damage/loss/theft of items taken out of the home. For instance, if your purse is stolen out of your car, some carriers will cover that loss with renters insurance. Your landlord’s insurance will only cover the damages to the building, so your personal items will be only protected with your personal renters insurance policy. Ask questions about your policy terms because policies vary from one insurance carrier to the next.

Renters insurance also protects you against lawsuits. If you are accused of negligence resulting in another person’s injuries or property damage, renters insurance will cover your legal fees, including defense. For instance, if your dog bites a visitor, or if they trip and fall while in your home you’re covered for legal bills and medical expenses.

Another little known bonus of having renters insurance is coverage for credit card fraud and check forgery. As we all know, hacking of phones and computers is on the rise, so even limited coverage for these types of losses helps.

Does Renters Insurance Cover Theft?

Yes, not only are you covered if your home is burglarized but you’re also often covered if your property is stolen out of your car or if your bike gets stolen. Before buying renters insurance t’s always good to create a home inventory to decide how much coverage you need to buy and also as proof of your loss. Keep receipts or find online listings of the same item with pricing so that if you have to be reimbursed you’ll have something to show for your loss.

Does Renters Insurance Cover Bed Bugs or Mold?

Renters insurance does not usually cover infestations so bed bugs are not covered. With mold it’s a little trickier. Mold is often a result of water damage. It would be covered if the water damage was a covered peril. For instance, flooding is not covered by renters insurance but a leak that caused an internal flood would be covered so the mold caused by the resulting water damage would be covered too.

Does Renters Insurance Cover Water Damage?

Some types of water damage are covered by renters insurance but others are not. For instance, flood insurance is a separate policy. It is the only policy that would cover water damage caused by flooding. However, if you have damage that is caused by an internal flood that happened as a result of a burst or clogged pipe, you will most likely be covered.

Does Renters Insurance Cover Storage Units?

Yes, renters insurance covers storage units for up to 10% of the personal property portion of your coverage if there are damages to your property while it’s being kept in a storage unit. In fact, most belongings outside of the home are covered up to 10%. To be covered for more than 10% of your contents coverage, you can elect to buy insurance from the storage company.

Does Renters Insurance Cover Earthquakes and Flooding?

No, an earthquake policy and a flood policy are sold separately from renters insurance and damages from a flood and earthquake are not covered by renters insurance.

Does Renters Insurance Cover Dog Bites?

Yes, dog bites are covered under the personal liability coverage portion of your renters insurance. In fact, any damage caused by your dog is covered. Some renters insurance policies exclude certain dog breeds or will refuse to cover you at all if you own a certain breed.

What Does Renters Insurance Not Cover?

Renters insurance covers most types of theft and damage but it does not cover accidental damage. For instance, if you drop your phone and it no longer works, you cannot file a claim to be reimbursed for a phone. If you do, you will not be covered. Accidents are not a covered peril. Renters insurance also doesn’t cover flooding, sinkholes or earthquakes. You can always add flood and earthquake insurance to your standard renters insurance policy if these are high risk incidents where you live.

Even if it’s a result of a covered peril, your belongings will not be covered if you don’t have proof of ownership of the damaged or destroyed items. This is why it’s important to keep receipts and photos of your expensive belongings on your phone. In some cases, you may need a police report.

Renters insurance only covers the belongings of the person who took out the policy. This means that your roommates and their belongings are not covered if they don’t have their own policies in place along with an inventory of their belongings. Damage done by pests, rodents and bugs is not covered, nor is the cost of exterminating them. Renters insurance will also not cover damages to a car.

Is Renters Insurance Required?

In some apartment buildings, renters insurance is required. Some homeowners who rent out their houses or condos require renters insurance . However, only about 37% of renters in the U.S. are covered by renters insurance, whereas 95% of homeowners have home insurance.

How to Get Renters Insurance Quotes

As with any kind of insurance comparison, if you shop renters insurance quotes you will get you the best rates from the top insurance companies. It’s important to buy insurance from a reputable source to ensure that they have the financial strength and history of paying losses.

Most Popular Articles
Most Popular

Co-living: The Smart Way to Live Together

Do you want to co-live with others to save money and have a better quality of life? Basically, coliving promises to be a renter’s utopia.

Renters Insurance Articles
Renters Insurance 101: The Basics
what does renters insurance cover
Renters Insurance

What Does Renters Insurance Cover? Learn How It All Works

Renters insurance covers your personal belongings if they’re stolen or damaged and you if you’re sued for liability. Find out more how renters insurance works.

actual cash value vs. replacement value
Renters Insurance

What Is the Difference Between ACV and RCV

Actual Cash Value (ACV) is also known as market value; a Replacement Cost Value (RCV) is when you're reimbursed for the same or similar item.

filing a renters insurance claims
Renters Insurance

Filing a Renters Insurance Claim

Avoid unnecessary steps and process the claim with less confusion. Read our guide on how to file renters insurance claims with your carrier.

renters insurance requirements
Renters Insurance

Is Renters Insurance Required?

Learn the importance of renters insurance. Renters insurance offers many coverages -- find out if it's required when renting your home.

home vs. renters insurance
Renters Insurance

Homeowners Insurance vs Renters Insurance: What's the Difference?

Unlike renters insurance, homeowners insurance will pay for a house to be fixed when it's damaged or rebuilt after it's destroyed. Find out more here.

renters insurance coverage
Renters Insurance

Renters Insurance Explained: Understanding Your Coverages

Theft, lawsuits, and other valuable properties. Discover other coverage a renters insurance will cover. SmartFinancial will help you understand a renters insurance policy.

Get Free Renters Insurance Quotes in 3 Minutes or less

Answer a few questions and let Penny find the best rates in your area.