Insurance for Tenants – Renters’ Insurance Quote1

Insurance for Tenants – Renters’ Insurance Quote1

Insurance for Tenants - Renters' Insurance Quote
Insurance for Tenants – Renters’ Insurance Quote

What is a Renters’ Policy?

Insurance for TenantsFor tenants renting an apartment, condo, or house, renters’ insurance is required. Typically, it offers coverage for your possessions against theft, vandalism, fire, and smoke damage, as well as some weather-related disasters.

Additionally, it safeguards your finances in the event that a guest at your house is hurt and files a lawsuit.

Renters’ insurance is distinct from homeowner’s insurance and landlord insurance, both of which are designed for property owners and do not offer the precise coverage required by renters.

Insurance for Tenants – What is covered by renters’ insurance?

The following are typically covered by renter’s insurance for tenants:

  • Clothing
  • Electronics
  • Furniture
  • Jewelry
  • Damage from accidents
  • Temporary living expenses

Insurance for Tenants – A policy can be amended to include extra renters’ coverages, such as particular coverage for jewels and/or other high-value items.

We assist you in personalizing your insurance so that you only pay for what you need.

My belongings outside of my rental property are covered by renters’ insurance, right?

Yes! Your personal property is protected wherever you are. Renters insurance provides you with portable safety.

  • In your car: Even though you hid your tablet and camera under the seat, both are stolen.
  • On vacation: Sprinklers go off in your hotel room ruining your laptop.
  • On the go: Moving? Your policy will protect your belongings 30 days from the day you start the move.

Insurance for Tenants – What is the cost of renters insurance?

Renters’ insurance from Liberty Mutual is a shockingly inexpensive and economical solution to safeguard the things you cherish for as little as $5 per month.

Where you live, the value of your possessions, and the amount of coverage you choose all affect how much you spend, though. Because renters’ insurance shouldn’t be generic, it’s crucial to take into account your unique needs. The coverage that is best for you will be simple to grasp when you receive a renters’ estimate from Liberty Mutual, ensuring that you only pay for what you require.

Insurance for Tenants – Manage your renters’ insurance on the go.

It’s simple to manage your renters’ insurance.

To manage your policy, pay your bill, or even submit a claim, just download our mobile app.

Open the camera on your phone, point it at the appropriate QR code for your gadget, and then tap the download button.

Insurance for Tenants – Who should have tenants’ insurance?

It’s straightforward: renters’ insurance is the best option for you if you rent a property and want to safeguard your possessions.

Before you sign your lease, certain landlords or residential management agencies could even demand it.

Every form of rental property is covered by our coverage options, including:

  • Small apartments
  • Large apartments
  • Stand-alone homes
  • Townhouses
  • And more

Not the type of home you rent, but how much items you possess and wish to protect will determine how much coverage you need.

Insurance for Tenants – What level of renters insurance do I require?

Coverage of $15,000 for personal property and up to $100,000 in liability coverage, with the opportunity to add on additional coverages, is typically sufficient.

However, coverage will ultimately depend on how much items you need to protect.

How much stuff you need to protect will determine how much renters’ insurance you require.

Insurance for Tenants – Your possessions

The higher the limit you should take into account, the more items you need to secure. Before getting quotes, make a list of your possessions so you have a clearer sense of the coverage limit you want to choose.

Your clothing, electronics, furniture, cookware, jewelry, and other possessions fall under this category.

Insurance for Tenants – Your Obligation

With a Liberty Mutual Renters’ policy, liability is included as standard. With this coverage, you are safeguarded in the event that someone is hurt or their property is damaged by you, a member of your family, or your pet.

You might also think about no-fault medical insurance, which means that if someone gets hurt in your house, your insurance company will pay for their medical fees.

Up to the level of your policy, the liability element of your insurance could also pay for the expense of a lawyer to represent you in court as well as any monetary judgments. Although you have the option to get more insurance, these limitations typically start at roughly $100,000.

Finally, here is a useful technique to consider the price of your renters’ insurance:

Higher rate due to increased coverage and decreased deductible

Lower premium due to fewer benefits and a higher deductible

Know your alternatives for renters’ insurance.

Insurance for Tenants – Personal belongings

Both your bike and your home are broken into. You’ll be able to replace your bike with this coverage.

Insurance for Tenants – Medical & Liability Payments

Someone breaks their wrist after slipping on your kitchen floor. By doing this, you would be shielded from any lawsuit that person might file.

Insurance for Tenants – Increased Living Expenses

Your flat suffers a pipe burst, rendering it uninhabitable. This will assist in covering the cost of interim housing until the pipe is fixed.

Insurance for Tenants – Replacement cost of personal property

Your cell phone gets taken when your car is smashed into at home. This will pay for the price of a new phone.

Insurance for Tenants – Blanket Jewelry

You lose your engagement ring in the sand after taking it off at the beach (gulp). You can get a new one with the aid of this.

Insurance for Tenants – Damage from earthquake

When there is an earthquake in your area, the things on your shelves fall and break. These things will be covered, as well as your shelves.

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Imagine returning home to discover that a fire or other disaster has completely destroyed all of your belongings.

You won’t get any assistance from your landlord’s insurance because it only covers structural repairs, not personal property. Having tenants’ insurance makes sense for this reason.

Renters’ coverage is provided by dozens of insurers. Which one fits you best?

For reasons including financial stability, simplicity of filing and following up on claims, available policy options, discounts, and other considerations, NerdWallet reviewed some of the top renters’ insurance providers. The winning companies are listed below.

 

How we determined the best renter’s insurance providers: Our star ratings are determined by the National Association of Insurance Commissioners’ (NAIC) consumer complaint data, AM Best’s financial strength ratings, the coverage and discounts offered, and the overall customer experience.

They do not, however, take into account pricing, which can vary greatly. This ranking of the top renters’ insurance companies is likely to alter as we continue to examine new insurance firms.

Why you may trust NerdWallet: To assist you in selecting the financial items that are most effective for you, our writers and editors adhere to strong editorial principles that ensure fairness and accuracy.

These rankings are exclusive to renters’ insurance; other products that a company may offer may have a different ranking on our site. See our standards for rating renters’ insurance providers.

The best renters’ insurance companies

Here are NerdWallet’s picks for the best renters’ insurance.

Company NerdWallet Rating
Amica 5.0

NerdWallet rating

Country Financial 5.0

NerdWallet rating

Nationwide 5.0

NerdWallet rating

Travelers 5.0

NerdWallet rating

Allstate 4.5

NerdWallet rating

American Family 4.5

NerdWallet rating

Auto-Owners 4.5

NerdWallet rating

Erie 4.5

NerdWallet rating

Farmers 4.5

NerdWallet rating

The Hanover 4.5

NerdWallet rating

The Hartford 4.5

NerdWallet rating

State Farm 4.5

NerdWallet rating

USAA* 5.0

NerdWallet rating

*USAA renters’ insurance is available only to active military, veterans and their families.
Note: Not all insurers are available in all states.

 

Depending on how much coverage you have and where you live, the average renters’ insurance premium is roughly $14 per month. But when comparing renters’ insurance policies, pricing shouldn’t be your only consideration.

Several different types of coverage are included in a typical renters insurance policy:

  • Personal property coverage, which pays to replace your possessions in the event that they are lost or harmed in a covered catastrophe.
  • Personal liability insurance, which covers you in the event that you are held legally liable for someone getting hurt while visiting your home or damaging someone else’s property.
  • Medical costs coverage, which, regardless of responsibility, covers for less expensive injuries to visitors to your house.
  • Loss of use insurance, also known as “extra living expenses,” which covers the cost of hotel stays, restaurant meals, and other relocation charges while your rental is being restored following a covered calamity.

In order to compare renters’ insurance quotations side by side, make sure you enter the identical limitations for each type of coverage.

Then, look at the extra coverage offered by each business that you might purchase for your policy.

For an expensive musical instrument, do you require additional coverage?

Would you like to add identity fraud protection? It is worthwhile to browse around because each insurer has slightly different alternatives, some of which are even included in your base rate.

Finally, have a look at the business’ website. Is it simple to get a phone number to speak with an agent if necessary?

Can you acquire quotes, submit and track claims, and pay bills using the business’ website or app if you want to do everything online? You can avoid some difficulty later on by investigating these possibilities prior to purchasing an insurance.

You share a residence

In states where it is legal, some insurers permit roommates to share a renters’ insurance coverage. But sharing isn’t always a good thing, even if you can.

Have an open discussion with your roommate about how to divide insurance costs before you sign a policy, especially if they have a lot of possessions that could raise the price of the quote.

Make sure you both agree on the kind of renters’ insurance you’ll get.

You have a limited budget

Consider raising your deductible, which is the sum that would be deducted from your payment if you made a claim, to lower the cost of your coverage.

But first, ask yourself: How much cash would you have on hand in the event that your belongings were lost or damaged?

See NerdWallet’s Best Cheap Renters’ Insurance to find the most affordable options in your state or metro region.

If you lost everything, you would want new things.

A fire destroyed your TV. A new one that is identical to it is covered by replacement cost coverage. Purchase a renters insurance policy with replacement cost coverage if this is what you desire.

To replace your belongings with equivalent new ones normally costs a little more than what is referred to as a “actual cash value” policy, but it is beneficial.

You possess pricey jewelry or gadgets.

You might believe that your personal property limit covers everything, but many renters’ insurance providers have a ceiling on the amount they’ll pay out for specific valued goods like jewelry or electronics; the cap is often $1,000 or $1,500 for each category. In order to ensure that your expensive engagement ring or several cellphones are fully insured, you may require additional coverage, sometimes known as “floater” or “planned coverage” in the insurance market.

You own a dog.

Your financial situation could be severely impacted if you are sued for a dog bite. Make sure dog attacks are included in the liability section of your renter’s insurance policy and that the breed you own is not excluded if you want compensation for this.

such as MarketWatch, The Washington Post, and The Associated Press.

Methodology

Methodology for grading renters’ insurance

The renter’s insurance ratings provided by NerdWallet honor businesses who prioritize their customers. Ratings are determined by weighted averages of scores in a number of categories, including as financial stability, customer complaints, coverage alternatives, discounts, and online experience.

In order to obtain the best rate for you, we advise you to shop about and compare numerous insurance rates. For any reviews, NerdWallet does not get paid. Read about our complete rating criteria for renters’ insurance.

Approach to concerns from insurers

In 2018–2020, NerdWallet investigated the complaints that state insurance regulators received and provided a report to the National Association of Insurance Commissioners.

Every year, the NAIC creates a complaint index for each subsidiary, comparing the proportion of total complaints to that subsidiary’s size, or the proportion of total premiums in the industry, in order to evaluate how insurers, stack up against one another.

NerdWallet created a comparable index for each insurer over the course of three years, weighted by market shares of each subsidiary to assess a company’s history of complaints. Without the NAIC’s approval, NerdWallet analyzes its data on its own and draws its own findings.

Auto, home (including renters’ and condo) and life insurance ratios are each calculated separately.

Orange Juice Insurance

How Lemonade Operates Lemonade turns the conventional insurance concept on its head. Your premium payments are handled as though they were made by you, not by us. Everything becomes clear-cut and easy with Lemonade.

We charge a set fee, process claims quickly, and donate the balance to causes that are important to you.

Continuity Insurance

Through independent agents, online and over the phone, we provide insurance. Prices vary depending on how you purchase.

Progressive Advantage Agency, Inc. places Progressive Home® insurance policies with both affiliated and unaffiliated insurers.

Each insurer pays PAA for the sold policies and is fully responsible for the claims on those policies. These insurers may provide us with information about you but their costs, coverages, and privacy rules differ.

According to the insurance company you choose, sales volume, and/or the profitability of the policies sold, PAA’s compensation from these insurers may vary.

View a complete list of the insurers that provide Progressive Home coverage, or get in touch with us for more information.

Discounts come in several forms and aren’t always applicable.

Between June 2021 and May 2022, new customers polled who saved with Progressive experienced national average 12-month savings (car = $698, bundle = $793). Savings potential will differ.

Most Reliable Renters’ Insurance Providers for September 2022

The top renters’ insurance companies can be on your search list if you’re moving into a new apartment or unit or if you’re dissatisfied with your existing provider.

7 Top Providers of Renters’ Insurance

We selected the following organizations as the top renters’ insurance providers based on our extensive study and evaluation:

  • Lemonade: 

Our Pick for College Students

  • Geico: Our Pick for Easy Policy Management
  • State Farm: Our Pick for Affordable Premiums
  • Allstate: Our Overall Pick
  • Progressive: Our Pick for Bundling
  • American Family: Our Pick for Customer Service
  • Nationwide: Our Pick for Valuable Endorsements

Compare our top renters’ insurance companies at a glance:

Company Monthly Cost* Star Rating Years in Business AM Best Rating**
Lemonade $21 4.3 7 N/A
Geico $21 4.7 86 A++
State Farm $12 4.7 100 A++
Allstate $16 4.9 91 A+
Progressive $18 4.9 85 A+
American Family $20 4.7 95 A
Nationwide $20 4.6 94 A+

*Cost information was gathered using a sample one-bedroom apartment with one occupant in Nashville, TN and reflects basic coverage.
**A.M. Best ratings accurate as of August 2022

Lemonade

  • AM Best rating: N/A
  • J.D. Power rating: 870/1000

Lemonade has you covered if you’re a college student or a first-time renter looking for an excellent renters’ insurance coverage that covers your essentials and has a simple and informative sign-up procedure. The business offers a user-friendly smartphone app, website, and chat service in addition to donating unused insurance proceeds to charitable organizations.

Lemonade is frequently able to handle claims more quickly than its rivals because it incorporates AI technology into its claim-filing procedure.

What others are enquiring

How much does California renters’ insurance cost?

In California, the average cost of renters insurance is $204 per year, or roughly $17 per month. That is more than the $179 per year average for the country.

With an average cost of $221 per year, Los Angeles is one of the costliest cities in California for renters’ insurance.

What does US renters’ insurance cost on a monthly average?

roughly $15 monthly

According to NerdWallet’s most recent rate study, the average renter’s insurance cost in the U.S. is $179 per year, or roughly $15 per month.

This estimate is based on a policy with a $500 deductible, $30,000 in personal property coverage, $100,000 in liability coverage, and a tenant who is a fictional 30-year-old.

Can a landlord in California mandate tenants’ insurance?

Can a landlord in California demand renters’ insurance? Contrary to several other jurisdictions, landlords in California are able to demand that tenants get and maintain renters’ insurance as long as they are still bound by the conditions of the lease.

In California, do I require renters’ insurance?

Although California doesn’t have a statute requiring renters’ insurance, some landlords may insist on it if you want to live in their property.

Since your landlord’s insurance does not cover damage to your personal belongings, it is generally a good idea to get at least some type of coverage.

Is renters’ insurance the same as liability insurance?

If you are determined to be at fault, renters’ liability insurance, also known as personal liability coverage, can help cover expenses such as property damage, bodily injury, or medical bills.

What is the tenants’ insurance deductible?

The typical deductibles for renters’ insurance are $500 or $1,000, however insurers frequently offer a variety of possibilities. For instance, while Lemonade Insurance Co. allows renters insurance deductibles as high as $2,000, State Farm does not.

Is lemonade a legit company?

Overall, Lemonade is a respectable provider of insurance. It provides outstanding insurance coverage at a very regular price. However, there are differing opinions about customer service, thus it can take longer to complete repairs after making a claim.