Renters insurance finder

Learn the many ways you can protect your family and possessions in a rented property.

Last updated:

Young couple and a man in a suit looking at a document

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

A renters insurance policy helps protect your belongings against damage, theft or liability — which could be more common when living with roommates or being surrounded by lots of neighbors. And even if you don’t own many valuables, several apartments require proof of renters insurance before you can move in.

Find a renters insurance policy to protect your belongings

Name Product Theft coverage Storm & water backups Fire & smoke damage Available states
Policygenius renters insurance
All 50 states
Policygenius' online marketplace does most of the work for you, matching you with quotes from 12 highly rated home insurers.
Progressive renters insurance
All 50 states
Protect your belongings with Progressive renters insurance for as little as $13 a month.
Allstate renters insurance
All 50 states
Protect your rental home and belongings and save even more by bundling insurance with Allstate.
Liberty Mutual renters insurance
All 50 states
Lemonade renters insurance
AZ, AR, CA, CT, DC, GA, IL, IN, IA, MD, MI, NV, NJ, NM, NY, OH, OR, PA, RI, TN, TX, VA, WI
Lemonade's amazing coverage protects the stuff you own at home and everywhere else.
USAA renters insurance
All 50 states
Enjoy great rates and wide coverage with USAA. Available to military members and family.
Assurant renters insurance
Optional
All 50 states
Renters Insurance experts getting affordable coverage, something you can do with just a few clicks and a couple of questions. Leave the hard work — like sending proof of coverage to your landlord — for them to handle.
loading

Compare up to 4 providers

What types of renters insurance are there?

Renters insurance, also known as tenants insurance, protects your belongings when you’re renting a property.

Personal belongings including furniture, appliances, clothing and electronics are normally included in the policy. At the most basic end of the spectrum, you can insure your belongings for fire, damage or theft.

Liability coverage helps you pay any legal and or medical fees if someone’s injured on your property. You can also get more comprehensive coverage or higher limits to cover expensive electronics.

What affects the cost of renters insurance?

The cost of your insurance premium will be calculated on the basis of several factors:

The location of your home

Premiums are normally higher if you live in an area prone to tornadoes and earthquakes or in a neighborhood with a high crime rate.

Your home security

Deadbolts, window locks, cameras and alarms all help to make your insurance cheaper.

Your level of coverage

Naturally, the more optional extras you select, the more your premiums will increase. If you want coverage that will replace lost items with new ones, it will be more expensive than covering the replacement value, which depreciates over time.

The value of your possessions

Someone who owns many expensive possessions will likely have a higher premium in order to cover the value of their property.

What does renters insurance cover?

Your landlord’s insurance won’t cover your belongings, and it won’t cover you for liability, if say, someone’s injured in your apartment. That’s where renters insurance comes in.

Make sure you read your policy’s terms and conditions carefully so you know exactly what you’re covered for.

CoverageWhat it typically includes
TheftObjects lost or damaged due to theft during a robbery.
FireCovers fire damage to belongings — not cigarette burns or scorch marks.
StormDamage to possessions caused by wind, hail and other storm effects.
ImpactPossessions damaged from direct impacts such as meteors, falling airplane parts or objects thrown from cars.
Malicious damageVandalism and deliberate property damage caused by someone who does not live at the address.
Water damagePossessions damaged by most types of leaks, not floods.
SmokePossessions that are damaged by smoke, but not burnt in a house fire.
Accidental damageAccidental damage caused by you to the landlord’s building and or your contents.
Possessions outside the homeIncludes options to protect possessions stored outside on your property.
Short circuitsElectric motor burnout of appliances in some circumstances. Generally excludes certain types of power surges such as those caused by lightning strikes.
Spoiled foodFood stored in a freezer or refrigerator is covered in the event of a power or mechanical malfunction.
Temporary accommodationThe cost of temporary accommodation if you’re unable to live at the property.
LiabilityLegal and medical fees incurred by a visitor injuring themselves at your address.

How do I compare renters insurance?

You should consider three main things when deciding what coverage you need:

  • A policy that covers your risks.Choose a renters insurance policy that gives you protection for your belongings. Generally you won’t need to be covered for events such as earthquakes, impact or floods. However, if you live in a area prone to disaster, ensure you take out the extra coverage.
  • Good value. Look for a balance between reasonable premiums and sufficient protection. Then find a policy that provides coverage for the things you’re most worried about replacing, but also offers benefits such as discounted premiums based on your home’s security features.
  • The right extras.Liability, food spoilage and coverage for bicycles and other sporting goods are popular add-ons. However, you usually pay a slightly higher premium for any additions, so make sure you select the best options for your circumstances.

What can I be covered for?

Depending on which insurer you choose and the level of coverage you purchase, there’s an array of options:

  • Alternative text for image
  • Alternative text for image
  • Alternative text for image
  • Alternative text for image
  • Alternative text for image
  • Alternative text for image
  • Alternative text for image
  • Alternative text for image
  • Alternative text for image
  • Alternative text for image

Can I share a renters insurance policy with roommates?

If you’re sharing an apartment with roommates, you can either each get your own policy or share one, depending on where you live. For example, if someone leaves the front door unlocked and your laptop is stolen, you may be able to recoup the cost.

But while sharing a policy can save you a bit of money, it isn’t allowed in all states, and you’ll need to let your insurer know every time someone moves out or in.

Three traps to avoid

There are several renters insurance pitfalls to be aware of:

  • Incomplete coverage

While basic fire and theft insurance can be cost-effective, it doesn’t offer complete coverage for common risks. Extras such as temporary accommodation, flood insurance and liability coverage are extras that available for an added price. Always make sure you’re getting insurance for what you need.

  • Overpaying

If you have comprehensive renters insurance but really only need fire and theft, you can get better value from a basic fire and theft policy. Premiums usually increase over time, so it’s a good idea to compare policies regularly if you think your premiums are too high.

  • Not updating your policy

Always inform your insurance company when your living circumstances change. So when you’re taking out a policy, be aware of what protection you may need in the future. For example, updating your policy before you move houses could help protect items damaged in transit.

How does renters insurance work?

The first step is to work out what items you want insured. Next, think about whether you’ll need liability coverage and what optional extras you would benefit from.

Once you have purchased your policy, make a detailed inventory of all your assets. Keep a record of serial numbers, scan your receipts, take photos, and file any valuations you have.

If you need to make a claim, contact your insurer with details of your policy, as well as a list of items that have been damaged, destroyed or stolen. Your inventory will be a crucial way of verifying your losses.

Must Read: Is renters insurance worth taking out?

Considering the expense of potentially replacing everything you own after a house fire, and the fact you can purchase a basic policy for less than $10 per week — renters insurance is definitely worth considering.

What are the key differences between renters and landlords insurance?

Even though both policies cover events such as fire, theft and water damage, renters insurance includes options that are tailored specifically to renters’ needs, as well as liability insurance.

Renters insurance

  • Covers personal contents in a building.
  • Coverage for temporary accommodation if an insured event makes your residence impossible to live in.
  • Coverage for extra living expenses while your home is being repaired.
  • Protection for accidental damage to ceramic fixtures such as basins and baths.
  • Protection for portable items that are often taken outside, such as jewelry or electronics.

Landlords insurance

  • Covers the building structure itself.
  • Protection for loss of rental income.
  • Covers you for additional costs related to rebuilding or repairing a home after an insured event, including debris removal and architect fees.
  • Coverage for deliberate or malicious damage caused by tenants.
  • Protection for the cost of repairs to the home or for fixtures that are permanently attached to it (such as carpets or light fittings).

Does renters insurance cover me for damage caused by my pets?

Even if your landlord allows you to keep pets, renters insurance doesn’t normally cover you for damage caused by animals kept at your property. Depending on the insurer and the policy you choose, you may still be insured for specific animal-related situations, such as:

Image description

Damage caused by wild animals

You can be insured for damage to your belongings that is caused by an animal that makes its way into your home uninvited. This usually excludes insects, rodents and vermin.

Image description

Liability for animal attack

If your renters insurance includes liability coverage, conditions do apply, but generally you’re insured for medical costs arising from someone at your home being injured by your pet. Injuries caused by dog breeds that are listed as dangerous or restricted are not covered.

Common questions about renters insurance

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site