Our top pick: Policygenius renters insurance
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If you’re renting a place where insurance isn’t required, you may think it’s an added expense you don’t need. But renters insurance is one of the least expensive ways to protect yourself from unknown threats like theft or fire.
For about the price you pay for a subscription streaming service, you can protect your personal property and make sure you’re not on the hook for damages and medical bills if someone else gets hurt in your rental. But beware of increasing your deductible so high that you offset your coverage benefits.
Most renters insurance policies have these standard coverages:
Depending on where you live and what kind of house you own, you may want to consider these additional protections:
On average, renters can expect to pay around $16 a month or $188 per year for renters insurance. Compare the more common insurance coverages with estimates of their cost.
|Personal property||Damage to personal property||Personal belongings||$188|
|Loss of use||Living expenses if your house is uninhabitable||Rental property, food and other living expenses||$188|
|Personal liability||Compensation for property damage or injury to a third-party||Third-party personal belongings and injury compensation||$188|
|Medical payments||Compensation for medical bills, regardless of who’s at fault||Medical bills||Varies, based on the amount of coverage|
|Identity theft||Identity theft protection for instances of fraud or creation of new accounts||Varies, but can cover a specialist, legal help, resolutions services, lost wages||$25 to $50|
|Scheduled personal property||Damage or loss to high-value property||Jewelry, fine art, collectibles, furs, silver tableware, etc||Varies based on the value of the belongings|
|Pet damages||Liability or Damages caused by pets||Pet-related injuries or damage to personal property||Varies by state and dog breed|
|Earthquake / flood||Damages due to flood, earthquake or other catastrophe||Personal property||Flood: $150 to $900|
As a renter, a lot of what you face can feel out of your control. But renters insurance is one way to take control by protecting yourself from threats inside and outside of your home, and it doesn’t cost a lot to do so. Make sure you’re getting the best coverage at the lowest price by comparing insurance providers to find the best policy for you.
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