Our top pick: USAA renters insurance
- Top-rated company
- Additional coverage and perks
- Belongings protected all over the world
Finder may earn compensation from partners, but editorial opinions are our own. Advertiser Disclosure
Renters insurance can protect any belongings in your apartment from a number of perils. But how to choose a policy if you have roommates depends on which insurer you choose and where you live.
It depends on where you live. Some states don’t allow unrelated people to share a renters insurance policy, and some insurers don’t allow it even in the states that do.
If you live in a state that allows joint renters insurance for roommates, you’ll need to talk with your insurer about adding a roommate before purchasing a policy. Don’t assume that your roommate’s belongings are covered just because yours are — you’ll both need to be listed on the policy to be covered.
Yes, you can get coverage for shared belongings, like living room furniture and kitchen equipment you bought together. The best way to do this is to make sure that both you and your roommate are covered, so that everything in your apartment is covered.
Keep in mind that if only one of you has renters insurance and the apartment is destroyed, the insured person can only file a claim on items they own. So if you have renters insurance and you bought a couch, it’s covered. But if only you have renters insurance and your roommate bought the couch, it may not be covered — even if you use it.
While the exact coverage provided will differ between insurers, a comprehensive renter’s insurance policy will usually include coverage for:
You’ll need to document any item you want to cover, so remember to keep your receipts, take photos of items and keep track of anything else that could home in handy if you need to prove your ownership of an item or its value.
Renter’s insurance can cover any personal belongings you — or anyone listed on the policy — own, that are usually kept in the home. Here are some examples of covered items:
The risks covered by renter’s contents insurance differ depending on the policy you select, so check the fine print for details of the coverage available. However, here are some events that may be covered by renters insurance include:
Renters insurance policies usually impose limits on individual items, as well as sublimits on groups. For example, while you may have $20,000 worth of coverage, your insurer may only cover up to $1,500 for any one item or up to $2,500 total for all of your jewelry. These limits will be listed in your policy.
If you have expensive items, like jewelry or camera equipment, you may want to consider adding scheduled insurance. This means that you’re adding on extra coverage for a specific item so that it’s insured for its full value.
When scheduling an item, it needs to be insured under the name of its owner. So if you have a diamond ring, it’ll need to be insured under your name — it can’t be added on to a roommate’s policy.
Exclusions will vary from between insurers and will be listed in your policy documents. But you generally won’t be covered:
The right level of renter’s insurance coverage will depend on your belongings, your financial circumstances and your risk tolerance.
To decide how much coverage you need, take some time to itemize all the important items you own. How much would it cost to replace all those items if, for example, your apartment caught fire?
Ideally, you’ll want to choose a policy that can replace everything in your home. But if it’s out of your budget, choose a policy that comes as close as possible to that number within your budget.
The average cost of renters insurance in 2016 was $185 a year, according to the Insurance Information Institute. State averages ranged from $113 in North Dakota to $275 in Mississippi.
But how much you pay for renters insurance will depend on how much coverage you get, where you live and your insurance history. Living in a high-crime neighborhood or having a history of filing insurance claims can drive up prices.
to find the right renter’s insurance policy for your needs:
Renters insurance only covers the property of the person listed on the policy, so you’ll need to either get a joint policy or each take out an individual policy. Compare renters insurance options to learn more and get quotes.
Dayforward’s innovative income-replacement life insurance product appeals to many parents seeking simple life insurance solutions.
While it’s common for Americans in their 60’s to either be retired or approaching retirement, there still may be some beneficial value in investing in a life insurance policy. Compare your options and learn what type of policy will most fit your needs as someone over 60.
An account with minimal fees and multiple ways to access your money.
Disability insurance and workers’ comp help you survive an illness or injury in different ways.
Till encourages your kid to be a smart spender, but it has some limitations.
An in-depth review of one of the most popular lending and interest earning platforms in cryptocurrency.
Nexo is a cryptocurrency lending and borrowing platform that offers high interest rates on cryptocurrencies, stablecoins and fiat. We review the features available and look at how safe your funds would be on the platform.
A kids’ savings account with a generous interest rate that transitions to a lackluster regular savings account when your child turns 18.
Navy Federal’s Visa Buxx card has no fees, but you must qualify for membership with the credit union.
Access an intuitive app, wide coverage and few exclusions when Waffle’s car insurance drops in late July.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.