Renters Insurance Comparisons Made Easy

Finding renters insurance quotes shouldn’t be stressful. So we make it simple.

Do You Need Renters Insurance?

You might be asking yourself, “do I need renter’s insurance?” It is not mandatory unless required by the landlord and out of a or building. That being said, you may want to purchase a plan anyway for the peace of mind that comes from knowing you are protected against potentially devastating financial consequences. Personal property, liability, and loss of use coverages reduce the potential of loss you may experience. Some people could have enough in savings to help mitigate the cost of repairs, injury, theft, etc., but regardless of income, buying renters insurance is usually a worthwhile investment. The goal is to protect you from the financial impact that comes with sudden or unexpected events. It is important to find not just the cheapest option, but the best option overall. To do this, it is essential to compare companies across the United States, instead of choosing the first one that comes to mind. This might make the process be over sooner, but it won’t guarantee that the plan is worth the money you will spend. Comparing options ensures that you will get the best and cheapest renters insurance. Coverage helps protect your belongings and from legal liability, should someone get hurt in your residence. It also gives you peace of mind, so make sure to spend adequate time learning about your options. There are hundreds, if not thousands, of insurance companies across the country, which can be overwhelming. Finding the best plan for your needs might be stressful, so it is our goal to keep the process as simple as possible. Let us help walk you through the steps of securing the best plan for you, especially if you don’t have time to start from scratch. Below, we answer some frequently asked questions when it comes to renters insurance.

Renters Insurance Exposure Based on CoverageNational Amount of Exposure
$19,999 and below$5,898,405.40
$20,000 to $31,999$6,693,659.50
$32,000 to $43,999$1,368,246.90
$44,000 to $74,999$1,733,094.90
$75,000 to $99,999$336,426.30
$100,000 and up$551,901.80

How Much Does Renters Insurance Cost?

A common question that tenants have is, “How much does renters insurance cost?” The average cost of renters insurance varies by state because where you live affects the cost of the premium. There are additional factors to consider as well, such as the worth of your possessions and if you live in an area that is prone to natural disasters. Finding the cheapest price might even depend on if your state is the home to either many or few renters. Typically, you can expect to spend anywhere from $10 to $22 a month for a plan that covers approximately $25,000 for personal property and $100,000 for liability coverage. A report by the National Association of Insurance Commissioners found that North Dakota and South Dakota offer the cheapest renters insurance in the country at approximately $120 and $123 annually, respectively. The same report says that people who live in Mississippi pay the most for renters insurance at $258 a year. Mississippi is followed by Oklahomans, who tend to pay about $236 every twelve months. The average annual rate usually varies because it depends on how much the person’s personal belongings are worth. For instance, a renters insurance plan that covers $14,000-19,999 a year costs an average of $149, or $12 a month. However, the average cost for coverage of $75,000-100,000 sits at $301, or approximately $25 a month. Again, comparing insurance coverage plans is essential, due to the various factors that can impact the premium’s cost. And, even if your landlord doesn’t require you to have coverage, renters insurance is worth purchasing for most tenants. Comparing options helps assure you that you are a paying a low price, while guaranteeing that the insurance plan you choose fits all your needs.

Amount of Renters Insurance CoverageMonthly Renters Insurance Costs Based on CoverageAnnual Renters Insurance Costs Based on Coverage
$19,999 and below$11.83$142.00
$20,000 to $31,999$14.50$174.00
$32,000 to $43,999$15.88$190.50
$44,000 to $74,999$18.17$218.00
$75,000 to $99,999$25.08$301.00
$100,000 and up$37.50$450.00

How Does Renters Insurance Work and What Does it Cover?

It is important to ask, “what does renters insurance cover?” when selecting a plan. Similarly, it might be helpful to ask what your specific policy does not cover. It can be helpful to remember that, essentially, your landlord’s insurance covers the building and your insurance covers the items inside. A basic policy covers personal property that is typically found in homes, like electronics, jewelry, furniture, and clothes. It is also common for renters insurance to cover your things even when they are outside the home. Note that expensive items like jewelry and collectables usually have a dollar limit, and roommates who aren’t listed on the policy aren’t covered. Also, understand which emergencies (like fire) are included, and which aren’t (earthquakes, tornados, etc.). A policy will include liability coverage, which protects you in the event that someone gets hurt at your residence. This means that your friend’s medical bills and your legal bills (if they sue you) are covered. Also, many insurance policies have loss of use coverage, which means they will pay for additional living expenses if you need to vacate your residence. This is included if repairs are being done on out of a in your apartment that are related to a covered event. It is important to read the fine print, then obtain additional insurance coverage if needed. If desired, you can buy an insurance endorsement. There are many types, ranging from at-home business, which covers business equipment if you make more than $2,000 a year, to schedule property, an endorsement that covers specific items like your grandmother’s diamond necklace. Finally, how does renters insurance work? Regardless of the policy, filing a claim tends to be straightforward. Contact your landlord out of a or the police, gather info (a home inventory, policy number, etc.), promptly let your insurance company know (within 48-72 hours), and complete a claims form. Then, collect your claim!

renters insurance content image

The Best Renters Insurance Companies (And Worst)

There are many insurance plans across the country, and the best and worst renters insurance companies have been rated by J.D. Power and Investopedia (a trusted website). J.D. Power uses five factors to rank companies: policy offerings, price, billing process and policy info, claim satisfaction, and customer interactions with the company. After surveying about 13,000 people, American Family won the top spot on a 1,000-point scale, followed by State Farm. American Family’s website offers a free quote, and it lists what they cover and what they don’t. Included in a basic plan is personal property, liability, and loss of use coverage. They also offer add-ons, like coverage for your home-based business, and travel protection like trip cancellation coverage. USAA was among the top three, but it is only available to people who are in the military, who receive an honorable discharge, and who are affiliated by direct family ties. The worst-performing renters insurance company was found to be The Hartford, followed by Travelers. Investopedia evaluated companies based on price, coverage standards and limits, customer service, and claims processing. They found that State Farm ranked the best in the nation, and MetLife followed close behind. Both State Farm and MetLife’s websites have the option to get a free quote, and they list what they cover: personal property, liability, and loss of use. Both offer additional coverage if needed. It is difficult to name the cheapest and most expensive renters insurance companies. Many variables play a role in finding an accurate insurance quote. These factors include credit score, the value and features of your property, and where you live. As always, it is important to compare options, instead of choosing the plan offered through your property management company for the sake of convenience.

Renters Insurance CompanyAverage Costs Per MonthAverage Costs Per Year
American Family$12.61$151.32
Farm Bureau$8.50$101.95
National General$10.97$131.68
The Hartford$7.55$90.64
Liberty Mutual$15.01$180.08
State Farm$15.69$188.32

renters insurance content image

How Much Renters Insurance Do I Need?

It can be overwhelming to decide how much coverage is appropriate, so start by asking “how much renters insurance do I need?” Start by focusing on the coverage of personal property, loss of use, and personal liability. For personal property coverage, begin by recording what you own. Completing a home inventory helps make sure the coverage you buy covers up to the needed dollar amount. It is also helpful to have a list in case you need to file a claim, so the company can see what needs to be replaced or repaired. The recommended plan is one that can replace all of your belongings, or $30,000 on average. Again, keep in mind that additional coverage might be needed for jewelry, valuable art, instruments, etc. Typical coverage for liability offers about $100,000 of protection, and this often sufficient. It may be a good idea to have enough coverage to cover all of your assets, since the injured party can go after all of these in a lawsuit. You might consider purchasing more if you have a high net worth or may be at more risk of being sued (e.g. running your own business). It is recommended to choose a policy in which loss of use coverage is 40% of your personal property coverage. Having this helps with the cost of being displaced, should you need to stay in a hotel while your apartment and out of a or belongings are being restored. In addition to making a list and comparing the three types of coverage, choose the right deductible. Be careful that the deductible isn’t too high, since you will need to pay it in case of an emergency, but you can lower your monthly premium by raising the deductible amount. Assess the location of your residence for safety, and also ask the insurance company about bundling options for auto and property.

Average Cost of Renters Insurance by State

State for Renters InsuranceEstimated Costs Per MonthEstimated Costs a Year for Renters Insurance
North Carolina$21.93$263.18
North Dakota$24.95$299.35
New Hampshire$21.73$260.75
New Jersey$12.39$148.67
New Mexico$19.62$235.38
New York$22.74$272.85
Rhode Island$13.81$165.70
South Carolina$20.01$240.15
South Dakota$16.12$193.38
West Virginia$26.28$315.31

Renters Insurance Comparison

In summary, there are many tips on how to get renters insurance. As stated previously, start by determining how much coverage you need. The monetary value of your items may be more than you think. Here, you want to estimate the current value of the items, not what you paid for them originally. Take an inventory of personal possessions and determine what you would like covered under personal property, liability, and loss of use coverage. At this point, decide if you want additional coverage, like flood insurance if you live in a high-risk area. Keep in mind that most companies offer protection against some natural disasters, but they may leave out others. After you make a list, learn about the basic type of policies, so you know what questions to ask insurance companies. It is also essential to conduct an renters insurance comparison. This will help you find the best coverage, which typically involves finding one of the cheapest plans. It can be helpful to start with your car insurance company to see if they offer discounts for bundling your policies. Or, look at 3-5 companies for renters insurance near you, then shop for quotes online, by phone, or in person. A simple list of pros and cons can help you keep track during the search. Look at J.D. Power ratings and consumer reports to see which ones rank the highest for customer satisfaction, complaints, and financial strength. Selecting based on low cost should be just one of many considerations. For instance, if you choose one that is known for making customers happy, you can be confident that you will have a good experience. A renters insurance comparison can save you money in the long run, and it helps you sleep at night, knowing that your prized belongings are covered.

renters insurance content image