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Renters Insurance

How To Buy Renters Insurance

Renters insurance can help protect your personal belongings from covered perils. This guide outlines what a renters insurance policy covers, how to purchase a policy, and how much it costs.

Photo of admin adminMarch 3, 2026
0 30 2 minutes read

Key Takeaways

  • To purchase renters insurance, you should get multiple quotes and determine how much coverage you need.
  • Renters insurance typically covers personal property, liability, medical payments to others, and additional living expenses.
  • The cost of renters insurance can vary depending on factors such as your location, deductible, coverage amount, and claims history.

Renters insurance protects your belongings from covered perils such as smoke, fire, explosions, theft, vandalism, windstorms, and lightning. However, it doesn’t cover earthquake or flood damage.

A standard renters insurance policy typically covers the following:

A common misconception is that your landlord’s insurance will protect you. However, your landlord’s insurance doesn’t protect your belongings. It provides coverage for your landlord and the structure of your building, which is why it’s important to purchase renters insurance.

When purchasing a renters insurance policy, you’ll choose between an actual cash value policy or a replacement cost policy. The steps below can help you find the right coverage and insurer.

You can buy renters insurance from an insurance company’s website, which typically provides helpful information about the company, policy options, and offers online quotes. Some insurers also have an online estimating tool to give you an idea of the cost.

It’s also helpful to work with a licensed independent insurance agent because they can get multiple quotes from different insurers and advise you on the coverage you need. It also doesn’t hurt to check their background to ensure the agent you’re working with is reputable. You can do so by visiting your state insurance agency website to check for reviews and complaints, as well as the National Association of Insurance Commissioners (NAIC) website.

According to our study of the best renters insurance companies, the average cost of renters insurance is $20.81 per month. State Farm has the most affordable average premium of $13.04 per month, while American Family has the most expensive average monthly rate of $30.49.

However, the best way to determine your cost of renters insurance is to get several quotes. Keep in mind that premiums can vary depending on several factors, such as:

  • Your location: If your ZIP code is in an area prone to natural disasters, high crime rates, or high insurance claims, then you’ll likely pay more for your policy.
  • Deductible: Typically, the higher your deductible, the lower your premium and vice versa. However, ensure you can pay the out-of-pocket cost if you need to file a claim.
  • Riders: If you purchase additional coverage, also known as floaters, then your premium will be higher.
  • Coverage: The amount of coverage you purchase will affect your premium. The higher your coverage, the more expensive your rate.
  • Credit history: The higher your credit-based insurance score, the lower your premium.
  • Previous claims: Your premium will likely be lower if you’ve filed few to no claims. However, if you have a history of filing claims, then you may pay more.

While renters insurance isn’t mandated by law, your landlord will likely require you to purchase a policy. That said, renters insurance, with its affordable premiums, can save you money in the long run if your items are damaged in a covered peril.

 

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Photo of admin adminMarch 3, 2026
0 30 2 minutes read

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