Just because you rent your home doesn’t mean it may not be worth considering an insurance policy that helps cover the place you call home.
Many people assume insurance is only something homeowners need to think about. While it’s true that renters are typically not responsible for physical damage to walls, ceilings, or floors caused by covered events, the contents of the apartment are generally your responsibility—and that’s just one area renters insurance may help address.
What’s Covered by Renters Insurance?
Most renters insurance policies may help with issues renters commonly face, often falling into a few broad categories:
Temporary Accommodations
In some situations—such as unexpected repairs, fire or smoke damage, flooding, or required remediation—you may need to relocate temporarily. Depending on the policy and the covered event, renters insurance may help offset some additional living expenses, subject to limits and terms.Liability
Even if you don’t own the property, you could still be held responsible if someone is injured while visiting your rented space. Many renters insurance policies include liability coverage, which may help with certain medical or legal expenses, depending on the circumstances and policy limits.Optional Additions
If you have higher-value items, you may be able to add optional riders to your policy. These additions are commonly used to help cover items such as jewelry, musical instruments, or artwork. Additional premiums typically depend on the value and type of property being covered.
How Much Does It Cost?
Renters insurance is often relatively affordable compared to other types of insurance, and monthly premiums may fall in the range of $20 to $30. Actual costs vary based on factors such as location, deductible amount, coverage limits, the value of your belongings, and personal factors like credit and claims history. Some newer insurers, such as Lemonade, advertise plans that may start at lower monthly rates, depending on eligibility and coverage selection.
That said, there are a few ways you may be able to reduce costs when shopping for a renters insurance policy:
Save by Bundling
If you already have another insurance policy—such as auto insurance—you may qualify for a discount by bundling policies with the same insurer. Availability and savings vary by provider, but bundling is a common way insurers encourage existing customers to add coverage.
Automatic Payments May Help
Some insurers may offer discounts if you enroll in automatic payments or choose to pay annually instead of monthly. In addition to potential savings, this can help reduce the risk of missed payments, though discounts are not guaranteed and vary by company.
Shop Around & Compare
Getting quotes from multiple insurers can help you compare coverage options and pricing. Even if you already have a policy, reviewing your options periodically and asking your insurer about available discounts may help you identify potential savings. Results depend on your history, location, and current market offerings.
