Renters Insurance: Compare Quotes & Get the Right Coverage Today

You just got asked for proof of renters insurance or you’re wondering if it’s worth the money. Here’s the straight answer: renters insurance is one of the most affordable ways to protect your stuff and your savings. In this guide, we’ll break down what renters insurance covers, what it costs, how to compare quotes, and smart tips to save—so you can buy confidently today.

What is renters insurance and why you need it

Renters insurance (sometimes called an HO-4 policy) is a policy for people who rent a home or apartment. It protects:

• Your belongings (furniture, clothes, electronics) if they’re stolen or damaged by a covered event
• Your liability (if someone is hurt in your place or you accidentally damage someone else’s property)
• Your additional living expenses (if you can’t live in your place after a covered loss and need a hotel or short-term rental)

Why it matters:

• Your landlord’s policy doesn’t cover your stuff. Their insurance typically covers the building, not your personal property.
• One accident can be expensive. A kitchen fire or dog-related injury can lead to thousands in bills. Liability coverage helps protect your savings and future wages.
• It’s often required. Many leases now require proof of renters insurance before handing over the keys.

Quick jargon check:

• Deductible: the amount you pay out of pocket on a covered property claim before insurance pays (liability claims don’t have a deductible)
• Limit: the maximum your policy pays for a type of coverage
• Endorsement (or rider): an optional add-on that expands or customizes coverage

What renters insurance typically covers

Most renters policies are “named peril” policies—meaning they list the specific causes of loss they cover. Typically covered causes include fire, smoke, theft, vandalism, certain types of water damage from sudden leaks (not floods), windstorm, and more. Policies vary by insurer and state, so always read your policy’s list of covered perils.

Personal property

• What it is: coverage for your belongings, at home and often worldwide (e.g., your laptop stolen from a coffee shop may be covered).
• Replacement cost vs. actual cash value (ACV):
  • Replacement cost pays to replace items brand new, without subtracting for wear and tear.
  • ACV subtracts depreciation (the older your TV, the less you get). Replacement cost usually costs a bit more but is worth it for most renters.
• Sublimits: insurers cap payouts for certain categories—like jewelry, firearms, cash, bicycles, or collectibles—often at amounts like $1,500–$2,500 for theft. You can raise these with endorsements or by “scheduling” items (listing them individually with appraisals).

Personal liability

• What it is: coverage if you’re legally responsible for someone’s injury or property damage. Think a guest slips, or your kid breaks a neighbor’s window.
• Typical limits: $100,000 to $500,000. Higher limits cost only a little more and are worth considering, especially if you host guests or own a dog.
• Medical payments to others: a small no-fault coverage (often $1,000–$5,000) to pay minor medical bills if a guest is hurt—even if you’re not legally at fault.

Additional living expenses (ALE), also called Loss of Use

• What it is: pays for temporary living costs if a covered event makes your home uninhabitable. That can include hotel bills, short-term rentals, extra food costs, pet boarding, and laundry.
• Tip: ALE doesn’t pay your usual rent plus a hotel—it covers the increase in your living costs above what you typically spend.

How much does renters insurance cost?

Renters insurance is typically one of the most affordable personal insurance policies. Nationally, average premiums often range from about $12 to $25 per month ($144–$300 per year). Your price depends on several factors.

What affects your price

• Location: rates vary by state and city. Higher-crime areas or regions with severe weather usually cost more.
• Coverage amounts: more personal property coverage and higher liability limits increase the premium.
• Deductible: a higher deductible (like $1,000 instead of $250) usually lowers your price.
• Building features: fire sprinklers, gated access, or updated wiring can help. Older buildings without safety features may cost more.
• Claims history: prior claims can raise your rate for a few years.
• Credit-based insurance score: in many states, insurers use a credit-based score to help set rates. Where allowed, better credit typically means lower premiums. (Some states limit or restrict this practice—check your state’s rules.)
• Pets: certain dog breeds or a history of bites can affect eligibility and price.
• Add-ons: endorsements like water backup, scheduled jewelry, or earthquake coverage add to the cost.

Real-world example:

• Say you’re a 28-year-old renter with $30,000 of personal property coverage, $300,000 liability, a $500 deductible, in a mid-rise building with sprinklers. In many states, a setup like this might fall in the $12–$22 per month range. Rates vary by insurer and your specific situation.

Reminder: these are ballpark estimates. The fastest way to see your actual price is to compare quotes from 3–5 carriers.

How to compare renters insurance quotes step-by-step

Comparing renters insurance quotes is about matching coverage to your actual risks—not just chasing the lowest price. Here’s a simple process that typically leads to a better decision.

Step 1: Set your coverage targets

• Personal property limit: walk room to room and estimate what it would cost to replace everything. Many renters land between $20,000 and $60,000, but higher if you own nice furniture, electronics, or wardrobes. Use your phone’s photos as a quick inventory.
• Liability limit: $300,000 is a common sweet spot. Consider $500,000 if you host often, have a dog, or want more cushion for legal defense costs.
• Deductible: pick the highest deductible you could comfortably pay tomorrow (often $500–$1,000).

Step 2: Decide on replacement cost vs. ACV

• If you can afford it, choose replacement cost coverage for personal property. It typically pays more on claims (no depreciation), making it a strong value for most renters.

Step 3: Add endorsements if you need them

• Jewelry, watches, bikes, cameras: schedule high-value items to bypass low sublimits and often avoid the deductible.
• Water backup: covers damage if a drain or sewer backs up. This is commonly excluded unless you add it.
• Identity theft/fraud expense: reimburses certain costs related to identity theft.
• Earthquake or flood: usually separate policies or endorsements (details below).

Step 4: Standardize your quotes

When you shop, keep your coverage choices the same so you can compare apples to apples. For example: “$40,000 personal property, replacement cost, $500 deductible, $300,000 liability, $5,000 medical payments, add water backup and $5,000 scheduled jewelry.”

Step 5: Review fine print that actually matters

• Named perils: check the list of covered causes of loss.
• Sublimits: confirm amounts for theft of jewelry, bicycles, electronics, and cash.
• Exclusions: look for wear and tear, flood, earthquake, bed bugs, pests, manufacturer defects, and business property limits.
• Roommates: most policies only cover the named insured(s). Unlisted roommates usually need their own policy.

Callout: The fastest way to see what you would actually pay is to compare quotes from 3–5 carriers. Start here to check your price in minutes. Compare renters insurance quotes

State rules & tips: what to check in your state, lease, and building

Insurers, landlords, and state laws all play a role. Before you buy, take five minutes to confirm:

• Lease requirements: some landlords require a minimum liability limit (often $100,000) and may ask to be listed as an “interested party” or “additional interest” so they’re notified if your policy cancels. That is not the same as being an “additional insured” (which could affect their rights under your policy). Ask your landlord exactly what they require.
• State rules on rating: some states limit or restrict the use of credit-based insurance scores for pricing. Rules can change—check your state’s department of insurance website for current guidance.
• Dog liability: certain breeds or animals with a bite history may be excluded by some insurers. Your state’s regulations and your lease may also address pets and liability—confirm before you buy.
• Short-term rentals: most renters policies exclude or limit coverage if you list your place on a platform like Airbnb. You may need a different policy or endorsement.
• Proof of coverage: if your landlord needs proof, ask your insurer for an “evidence of insurance” or certificate showing your policy number, dates, and liability limit.
• Student housing: college housing rules vary. If you’re in a dorm, your parents’ homeowners policy may extend some coverage. Off-campus rentals typically need your own policy.

If you’re unsure about your state’s specifics, a licensed agent can clarify what applies where you live.

Ways to lower your premium without gutting coverage

• Bundle with auto: most insurers offer a multi-policy discount when you buy auto and renters together. Learn about bundling
• Increase the deductible: moving from $250 to $500 or $1,000 can lower the premium. Choose a deductible you can comfortably pay.
• Choose replacement cost strategically: you can have replacement cost on personal property but skip unnecessary add-ons. Don’t drop liability limits—those are inexpensive for the protection they provide.
• Safety discounts: smoke detectors, fire extinguishers, deadbolts, and sprinkler systems often earn discounts. Tell your insurer what your building has.
• Pay-in-full or autopay: many carriers discount for annual pay or automatic payments.
• Claims-free: staying claim-free for a few years can help keep your rate lower.
• Shop at renewal: rates change. Check 3–5 quotes each year or when you move.

Common exclusions & when you need additional coverage

• Flood: damage from rising water outside the building (flood) is typically excluded. Consider a separate flood policy if you’re in a risk zone or on a ground floor. Explore flood insurance
• Earthquake: most policies exclude earthquake. You may add an endorsement in some states or buy a separate policy. Earthquake coverage
• Sewer or drain backup: commonly excluded unless you add the water backup endorsement.
• High-value items: jewelry, watches, fine art, collectibles, bicycles, cameras, and musical instruments often have low sublimits for theft. Schedule them with appraisals for better protection and to avoid the deductible. Schedule valuable items
• Business property: limits for business equipment at home are usually low (e.g., $2,500). If you run a business, ask about a home-based business endorsement or separate policy.
• Roommates: unlisted roommates are typically not covered. Each adult should have their own policy unless the policy specifically lists them.
• Wear and tear, pests, bed bugs, maintenance issues: renters insurance covers sudden and accidental events—not gradual damage or infestations.
• Motorized devices: e-bikes and scooters may have special rules or exclusions. Ask how your policy handles them, especially liability.

Consider an umbrella policy if you want $1 million or more of extra liability coverage on top of renters and auto. What is umbrella insurance?

Frequently asked questions

• Is renters insurance required by law? Typically no, but many landlords require it in the lease.
• Does renters insurance cover roommates? Usually only the people named on the policy. Unlisted roommates need their own policy, even if you share a place.
• Does it cover my stuff when I travel? In most cases, yes—worldwide, up to the policy limits and sublimits, for covered perils like theft.
• What about my bike stolen from a rack? Often covered (subject to your deductible and sublimits). Consider scheduling your bike for higher limits.
• Water leak from upstairs neighbor—am I covered? Sudden and accidental water damage is typically covered. Maintenance issues and long-term leaks usually are not.
• Are pets covered? Your property isn’t covered for pet-caused damage, but your liability may cover injuries your pet causes to others (subject to exclusions). Some breeds may be excluded.
• How fast can I get a policy? Typically within minutes online. Landlords can often receive proof the same day.

Checklist: what to have ready to get quotes fast

• Rental address and unit number
• Type of building (apartment, duplex, single-family, high-rise)
• Safety features (sprinklers, smoke alarms, gated entry, security system)
• Estimated value of your belongings (by room is fine)
• Preferred deductible ($500 or $1,000 are common)
• Desired liability limit ($300,000 or $500,000)
• High-value items to schedule (jewelry, bikes, instruments) with appraisals if needed
• Pet details (type, breed, bite history)
• Prior claims in the last 3–5 years (if any)
• Landlord requirements (minimum liability limit, interested party name and email)

The smart way to shop renters insurance today

• Start with your coverage targets and must-have endorsements.
• Get side-by-side quotes from 3–5 insurers with identical limits and deductibles.
• Favor replacement cost on personal property and at least $300,000 liability.
• Add endorsements where your risks are real (water backup, scheduled jewelry, earthquake/flood where relevant).
• Re-shop at renewal or if you move.

Ready to see your numbers? Compare personalized renters insurance quotes in minutes. It’s the fastest way to find the right coverage at a fair price. Get renters insurance quotes

Note: Insurance policies and availability vary by state and insurer. For personalized guidance, speak with a licensed agent who can review your lease requirements and state rules.

More resources:

• Not sure how much coverage you need? How much renters insurance do I need?
• Live on the ground floor or near water? Flood insurance basics
• Want higher liability protection? Umbrella insurance explained