Renters insurance is an inexpensive way to cover your belongings—and it may be cheaper than you think.
By shopping around and comparing renters insurance quotes, you can often find the best renters insurance policy for about $12 a month. For that amount each month, you get coverage for all your belongings, including clothing, furniture rugs and your computer. Liability insurance is included, too.
How to Get Free Renters Insurance Quotes Today
The best renters insurance companies offer comprehensive coverage at a reasonable cost. You’ll find that rates vary by company, so make sure you compare renters insurance quotes from multiple insurers.
You can get free quotes for renters insurance:
Compare Renters Insurance Rates by Company
Renters insurance is relatively inexpensive compared to other types of insurance policies. You can find an affordable policy simply by comparing renters insurance among companies. Allstate renters insurance has the lowest rates, according to Forbes Advisor’s analysis of renters insurance costs for top-rated companies.
Rates From the Best Renters Insurance Companies
Rates From the Cheapest Renters Insurance Companies
You may be able to find cheap renters insurance for as low as $9 per month for a policy with $15,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible.
Compare Renters Insurance Rates by State
Renters insurance costs will vary depending on where you live. We found that North Carolina and Wyoming have the lowest renters insurance cost ($92 a year), followed by Iowa ($93 a year) and South Dakota and Wisconsin ($98 a year).
The most expensive state for renters insurance is Rhode Island ($345 a year), followed by Louisiana ($298 a year) and Georgia ($287 a year).
What Is Renters Insurance?
Renters insurance is a type of insurance that is designed for tenants in rented homes. It pays to repair or replace your personal belongings if they’re stolen or damaged by problems covered by your policy, such as a fire. Renters insurance also includes coverage for additional living expenses, liability and medical payments.
What’s Covered by Renters Insurance?
What’s covered by renters insurance can generally be broken down into these coverage types.
Incidents Covered by Renters Insurance
A standard renters insurance policy covers these causes of damage to your belongings:
1. Accidental discharge or overflow of water or steam
2. Aircraft
3. Explosion
4. Falling objects
5. Fire or lightning
6. Freezing
7. Hail or windstorm
8. Riots
9. Smoke
10. Sudden and accidental damage due to short circuiting
11. Sudden and accidental cracking, tearing, bulging or burning
12. Theft
13. Vandalism
14. Vehicles
15. Volcanic eruption
16. Weight of snow, sleet or ice
What’s Not Covered by Renters Insurance?
Renters insurance doesn’t cover problems such as:
- The building. Your landlord’s insurance covers the building structure. For example, if a tornado damages the building’s roof, landlord insurance should cover it.
- Damage caused by floods, earthquakes and landslides. Renters insurance does not cover flood water that came from outside your house. It also does not cover earthquakes. You’ll need a separate flood insurance or earthquake insurance policy if you want coverage for these problems.
- Accidents that happen in common areas, such as stairwells and hallways. That falls under a landlord’s insurance. For example, if a guest trips on an uneven sidewalk, they could make a claim against the landlord’s insurance.
- Pet damage to your home or belongings. If your dog or cat tears up your couch or the carpet, it won’t be covered by renters insurance.
