Compare Competitive Renters Insurance

Whether you're looking for cheap renters insurance or the best renters insurance for apartments, this guide will walk you through what to know, from cost considerations to coverage types.

Explore Offers

What is renters insurance?

Renters insurance provides essential protection, covering your belongings, liability, and living expenses if disaster strikes your rented apartment or house. Think of it as a safety net, ensuring that events like fire or theft won’t leave you financially stranded.

How much does renters insurance cost?

On average, most renters pay around $15 a month for renters insurance, though rates vary based on location, coverage levels, and personal factors.

What does renters insurance cover?

A standard renters insurance policy typically includes three main types of coverage:

Personal property coverage: This protects your belongings against perils such as fire, theft, vandalism, and certain types of water damage. For example, if your laptop is stolen or your furniture is damaged in a fire, this coverage can help replace those items.
Liability protection: This covers you if you’re found responsible for injuring someone or damaging their property. It can help pay for legal expenses and any resulting judgments, up to your policy’s limit. Most policies offer at least $100,000 in liability coverage, with options to increase this amount.
Additional Living Expenses (ALE): If a covered event renders your rental unit uninhabitable, ALE can cover the cost of temporary housing, meals, and other related expenses. This ensures you have a place to stay while your home is being repaired.

What’s typically not covered by renters insurance?

Most types of renters insurance or apartment insurance offer broad protection, however certain events and items that are usually excluded include:

Flood and earthquake damage: Standard policies don’t cover damage from floods or earthquakes. Separate policies or endorsements are needed for these perils.
Pest infestations: Damage caused by pests like bedbugs or rodents is generally not covered.
Roommate’s belongings: Unless specifically added to your policy, your roommate’s possessions aren’t covered.
High-value items: Items like expensive jewelry or art may have limited coverage under a standard policy. You might need additional endorsements to fully cover these valuables.

Factors influencing renters insurance costs

Several factors can affect the cost of your renters insurance premium:

Location: Living in areas prone to natural disasters or with high crime rates can increase premiums. On the other hand, living near fire stations or having security features can reduce costs.

Coverage amount and deductible: Higher coverage limits and lower deductibles lead to higher premiums. Adjusting these can help balance your monthly costs.

Personal factors: Your credit score, claims history, and even your age can influence rates. Maintaining good credit and a clean claims history can result in lower premiums.

Building safety features: Rentals equipped with smoke detectors, security systems, and deadbolts may qualify for discounts.

Policy details: Bundling renters insurance with other policies, like auto insurance, can lead to discounts. Additionally, paying annually instead of monthly might offer savings.

How to find affordable renters insurance

Here are some simple tips to help you secure the cheapest renters insurance without compromising on coverage:

Bundle policies: Combining renters insurance with your auto or other insurance policies can yield discounts.

Compare multiple quotes: Obtain quotes from various insurers to find the best rate for the coverage you need. MoneyLion is here to help.

Optimize policy settings: Choosing a higher deductible can lower your premium. Ensure you have adequate coverage for your belongings.

Leverage discounts: Inquire about available discounts, such as for non-smokers, military personnel, or members of certain organizations.

Is renters insurance worth it?

Absolutely renters insurance is worth it. For a relatively low monthly cost, a good renters insurance policy provides peace of mind and financial protection against unforeseen events. Whether it’s replacing stolen electronics, covering legal fees if someone is injured in your home, or paying for temporary housing after a disaster, renters insurance is a valuable investment.

Comparing renters insurance quotes just got easier with MoneyLion

Ready to find the right renters insurance policy? Use MoneyLion’s tool to compare renters insurance quotes from trusted renters insurance companies and choose the coverage that best fits your needs.