đź’ˇ Quick Facts
Average Cost
$15-30
per month
Typical Coverage
$30K
personal property
Renters With Insurance
41%
59% unprotected!
What Does Renters Insurance Cover?
âś“ What's Covered
- Personal Property: Furniture, electronics, clothes, etc.
- Liability: If someone is injured in your apartment
- Additional Living Expenses: Hotel if apartment is uninhabitable
- Medical Payments: Guest injuries (regardless of fault)
- Theft: Including items stolen from your car
- Fire, Smoke, Vandalism
âś— What's NOT Covered
- Flood damage: Requires separate policy
- Earthquake: Requires separate policy
- Roommate's belongings: Each needs own policy
- Expensive jewelry/art: Above standard limits
- Your car: That's auto insurance
- Building structure: Landlord's responsibility
Best Renters Insurance Companies
Lemonade
Instant quotes, fast claims via app. Popular with younger renters.
⚠️ High NAIC complaint index (10.09)
State Farm
Largest insurer, local agents, excellent bundling with auto.
âś“ Low complaint index (0.79)
GEICO
Great bundle discounts with auto. Fast online process.
USAA (Military)
Best rates and service—if you're eligible.
How Much Coverage Do You Need?
Do a quick mental inventory of your belongings:
Electronics
$3,000+
Furniture
$5,000+
Clothing
$3,000+
Kitchen/misc
$2,000+
Recommendation: Most renters need $20,000-$50,000 in personal property coverage. $100,000 liability is the minimum; consider $300,000 if you have assets to protect.
FAQs
Is renters insurance required?
Not legally, but many landlords require it as a lease condition. Even if not required, it's one of the best values in insurance—comprehensive protection for less than a streaming subscription.
Does my landlord's insurance cover my stuff?
No! Your landlord's insurance only covers the building structure. Your personal belongings are completely unprotected without your own renters policy.
What's replacement cost vs. actual cash value?
Replacement cost pays to replace items at today's prices. Actual cash value subtracts depreciation (your 3-year-old laptop might only get you $200). Always choose replacement cost—it's worth the small premium increase.
The Bottom Line
Renters insurance is absurdly cheap ($15-30/month) for what you get: protection for all your belongings, liability coverage, and peace of mind. Bundle with auto insurance for the best rates. And always choose replacement cost coverage over actual cash value.