Some cheap renters’ insurance companies include the following:
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In an often unpredictable world, renters’ insurance provides a reassuring certainty. It protects you and your possessions from theft, damage, and liability.
However, finding the best renters’ insurance can sometimes be challenging. But here at TrySmartly, we provide the resources and tools to help you make a smarter decision.
Some cheap renters’ insurance companies include the following:
A renters’ insurance policy is a specific type of coverage designed to protect tenants and their belongings. While your landlord's insurance may cover the physical building, it typically doesn't extend to your personal property or provide liability coverage. That's where renters’ insurance steps in. Renters’ insurance essentially serves three main functions:
This covers your belongings, like furniture, electronics, and high-value items, in the event of damage or loss due to fire, theft, or vandalism. However, some companies may charge extra to cover high-priced jewelry, electronics, and art.
This protects you in case someone is injured within your rented space. It can help cover legal fees or medical expenses.
If your rental becomes uninhabitable due to a covered peril, ALE coverage helps pay for temporary living costs, such as hotel bills or meals.
The specifics and limits of each component will depend on the policy you choose. Understanding renters’ insurance is the first step to safeguarding your peace of mind. The next step is finding a policy that suits you – and TrySmartly is here to help.
Choosing the right renters’ insurance is all about comparing your options. Each insurance company can bring a unique offering with diverse coverages, pricing, and customer satisfaction ratings.
The primary function of renters’ insurance is to protect you financially. Therefore, the first factor to consider about an insurance provider is whether it offers extensive coverage for your personal property, personal liability, and additional living expenses.
Other factors include good customer satisfaction ratings, the company's financial stability, the cost, and available discounts. Consider the value you're getting for the price you're paying. Additionally, available discounts like bundling deals or having safety equipment installed in homes can significantly lower your insurance premiums.
We've compiled a quick view chart summarizing some of the best renters’ insurance providers' features, costs, and other information.
| Insurance Company | Average Cost (per month) | Coverage Highlights | Available Discounts | Restrictions |
|---|---|---|---|---|
| Allstate | $22 |
|
|
Limited coverage on some high-value items |
| State Farm | $13 |
|
|
Some coverage limits may apply depending on the policy |
| Lemonade | $15 |
|
|
Coverage not available in all states |
| Erie Insurance | $23 |
|
|
Coverage not available in all states |
While renters’ insurance is a necessary investment, it doesn't mean it needs to break the bank. Several insurance companies offer affordable options that still provide robust coverage. But when looking for cheap renters’ insurance, remember that the cheapest value doesn't always mean the best value.
When looking for cheap renters’ insurance companies, consider the amount of coverage you get for the price you pay, and use all the available discounts. TrySmartly provides you with all the information you need to make a smarter insurance decision.
The table below provides a sneak peek into some of the market's cheapest renters’ insurance companies.
| Insurance Company | Average Monthly Premium | Coverage Limits | Customer Satisfaction Rating (J.D. Power) | Discount Options |
|---|---|---|---|---|
| Geico | $12 |
|
4.8 / 5 |
|
| State Farm | $13 | Varies based on policy | 4.8 / 5 |
|
| Lemonade | $15 |
|
4.9 / 5 |
|
| Farmers | $18 |
|
4.7 / 5 |
|
If you're in the market for renter and home or auto insurance, bundling could help you save on premiums.
Here are some of the best providers known for their attractive auto and renters’ insurance bundles:
| Insurance Company | Average Discount | Average Total Monthly Premium | J.D. Power Ratings (out of 1000) |
|---|---|---|---|
| State Farm | 4.7% | $190 | 829 |
| Geico | 4.0% | $91 | 836 |
| Liberty Mutual | 2.4% | $243 | 805 |
| Allstate | 2.1% | $299 | 815 |
| Farmers | 0.9% | $443 | 792 |
When renting an apartment, your insurance needs differ from renting a home. Lemonade Insurance's renters’ insurance policy stands out for its coverage and services tailored to apartment renters, including coverage for personal property outside the apartment.
A.M. Best Rating
NR
Yearly cost
$181.08
Monthly cost
$15.09
Offerings and Coverage: Lemonade offers a comprehensive standard renters’ insurance policy that covers personal property, personal liability, loss of use, and medical payments to others. A standout feature for apartment dwellers is their personal property coverage, which covers theft and damage both inside and outside of your apartment.
Extras: Lemonade has several add-ons, including valuable items coverage for high-value belongings and extra coverage for water backup damage.
Average Price: The average cost of renters’ insurance coverage is $15.09 monthly or $181.08 yearly.
Discounts: Available discounts include a multi-policy discount and a safety protection discount. Additionally, they may provide a discount if you and your spouse or partner are insured under the same policy.
When searching for the best renters’ insurance, you're likely looking for all-around coverage at an affordable price. Allstate offers a comprehensive insurance package for home renters, covering personal property, liability, and guest medical protection.
A.M. Best Rating
A+
Yearly cost
$258
Monthly cost
$21.50
Offerings and Coverage: Allstate offers a robust renters’ insurance policy, covering personal property, personal liability, and additional living expenses. Especially noteworthy for home renters’ is their personal property coverage option, which protects your belongings in your home, car, or with you while you're out and about.
Extras: Optional coverages include identity restoration and extended coverage for high-value items like jewelry, art, and electronics.
Average Price: Allstate's renters’ insurance costs approximately $21.50 monthly or $258 yearly.
Discounts: Allstate offers multiple discounts that can help you lower your premiums, such as multi-policy, safe home, and automatic payment discounts.
Unlike traditional homes, mobile homes can be more vulnerable to environmental damage and thus require special protection.
Foremost Insurance Group, a part of Farmers Insurance Group, provides specialized coverage options for mobile homes.
A.M. Best Rating
A
Yearly cost
$250
Monthly cost
$20.80
Offerings and Coverage: Foremost's mobile home renters’ insurance policy provides comprehensive coverage for personal property, personal liability, and additional living expenses.
Extras: Foremost also offers optional coverage add-ons to enhance your policy further. These include replacement cost coverage, which pays to replace your belongings without deducting depreciation, and water damage coverage.
Average Price: Foremost's renters’ insurance policy costs about $20.80 monthly or $250 yearly.
Discounts: Foremost provides several discount options that can help lower your premiums, including multi-policy, protective device, and claim-free discounts.
Navigating the world of renters’ insurance for college students can be daunting, particularly when balancing other responsibilities. State Farm stands out as a leading choice with its student-focused offerings, affordable pricing, and user-friendly interface.
A.M. Best Rating
A++
Yearly cost
$156.48
Monthly cost
$13.04
Offerings and Coverage: State Farm offers a comprehensive renters’ insurance policy that includes personal property, personal liability, and loss of use coverage. Personal property coverage can be particularly useful for students as it covers belongings both inside and outside the residence – a beneficial feature for students who often carry valuable items like laptops and textbooks to campus.
Extras: State Farm also provides optional coverages that can enhance a student's policy. These include identity restoration and increased limits for specific types of personal property, such as electronics – often a significant part of a student's possessions.
Average Price: State Farm's renters’ insurance policy costs approximately $13.04 monthly or $156.48 yearly.
Discounts: State Farm offers several discounts to make their coverage even more affordable for students. These include a multi-policy discount and a good student discount if you have solid grades at college.
Whether you're subletting for the summer, traveling for a work assignment, or just in need of a temporary living arrangement, short-term renters’ insurance can provide the necessary protection during your stay. These temporary policies can give you peace of mind, securing your personal property against unexpected events.
You might think that a short-term stay doesn't warrant the need for renters’ insurance, but accidents and unexpected events can occur at any time. If you're subletting, your landlord's policy might not cover your personal belongings, and the original tenant's policy could lapse during your stay. In such cases, short-term renters’ insurance can step in.
Just like a standard renters’ insurance policy, short-term renters’ insurance covers your personal property against perils like theft, fire, or vandalism. It also offers liability coverage if someone gets injured at your rental and can cover additional living expenses if your place becomes uninhabitable.
When searching for short-term renters’ insurance, check if your current insurer offers temporary or month-to-month policies. Not all insurance companies offer short-term renters’ insurance, and those that do may have different coverage terms and conditions.
The average cost of renters’ insurance is $173 a year for a $15,000 personal property coverage. The higher the policy limit, the more the yearly premium will be.
But the cost of renters’ insurance can vary significantly based on several factors. Understanding these factors helps you better estimate what you expect to pay for your policy. These factors include the following:
Your geographic location plays a significant role in determining your renters’ insurance cost. Factors such as crime rates, weather patterns, and local regulations can all impact insurance premiums.
The higher the value of your possessions, the more your coverage limits will need to be, increasing your premium.
Higher liability limits result in higher premiums but can also provide increased financial protection.
The age, upkeep, safety features, and construction of the property can also influence your insurance premiums. Older buildings might have higher premiums due to a higher risk of damage. On the other hand, buildings with updated safety features like alarms may attract lower premiums.
The deductible is the out-of-pocket amount before your insurance kicks in. A higher deductible will typically result in a lower premium and vice versa.
Even though it is not legal in some states, some insurers may also use your credit history to determine risk and premium amounts.
Determining the right amount of renters’ insurance coverage you need can be tricky, as it depends on your liability limits, personal property value, and coverage choice.
Personal Property Coverage: To determine how much personal property coverage you need, take an inventory of all your possessions and estimate their total value. Make sure to include everything from large items, like furniture and electronics, to smaller items, like clothing and kitchen utensils. You may only need $15,000 worth of coverage or as high as $50,000, depending on the value of your belongings.
Personal Liability Coverage: While minimum coverage amounts can range from $100,000 to $300,000, you might need more if you have many assets or frequently have guests. Some companies offer up to $1 million worth of personal liability coverage.
Optional Coverage: If you have high-value items like jewelry, antiques, or expensive electronics, standard personal property coverage may not be sufficient, as these items often have coverage limits. In this case, consider adding extra coverage specifically for these items. Optional coverage policies can also financially protect you from identity theft and other unforeseen events.
Do you still have more questions? We have the answers. Check our frequently answered questions below for more information.
Renters’ insurance protects you financially by covering the costs of unexpected events that cause damage to your belongings or injury to others in your rented home. If such an event occurs, you file a claim with your insurance provider. After paying your deductible, your insurance provider will cover the remaining costs up to your policy limits. Each policy will have specific terms outlining what is covered.
Whether or not renters’ insurance is required largely depends on your landlord or the property management company you're renting. Some require it as part of the lease agreement. However, even if it's not required, it's generally a good idea to have it to protect your personal property and give you peace of mind.
While not always required, renters’ insurance is highly recommended. It provides financial protection against loss or damage to your personal belongings due to perils like fire or theft. Additionally, it covers your liability if someone is injured on your premises and can cover additional living expenses. Evaluate your needs and potential risks to determine the right coverage for you.
As part of the standard policy, most renters’ insurance doesn't include damage due to natural disasters like floods or earthquakes, pests, or negligence. These benefits can usually be added at an additional cost. Also, while it does cover personal belongings, there are limits on high-value items. Always check the specifics of your policy to see what is covered and what is not.
The value of renters’ insurance comes down to the financial risk you'd face without it. If you couldn't afford to replace your belongings after a fire or a burglary or to cover a liability lawsuit, then renters’ insurance is certainly worth it. For a relatively low monthly cost, you can have peace of mind knowing you're financially protected.
In most cases, each roommate should have their own renters’ insurance policy. This is because a policy usually only covers the policyholder's possessions and personal liability. Having separate policies ensures each roommate is adequately protected for their belongings.
Renters’ insurance provides invaluable protection for your possessions, liability, and any additional living expenses you might incur if your rented home becomes uninhabitable due to certain covered perils.
Finding the right renters’ insurance policy should be straightforward and hassle-free. Don't leave your coverage to chance. Let TrySmartly empower your insurance search. Explore your options today and potentially lower your renters’ insurance premiums.