How to buy renters insurance: Coverage and companies

How do I get renters insurance?

To get renters insurance, start by estimating the value of your belongings. Then choose your coverage limits and deductible, compare quotes from several insurers, and buy the policy that best fits your needs. Because your landlord's insurance does not cover your personal belongings, you need your own policy to protect your property and provide personal liability coverage.

1. Inventory your personal belongings

Start by doing an inventory of your possessions and estimating their value. Remember to include things like dishes, linens and clothing, not just big-ticket items like electronics. Estimate how much it would cost to purchase all of those items new. This is the amount of personal property coverage you will need.

It's a good idea to take photos or a video of your possessions in case of a future claim. Keep that and your inventory in cloud-based storage so you can access it from anywhere.

2. Choose a deductible and liability limit

Your deductible is the amount you'll pay if you file a claim. Your options will likely start at $500 and go up from there; the larger the deductible, the lower your premiums. Ensure you can afford to pay it, however, if you have to.

Choose liability limits: A renters policy comes with $100,000 as standard for personal liability. You can increase that amount if you have significant assets or risk of a lawsuit.

3. Request renters insurance quotes from multiple companies

Get quotes from at least three insurance companies and compare the same coverage limits, deductible, and policy options. Start with your auto insurer if you already have a policy. Many insurance companies offer a bundling discount for auto and renters insurance.

Even if your auto insurance company offers you a good deal, you should still shop around and compare renters insurance quotes from a few other companies. It's also a good time to compare car insurance quotes; you might save on both policies.

4. Select a renters insurance policy and pay the premium

Once you've decided on a policy, you will need to make a premium payment to start your coverage. You can pay the full annual premium upfront or choose to make monthly payments. If you're bundling, you can likely pay both premiums on the same monthly bill.

People ask

How long does it take to get renters insurance?

You can often buy renters insurance online and start coverage the same day. Many insurers allow you to select your coverage, complete the application, pay the premium and choose the effective date online. Check your policy documents to confirm when coverage begins.

How much does renters insurance cost?

The average cost of renters insurance is $288 a year, or about $24 a month. That’s the national average renters insurance cost for a policy with coverage levels of $40,000 for personal property, with a $1,000 deductible and $300,000 of liability protection.

The cost of a renters policy depends on how much coverage you need, where you live, and personal factors like your claim history. However, renters insurance rates are generally very low and affordable since there’s no dwelling to protect.

The table below shows average annual renters insurance premiums at different personal property and liability coverage limits.

Coverage	Average annual cost
$40,000 personal property + $100,000 liability	$270
$40,000 personal property + $300,000 liability	$288
$60,000 personal property + $100,000 liability	$348
$60,000 personal property + $300,000 liability	$372

Rates are national averages. Your actual premium will vary.

Increasing the personal property portion of the coverage will have a greater effect on the cost than increasing liability, which generally only adds a few dollars a month to the premium.

How to get cheap renters insurance

The best way to find cheap renters insurance is to compare quotes with the same coverage limits and deductible. You can also reduce your premium by bundling policies, choosing a higher deductible you can afford and asking about available discounts. Comparing coverage is important because the cheapest policy is not always the best value.

Ways to save include:

Shopping around to compare quotes from multiple companies and find the best deal.
Bundling your renters and auto insurance with the same company for a discount
Asking about other discounts, including for safety and security devices, your occupation, paperless billing and setting up autopay.

How much renters insurance should I get?

You should have enough personal property coverage to replace your belongings, enough liability coverage to protect your finances and the right endorsements for expensive items. For many renters, $300,000 in liability coverage and replacement cost coverage are worth considering. Your coverage needs depend on the value of your belongings and your financial risk.

We recommend the following coverage options:

Enough personal property coverage to replace all of the contents of your home. Don't forget things like linens, dishes and cookware, clothing and home décor.
Liability coverage of $300,000. A standard policy comes with $100,000, but it costs very little to increase it and triple your coverage.
Replacement cost coverage for personal property. Standard renters insurance covers personal property at actual cash value; upgrade to replacement cost so you'll be covered at the value of each item new today.
Scheduled personal property endorsements for any high-value items that are subject to special limits, like jewelry.

A policy with these coverages will ensure that you’re adequately protected.

Where to buy renters insurance

You can buy renters insurance from major national insurers, regional insurers and online insurance companies. Your options will depend on where you live and which companies offer renters coverage in your state. Compare at least three insurers before you choose a policy.

These companies and more can offer you a policy:

State Farm
Allstate
Farmers
Liberty Mutual
Lemonade
Travelers
Amica
Nationwide
American Family

How do I get proof of renters insurance?

Your insurer can provide proof of renters insurance after you buy your policy. You can usually access your policy documents through the insurer's website or mobile app, and your insurer may also send them by email or mail.

If you need to provide proof of renters insurance for your landlord, print or make a copy of your renters insurance declaration page, which is the front page of your policy and summarizes your coverage.

If you work with an agent, as them to provide you with proof of renters coverage.

FAQ: Renters insurance

Can I get an auto and renters insurance bundle?

Yes, most major insurance companies offer a renters and auto insurance bundle at a discounted rate. The discount varies by company and state, so compare the total cost of both policies rather than assuming a bundle is always cheaper.

Should I share a renters policy with my roommate?

Preferably, no. Most experts don't recommend sharing renters insurance with a roommate. All of your roommate's claims will be reflected on your insurance record, and if your roommate's possessions have a higher value than yours, a 50/50 split on the bill may not be equitable.

Can college students get renters insurance?

Yes, college students can get renters insurance, but they may not need it. Almost all homeowners policies will extend coverage to college students living in dorms or campus housing.

"Most homeowners policies include coverage for a college student's personal belongings while they are living on campus. Typically, the student's property is covered up to 10% of the amount on the parent's policy for personal property," Orbann says.

However, renters insurance will be needed if the student has permanently moved out.