You might be surprised at how much your belongings are worth. Think about it. If there was a fire in your rental and all your things were destroyed, how much would it cost to replace your furniture, electronics, clothes and other items? Could you just pay for it out of pocket? Probably not.
Here’s what you need to know about getting coverage from the best renters insurance companies.
Table of Contents:
Best Renters Insurance Overview
| Insurance Company | Coverage | Premium | Best For |
|---|---|---|---|
| Policygenius | Depends on the carrier | Varies, depending on the carrier | Shopping for online insurance rates |
| Lemonade | -Personal property -Loss of use -Liability -Medical payments to others | Starts at about $6 per month | Those looking for a socially responsible company |
| Allstate | -Personal property -Loss of use -Liability -Medical payments to others | Starts as low as $15 per month when bundled with other coverage | Hands-on help from a full-service insurer |
| Liberty Mutual | -Personal property -Loss of use -Liability -Medical payments to others -Various add-ons | Starts as low as $12 per month | Those who can’t get coverage elsewhere |
Best Renters Insurance Companies
When you’re looking for renters insurance, these are good options, depending on what you’re looking for.
Policygenius
Policygenius isn’t an actual insurance company. Instead, it’s a broker that connects you with the best renters insurance companies. If you’re hoping to get the best price on coverage from the comfort of your home, Policygenius can connect you with the best rates.
Enter basic information about your situation, and Policygenius might be able to help you find a renters insurance policy that protects you and fits your budget.
Visit Policygenius or Read the Full Review
Lemonade
One of the interesting facts about Lemonade is that it’s a Public Benefits Corporation (known as a B-Corp). As a result, part of your renters insurance premiums go toward charity and you can choose from available options which cause to support.
Lemonade’s coverage is fairly basic, but it gets the job done. There aren’t many discounts with Lemonade, but that might not matter because of how inexpensive the premiums are. However, this insurance company is only available in limited states. You might not have access to it.
Visit Lemonade or Read the Full Lemonade Review
Allstate
Allstate is one of the most well-known insurers in the United States. It’s known for its hands-on approach to all things insurance, including renters insurance.
In addition to offering renters insurance, you can get other types of insurance, like auto and life. If you’re looking for discounts by bundling your insurance coverage, Allstate has a number of choices. You might pay a little more in premiums each month, but if you’re interested in a high level of service, that might be worth it to you.
Visit AllState or Read the Full AllState Review
Liberty Mutual
Liberty Mutual offers great online tools and an easy-to-use app, but you can also find someone to sit down with. Liberty is known for offering insurance in situations where other insurers might not be willing to.
It’s important to note that Liberty has a lot of add-on coverage options for renters insurance. Also, be aware that Liberty doesn’t cover in-home water damage, which is different from some other companies.
Visit Liberty Mutual or Read the Full Review
What Does Renters Insurance Usually Cover?
As a renter, it’s a good idea to have insurance for your own protection. Your landlord’s insurance is there to protect the structure itself, not your belongings or cover your liability. Getting your own insurance might even be a requirement of living in a rental. Here are some of the things you can expect the best renters insurance companies to cover.
Personal Property
This encompasses damage or destruction to your personal property, as well as theft. This can include clothes, furniture, some of your electronics and other items. Additionally, like homeowners insurance, your renters insurance might cover theft of items from your car. If your iPad is stolen out of the backseat, it’s actually the renters policy that covers it–not the auto policy.
Loss of Use
When you can’t stay in your apartment or rental home, the cost of getting food and finding a place to stay can get expensive. The good news is that many renters insurance policies cover this situation. You can get a stipend to help you pay for a place to stay while your rental is being repaired, or until you can find a new place to stay. Just check on the limitations to coverage to ensure that you’re on the right track.
Personal Liability
If someone is injured in your rental or if their belongings are damaged as a result of events in your unit, your renters insurance is likely to pay for it. Make sure it’s really something you’re liable for, though. If a visitor is injured because the landlord didn’t perform proper upkeep on the property, their landlord insurance should cover it.
Medical Payments to Others
When someone is injured inside your rental due to something that you’re found liable for, your renters insurance policy should cover medical payments. There might be limits on the payments, though, so double-check your coverage so you know what to expect.
What Isn’t Covered by Renters Insurance?
Not everything is covered by your renters insurance policy. Understanding what’s not included can save time and trouble later. Here are some of the things that might not be covered in your renters insurance policy.
- Home office space: Maybe you work from home and have a home office. If this is the case, your space might not be covered by a basic renters insurance policy. Additionally, you might also need to make sure you meet local regulations for running a home business. Check with your insurer to see if your home office and its equipment are covered. If it’s not, you might need to purchase an extra waiver to get that coverage.
- Valuables: For the most part, your belongings are covered by your renters insurance policy. However, this isn’t always the case with some more valuable items. There might be a dollar limit on the property covered. So, if you have valuable jewelry or artwork, your regular policy might not be enough. You might need to purchase extra protection for especially valuable items.
- Damage due to certain events: Just like homeowners insurance comes with limits to the coverage, renters insurance has exceptions to certain events. For example, some policies don’t cover water damage, even if the damage is caused by a burst pipe. Other policies might not include loss of your belongings due to events like earthquakes or tornadoes. Check the coverage to see if you need to buy add-ons.
Bottom Line: You Need Renters Insurance
Even if you don’t think you need to purchase renters insurance, you should think twice. The reality is that it might be harder than you think to replace all of your things in the event of a catastrophe. And what happens if your laptop is stolen? Do you have more than $1,000 to replace it? Renters insurance is relatively inexpensive, but the protection it offers can be valuable.
Carefully consider your situation, add up the cost to replace the things you own, and look for a renters insurance policy that will cover your situation while fitting your budget.
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