How to buy renters insurance

How to buy renters insurance

You can purchase renters insurance online and get an electronic copy of your policy. You may get a discount by bundling your auto and renters insurance. Some landlords and property management companies offer their own renters insurance. See Insider’s guide to the best renters insurance companies. Renters insurance isn’t required by state law. Most renters only…

Renters insurance isn’t required by state law. Most renters only get insurance if required by their landlord. The average cost of renters insurance is around $15 a month, or $180 yearly, but varies by state. 

How to get renters insurance

There are several ways to purchase renters insurance:

1. Shop online

2. Bundle your renters insurance with your

auto insurance

3. Get it through your landlord or property management company

If you already have auto insurance, you may get discounts from your provider for bundling your renters and auto insurance.

Some property management companies have partnerships with renters insurance companies so that you can purchase renters insurance through them when you sign your lease.

If neither of these options are available, then you can purchase renters insurance online. To be sure that you’re getting the best price for your renters insurance coverage, you’ll want to shop online and get quotes from several different insurers. Compare the quotes, and look for the most coverage types and limits. Then, look for the lowest premiums that fit your budget. 

What is renters insurance?

Your landlord has insurance that covers the building and structure, but your belongings inside the rental unit are your responsibility.

Renters insurance is a type of homeowners insurance, known as HO-4, that protects renters’ belongings from a fire, storm, or theft. 

There are two main parts of coverage to a renters insurance policy: personal property coverage and personal liability coverage. It also provides “loss of use” coverage if your rental becomes unlivable due to damage.

Renters insurance protects your personal property if it’s damaged by a covered event, known as an insurance peril. Common insurance perils include fire, smoketheft, and storms. Personal liability coverage protects renters if their pet injures someone or someone is injured in the rental unit. 

Things to consider when buying renters insurance

Some factors that go into determining your premium are the amount of coverage you want, where you live, if you own a pet, and your credit score.

If you have roommates or are considering roommates, every roommate should have their own renters insurance policy. Your landlord may even require that each person on the lease has renters insurance.

If you rent in disaster-prone areas — flood zoneshurricanestornadoeswildfiresmudslides, and earthquakes — you will have increased premiums because these are not included in basic coverage and will need to be add-on policies, known as a rider. 

Do you need renters insurance?

Even if it’s not required by your landlord, renters insurance helps protect your belongings from theft, fire, and other damage — and it’s relatively inexpensive, so it’s usually worth it for the peace of mind. The question is not whether you need renters insurance, but rather can you afford to lose your belongings and replace them yourself.

How much renters insurance do you need?

Your renters insurance premium is based on the amount of money it would take to replace your belongings. Renters insurance policies cover up to a certain amount, usually around $20,000 or $30,000 worth of coverage. Determining the value of your belongings will help you decide how much coverage to get. 

Ronda Lee

Associate Editor, Insurance

Ronda Lee is an associate editor for insurance at Personal Finance Insider covering life, auto, homeowners, and renters insurance for consumers. Before joining Business Insider, she was a contributing writer at HuffPost with featured articles in politics, education, style, black voices, and entrepreneurship. She was also a freelance writer for PolicyGenius. She worked as an attorney practicing insurance defense and commercial litigation. You can reach Ronda at

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