Renters Insurance Quotes
Renters insurance is an affordable way to protect your belongings. Call us at 888-444-2833 to compare quotes to get the best rates.
What is renters insurance?
Renters insurance covers your personal property and liability from covered losses. The coverage is quite affordable too, with an average cost of $19 per month. The Zebra's licensed agents can provide you with renters insurance quotes to get you started.
Read on to explore what a typical renters policy will cover as well as the additional coverage options and average premiums from top insurance providers.
Key takeaways:
- Renters insurance provides coverage for personal property and liability, with an average monthly cost of $19
- The best way to get a policy is to get renters insurance quotes from multiple companiesÂ
- Rates vary based on factors like location and coverage type, with an average annual rate of $233
- Renters insurance typically covers personal property, liability, additional living expenses, and medical payments
How much does renters insurance cost?
The average annual rate for a renters insurance policy is $233, or $19 per month. However, your rates will depend on several factors such as your address and the types of coverage and limits that you elect.
To provide an estimate, we used The Zebra's dynamic rate tool to compile average premiums for a variety of rates. We averaged personal property limits of $50,000 from top companies across the U.S.
| Insurance Provider | Average Yearly Renters Rates | Monthly Rate |
|---|---|---|
| Allstate | $372 | $31 |
| American Family | $289 | $24 |
| Farmers | $246 | $20 |
| Liberty Mutual | $285 | $24 |
| MetLife | $283 | $24 |
| Nationwide | $253 | $21 |
| Progressive | $305 | $25 |
| State Farm | $179 | $15 |
| Travelers | $217 | $18 |
| USAA | $186 | $15 |
The Zebra’s renters insurance data methodology
The renters insurance rates published in this guide are based on The Zebra’s annual analysis of average renters insurance premiums in every U.S. ZIP code. This data comes to us from Quadrant Information Services, which sources the latest approved rate filings across carriers in each state from S&P Global. Quadrant then uses an internal QA process to validate the information and build reports before the data is queried and analyzed by The Zebra.
These rates are based on a sample user profile: a single 30-year-old renter with an HO-4 renters policy living in a 1,000-square-foot apartment and carrying these coverage limits:
- $50,000 for personal property
- $100,000 for personal liability
- $5,000 for loss of use
- $1,000 for medical payments
- $500 deductible
To provide insight to renters on how specific personal factors (like age, location and coverage level) can affect your premium, this base profile is then adjusted for different factors commonly used by insurance companies. For more information, see our full data methodology.
Zebra Tip:Â Renters insurance bundling
Along with protecting your belongings, renters insurance can lead to discounts on other lines of insurance — namely, auto insurance. Consider bundling your renters and car insurance insurance policies to obtain a multi-policy discount. Bundling renters and auto policies can save you an average of $79 per year!
Renters insurance premiums by state
Below is a state-by-state breakdown of the cost of renters insurance.
How to get a renters insurance quote
There are several ways to get renters insurance quotes, but the best option is to compare quotes from several companies at once. The Zebra's in-house insurance agency works with top carriers nationwide to sell renters insurance policies. We can help you find the best coverage for your needs. Call us at 888-444-2833 to get started.
If you're looking for an online option, try our trusted partner Lemonade. Lemonade is a relatively new insurance provider in the US. They offer customized coverage with a great online experience. Get a quick Lemonade quote for free!
Real-life customer experience
The following employees from The Zebra have Lemonade as their personal renters insurance carrier and have these thoughts:
Ross Martin
- Customer for 3+ years
- Only has a renters policy
- Has never filed a claim
Q: How do you feel about the coverage level Lemonade provides, your monthly premiums and the overall level of customer service provided?
I've always had a great experience with Lemonade. Getting set up was incredibly easy through the app and gave me plenty of customization options. Moving to a new location, even to a different state, was completely seamless as well.
The premiums have always been very affordable, even when I've added scheduled items. Overall I'd recommend Lemonade to any renter looking for coverage.
Ava Lynch
- Customer for 3+ years
- Only has a renters policy
- Has never filed a claim
Q: How do you feel about the coverage level Lemonade provides, your monthly premiums and the overall level of customer service provided?
A: I think the testament of a good insurance company is if you never think about it, which is how I'd describe Lemonade. It's been pretty easy to use the app and I like that everything is done just through that. The UI is simple and clean and the app is fast. My premium is very affordable.
I initially got a quote from my auto provider (Progressive) and it was almost as much as my car insurance premium. Renters insurance should be <$20 for most standard 1-2bd policies and this one was closer to $60 for the same coverage. Bundling is not always the cheapest option!
How to compare rental insurance quotes
When comparing renters insurance quotes, it's crucial to ensure you're making an informed decision that balances cost with the coverage you need. Here are key steps to follow:
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Assess Your Needs: Know the value of your belongings and the coverage you need (e.g., personal property, liability).
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Get Multiple Quotes: The Zebra recommends that you compare quotes from various insurers for a broad perspective. Our insurance agency can do this on your behalf.
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Examine Coverage and Deductibles: Check the limits of coverage and the deductibles. Lower premiums might mean less coverage or higher out-of-pocket costs.
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Look for Extra Features: Some policies offer additional protections like identity theft or living expense coverage.
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Understand Exclusions: Be clear about what's not covered, such as flood or earthquake damage.
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Research the Insurer: Consider the company's customer service reputation and financial stability.
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Inquire About Discounts: Discounts might be available for security systems, non-smokers, or bundled policies.
How does renters insurance work?
Renters policies work differently than standard homeowners policies. While you are renting a home or apartment, your renters policy covers only your personal belongings. You do not have to worry about insuring the structure, walls or fixed furniture — this is covered by your landlord's policy.
In a typical HO-4 policy, renters insurance has four primary coverage options:
Every renters insurance policy is a named peril policy: your insurance will cover you in the event of any of the circumstances specifically listed on your policy. A peril is a cause of damage.
For example, if your apartment were to catch on fire and the contents of your living room were destroyed, your renters insurance would compensate you up to your coverage limits. For more information about these coverages, have a look at our guide to renters insurance coverage.
- Fire
- Lightning
- Wind
- Hail
- Explosions
- Civil unrest
- Aircraft
- Vehicles
- Smoke
- Vandalism or malicious mischiefÂ
- Theft
- Volcanic eruption
- Falling objects
- Weight of snow, ice or sleet
- Accidental discharge or overflow of water or steam from an appliance, or a plumbing, heating or air conditioning systems
- Sudden and accidental tearing apart, cracking, burning or bulging of a steam or hot water system, air conditioning or automatic fire-protection system
- Short-circuit damage caused by electrical appliances
"Renter's insurance covers you in case you have a claim and your property is damaged or someone is injured. You pay the insurance company and if you have a claim they will pay up to the limits on your policy to get you back to the same financial place you were before you had the claim"
Nathan Foster — Licensed insurance professional at The Zebra
| Typically Covered by Renters Insurance | Typically Not Covered by Renters Insurance | |
|---|---|---|
| Personal property damage (fire, theft) | Property damage due to natural disasters (floods, earthquakes) | |
| Liability for injuries in your rental | Roommate's belongings (unless specified in policy) | |
| Additional living expenses (hotel stays) | Automobiles and related items | |
| Medical payments for guests' injuries | Damage from intentional acts or gross negligence | |
| Personal property away from home | Business equipment (professional use) | |
| Theft of or damage to rented items | High-value items beyond a certain limit (jewelry, art) without a rider | |
| Accidental damage to someone else's property | Wear and tear or maintenance issues |
Items that aren't covered or that require special coverage
Not all items are automatically covered. This list below shows some items that typically aren't covered (or that are only covered up to a certain amount). Oftentimes these items require specific endorsements or "riders" to increase this coverage amount.
| Sub-limit | Property | Limitations |
|---|---|---|
| $200 | Money, coins, gold | Â |
| $1,500 | Jewelry, watches, furs | Theft only |
| $1,500 | Watercraft, trailers | Theft only |
| $2,500 | Firearms | Â |
| $2,500 | Silverware | Â |
| $2,500 | Business property | On-premises |
| $500 | Business property | Off-premises |
| Varies | Electronics | Â |
Learn about the sub-limits on personal property coverage and get a more in-depth analysis of renters insurance coverage options.
What does renters insurance not cover?
It’s important to keep in mind the events renters insurance does not cover. Renters insurance doesn't protect anything the policyholder doesn’t own. The structural aspects of your apartment or home aren't covered by renters insurance, only your belongings.
Renters insurance also doesn’t cover damages caused by earthquakes or floods. Some insurance companies offer additional earthquake insurance, while flood policies are typically handled through FEMA.
Landlords typically do not provide renters insurance. It's a product you should shop for and purchase yourself.
Q: Is renters insurance required?
A: Though renters insurance is not mandated by law — like auto insurance is, for example — it's legal for landlords to require tenants to have renters insurance coverage.
According to licensed agent Nathan Foster, "Most apartment complexes and landlords require insurance. You never know what condition the house is in when you move into it. If the roof leaks and damages some of your belongings, your landlord's insurance policy will likely not pay for that. That would fall on your personal renter's insurance policy."
Having renters insurance works in both the landlord's and tenant's favor; it covers the tenant for both liability and their personal belongings, meaning that the landlord won't be held responsible if you accidentally cause a fire or a guest of yours is accidentally injured. It's an affordable way to keep your landlord happy and your property safe.
Additional considerations before you purchase
Prior to purchasing renters insurance, consider the factors below:
Complete a home inventory to document your belongings. This will help you determine the amount of coverage you require and speed up the claims process in the event of an incident.
If you’re sharing an apartment, consider sharing a renters insurance policy with your roommate. Sharing a renters policy splits the bill — although renters insurance is often relatively affordable to begin with. If the policy is in your name, any claim your roommate files would be on your policy as well. If your roommate files multiple claims, you could face a rate hike or policy cancellation. See more information on renters insurance with roommates and renters insurance for college students.
If you own high-value belongings, inquire about coverage for those items. You may want to consider a scheduled endorsement or rider. An endorsement is a coverage add-on for a high-value item that exceeds normal policy coverage limits.
Furthermore, your insurer may offer further coverage for things like electronic devices or sewer-backup that are not covered on a standard policy. These endorsements can usually be added for a small increase to your monthly premium.
Most insurance providers will reimburse you for your personal property based on an actual cash basis — which deducts depreciation from your payout. However, replacement cost coverage reimburses you for the amount it would take to buy the same item at its current market value. Many insurance companies will allow you to add this coverage via an endorsement.
Renters insurance FAQs
Review a few of the most commonly asked renters insurance questions — and answers — below.
RECENT QUESTIONS
Other people are also asking...
Do I have to file a claim with my renters insurance company if my apartment was flooded by an upstairs neighbor?
Does renters insurance cover hotel stay if my air conditioning system goes out?
If my girlfriend is moving in with me, should we get separate renters insurance policies?
Do I need to change my policy when I rent out my home?
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About The Zebra
The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.
- The Zebra’s insurance content is written and reviewed for accuracy by licensed insurance agents.
- The Zebra’s insurance editorial content is not subject to review or alteration by insurance companies or partners.
- The Zebra’s editorial team operates independently of the company’s partnerships and commercialization interests, publishing unbiased information for consumer benefit.
- The auto insurance rates published on The Zebra’s pages are based on a comprehensive analysis of car insurance pricing data, evaluating more than 83 million insurance rates from across the United States.