Our take in 10 seconds
Renters insurance is the cheapest policy you'll ever buy, usually $12 to $25 a month, and most renters who skip it are wrong about what it covers. It's not mainly about your stuff. It's the liability coverage: if a guest trips, your dog bites someone, or a kitchen fire spreads to the unit below, the policy pays the lawsuit and the neighbor's damage. Buy replacement cost on contents, $100,000 or more in liability, and bundle it with your auto policy, where the discount usually covers the whole renters premium.
What it covers

The four parts of a renters policy

PartWhat it doesWhat to buy
Personal propertyPays to replace your belongings after theft, fire, water damage from a burst pipe, and similar events. Your landlord's policy covers the building, not your things.Replacement cost, not actual cash value. $20,000 to $30,000 is typical; inventory your closet and electronics first.
LiabilityPays if you're legally responsible for injuring someone or damaging their property, including the unit downstairs. Includes legal defense.$100,000 minimum. $300,000 costs a few dollars more and is worth it if you have a dog or host often.
Loss of usePays for a hotel and meals if the apartment becomes unlivable after a covered loss.Usually a percentage of property coverage; make sure it's at least a few thousand dollars.
Medical paymentsSmall no-fault payments for a guest's injury, which often stops a lawsuit before it starts.$1,000 to $5,000; it's included on most policies.

What it does not cover

Floods from outside water (that's a separate flood policy), earthquakes in most states, your roommate's belongings unless they're named on the policy, your car (that's auto insurance, though items stolen from the car are usually covered under renters), and high-value items above the sub-limits, typically $1,500 for jewelry and a similar cap on electronics or bikes. If you own a $3,000 bike or a ring, schedule it as a rider for a few dollars a year.

Price a renters policyMost quotes land between $12 and $25 a month before the auto bundle discount.
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What it costs

The price, and what moves it

The national average runs around $15 to $20 a month for a standard policy. Three things move it: the amount of contents coverage, your deductible ($500 is standard; $1,000 trims the premium), and, in most states, your credit. Renters with fair credit can pay noticeably more for the same policy, which is one more reason to quote two carriers. Location matters too: a ground-floor unit in a high-theft ZIP code costs more than a fourth-floor one in a quiet one. Security features, smoke detectors and being claim-free all discount it.

The bundle is the real trick. Most carriers give a multi-policy discount of 5% to 15% on your auto policy when you add renters. On a $1,500 a year auto policy, that discount is often larger than the renters premium itself, so the renters policy is effectively free or close to it. This is why we show two carriers that write both.

Who needs it

If your landlord requires it, and if they don't

More leases now require renters insurance, usually $100,000 in liability with the landlord named as an interested party. That's a reasonable request and it costs you nothing extra to add them. If your lease doesn't require it, you still want it the moment you have anything you couldn't replace from checking, a pet, or a habit of hosting. The liability coverage is the part that protects your savings and your credit: an uninsured judgment for a neighbor's fire damage can follow you for years.

How to buy it in ten minutes

Walk through your place with your phone and video everything, including inside closets and drawers; that's your inventory if you ever claim. Add up the replacement cost honestly, round up to the next $5,000, and quote that amount with $100,000 to $300,000 liability and a $500 deductible. Quote the carrier you use for auto first so the bundle discount shows up, then one more. Pick the cheaper combined total, and email the declarations page to your landlord if required.

Bundle renters with autoThe auto discount usually covers the renters premium.
Get a Liberty Mutual Quote →Get a Farmers Quote →

Paid partner links · WiseIQ earns a commission if you request a quote. Rates and availability vary by state and profile. Every carrier on this page is scored on the same five criteria on our car insurance scoreboard.

Common questions

FAQ

How much is renters insurance?
Typically $12 to $25 a month for $20,000 to $30,000 in contents coverage and $100,000 in liability. Bundling with auto often earns a discount larger than the renters premium.
Does renters insurance cover my roommate?
Not unless they're named on the policy. Each roommate needs their own policy or to be added as a named insured.
Is renters insurance required?
Not by law, but many leases require it, usually $100,000 in liability with the landlord listed as an interested party. Adding them costs nothing.
Does renters insurance cover water damage?
Sudden events like a burst pipe or an overflowing upstairs tub, yes. Flooding from outside water and gradual leaks, no. Flood needs a separate policy.
Does my credit affect renters insurance?
In most states, yes. Insurers use a credit-based insurance score. The effect is smaller in dollars than on home or auto because the premium is small, but it's a reason to quote two carriers.