The four parts of a renters policy
| Part | What it does | What to buy |
|---|---|---|
| Personal property | Pays 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. |
| Liability | Pays 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 use | Pays 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 payments | Small 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.
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.
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.
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.
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.