Shop for Renters Insurance
MoneyGeek has all the information and tools you need to shop for renters insurance online. We help renters like you take the guesswork out of finding the right coverage, saving you time and money.
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Common Questions About Shopping for Renters Insurance
Below are the most common questions about shopping for renters insurance. Click on each question to learn more about what kind of coverage you need, how to find the best rate and more.
How to Shop Renters Insurance: Renters Insurance Buying Guide
Whether you’re about to rent your first apartment or have been renting for years, purchasing renters insurance is a great way to affordably protect your possessions in case anything goes wrong. Before you decide on a renters insurance policy, follow these steps to make sure you get the best coverage at the right price.
Educate Yourself on What Renters Insurance Covers
In order to choose the best renters insurance policy to meet your needs, you should understand what renters insurance does and does not cover. The main difference between renters insurance and homeowners insurance is that renters insurance doesn’t cover the physical structure of the home or apartment you’re renting. Here are some of the things that renters insurance typically covers:
- Personal property: Renters insurance covers damage or theft of personal property such as clothing, electronics, appliances and furniture.
- Temporary living expenses: If you need to find alternative lodgings after your apartment has been damaged, renters insurance will cover your temporary living expenses, like hotel accommodations and meals.
- Personal liability: Renters insurance includes personal liability coverage in case your negligence results in guests or visitors being injured or having their property damaged. This can sometimes be used as pet liability coverage in case your pet injures a guest or damages their belongings.
- Medical payments: Some renters insurance policies cover medical payments for guests who are injured in your apartment.
Renters insurance does not usually cover:
- The physical structure: Unlike homeowners insurance, renters insurance does not cover the physical structure of your apartment building. Your landlord or property owner is responsible for insuring the physical structure.
- Floods and earthquakes: Renters insurance doesn’t typically cover damage caused by floods or earthquakes, although renters can purchase flood insurance coverage separately.
- Water backup: Renters insurance doesn’t cover water backup or sewer damage, but renters can purchase floater coverage for these damages at an additional cost.
- Your roommate’s property: In most cases, your roommate or housemate will have to purchase a separate policy to cover their own personal property.
- Intentional damage: Your property won’t be covered if it is intentionally damaged, and your insurance provider will conduct an investigation to ensure you aren’t committing insurance fraud when you file a claim.
- Vehicles: Renters insurance doesn’t cover damage to vehicles. If you’re interested in covering your vehicle in case of damage, you should purchase comprehensive coverage as part of your auto insurance policy.
- Rodents and pests: Renters insurance doesn’t typically cover damage caused by rodents and pests.
Determine How Much Renters Insurance You Need
How much renters insurance you need will depend on how much personal property you own and how much risk you can tolerate. When determining how much renters insurance you should get, calculate the total value of your personal property. While the value of your possessions can add up faster than you might think, you should maintain an accurate inventory in order to ensure that your belongings are all covered.
- Inventory items: You should make a list of all of your personal possessions, taking photographs and noting approximately how much each item cost. If you’re purchasing renters insurance as a college student or young adult with few valuable possessions, you might need less personal property coverage than individuals with more valuable possessions.
- Collect receipts: When making new significant purchases, you should save the receipts so that you have a record of how much they cost for insurance purposes. This can make it easier to file a claim in case anything happens to your property.
- Estimate value by category and total cost: In order to determine how much personal property coverage you should purchase, it’s a good idea to estimate your possessions’ value by category and total cost.
- ACV vs. RCV: Some insurance policies cover your personal property based on the RCV, or replacement cost value, which is the amount that it would cost to replace lost or damaged items with a new version of that item. Others cover your personal property based on the ACV, or actual cost value, which is the value of your possessions after they have depreciated. ACV coverage is typically less expensive than RCV coverage, so you should be sure to clarify with your insurance provider which kind of coverage they offer.
Get Free Online Renters Insurance Quotes
Getting multiple quotes from different renters insurance providers can help to ensure that you get the best possible rates. Comparing renters insurance quotes is easy to do online. While renters insurance rates can vary greatly depending on where you live and how much coverage you need, the average cost of renters insurance is just $13 per month, making it an affordable way to protect your possessions.
Compare Renters Insurance Policies
When comparing the price of renters insurance policies, make sure you’re comparing apples to apples. If you got a quote for a policy with $20,000 in personal property coverage, use the same coverage amounts when you get a quote from the next insurer.
And you should compare more than just rates. Even renters insurance policies that are similarly priced can vary significantly when it comes to how much they cover. In order to ensure that you’re making accurate comparisons and getting the most value out of your policy, you should compare policies with similar terms and coverage amounts. The best renters insurance policies are affordable without skimping on coverage and have a history of financial strength and customer satisfaction.