Renters Insurance Guide

Life as an apartment renter is peppered with surprises. From pleasant perks like swift repairs on a broken dishwasher to less-than-desirable surprises like noisy neighbors, the ups and downs of renting are many and varied. Unfortunately, some of those surprises can cost you a big chunk of change under certain circumstances. That's why many apartment renters choose to get renters insurance—to account for the unexpected.

What is renters insurance? How does it work and why might you need it? Here is our guide to renters insurance, its benefits, and whether it may be worth it for you.

 

What is renters insurance?

Renters insurance is a type of insurance policy that protects you and your belongings when you lease someone else's property. As with other types of insurance, the purpose of renters insurance is to help prevent you from having to pay for large, unexpected expenses out of your own pocket. In this case, those expenses are home-related, and may range from occupant injury to reimbursement after theft.

 

Can a landlord require renters insurance of tenants?

In short, yes they can. Landlords may require you to provide proof of renters insurance before you sign your lease. This is often because landlords are offsetting their own costs, which might include the cost of insuring the apartment property.

 

What does renters insurance cover?

There are two primary types of renters insurance: liability insurance and contents insurance. Liability insurance covers injuries and the costs that might result should the renter be held accountable for those injuries. For example, if someone is accidentally injured in your apartment, renters liability insurance could help you cover medical bills, and even costs incurred if that person decides to take legal action against you. Contents insurance covers personal belongings like furniture, electronics, clothing, kitchenware, and appliances. There are also types of policies that cover additional living expenses resulting from displacement, the loss of others' property, and loss of contents off premises.

Renters insurance does not usually cover damage from natural disasters like earthquakes or flooding, nor does it cover intentional acts of damage, wear and tear, mold, rodents, and instances in which the renter failed to take reasonable steps to prevent a loss.

 

What is the cost of renters insurance?

According to the Independent Insurance Agents & Brokers of America, renters insurance costs $144 per year on average. Of course, these numbers vary from policy to policy, depending on what you need to cover, whether you are eligible for discounts, etc. There are usually several deductible amounts you can choose from, ranging anywhere from $500 to $2,000.

 

Is renters insurance worth it?

If your lease requires you to have renters insurance, this one's a no-brainer. If not, the fact remains that having renters insurance is a good way to prepare for the unexpected. After spending time and money moving into your apartment and making it your own, damage to or theft of your possessions is the last thing you want. As with any optional insurance policy, you may be taking a monetary risk without the coverage. However, if you are a new renter just starting out and don't have a lot to insure, it may be a cost you feel comfortable forgoing.

 

Make Renters Insurance and Moving Easier

For help with renters insurance and more moving finances, check out ApartmentSearch.com's Moving Partners page! From storage to credit checks to furniture rental, we have you covered every step of the way.

Additional Resources

Apartment Safety and Security
Feel safe in your own apartment by following these tips on apartment safety and security from ApartmentSearch.com.
Apartment Safety Checklist
Feel safe in your own apartment by following these tips on apartment safety and security from ApartmentSearch.com.
Apartment Safety Tips for Summer Vacations
Going on summer vacation? Make sure your apartment, pets, and car are safe by following these 12 apartment safety tips!
Tips for Apartment Emergency Preparedness
Stay safe in your apartment during an emergency with these tips for being prepared from ApartmentSearch.com.
A Beginner’s Guide to Exploring New York City
Moving to New York City? Here’s our quick and easy guide to living, getting around, and having fun in the heart of the empire state.
A Beginner’s Guide to Oklahoma City, OK
Moving to Oklahoma City? Use our quick and easy guide to living, getting around, and having fun in this southern metropolis.
A Beginner’s Guide To Philadelphia, PA
Moving to Philadelphia? Use our quick and easy guide to living, getting around, and having fun in this historic city.
A Beginner’s Guide To Phoenix, AZ
Moving to Phoenix, AZ? Use our quick and easy guide to living, getting around, and having fun in this event-filled city.
A Beginner’s Guide to Pittsburgh, PA
Moving to Pittsburgh, PA? Use our quick and easy guide to finding an apartment, getting around, and having fun in this historic city.
Advice for Moving to Sacramento, California
Take the stress out of moving to Sacramento with this helpful moving guide. Get tips for renting an apartment in Sacramento, enjoying the city and more!
Show More
Apartment Staging Tips
Staging a model apartment for renters to tour? Use our quick and easy guide to home staging for potential new tenants.
Student Furniture Rental
Want to outfit your new ApartmentSearch.com apartment with stylish, affordable furniture? Learn more about CORT’s rental furniture options.
The Benefits of CORT Furniture Rental for Military Members
Are you a military service member moving to a new home? CORT Furniture Rental is easy & convenient. Learn more!
What Is the CORT Personal Service Guarantee?
Renting furniture for your apartment? Choose a company that respects its clients. CORT Furniture Rental is dedicated to upholding its Personal Service Guarantee.
Why Rent Furniture Instead of Buying New?
"What's the advantage of furniture rental vs. buying new? Here are some situations in which renting furniture may make more sense for you.

More Like This

A Guide to Apartment Lease Types
Don't know what type of apartment lease you need? ApartmentSearch.com goes over the different types of apartment leases to help you decide.
Checklist for Moving to Another Country
Moving internationally? From figuring out furniture to getting health insurance, here's what you need to know to make your move as simple as possible.
Choose the Best Movers
It doesn’t matter if you’re moving for the first time or hopefully the last; if you don’t plan accordingly, relocation can be a logistical nightmare.
How to Find a Handicap-Accessible Apartment
ApartmentSearch.com's guide to finding housing and apartments that are handicap-accessible. Your new home is waiting for you!
How to Read Apartment Ratings and Reviews: Can You Spot a Fake?
Learn how to spot a fake apartment review when searching for an apartment. ApartmentSearch.com offers tips for finding the right place to live.
How to Rent an Apartment with Bad Credit
If you have bad credit, you can still rent an apartment. Find out how to rent with bad credit at ApartmentSearch.com.
show more
Pros and Cons of Renting an Apartment vs. Buying a House
Trying to decide whether you should rent an apartment or buy a house? Use this pros & cons guide from ApartmentSearch.com to help.
Renting an Apartment Without US Citizenship
Renting an apartment in the U.S. when you’re on a visa or Green Card can be confusing! Learn how to rent an apartment without citizenship, with ApartmentSearch.
Renting Apartments and Credit: A Guide to Credit Scores and Reports
Learn more about why apartments check your credit score when you rent and what your credit score means at ApartmentSearch.com.
The Ultimate Apartment Moving Checklist
Moving apartments? Use this ultimate checklist to make sure you take care of everything necessary to make your move go smoothly.
Tips for Moving with Pets
Moving can be stressful for you & your pet! ApartmentSearch.com offers tips to make moving with your pet go more smoothly.
Top Questions to Ask on an Apartment Tour
Ask the right questions on your apartment tour, so you can find the perfect place to live. ApartmentSearch.com has compiled the top questions to ask the apartment guide.
What to Know When Relocating for Work
Relocating for work? The duo could make for serious stress, especially if you need to find an apartment for rent. Check out 5 tips for a smoother move.
What to Look for in an Apartment
Don't get overwhelmed by all of the different apartment options available! ApartmentSearch.com has put together a list so you know what to look for on an apartment tour.
Why Choose International Furniture Rental?
Moving internationally? Choose the CORT Global Network for international furniture rental packages & more. Click here & learn how!