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Renters Insurance

There are more Americans renting today than there have been in the last 50 years. Considering that the average renter’s belongings often add up to over $20,000, renters insurance can mean the difference between financial security and bankruptcy. For the price of just a few coffees a month, renters insurance protects your possessions from theft, vandalism, and potential environmental hazards. Another reason to sign up? Renters insurance often protects you from liability if someone gets injured in your space.

Renters Insurance

There are more Americans renting today than there have been in the last 50 years. Considering that the average renter’s belongings often add up to over $20,000, renters insurance can mean the difference between financial security and bankruptcy. For the price of just a few coffees a month, renters insurance protects your possessions from theft, vandalism, and potential environmental hazards. Another reason to sign up? Renters insurance often protects you from liability if someone gets injured in your space.

The Quid Pick

Lemonade Renters Insurance

After assessing insights from every perspective that matters, from consumers and experts to brands and retailers, the results are in. Lemonade is disrupting the insurance industry with a groundbreakingly transparent business model. It takes a flat 20% fee for operations, handles claims super fast through AI technology (25% of claims are paid through the app in 3 seconds), and donates whatever unclaimed money is left over each year to charities chosen by its members. The company’s first annual “giveback” in 2017 resulted in $53,174 distributed to 14 charities, and this number is only expected to grow as more people sign up. Who ever thought fast, easy, and socially responsible would be used to describe an insurance company?

Quid Score

88

|

Lowest Price

$145

Top Ten Renters Insurance

The Quid Pick might not be ideal for everyone. Different people have different needs. Here are the Quiddity-approved Top 9 Renters Insurance.

Our methodology

Frequently Asked Questions

What is a deductible and a premium?

A deductible is what you pay out of pocket before your insurance kicks in. So if your deductible is $200 and you file a $1200 claim, your insurance company will pay you a maximum of $1000. The higher your deductible is, the less your total policy will cost—however, you will have to pay more out-of-pocket if an accident occurs. A premium is the fee you pay an insurance company for coverage.

What's included in a policy?

Standard renters insurance policies typically protect the following:

1. Personal property: your personal belongings, including furniture, clothes, electronics, bikes, and jewelry will typically be protected against fire, theft, hurricanes, and tornadoes.

2. Perils: an event that causes a loss and triggers the filing of a claim. Most renters insurance policies cover perils such as fire, wind, hail, burglary, and theft. Know that not all perils will be covered (flooding usually isn’t). Consult your policy.

3. Personal liability: covers damage you may cause to others and their belongings while they are visiting your home. It also protects you from liability if you accidentally damage a neighbor’s place. This coverage can often help cover legal costs in the event that you are sued.

4. Loss of use: occurs when your home is uninhabitable and covers living expenses incurred during the period of repair. For example, if a pipe bursts and floods the carpeted floors, you’d be forced to evacuate and could receive payment for hotel fees.

5. Off-premise theft: covers items stolen or damaged when they’re outside of your home. If your laptop gets stolen while you’re on vacation, this clause has your back.

6. Belongings stored off-site: an increasing number of renters are storing furniture, appliances, and bulky equipment in storage facilities, and a percentage of their value is covered in the event that they are damaged or stolen.

Consider adding floaters to your plan. Most insurance policies will only cover possessions up to a certain limit, so ask about additional floaters (a.k.a. “riders”) for your big-ticket treasures.

How much is renters insurance?

Most standard renters insurance policies offer $10-$12 monthly premiums.

Most of my belongings are inexpensive. Why do I need to insure them?

Though it may seem hard to believe, the average renter’s belongings typically add up to over $20,000. The cost of replacing damaged possessions or, worse, finding a new apartment can be crippling—for a small monthly premium, renters insurance is a worthy investment for any renter.

Will my renters insurance cover items stolen outside of my residence?

Yes! Most renters insurance policies protect your personal belongings wherever they happen to be when stolen or damaged, whether it’s inside your living room, at a coffee shop, or stowed away in a storage facility.

What perils are covered by renters insurance?

HO-4 is the technical term for renters insurance. As a “named perils” policy, the HO-4 explicitly lists the perils that it insures. It is industry standard for any given HO-4 policy to cover the following 16 perils, as detailed by Insure.com:

Fire or lightning Windstorm or hail Explosion Riot or civil commotion Damage caused by aircraft Damage caused by vehicles Smoke Vandalism or malicious mischief Theft Volcanic eruption Falling objects Weight of ice, snow, or sleet Accidental discharge or overflow of water or steam from within a plumbing, heating, air conditioning, or automatic fire-protective sprinkler system, or from a household appliance Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, an air conditioning or automatic fire-protective system Freezing of a plumbing, heating, air conditioning or automatic fire-protective sprinkler system, or of a household appliance Sudden and accidental damage from artificially generated electrical current (does not include loss to a tube, transistor or similar electronic component)

What doesn’t renters insurance cover?

Most policies won’t cover damage due to “earth movement,” which includes earthquakes, mudslides, and landslides. Other perils typically excluded are:

Floods War Nuclear hazard Neglect, meaning your failure to save your property at the time of loss or after. Intentional loss, meaning your intentional destruction of your property. Governmental action, such as seizure of your property.

What’s the difference between actual cash value and replacement cost value?

Companies calculate the replacement value of a damaged or stolen item in one of two ways: based on an actual cash value (ACV) or a replacement cost value (RCV) policy. ACV policies give you the amount you paid for an item, minus some amount for the depreciation it has incurred since its initial purchase. RCV policies calculate the value of stolen or damaged items based on their current market value without considering depreciation losses.

*Policies that operate on a replacement cost basis are more expensive, but almost always worth the extra cost for replacing expensive electronics and furniture that were purchased new.

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