What You Must Know Before Buying Renters Insurance

Finding the best renters insurance should not be a chore for many. Thankfully, getting yourself a renters insurance won’t suck the life out of your bank balance. For people who are looking to grab one, worry not, it’s an incredibly cheap policy to buy. Plus, there are several professional insurers which the industry has done their surveys. These insurers have a good track record, pleasing customers along the process.


The contents of this article will explain everything related to renters insurance in great detail. Along with the explanation, it will also cover what and how much the policy covers, and who can benefit from it. Furthermore, the article will also list down the companies which got excellent feedback and high marks from the public, and how you can check and identify what renters insurance companies are the best to grab.


Knowing the details of renters insurance

Being a renter gives off the impression that even a landlord’s home insurance policy can cover your personal property. That’s a definite misconception.


When you’re a renter, there’s a misconception that your landlord’s home insurance policy also covers your personal property. Unfortunately, that’s not usually the case.


“In general, landlords are not responsible for your belongings,” says Clark Howard, who is a certified money expert known to most. He continues, “The sole exception is in the case of ‘negligence’ on the part of the landlord, which is very hard to prove in a court of law. So you’re on the hook if your belongings are stolen, damaged or destroyed in a fire. That’s where renters insurance comes in.”


What is renters insurance?

Renters insurance is an insurance policy which both mainstream insurance companies and newer fintech players suggest to people. These companies usually offer policies to people who don’t possess any property in their name. The policy secures you and your possessions from impending troubles. Some of these are the following examples:


  • Theft
  • Water damage
  • Vandalism
  • Fire
  • Smoke
  • Lightning


How much does renters insurance cost?

According to The National Association of Insurance Commissioners, around $15 to $30 a month would be the cost of a renters insurance. The insurance will be based on where you live, how large of a property you rent, and how valuable your belongings are.


Who needs renters insurance?

It is required by a majority of large property managers who own several complexes. On another note, college students also need renters insurance, especially those who live in off-campus housing.


Best renters insurance companies


CarrierScore on a 1,000-point scale
Auto Club of Southern California Insurance Group845
Erie Insurance842