The renter's guide to renters insurance
What it covers, what it costs, and how to pick a policy in under 10 minutes.
Renters insurance is the cheapest legal protection you'll ever buy — usually $10–$20 a month — and it does three jobs your landlord's policy doesn't: it replaces your stuff, it pays for somewhere to sleep if your unit becomes uninhabitable, and it shields you from liability if a guest is injured in your apartment.
If your building requires proof of coverage (most do), you'll need a policy in place before keys are handed over.
What renters insurance actually covers
Three buckets: personal property (your belongings), liability (legal protection if someone is hurt in your unit), and loss-of-use (a hotel and meals if a fire or flood forces you out). Standard policies cover fire, theft, vandalism, smoke, and most water damage — but not floods or earthquakes, which need add-ons.
Coverage limits matter. A $15,000 personal property limit sounds like plenty until you tally up your laptop, bike, TV, and clothes. Walk through your apartment once and write down replacement costs — most renters under-insure by 30–50%.
How much should you pay?
The national median is $14/month for around $25,000 of property coverage and $100,000 of liability. Anything over $25/month for a basic policy is overpaying. Bundling with auto insurance typically saves 10–15%.
How leading renters insurance providers compare
Quotes vary by zip code and credit. Use this as a starting point, not a final price.
| Provider | Best for | Starts at | Highlight |
|---|---|---|---|
Lemonade Sponsored | Fast quotes, app-first claims | $5/mo | 90-second quote, instant proof of insurance |
State Farm | Bundling with auto | $12/mo | Largest agent network in the US |
GEICO | Drivers already with GEICO | $11/mo | Underwritten by Assurant, deep auto bundles |
Allstate | Customizable add-ons | $13/mo | Strong identity theft and electronics add-ons |
Frequently asked questions
- Is renters insurance required by law?
- No federal or state law requires renters insurance, but most modern leases now make it a contractual requirement. If your lease requires it, the landlord can demand proof and even terminate the lease if you don't comply.
- Does renters insurance cover roommates?
- Only if the roommate is named on the policy. Most insurers let you add a roommate for a small fee, but the cleanest setup is for each roommate to carry their own policy — that way claims and credit history don't get tangled.
- What's not covered by renters insurance?
- Standard policies exclude floods, earthquakes, intentional damage, and most business equipment. Bedbugs and mold are typically excluded too. High-value items (jewelry, cameras, bikes) need scheduled riders to be fully covered.
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