What is renter insurance?

Renter insurance doesn’t just protect your things, it protects you. As a renter you should be aware that you do run a risk of being held liable for another person’s injuries or damage to their property. Just like homeowners and condo owners, renters can suffer major financial setbacks from damaged possessions.

What does it cover?

Personal Property

Since you probably don’t have a magic credit card you could use to replace almost all your possessions at once (think furniture, electronics, clothing, tools, etc.), personal property coverage is there to do the job.

Liability

If someone says you’re a liability, they’re probably kidding. If they say you’re liable, that might be another story. Liability coverage pays defense costs and damages if you are liable for someone’s injuries or damaged property.

Medical Payments

Was a guest injured at your condo? Your condo insurance’s Medical Payments coverage is usually enough to cover the bill for a trip to the ER.

Loss of Use

Is there a breeze coming from the sky now instead of a ceiling fan? Loss-of-use coverage pays your temporary stay outside of your rental while it is being repaired from a covered loss. It can also cover moving expenses, additional gas mileage and eating at restaurants.

What are the risks?

Condo policies have a list things that could cause damage to your unit or possessions, called “Perils.” The most common ones are covered but you should be aware of the exclusions, in case you need to request a certain item be added by endorsement. For the perils of earthquake, flood or hurricane, you may need to get a second condo policy.

Perils Usually Covered

Fire and smoke
Lightning strikes
Windstorms and hail
Explosion
Vandalism and malicious mischief
Damage from an aircraft, car or vehicle
Theft
Falling objects
Weight of ice, snow or sleet
Water damage

Perils Usually Excluded

Earthquakes
Flood
Wear and tear
Mold
Maintenance issues
Insects or pests
Pet or animal

Get covered!

Find the right coverages with comparative quotes.

Questions? Call us!

(833) 534-1543

Questions? Call us!

(833) 534-1543

How much does renter insurance cost?

Renter insurance is reasonably priced, considering how robust the coverages are. The nationwide average for insurance is $180 per year (about $15 per month).

The costs will be different for you, depending on your situation. One factor that plays a big role is where you live:

Least expensive states
State
Average Annual Premium

North Dakota

$120

South Dakota

$123

Wisconsin

$134

Most expensive states
State
Average Annual Premium

Louisiana

$235

Oklahoma

$236

Mississippi

$258

What factors are used to calculate your homeowner insurance?

If there is one industry that is competitive, it’s insurance. The cost of your policy really is each insurance company’s best effort because they have to line up against their competitors every day. So you’re not only getting a fair deal—you’re also getting a good one.

The factors used to calculate insurance costs are:

  • Your credit history
  • Presence of hazards like pets or swimming pools
  • How much it will cost to replace your home
  • How much coverage you buy (personal property & liability)
  • Your deductibles
  • Bundling with auto
  • Risk of natural disasters in your area
  • Crime rates in your neighborhood
  • Crime rates in your neighborhood
  • Construction type of home
  • Age of home
  • Your history of filing insurance claims

Renter Insurance Discounts

Do yourself a favor and maximize your insurance discounts

Renter and auto bundle

Insurance companies give major discounts for bundling your property because it makes you less likely to switch later on. So don’t get too comfy—you should re-shop your insurance at least every few years.

Comparison shop

No two insurance companies are alike, so the easiest way to save is to get multiple quotes and choose the one with the best combination of coverages and price.

Protect it

Make your condo safer and your insurance cheaper at the same time with security features: smoke alarms, burglar alarms, and fire extinguishers.

Choosing the right deductibles

Not too fast, not too slow. Get your deductibles just right. Small increases in your deductible can make big changes in your insurance, but be careful you don’t overdo it.

Life events

Just got... whatever? Major changes in your life, such as: moving, having kids, or a marital status change, often impact your insurance. You should consider re-shopping after major life events.

Score with credit

It turns out credit scores aren’t just for getting loans. Insurance discounts are just one more reason to keep building your (financial) house.

Get covered!

Find the right coverages with comparative quotes.

Questions? Call us!

(833) 534-1543

Questions? Call us!

(833) 534-1543

Buyer Education

Want to learn more about renter insurance? Pop the hood and see how it runs!

Renter insurance coverages

It’s good to understand the nuances of your renter coverages: personal property, liability, medical payments and loss-of-use. Do you need to address any excluded coverages? Step one is learning what they are.

Renter insurance cost and discounts

Get savvy and learn the drivers of your renter insurance cost. Most people are overpaying for insurance by not taking advantage of all the discounts they could. Find where you can save!

How to buy renter insurance

Learn what information you will need to provide to get an insurance quote. Request an effective date several days in advance so you can cancel your current policy on the same day without any lapse in coverage.

Standard auto insurance

You have a daily driver, too. Learn more about the ins and outs of standard auto insurance, and how it is similar to classic/collector insurance.

Classic/
collector vehicle insurance

Learn how the liability and uninsured motorist coverages are the same but your vehicle’s value in collision and comprehensive coverages is different. Classic/collector vehicle insurance also gives you some bells and whistles you’ll appreciate.

Umbrella insurance

Ever wonder what you would do if you become liable for more than your condo or auto insurance limits will cover? Umbrella insurance is an inexpensive product that drastically increases your liability protection, and gives you a few coverages you won’t get anywhere else.

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