How Much Is Renters Insurance, Really?

Renters insurance is a lot less expensive than you might imagine—in fact, a policy can be picked up for between $15 and $30 on average (NAIC.org)—which is a lot cheaper than most other forms of insurance. Yet according to a recent poll held by the Insurance Research Council, less than 50% of tenants decide to take out this essential coverage.

The reason for this is often because renters simply do not know that they need protection. They believe that their possessions are covered by their landlord’s insurance. Another common misconception is that people don’t believe their belongings are valuable enough to insure, but in reality even the least well-equipped apartment likely contains thousands of dollars worth of items when you include clothing, electronics, furniture and other items.

Renters Insurance Covers More Than Just Possessions

Renters insurance does not just proect your belongings. It also provides invaluable liability coverage, which could prevent you from being sued or made to pay someone’s medical expenses should they suffer an injury while on your property. This may sound unlikely, but if you have a party and one of your guests falls and sustains an injury, you could be liable for paying their hospital bills.

Another good reason for taking out this low-cost insurance is that it will pay for your living expenses should the property become unihabitable. This means that you will be able to afford an alternative place to stay, either at a hotel or temporary rental, until you are allowed back in.

Compare Quotes and Save

If you don't shop around and compare renters insurance quotes from multiple providers, you simply won't know if you're getting a good deal. Get a renters insurance comparison today.