Affordable peace of mind
Renters Insurance for Every Budget
Renters insurance protects your belongings and shields you from liability — usually for the price of a couple of coffees a month. Here's how it works.
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Quick answer
Renters insurance covers your personal belongings against theft, fire, and other covered losses, and provides liability protection if someone is injured in your rental. It does not cover the building itself — that’s the landlord’s policy — and it’s one of the most affordable policies you can buy.
What renters insurance covers
A renters policy protects you and your things, not the building you live in. The core coverages are:
- Personal property — replaces belongings damaged or stolen by covered events, at home or while traveling.
- Liability — covers legal and medical costs if a guest is injured or you accidentally damage someone’s property.
- Additional living expenses — pays for temporary housing if your rental becomes unlivable after a covered loss.
Why renters insurance is worth it
Many renters assume their landlord’s insurance protects their belongings — it does not. A landlord policy covers the structure, never your furniture, electronics, or clothing. For a small monthly premium, renters insurance replaces those items and adds valuable liability protection.
How much coverage do you need?
Estimate the value of your belongings to set your personal property limit, and consider replacement-cost coverage so you’re paid what it costs to buy items new. Liability limits are inexpensive to raise, and bundling with auto insurance can lower both premiums.
Compare renters insurance
Because renters policies are inexpensive, it’s tempting to skip shopping around — but rates still vary. Run a quick comparison. If you own your home instead, see our home insurance guide, and drivers can review cheap car insurance tips too.
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Frequently asked questions
Is renters insurance required?
It is not required by law, but many landlords require tenants to carry it as a condition of the lease. Even when optional, it is inexpensive protection for your belongings and liability.
Does renters insurance cover roommates?
Typically a policy covers only the named policyholder and their property. Roommates usually need their own policies unless they are added and the insurer allows it.
How much does renters insurance cost?
Renters insurance is among the most affordable policies available, often just a few dollars a month depending on your coverage limits, location, and deductible. Illustrative figures should not be treated as a quote.
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