You buy renters insurance by contacting an insurance company, telling them about your belongings, and paying a premium — usually monthly or annually
Renters insurance is not something you apply for through a government program. You purchase it directly from an insurance company, the same way you would buy car insurance. The process takes about 15 to 30 minutes, and you can do it online, by phone, or in person. Most renters policies cost between $10 and $25 per month, depending on how much coverage you choose and where you live.
You do not need permission from your landlord to buy renters insurance, though some landlords require it as a condition of the lease. You do not need to own anything specific or have a certain income. You just need to be the person renting the apartment or house, and you need to decide how much of your belongings you want the policy to cover.
Key Takeaways
- You buy renters insurance directly from an insurance company by phone, online, or in person — it is not a government program you apply for.
- The company will ask you to estimate the value of your belongings, and that number determines your monthly cost and how much they will pay if you have a loss.
- Most policies also cover liability (if someone is injured in your apartment and sues you) and additional living expenses if you cannot stay in your home after a covered loss.
- You can get quotes from multiple companies in minutes and compare prices before you buy.
- Policies typically start the day you purchase them, so you can have coverage within hours of deciding you want it.
Step 1: Decide How Much Coverage You Need
Before you contact an insurance company, estimate the value of your belongings. Walk through your apartment and think about what you own — furniture, electronics, clothes, kitchen items, books. Add up a rough total. This number is called your coverage limit or personal property coverage, and it is the maximum the insurance company will pay if your belongings are stolen or damaged.
Most renters policies offer coverage limits of $20,000, $30,000, or $40,000. If you live in a small apartment with basic furniture, $20,000 is often enough. If you have expensive electronics, a large wardrobe, or a lot of furniture, you may need $30,000 or more. The insurance company will ask you this question when you get a quote, so you do not have to be exact — a reasonable estimate is fine.
You should also think about whether you want replacement cost coverage or actual cash value. Replacement cost pays you what it would cost to buy your items new. Actual cash value pays you less, accounting for how old the items are. Replacement cost costs more per month but pays out more when you have a loss. Most people choose replacement cost.
Step 2: Gather Basic Information
When you contact an insurance company, they will ask for straightforward information: your name, address, phone number, and the date you want coverage to start. They will also ask whether you rent an apartment, a house, or a condo, and whether you live alone or with roommates.
Have your lease handy if you have one, though you do not need to provide it at the time of purchase. The insurance company may ask the name of your landlord or property management company, but this is optional information — they are not calling to verify anything. They are just building a record in case you need to file a claim later.
Step 3: Get Quotes from Multiple Companies
You do not have to buy from the first company you contact. Call or visit the websites of at least two or three insurers to compare prices. Major companies that sell renters insurance include State Farm, Allstate, Geico, Progressive, and Lemonade, but many regional and smaller companies also offer it. Some companies specialize in renters insurance and may have lower prices.
When you get a quote, the company will give you a monthly or annual price based on the coverage limit you chose and your location. Prices vary because different companies use different methods to calculate risk, and some offer discounts you may not know about. A company might charge less if you also have car insurance with them, if you pay annually instead of monthly, or if you have safety features like deadbolts or smoke detectors.
Write down the quotes you receive, including the coverage limit, the monthly cost, and any discounts mentioned. This makes it easy to compare before you decide.
Step 4: Choose a Company and Purchase
Once you have decided which company and which coverage level you want, you can buy the policy. Most companies let you complete the purchase online in a few minutes. You will enter your payment information (credit card, debit card, or bank account) and choose whether you want to pay monthly or annually. Some companies offer a small discount if you pay the full year upfront.
The company will send you a confirmation email with your policy number and a copy of your policy document. Read through the policy to understand what is covered and what is not. Most policies cover theft, fire, wind, and vandalism, but they do not cover damage from floods or earthquakes — you would need separate coverage for those.
Step 5: Keep Your Policy Information Safe
Save your policy number, your agent's contact information, and a copy of your policy document somewhere you can find it quickly. Many companies let you store these in an online account you can log into anytime. If you ever need to file a claim, you will need your policy number and a description of what was lost or damaged.
If your situation changes — you move to a new apartment, you buy expensive items, or you want to add coverage — contact your insurance company to update your policy. Most changes take effect immediately or within a day.
What Renters Insurance Covers Beyond Your Belongings
Most renters policies include two types of coverage beyond personal property. Liability coverage protects you if someone is injured in your apartment and sues you for medical bills or damages. For example, if a guest slips on your floor and breaks their arm, liability coverage pays their medical costs up to your policy limit (usually $100,000 or $300,000). You do not have to be at fault for this to apply — the policy covers you if you are found legally responsible.
The second type is additional living expenses (sometimes called loss of use). If a covered loss — like a fire — makes your apartment unlivable, this coverage pays for a hotel, meals, and other costs while you find a new place. It typically covers up to 20 or 30 percent of your personal property coverage limit.
Frequently Asked Questions
Can my landlord buy renters insurance for me?
No. Your landlord can require you to have renters insurance as a condition of your lease, but they cannot buy it for you. You must purchase it yourself. If your landlord says they will buy it for you, ask for the policy number and contact information so you can verify it is actually in your name and covers your belongings.
What if I do not have much stuff — is renters insurance still worth it?
Renters insurance is worth it mainly for liability coverage, not just for your belongings. If someone is injured in your apartment and sues you, you could owe thousands in medical bills or legal fees. Liability coverage protects you from that. At $10 to $15 per month, it is affordable protection even if your belongings are not worth much.
Do I need renters insurance if my landlord has insurance?
Yes. Your landlord's insurance covers the building and their liability, not your belongings or your liability. If your laptop is stolen or your guest is injured in your apartment, your landlord's policy will not pay for it. You need your own renters insurance.
Can I cancel my renters insurance anytime?
Yes. You can cancel most policies by calling your insurance company or logging into your online account. Some companies charge a small cancellation fee, but many do not. If you cancel mid-month, most companies refund the unused portion of your premium.
What happens if I move to a new apartment?
Contact your insurance company and give them your new address. They will update your policy, and your coverage will continue at the new place. Your monthly cost may change slightly depending on the new location, but you do not have to buy a new policy.