Renters Insurance

Quick Look

  • Most renters should get renters insurance
  • Renters insurance falls into four categories: Personal Property, Personal Liability, Medical Payments to Others, Loss of Use
  • Renter’s insurance is very reasonably priced

<< Understanding Basic Insurance Needs

Most Renters Need Renters Insurance

If you rent, getting renters insurance is generally a good idea. And while rates vary by state and location, according to QuoteWizard the national average in 2022 is $219 a year ($18.25 per month) making it quite reasonable.

Renters insurance can cover items like a bicycle and much more.

What does renters insurance cover?

Renters insurance coverage falls into four categories:

  • Personal Property – all the things you own including your electronics, furniture and more. If you have high-value items like jewelry, check with your insurer to make sure it’s covered; you may need to itemize or add extra coverage.

  • Personal Liability – if something bad happens to someone in a home you rent, this kicks in to help with associated legal costs.

  • Medical Payments to Others – if something bad happens to someone in a home you rent and they need help covering medical costs, this kicks in.

  • Loss of Use – if you can’t live in your rental property due to some form of damage, this kicks in to cover other expenses while you’re living elsewhere.

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