Best Apartment Renters Insurance

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Contributor, Benzinga
May 27, 2024

Did you know most of our readers prefer to work with Lemonade for their renters insurance needs?

Did you know that even if you live in an apartment, you still need insurance? It’s true! If you’re renting an apartment, your landlord has a policy on the building, but that won’t protect any of your personal belongings inside your apartment. Benzinga has put together this guide to help you find the best apartment renters insurance.

Quick Look: Best Apartment Renters Insurance

6 Best Apartment Renters Insurance

When looking for the best apartment renters insurance, it's a good idea to get quotes and shop around for the best coverage at the best price. Here are a few of our favorites to get you started.

1. Best for Digital Sign Up: Lemonade

Did you know most of our readers prefer to work with Lemonade for their renters insurance needs?

Lemonade is a newer insurance company, however they do tend to offer some of the most affordable renters insurance policies.

This online-only insurance provider advertises rates that start as low as $5 per month, and you can use Lemonade’s mobile app for everything from adding a person to your renters policy to uploading a video to explain your claim.

Lemonade offers fast, easy renters insurance coverages through their seamless application and claims process. Get personal property and liability protection with Lemonade Renters Insurance.

Lemonade Renters is currently available in the following states: Arizona, Arkansas, California, Colorado, Connecticut, District Of Columbia, Florida, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, Washington, and Wisconsin.

Pros

  • Affordable premiums
  • Quick and easy online application process
  • Wide coverage options for personal belongings, liability, and additional living expenses
  • Excellent customer service with a hassle-free claim process
  • Lemonade donates unused premiums to charitable causes

Cons

  • Limited availability in certain states
  • Some coverage limits may not be sufficient for high-value items
  • No physical branch locations for in-person assistance
  • Limited coverage for certain types of damage or events (e.g. floods, earthquakes) may require additional insurance policies

2. Best for People with Side Hustles: Toggle

Toggle offers coverage you don’t typically find with renters insurance, including coverage for side hustles and its associated equipment or inventory. It also offers access to Credit Lift℠, a service that reports your rent and utility payments to credit bureaus so you can improve your credit score.

Toggle’s customer service representatives are readily available via chat,with extensive customer service hours. You can reach a representative from 9 a.m. to 12 a.m. EST Monday through Friday and 10 a.m. to 9 p.m. EST on Saturdays.

It also offers an online claims process, so it’s easy to file and track what’s happening with your claims.

Toggle is currently available in the following states: Arizona, Arkansas, California, Colorado, District of Columbia, Georgia, Indiana, Illinois, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Minnesota, Missouri, Nebraska, Nevada, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington and Wisconsin.

Pros

  • Affordable monthly premiums
  • Comprehensive coverage for personal belongings
  • Options for customizable coverage and add-ons
  • Quick and easy online application and policy management process

Cons

  • Limited coverage for high-value items such as jewelry or artwork
  • May require additional policies for specialized items or businesses conducted at home
  • Certain natural disasters or events may not be covered
  • May have deductibles or limits on reimbursed amounts

3. Best for Existing Policyholders: State Farm

State Farm is available to renters nationwide. Before your policy expires, you can simply transfer your policy to your new apartment without worry. State Farm’s local insurance agents can help you navigate the claims process and answer questions in person.

It also offers discounts on renters insurance products if you combine with an auto insurance policy. In addition, if you install a smoke detector or another type of security device, you may be eligible for a discount.

Pros

  • Provides coverage for personal belongings in case of theft, damage, or loss
  • Offers liability coverage in case someone is injured in your rented property
  • Can provide additional living expenses if your rented property becomes uninhabitable
  • Offers peace of mind and financial protection for unexpected events

Cons

  • Cost of monthly premiums
  • May have limitations and exclusions in coverage
  • May require additional riders or endorsements for specific valuable items
  • Claims process may be time-consuming and require documentation

4. Best for Customizable Policies: Nationwide

Nationwide offers reliable standard coverage, but it’s also a good option if you need a little more protection from your renters insurance policy. For example, if you live in an area prone to earthquakes, you may want to add earthquake coverage.

If you keep valuable items in your vehicle, extend your coverage so you can be reimbursed if your belongings are stolen. Nationwide also offers coverage for valuables such as expensive art and jewelry. You may be able to receive discounts from Nationwide if you’re claims-free over a certain period of time.

Pros

  • Affordable and cost-effective coverage
  • Provides personal and liability protection for accidents that occur in the rented property
  • May cover additional living expenses if the rented property becomes uninhabitable
  • Offers optional add-ons for extra coverage, such as electronics or jewelry protection

Cons

  • May have a deductible that needs to be paid before coverage kicks in
  • Limited coverage for high-value items such as fine art or collectibles
  • May not cover damage caused by certain events like floods or earthquakes (may require additional coverage)
  • Coverage limits may not fully reimburse the cost of replacing belongings
  • Premiums may increase over time, especially after filing a claim

5. Best for High-Value Items: Allstate

Standard coverage from Allstate includes personal property, personal liability and additional living expenses. You can also choose to add coverage for floods, identity theft and more. One of the best things about Allstate is the discounts that it offers. You can receive a discount for purchasing multiple policies. If you install a security system or smoke detectors, you may be eligible for up to a 15% discount on your premium.

You can also receive discounts for signing up for auto-withdrawal payments or not filing a claim over a set period of time. Also, if you are a member of the U.S. military or you’re 55 or older, you may be eligible for more discounts.

Pros

  • Provides standard coverage for personal property, liability and additional living expenses
  • Covers personal property even outside the rented property
  • Discounts are available for members of the U.S. military, individuals aged 55 and older, and those who have not filed a claim for a certain period of time

Cons

  • May have coverage limits that may not fully cover the value of expensive belongings
  • May require detailed documentation and proof of ownership for claims
  • Not all types of damage or incidents may be covered

6. Best for Jetty Properties: Jetty

If you’ve considered listing your apartment on Airbnb to make extra money, make sure your renters insurance policy can cover you. Jetty offers a special coverage option for this situation called Airbnb Host Theft Protection. This additional coverage can expand your renters insurance coverage to include your Airbnb guests.

Pros

  • Offers additional coverage for Airbnb guests
  • Affordable premiums with flexible payment options
  • Excellent customer service and support

Cons

  • May have coverage limits for high-value items, such as jewelry or electronics
  • Deductibles may apply, requiring the policyholder to pay a certain amount before coverage kicks in
  • Coverage options and availability may vary based on location and other factors
  • Claims process may require documentation and evidence, which can be time-consuming

Renters Insurance: An Overview

Renters insurance is a type of home insurance product. Your landlord must carry apartment owners insurance, which covers the repair or replacement cost of the building itself when damage occurs.

However, your landlord’s policy does nothing to protect your personal property if damage occurs in your apartment. Required or not, renters insurance is a sound financial decision — it’s your responsibility to protect yourself. In many cases, your landlord or apartment manager may even require you to have a renters insurance policy before handing over the keys!

Like any insurance product, renters insurance policies require you to understand basic insurance terms.

  • The premium is the amount of money you pay for your renters insurance policy. Paying your premium keeps your policy active, so don’t let it slip your mind.
  • Your deductible is the cost you must pay out of pocket before your insurance company will reimburse you.
  • The liability limit is the maximum amount your insurance company will pay for each type of coverage.

What Does Apartment Renters Insurance Cover?

Your landlord has a landlord insurance policy, and renters insurance is designed to protect you as a renter. You know you may need a policy because it may be required, but even if it’s not, renters insurance is worth the investment. It will help you cover the financial strain of replacing your personal items when damage occurs in your apartment. A standard renters insurance policy covers the following.

Personal Property

Personal property policies cover personal belongings inside your apartment. There’s a good chance your belongings will be damaged if a fire or flood affects the building. Renters insurance can help cover the cost by reimbursing you for the repair or replacement of your belongings. When you enroll, make a list of everything you own and its value. If and when a loss occurs, your claims adjuster will require a list like this before the claim is paid.

Additional Living Expenses

Your daily living expense sare covered if your apartment is damaged to the point you can’t live there. This is common if your building has a fire or severe flood or water damage. Your renters insurance can then help cover your living expenses like a hotel stay. Additional living expenses can also include things like meals out or laundromat use — any day-to-day part of your life affected by the loss of your apartment.

Personal Liability

Personal liability is often included in renters insurance and can help protect you financially during a lawsuit. If guests injure themselves at your apartment, they may decide to hold you responsible. Your personal liability coverage can help cover the costs of defending yourself against this lawsuit. You may also be able to use this coverage if you damage someone else’s property and you are sued.

Medical Payments

If someone is injured at your apartment, your renters insurance will help cover their medical expenses and care.

Damage to Others’ Property

Renters insurance can cover the cost of replacing borrowed items you damage or break — as long as it occurs in your apartment.

You can also add specialized coverage to your renters insurance policy, such as:

  • Water sewer backup to help replace items damaged due to sewer and drain backup
  • Extra coverage for expensive personal items such as electronics and jewelry

Average Premiums for Apartment Renters Insurance

In 2021, the average renters insurance premium in the U.S. was just $170. However, premium costs can vary, and the quickest way to find out is to get a renters insurance quote. Factors that can affect the premium for your renters policy:

  • Where you live
  • The level of coverage you want
  • Your deductibles
  • Your credit
  • Past claims on your insurance policies
  • Pet ownership

Get the Best Apartment Renters Insurance

There’s no question — required or not, renters insurance is necessary. For a minimal monthly premium, you’ll have peace of mind knowing you and your personal belongings are covered if your apartment suffers damage. Get a renters insurance quote online to find the best policy for you.

Continue reading: How Much Renters Insurance Do I Need?

Frequently Asked Questions

Q

Is renters insurance worth it?

A

Renters insurance is definitely worth it. While it may seem like an additional expense, it provides valuable protection for your personal belongings in the event of theft, fire, or other covered losses. It gives you peace of mind knowing that you are financially protected against unexpected events and can save you from significant financial losses.

Q

What is typically covered by renters insurance?

A

Typically, renters insurance covers personal belongings, liability protection, additional living expenses, and medical payments for guests. It provides coverage for events such as theft, fire, vandalism, and certain natural disasters. It is important to carefully review the policy to understand the specific coverage and any limitations or exclusions.

Q

How much do most people pay for renters insurance?

A

The cost of renters insurance can vary depending on various factors such as the location, coverage limits, and personal circumstances. On average, most people can expect to pay around $15 to $30 per month for renters insurance. However, it is important to note that this is just an estimate. It is always recommended to shop around and compare renters insurance quotes from different providers to find the best coverage at an affordable price.

Get Protection Now

Lemonade offers fast, easy coverage through their seamless application and claims process. Get personal property and liability protection with Lemonade Renters Insurance.

Ashley Hart

About Ashley Hart

Ashley Hart is a personal finance writer passionate about helping people feel empowered to take control of their finances. She has more than eight years of writing experience, focused on insurance.