Renters Insurance for Apartments: Full Guide

Locating a renters insurance policy that’s affordable and tailored to your apartment can be key to your happiness.

However, quotes vary depending on where you live, your insurance history and the coverage limits you choose. Here is all you need to know!

What is Renters Insurance for Apartments?

Renters insurance for apartments shields tenants from the costs of personal property damage or theft and legal liability.

Apartment renters insurance is likened to homeowners insurance, except it does not cover the building’s structure, which makes a renters policy considerably cheaper.

Here, your landlord is responsible for damage to your apartment building, and should have a landlord insurance plan to cover their expenses.

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Typical Renters Insurance Coverage

An apartment renters insurance policy covers damages to personal property, liability and loss of use or additional living costs.

You can customize your policy’s cost by altering any of the limits of your protections independently. The most common apartment renters insurance covers are:

Personal property insurance, which covers damage to your property from a covered loss, like fire or theft.
Personal liability insurance covers the expense of a lawsuit if someone is injured in your apartment, or you’re responsible for damaging their property.
Additional living expenses or loss of use coverage will cover your expenses if your apartment becomes uninhabitable. This includes moving costs, rent or hotel expenses and food costs if you’re unable to cook in your temporary abode.
Medical expenses pays a limited amount toward medical bills if a guest is wounded in your apartment.

Cheap Apartment Renters Insurance

The cheapest apartment insurance for you will differ based on where you live, your insurance history and the coverage options that you choose.

Generally, Lemonade and State Farm offer good prices and excellent customer service for apartment renters.

Lemonade

Lemonade is the best option for apartment insurance if you desire getting a quick, cheap online quote — the entire process takes less than three minutes.

Across all of the cities in our study, Lemonade also provides consistently inexpensive renters insurance for apartments. You can commonly purchase a $30,000 policy for around $15 a month.

Lemonade’s intuitive interface makes it easy to acquire a cheap policy by allowing you to customize your coverage.

After Lemonade’s chatbot-style artificial intelligence gathers your personal information, you’ll obtain a quote that you can adjust by changing your coverage limits.

Unfortunately, Lemonade is at present only available in 26 states and Washington, D.C.

If you’re a renter who resides in a state that doesn’t get coverage — like Florida, Idaho or Utah — you won’t be able to take advantage of its low rates.

State Farm

If you feel more comfortable working with a major insurance provider, State Farm proffers affordable coverage for apartment renters across all 50 states.

Generally, State Farm has the second cheapest average cost at $18 per month, or $217 per year.

State Farm is also a good pick for renters looking for other types of insurance, like a car, business or pet policy as they offer some of the cheapest car insurance rates in the country.

Additionally, State Farm grants the largest auto-renters bundling discount, and it stands at4.7%.

Cost of Renters Insurance for An Apartment

Renters insurance rates for an apartment fluctuate between $14 and $24 per month, and $228 per year on the average.

However, the cost of renters insurance varies depending on the amount and type of coverage you choose and where you reside.

Additionally, basic personal property protection doesn’t cover some items like costly jewelry or firearms.

Instead, they have separate limits, which comes in as a standard, that your insurer will pay if they are damaged.

Adjusting your coverage for these items or types of items by adding endorsements to your policy will raise the cost of your renters insurance.

Most apartment rental insurance policies do not cover damage caused by hazards like floods, earthquakes and sinkholes.

If you live in an area where these are common, you may like to buy extended protection at an extra cost. These types of extensions can be pricey.

For instance, the average cost of flood insurance from the National Flood Insurance Program is around $700 per year.

Apartment Insurance Cost by City

We compared renters insurance prices across 10 of the largest cities in the country and discovered that Lemonade is the cheapest provider of apartment renters insurance.

A policy with $30,000 of personal property coverage and $100,000 of liability coverage is $36 less annually than Lemonade’s cheapest competitor, State Farm.

Rates from Liberty Mutual are even cheaper than those from Lemonade, however the maximum amount of personal property coverage it provides is $25,000, so it may not be the best fit for renters with larger apartments or expensive items to insure.

While the amount of protection you purchase is one of the most vital determining factors of your price, it isn’t the only one.

Your insurance history and location will also influence your renters insurance rate. Therefore, we recommend comparing quotes from multiple companies to find the best policy for you.

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Take Home

Luckily, even a cheap renters insurance policy for your apartment can often provide you with enough protection.

However, it’s still important that you consider the amount of coverage you need to protect yourself and your belongings.

When buying insurance, you should create a home inventory to measure the cost of your belongings.

That way, you can ensure you have enough coverage to replace things if something happens to your property.

You should also consider how likely it is that you’ll face a lawsuit from someone else over an injury you’d be charged for.

Also, calculate how much money it would cost you to stay somewhere else if your apartment was rendered unlivable for an extended time.

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