What is renters insurance?

Q: How much is renters insurance?

Renters insurance is relatively inexpensive , whether you rent a single-family home, condo, duplex, or apartment unit. Plus, Progressive helps lower the cost of renters insurance by automatically applying the renters insurance discounts you qualify for during your quote.

Renters insurance may cover your personal belongings against damage and theft, plus additional living expenses, like groceries and lodging, if you're unable to live at your residence while it's being repaired because of a covered loss. Your renters policy also includes personal liability coverage if you're responsible for someone else's injuries or damages. Renters insurance won't cover the actual structure you live in — that's the responsibility of your landlord or rental company.

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Key takeaways

Renters policies cover your belongings, personal liability, and certain living expenses when a covered loss makes your residence unlivable
While renters insurance isn't mandated by law, a policy is relatively inexpensive and may be required by your rental company or landlord

What does renters insurance cover?

Here are the standard coverages on a renters insurance policy:

Personal property

Personal property coverage may cover your possessions — including electronics, clothing, furniture, and appliances you brought into your place — in case of loss or damage from a covered peril. Your possessions may be covered even if you're away from home when the loss occurs.

Example:Your unit is burglarized and your television and laptop are stolen. Personal property coverage may pay to replace the stolen items, up your coverage limit and minus your deductible.

Personal liability

Personal liability coverage may provide protection if a claim or lawsuit is brought against you for bodily injury or property damage that you may be responsible for.

Example:A visitor trips over your rug and is injured. Liability coverage may provide compensation, up to your coverage limit, for their injuries and provide you with legal defense if you're sued.

Medical payments to others

Medical payments to others may provide coverage if a guest is injured at your residence.

Example:A friend trips in your kitchen, is injured, and requires an x-ray to determine if their wrist is broken. Medical payments may pay for her medical costs, up to your coverage limit.

Loss of use

Loss of use coverage may pay for additional expenses you incur to maintain your normal household standard of living while your rental home is being repaired or rebuilt due to a covered loss.

Example:A fire makes your residence unsuitable to live in. Loss of use coverage may pay for a hotel stay and grocery costs above what you normally spend.

Find out more about renters insurance coverages, including optional personal injury and water backup, and how much renters insurance you need.

Pro Tip:

Insurers usually set limits on certain categories of personal property, known as "sub-limits." You can get additional coverage for an item that exceeds the sub-limit on your renters policy, such as an engagement ring, by adding a rider to your policy.

What does renters insurance not cover?

Renters insurance won't cover normal wear and tear, damage from flooding and natural disasters, or damage or losses that occurred before you bought the policy. Your renters insurance policy also won't cover damage and vandalism to the rental home or unit — covering the dwelling falls on your landlord or rental company.

If you have a roommate and they aren't listed as a named insured on your policy, then their belongings typically won't be covered under your renters policy. Learn more about how renters insurance works with roommates.

Do you need renters insurance?

Renters insurance isn't required by state law, but your landlord or rental office may require proof of a renters insurance policy before you can move in. Even if renters insurance is optional, protecting your belongings and having coverage for liability and loss of use can be critical if the unexpected happens.

How much is renters insurance?

Renters insurance is relatively inexpensive, whether you rent a single-family home, condo, duplex, or apartment unit. Plus, Progressive helps lower the cost of renters insurance by automatically applying the renters insurance discounts you qualify for during your quote.