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Compare Renters Insurance Rates
Learn more about the factors that dictate your renters insurance rates, compare top insurers, and save.
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Renters Insurance Coverage
Renters insurance helps protect yourself and your belongings if you experience the unexpected. A landlord's insurance policy covers the building, but not your personal items. If you rent an apartment, condo, house, etc., you need renters insurance. Take the next step to protect what you care about by getting a renters insurance quote today.
What is renters insurance?
A Renters Insurance policy through Goods Insured provides affordable coverage for yourself and your personal belongings In a typical HO-4 policy, your renter's insurance will have 4 main coverage options: your liability, your personal property, your additional living expenses, and medical payments to others. As we stated, all renter's insurance policies are named peril policies — meaning your policy will cover you for the threats specifically listed on your policy.
Fire
Lightning
Wind
Hail
Explosions
Civil unrest
Aircraft
Vehicles
Smoke
Vandalism or malicious mischief
Theft
Volcanic eruption
Falling objects
Weight of snow, ice, or sleet
Accidental discharge or overflow of water or steam from an appliance, or a plumbing, heating, or air conditioning systems
Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water system, an air conditioning, or automatic fire-protection system
Short-circuit damage caused by electrical appliances
What is covered by renters insurance?
Commonly covered items include:
Electronics and appliances
Furniture and clothing
Extra expenses if property is uninhabitable due to a covered loss
Accidental damage to someone else's property
Medical expenses and/or legal fees if someone is injured on your property
Home Security Systems
If you live in a building with security staff or if you installed a burglar alarm on the property, your wallet could feel more secure with another discount.
Sprinklers or Smoke Alarms
Smoke alarms save lives and could save you money with a discount on renters insurance. Same goes for fire extinguishers.
What does renters insurance not cover?
It’s important to keep in mind the events renters insurance does not cover. Renters insurance doesn't protect anything you don’t own. The structural aspects of your apartment or home aren't covered by renters insurance, only your belongings. Renters insurance also doesn’t cover damages caused by earthquakes or floods.
Do I need renters insurance?
Renters insurance isn't legally required. But, certain apartment complexes and landlords may require it. Either way, it's always a good idea to get renters insurance to cover your stuff.
The average renter has nearly $28,000 in personal property.
What your landlord's insurance covers
It's likely covered under your landlord's property Insurance if:
Your roof, ceiling, or walls are damaged from weather-related issues
A pipe bursts
Your home is defaced
Your lawn/garden/tree is vandalized
How renters insurance is priced
These factors and more can impact your price.
Location: A safer area with less crime means a lower cost.
What you're renting: Typically renting an apartment is more affordable than a condo or home because theft is not as common.
Number of units in your building: More units often means a lower price
What impacts the price of renters insurance
Location
The crime rate in your ZIP code will significantly influence your rate, as insurance companies use it to determine your risk of theft losses.
Type of residence
The kind of structure you're renting may play a part in how much you pay. Renting a single-family home, duplex, or condo will be costlier than renting an apartment.
Credit and insurance score
Some renters insurance companies may use an insurance score in some states. Your insurance score is generally calculated from information on your credit report. Insurers value this information because data suggests a correlation between credit history and insurance risk.
Dogs
Since you could be sued if your dog bites someone, certain breeds may raise your renters insurance rate or even disqualify you from getting a policy.
How your deductible works
Unlike health insurance, there's no such thing as meeting your annual renters or homeowners deductible. Instead your deductible applies for most claims, no matter how many you have per year. Also, your insurance company only pays for damages above your deductible. That means if you have $500 in damage and a $1,000 deductible, you're paying for everything out of pocket.
If your home is completely destroyed (called a total loss), your insurer will give you a payment for the full amount of dwelling coverage on your policy, minus your deductible.
Get a personal property value estimate.
Whether you live in a home, apartment, or condo, personal property coverage is one of the most important aspects of your insurance. It's essential to be knowledgeable about accurate replacement costs so we can best serve you in the event of a covered loss.
Most people don't realize what their belongings are worth and your household possessions have a good chance of being more valuable than you think!
