How To Get Renters Insurance in 4 Easy Steps (2024)

×

When you’re ready to buy a renters insurance policy, follow these simple steps:

1. Estimate the value of your personal property

Take inventory of your belongings and estimate their total value. Go room to room in your home and take pictures of each item you would want cash value for if anything happened to your home. In addition to taking photos of these items, record any serial numbers that might be helpful to identify the item after a covered peril. You may want to capture video of your possessions as well.

Additionally, keep a list of the cost of each item. If you don’t know the cost of an item, look it up online or look up the cost of similar items. You’ll also want to include any receipts or appraisals you have for these items. Consider using an online home inventory tool or an inventory smartphone application to store this information.

2. Check with your landlord

There are three main reasons you’ll want to check with your landlord before gathering and comparing renters insurance quotes:

1. Most landlords will require you to purchase a policy with certain coverage limits. If they don’t, decide how much coverage to buy by comparing an insurance company’s offerings to your personal inventory. You may want to check with an insurance agent about any discounts they’re offering and have a discussion about their coverage options.
2. Your landlord’s insurance policy might cover certain items that you were considering adding to your policy for extra protection, so checking with them before adding any additional coverage can prevent you from spending money on unnecessary coverage.
3. Landlords and leasing offices often have partnerships with renters insurance companies in the area and can offer you a discount on your policy.

3. Understand what’s included in a policy

Review the terms and conditions of the policy you’re considering so you understand your coverage and plan pricing and aren’t surprised by any coverage limits or additional fees. This is also a good moment to determine how to file a claim with the company.

4. Gather quotes and compare policies

After meeting with your landlord, gather quotes from three to five renters insurance providers to compare pricing and coverage. Most quotes will include information about the coverage included in the policy you’ve selected.

Here’s what a typical renters insurance policy covers:

• Liability: Personal liability coverage protects you if someone gets injured on your property and it’s your fault. It can help pay for court judgments and other legal fees, as well as medical expenses that you can’t cover.
• Personal property:Renters insurance companies also provide personal property coverage, or personal possessions coverage. With this insurance coverage, you’ll receive compensation for your belongings should any damage, theft or vandalism affect them. This coverage also protects against normal perils that may damage your possessions, such as weather-related damage, fires, plumbing issues and electrical issues.
• Additional living expenses (loss of use):If a covered peril makes your apartment, condo or rental uninhabitable, your insurance company will cover any additional living expenses, such as hotel fees and meals, that you and your family might incur while your current residence is being repaired or reconstructed. This coverage may be called loss of use in your policy.

In general, the following perils are covered under renters insurance:

• Fire
• Smoke
• Lightning
• Windstorms and hail
• Water leaks
• Damage from snow, ice or sleet
• Damage from steam-heating or water-heating appliances
• Freezing of plumbing, heating and air conditioning
• Short circuit damage
• Explosions
• Theft and robbery
• Riots
• Vandalism
• Damage by a vehicle that is not your own
• Falling objects

• Car Insurance
• Homeowners Insurance
• Pet Insurance
• Travel Insurance
• Boat Insurance
• Home Appliance Insurance
• Dental Insurance

Through in-depth research of the industry, we determined the following factors and weights to rate each company by:

• Overall cost: 15/100
• Add-ons and discount options: 20/100
• Standard coverage: 17.5/100
• State availability: 5/100
• Support availability: 20/100
• Connectivity: 12.5/100
• Authority: 10/100

We used these rating factors to determine the best renters insurance companies to help with your decision when looking at policies. We routinely monitor and update data on a regular basis to ensure the reviews reflect the most up-to-date information and advice.

Alex Hawkins is an avid writer and researcher specializing in solar, pet insurance and home improvement. When he isn’t surveying homeowners to understand their pain points or speaking with professionals in the industries he covers, Alex can often be found creating videos for his YouTube channel, Analysis with Alex, or attending a heavy metal show.

Mark Carroll is a content director with more than a decade of writing and editing experience. He has researched and covered topics related to home finances, home improvement, and home products for MarketWatch, helping answer key consumer questions and connecting readers with the brands that meet their needs. Prior to his time in the home space, Mark worked in sports media as a news reporter and managing editor.

Mark Friedlander is Director, Corporate Communications, at the Insurance Information Institute (Triple-I), a New York-based nonprofit research and education organization focused on providing consumers with a better understanding of insurance. Mark serves as a national spokesperson for the Triple-I, handling a wide array of insurance industry media issues. His responsibilities also include spearheading the association’s hurricane season communications strategy and its member company support and media outreach in Florida, where he is based.