Pennsylvania Renters Insurance (2024)

FAQs

What are 2 reasons people typically do not get renters insurance? ›

Landlords have property insurance, but those policies are designed to cover the building, rather than your personal items. Many renters don't purchase renter's insurance, either because they don't think it is necessary or believe they are covered under the landlord's policy.

Is renters insurance required in Pennsylvania? Renters insurance isn't required by Pennsylvania law, but your landlord or building management company may require that you obtain a renters policy before you can move in.

Cheapest renters insurance companies in Pennsylvania

The average cost of renters insurance in Pennsylvania is $21 per month for $30,000 of coverage to replace the items in your home. This is cheaper than the average cost of renters coverage in the U.S., which is $23 per month.

A lower credit score may lead to a higher renters insurance premium because it's associated with a higher risk of claims. Conversely, a higher credit score can help reduce your premium by demonstrating lower risk.

Your personal property, personal liability, additional living expenses, and guest medical expenses are usually covered under your renters insurance. It typically does not cover earthquakes, floods, bedbugs, mold, or damage to the exterior of the building.

Without a renters policy in place, damage or injury from a gathering gone wrong could be your responsibility. Renters insurance can help protect a landlord against tenant negligence. Tenant negligence can take many forms, ranging from a kitchen fire while cooking to water damage from an overflowing tub.

We're glad you asked! Lemonade's renters insurance is available in 28 states plus Washington, D.C., and we're still growing. Check out the availability of our renters insurance and other products.

Negligence Law in Pennsylvania

Liability insurance is not mandatory for landlords in the state. However, the hefty financial burden one incurs when liable for negligence makes it a critical feature of any policy.

You need a Rental License to rent out dwelling, rooming, or sleeping units to tenants. This can include residential dwellings and units, rooms in a home, dormitories, and certain visitor accommodations. One license can cover all units in a single building.

The average cost of renters insurance is about $15 to $20 per month¹. However, what you end up paying depends on a number of factors.

How much is renters insurance in NJ? ›

The average cost of renters insurance in New Jersey is $11.79 which is lower than the national average of $14.27 per year. Our top rated renters insurance companies in the state have average monthly premiums ranging from $6.63 to $21.16, but the cost you pay will differ greatly based on location.

What is the most common amount of renters insurance coverage? Renters insurance commonly covers around $30,000 in property damage and $100,000 in liability coverage.

What are the most common renters insurance deductible options? When it comes to renters insurance deductibles, "the most common deductible is $500," according to SafeHome.org. Other common deductible amounts are $250, $1,000, and $1,500.

Terminating your policy because you just used it as a requirement for a lease could lead to non-compliance with your agreement. This could potentially result in the termination of your lease. Beyond this, you'll expose yourself to financial risks by not having renters insurance coverage.

55%: 55% of renter-occupied homes across the United States have renters insurance. 45 million: Across the United States there are roughly 45 million renter-occupied homes. 25 million: Of the 45 million tenant occupied homes, more than 25 million of them have renters insurance.

Additional Expense. One of the main cons of getting renters insurance is that it can be an added expense for tenants already paying rent and other living expenses. This can be a deterrent for some tenants who may feel that they cannot afford the additional cost of a renters insurance policy.

The cost of renters insurance depends on several factors like your location, policy deductible, total amount of coverage, and insurance carrier. Renters insurance not only pays for damage to or loss of your personal property, but it also includes personal liability, medical payments, and loss of use coverage.

Renters insurance protects your belongings from loss, damage, or destruction following things like burglaries, fires, tornadoes and other covered events. Plus, renters insurance also protects your liability (and your money) if someone is injured at your rental home or apartment.