Renters insurance covers your personal property and liability from covered losses. The coverage is quite affordable too, with an average cost of $19 per month. insurancetxs licensed agents can provide you with renters insurance quotes to get you started.
RENTERS INSURANCE RATES FROM POPULAR COMPANIES
| Insurance Provider | Average Yearly Renters Rates | Monthly Rate |
|---|---|---|
| Allstate | $372 | $31 |
| American Family | $289 | $24 |
| Farmers | $246 | $20 |
| Liberty Mutual | $285 | $24 |
| MetLife | $283 | $24 |
| Nationwide | $253 | $21 |
| Progressive | $305 | $25 |
| State Farm | $179 | $15 |
| Travelers | $217 | $18 |
| USAA | $186 | $15 |
Along with protecting your belongings, renters insurance can lead to discounts on other lines of insurance — namely, auto insurance. Consider bundling your renters and car insurance insurance policies to obtain a multi-policy discount. Bundling renters and auto policies can save you an average of $79 per year!
There are several ways to get renters insurance quotes, but the best option is to compare quotes from several companies at once. insurancetxs in-house insurance agency works with top carriers nationwide to sell renters insurance policies. Reach out to our knowledgeable agents so they can help you find the best coverage for your needs.
The average annual rate for a renters insurance policy is $233, or $19 per month. However, your rates will depend on several factors such as your address and the types of coverage and limits that you elect.
To provide an estimate, we used insurancetxs dynamic rate tool to compile average premiums for a variety of rates. We averaged personal property limits of $50,000 from top companies across the U.S
When comparing renters insurance quotes, it’s crucial to ensure you’re making an informed decision that balances cost with the coverage you need. Here are key steps to follow:
Assess Your Needs: Know the value of your belongings and the coverage you need (e.g., personal property, liability).
Get Multiple Quotes: insurancetxs recommends that you compare quotes from various insurers for a broad perspective. Our insurance agency can do this on your behalf.
Examine Coverage and Deductibles: Check the limits of coverage and the deductibles. Lower premiums might mean less coverage or higher out-of-pocket costs.
Look for Extra Features: Some policies offer additional protections like identity theft or living expense coverage.
Understand Exclusions: Be clear about what’s not covered, such as flood or earthquake damage.
Research the Insurer: Consider the company’s customer service reputation and financial stability.
Inquire About Discounts: Discounts might be available for security systems, non-smokers, or bundled policies.
In a typical HO-4 policy, renters insurance has four primary coverage options:
What is and isn’t covered by Renters Insurance
| Typically Covered by Renters Insurance | Typically Not Covered by Renters Insurance | |
|---|---|---|
| Personal property damage (fire, theft) | Property damage due to natural disasters (floods, earthquakes) | |
| Liability for injuries in your rental | Roommate’s belongings (unless specified in policy) | |
| Additional living expenses (hotel stays) | Automobiles and related items | |
| Medical payments for guests’ injuries | Damage from intentional acts or gross negligence | |
| Personal property away from home | Business equipment (professional use) | |
| Theft of or damage to rented items | High-value items beyond a certain limit (jewelry, art) without a rider | |
| Accidental damage to someone else’s property | Wear and tear or maintenance issues |
| Sub-limit | Property | Limitations |
|---|---|---|
| $200 | Money, coins, gold | |
| $1,500 | Jewelry, watches, furs | Theft only |
| $1,500 | Watercraft, trailers | Theft only |
| $2,500 | Firearms | |
| $2,500 | Silverware | |
| $2,500 | Business property | On-premises |
| $500 | Business property | Off-premises |
| Varies | Electronics |
Learn about the sub-limits on personal property coverage and get a more in-depth analysis of renters insurance coverage options.
dMost insurance providers will reimburse you for your personal property based on an actual cash basis — which deducts depreciation from your payout. However, replacement cost coverage reimburses you for the amount it would take to buy the same item at its current market value. Many insurance companies will allow you to add this coverage via an endorsement.