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Why More Americans Are Getting Renter’s Insurance

4 minute read

By Christopher Brown

Renter’s insurance provides peace of mind and financial protection on both sides of a lease. The number of Americans choosing to buy renter’s insurance is growing by the day, which we think is an unquestionably good thing. What was once often overlooked is now finally getting its due.

Today, we’ll take a look at why more Americans are getting renter’s insurance than ever before. We’ll dive deep into the benefits of these essential products and share a few of the most affordable policies available right now. Remember, as complicated as renter’s insurance can sometimes seem, you’re never more than a quick online search away from learning everything you need to know.

What is Renter’s Insurance?

Renter’s insurance is a type of insurance policy designed to protect those who rent their living space. It provides financial protection for renters’ personal belongings, and can also provide liability coverage in the event of accidents or injuries that occur on the rental property.

There are typically two main types of coverage that come with renter’s insurance policies: personal property coverage and liability coverage. Personal property coverage protects renters’ personal belongings in the event that they’re damaged, lost, or stolen. Liability coverage, on the other hand, provides protection in case someone is injured on the rental property and the renter is held responsible.

Renter’s Insurance Benefits

As we’ve already alluded, renter’s insurance is incredibly beneficial for landlords and renters both. In fact, we don’t have space to include them all. Some of the most impactful benefits of renter’s insurance include:

  • Protects personal belongings: It can offset the financial loss of personal belongings, such as electronics, furniture, and clothing, in the event of theft, fire, or other unexpected incidents.
  • Liability coverage: It can provide liability coverage in case someone is injured on the rental property and the renter is held responsible.
  • Coverage for natural disasters: Coverage can include protection in the event of natural disasters like floods, hurricanes, and earthquakes, which can provide renters with the financial protection they need in case of these types of emergencies.
  • Customizable coverage: Many renter’s insurance policies can be customized to fit the specific needs of renters, allowing them to choose the coverage options that work best for their situation.

More Americans are buying renter’s insurance for peace of mind alone. But, when you compare the value of coverage to the cost of an average policy, the case for renter’s insurance gets even stronger.

The Cost of Renter’s Insurance

You may look at the long list of benefits and coverage options and assume that renter’s insurance is a luxury that only the wealthy can afford. We assure you, that’s not the case at all. Again, landlords, property owners, and government regulators want you to get renter’s insurance, so policies need to be accessible. And accessible they are.

Depending on where you live and the size of your home, you may be able to purchase rental insurance for under $10 a month. Reputable insurance brokers offering the cheapest rental insurance policies include Nationwide, Lemonade, State Farm, Erie Insurance, and Farmers.

How to Get Renter’s Insurance

If you’re interested in getting renter’s insurance, the process is relatively straightforward. Here’s a step-by-step guide on how to get renter’s insurance:

  • Determine your coverage needs: Before you start shopping for renter’s insurance policies, it’s important to determine how much coverage you need. Consider the value of your personal belongings and any liability risks you may face.
  • Research insurance providers: There are many insurance providers that offer renter’s insurance policies, so it’s important to research your options. Look for providers that have good reviews, affordable prices, and customizable coverage options.
  • Get quotes: Once you’ve found a few insurance providers that you’re interested in, it’s a good idea to get quotes from them. Many providers offer online quotes, which can be quick and easy to obtain.
  • Compare coverage and prices: After you’ve received quotes from different insurance providers, compare their coverage options and prices. Look for policies that offer the coverage you need at a price that fits your budget.
  • Choose a policy: Once you’ve found a renter’s insurance policy that meets your needs, it’s time to sign up. Be sure to read the policy details carefully before signing to ensure that you understand the coverage and any limitations.
  • Pay for your policy: Most insurance providers allow you to pay for your renter’s insurance policy online or over the phone. Be sure to pay your premiums on time to keep your coverage active.

Protect Your Family

Even if your landlord doesn’t require renter’s insurance, it’s still a good idea to consider getting a policy. With the ease of online quotes and sign-up processes, and the relatively low cost of a renter’s insurance policy, getting started has never been easier or more accessible.

Want to learn more? We don’t blame you! We suggest searching online, and comparing local coverage options and prices to find the best policy that fits your needs and budget. By taking the time to research your options and investing in a renter’s insurance policy, you can ensure that you’re protected in the event of unexpected incidents and disasters.

Shutterstock: Robert Kneschke

Christopher Brown



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