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Best Renters Insurance for 2016

Who offers the best cheap renters insurance?

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Cheap Renters Insurance

Renters insurance is similar to home insurance, with the distinction that the insured in this case is not a property owner but a tenant. Another difference lies in the fact that renters insurance does not cover the structure of the apartment, although it is not uncommon to see a renters insurance company providing coverage for minor modifications made by the tenant.

Only about a third of renters have insurance. However, in the event that an accident or natural disaster causes damage to your home as a renter, renter's insurance can help cover some costs. Not costs associated with the building itself, but anything that belongs to the renter may be covered.

Best Renters Insurance: What to Consider

While browsing the various providers, make sure they have the following features:

  • Affordable Premiums. This will vary depending on your monthly income and expenses.
  • Simple Claims Processing. This can be a grueling process if the company doesn't work with you to expedite results and get your claim taken care of.
  • Competitive Insurance Quotes. Insurance companies will match competitor rates if you mention it during a quote.
  • Discount Bundles-Does the provider offer a discount if you bundle a policy with your car insurance?
  • Customer Service-Telephone or email support for questions and inquiries.

To figure out the best renters insurance companies, contact an independent insurance broker, shop around, and inquire with the companies directly.

Compare Renters Insurance

In the market of renter's insurance, some names are more trusted than others; and for good reason, too! Here is a brief look at the top 5 providers, and why they are known throughout the industry for their standout services. These brands are particularly popular for rental insurance, and it is always advisable to have a look at all the offerings presented to you to compare their services. The more aware you are of your options, the better decisions you'll be able to make in choosing a provider. One of the best ways to compare between companies is to get a variety of quotes and start from there.

Who Needs Renter's Insurance?

In basic terms, anyone who is renting a home or an apartment should have renter's insurance; no getting around it. College students, young professionals, and seniors are some of the largest demographics of renters, so if you fall into one of these categories, or know someone who does, having a policy for protection losses is of utmost importance. If your possessions are of value to you, protecting them is a necessity. It is a common misconception among renters to assume that their landlords protect them individually with rental insurance, however, this is not reality in the majority of cases; renter's insurance would not exist otherwise! In any case, if you rent, make sure you protect your assets!

What Kinds of Coverage Do You Need?

Most importantly, you need to assess how much and what kinds of coverage you need, realistically. Overestimating your coverage needs can cause you to have to pay for services you don't need. Underestimating can be way worse, however, because if you find yourself in a situation where losses occur, you may end up dealing with setbacks you never expected; the complete antithesis to having renter's insurance in the first place.

Cheap Renters Insurance: Things to Keep In Mind

When examining possible renter's insurance providers, here are some of the most important features to consider. Considering this is most likely going to be a long-term commitment, and an investment in your personal property, it's highly recommended that you choose wisely.

Choosing the Right Rental Property Insurance for Your Budget

Go for premiums that are affordable. Obviously, this varies from person to person, and individual attributes must be taken into account. Your personal monthly income and your expenses are the main focus here; you've got to be able to afford the coverage. Luckily, in today's day and age of being able to compare the levels of coverage and premiums across a variety of brands, and finding the right coverage at the right price should not prove to be too difficult.

The Best Renters Insurance Companies

Liberty Mutual Renters Insurance

  • Pros
  • Company has a strong financial rating
  • Easy & fast application process
  • Customer service available 24/7
  • Manage your account online
  • Competitive renters insurance quotes
  • Cons
  • Premiums can be pricey, depending on your residence area, property type and coverage options added

Liberty Mutual. A leading name in the industry, one of the benefits of Liberty Mutual's renters insurance is their availability throughout all 50 states, and they allow you to pay monthly without an additional fee. The low $100 deductible covers items such as Smartphones and personal home computers. Coverage is also available for off-premise items. One of the benefits of their excellent customer service is that email support is offered for total convenience.

Allstate Renters Insurance

  • Pros
  • Insures various types of incidents
  • Account opening is fast and easy
  • Comprehensive standard coverage.
  • Provides reduced premiums
  • Online account management
  • Cons
  • Availability and qualifications may vary state to state

Allstate. A great, reliable brand that has been around a really, really long time, Allstate is known for excellent coverage and top-notch customer service with an excellent track history of superb communication with their customers, offering countless help and support options. They have a surefire reputation for quality and reliability; however they do not offer as many discounts as other companies in the same market. Deductibles as low as $250 are certainly appealing, and coverage is generally pretty easy to obtain. Some of the best features offered are Allstate's Digital Locker app, which helps you to manage your policy from all angles, from the convenience of your Smartphone, and their coverage calculator, which is a great tool to use to determine the values of your possessions.

USAA Renters Insurance

  • Pros
  • Affordable rates
  • Excellent customer service
  • Some great discounts available
  • Cons
  • Only available to service members and their family

USAA. A top-rated company that gets rave reviews from their customers, USAA is all about conveniently getting the job done, taking care of customers' needs, and handling issues in an efficient manner. They offer replacement cost coverage, covering a vast majority of items, and quotes are personalized to fit the varying needs of individuals. USAA also offers coverage for active service members, including those living on base. Renter's insurance coverage from USAA is among the best out there.

Esurance Renters Insurance

  • Pros
  • Excellent 24 hour customer service
  • Policies cover off premises belongings
  • User-friendly online platforms
  • Affordable coverage
  • Cons
  • Coverages are not as deep as some providers

Esurance is one of the most popular brands of insurance around, particularly in the area of car insurance; however, they've made a name for themselves extending into a range of other types of coverage. They are known for their reliable reputation and having policies that are easily purchased online, very quickly, and with rates as low as possible.

Farmers Renters Insurance

  • Pros
  • Competitive insurance rates
  • Online quote tool
  • Flexible premium payment terms
  • Adjustable coverage
  • Bundling discounts
  • Cons
  • Quote tool limited to 19 states
  • High premiums in certain states
  • No live chat

Farmers is a big name in insurance and their renters insurance options are a solid choice when shopping for coverage. They offer affordable premiums and flexible payment terms, which make them an attractive option for many renters. They also offer other types of insurance (like fire and flood) and the ability to bundle them all together for a full coverage package.

Best Renters Insurance Companies That Prioritize Your Needs

Efficient processing of claims is so very important. Your time, money, and situation need to be handled with proper attention, and when you are in a situation that demands immediate attention, you need to be put first. It certainly amounts to a better experience if the insurance company makes it a priority to handle your needs in an expedited fashion. Your claims should be given the proper attention they deserve, and if a provider cannot handle your needs effectively, it will be a much more difficult experience on you.

You are probably well aware, whether from reading up on company reviews or from your own experience, that some insurance companies are more relaxed than others in their sense of urgency when handling emergencies and customer claims. It is, therefore, imperative to work with a company that will process your claim in the fastest amount of time possible, with the absolute minimal inconvenience to you.

Renters Insurance Comparison - Get Cheap Competitive Quotes

Companies are willing to compete for your business; that's how important it is. It is quite common for some renter's insurance companies to match the rates of their competitors if you (wisely) mention it during a quote. In which case, it is smart to do your research thoroughly, and get acquainted with as many companies as you can, to see how your needs can be met in the best manner. Getting the best price for your needs is essential.

Top Renters Insurance - Take Advantage of Discount Bundles

Is the insurance provider you are looking at known to offer discounts for service bundles? Some companies offer discounts if you opt to bundle your rental insurance policy with another service, such as car insurance. Bundling allows you the convenience of having all of your policies in one place, and the option to save a decent amount of money in the process.

Customer Service: Does This Provider Offer Telephone & Email Support for Questions, Concerns, and Inquiries?

How does a company take care of your needs when they arise? If an insurance provider cannot handle the basic task of communication at an effective level with you, that's a warning sign right there. This is an absolute no-brainer in today's day and age. If they do not provide telephone and email support for questions, concerns, and inquiries, you see automatically how much of a priority your satisfaction and needs are.

Best Renters Insurance Review Recap

When shopping around for ideal renters insurance, pay attention to things like deductible, discount options, and the insurance company's financial rating. You should also keep an eye on how long you will have to wait before receiving funds after filing a claim. The most trusted companies typically have the perfect combo-affordable premium, policy discounts, bundle options. They'll save you money, give you peace of mind, and protect your belongings.

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@Cory It depends on your specific plan. I've found that renters insurance costs $12 a month on average but you may have more coverage than a typical plan. Its always good practice to check your policy to find out what you are actually paying for and to periodically shop around for better deals if you think you are paying too much.


Not really sure how much this stuff costs normally, but I'm getting charged $18/month.... is this average, or am I getting a good deal?

Questions & Answers About Best Renters Insurance

Who pays for water damage from fire sprinklers?

Sometimes accidents cause complicated issues with insurance coverage. Without knowing the specifics of each individual policy I can only speak generally about what is typical in this kind of situation.

Most renters insurance policies cover damage from both fire and water damage as a result of burst pipes or sewer backups. However, since fire sprinklers can cause water damage simply by doing what they are designed to do, this is a grey area in terms of coverage. Because they can cause significant damage on their own, sprinkler systems in homes are debated. Although, they do suppress fires that can spread more quickly and cause injuries (or worse) to people than water can. Either way, you should find and review your insurance coverage agreement to check the specifics. Talk to a representative if you truly think you should have been covered.

As for the question of who covers the damage when renters insurance doesn't cover it, there are a couple things to consider. First, take a look at the terms of your lease. Anytime you talk about damage, money and repairs with your landlord, you should know the rules of your agreement.

Second, ask your landlord about his or her landlord insurance. Landlord insurance often covers damage to the apartment so far as the landlord's property is concerned. That means it may cover property damage to walls, floors, appliances and carpeting but not the renters personal property. You may still have to pay for damage to things that you own personally but if you don't have to cover damage to the apartment itself you may save some out of pocket expense.

Again, review your policy and the terms of your lease for a definitive answer.

Can I rent a home without renters insurance?

This question may vary from situation to situation. Some landlords require their tenants to have renters insurance in order to protect themselves from liability. Others leave it up to the renter whether or not they want to ensure the contents of the home. Most plans are generally very affordable so it is worth having in the event of damages from theft, fire, vandalism or any other natural disaster. Be aware that renters insurance does differ according to the state you live in so discuss this aspect with your landlord if you're not familiar with the local parameters. Also, a common misconception is that if your landlord has property coverage this will cover your possessions as well. Property insurance strictly covers the rental property-not the belongings contained within it. Another aspect to take into consideration is the extent to which you want coverage. A studio apartment, for example, would not require the same amount of coverage as a fully furnished 4-bedroom home.

Does a college student need renters insurance?

College students not living on campus can benefit greatly from purchasing a renters insurance policy. The typical college student brings anywhere from $5,000 to $10,000 worth of personal belonging with them. From theft and vandalism to natural disasters and accidental damage, there are a number of occurrences which may take place during a student's time away at college. State Farm has one of the most affordable renters insurance policies on the market. They feature umbrella discounts, online account management, and a trove of other features. Considering how affordable some monthly renters insurance policies are it is well worth it to have the assurance in the event of an emergency.

What coverage do I need?

When shopping around for a suitable renters insurance policy, review the factors in the same way you would if you were car shopping. Take into consideration the types of standard coverage, your minimum deductible amount, limits, exclusions, and of course the price. Based on a study conducted by the U.S. Department of Justice, rental properties are almost 80 percent more likely to be burglarized than owned residences. For especially valuable items in your home, double check to make sure that they're covered in the policy. Sometimes jewelry or antiques may need a separate rider to be protected.

Is my roommate covered under my renters insurance policy?

Unless the individual is specifically noted on the renters insurance policy they will not covered. Before purchasing a policy which covers more than one individual's valuables, take a moment to consider the value of the property being insured. The reason for this is because insurance companies assess the value of the contents home before issuing a premium. So, if your roommate just purchased a brand new entertainment system or let's say an expensive laptop, this will most likely cause an inflated premium rate. For that reason, it's generally advised that each member residing in a home get their own policy.

How much is renters insurance typically?

According to an insurance industry trade group, the average cost is $12 per month, or $144 per year, for a policy that covers $30,000 of property coverage and $100,000 of liability coverage.

I don't own much, so should I even bother purchasing renter's insurance?

You would be surprised how much all of the items you own could end up costing you if you replaced them-clothes, electronics, pots, pans, etc., all of which you would have to pay for out of pocket if your rental dwelling burnt down and they were all destroyed. Often, the piece of mind of having that protection is just as important as the protection itself.

Does your landlord require you to have renters insurance?

In many cases, your lease will specify that you must maintain renter's insurance in a certain amount.

What does renters insurance cover?

A renters insurance policy typically includes a few types of coverage: personal property protection, which helps protect your belongings in case of a covered loss; liability protection, which can help protect you financially in case someone is injured in your home and files a lawsuit; reimbursed living expenses, which helps cover additional costs of staying somewhere else after a covered loss renders your home uninhabitable; and guest medical protection, which can help pay medical expenses for someone injured at your home.

Won't my landlord's insurance policy or policies cover my belongings or anything that happens in my apartment?

Landlords will typically always carry their own insurance policies but these typically will not provide coverage for your belongings or liability protection in the event someone injures themselves on your apartment and sues you. This is why many landlords require you to have your own renters insurance policy.

What is personal liability insurance and is it included in the typical renters insurance policy?

Liability coverage helps protect you if someone is injured at your home and sues you. Many renters insurance policies include personal liability coverage.

Are electronics such as computers or televisions covered under my renters insurance policy?

Your television, computer and other electronics are all personal possessions, so if you have a renters insurance policy with personal property coverage, that protection would likely extend to your computer or any other electronics. However, if your computer is worth more money than the limit on your policy, you may want to consider purchasing additional coverage.

What is the difference between actual cash value and replacement cost?

Another thing to take into consideration is whether your policy offers replacement cost coverage, which will pay enough for you to purchase a new item of the same kind, or actual cash value, which reimburses you for the amount of money you might reasonably expect to receive if you sold the item today.

What are my premium payment options for my renters insurance policies?

Premiums typically can be paid by credit card, debit card or as an Electronic Funds Transfer from a checking account. Note however that a few insurers, particularly some of the newer ones, may not accept any paper payments such as checks or money orders.

If you have to file a claim, how do you prove what you owned that was stolen or destroyed?

Typically, a claims adjuster will ask you to provide records that show ownership of your personal items. They typically will not expect you to have a receipt for every item you own, but will instead be satisfied with bank or credit card statements that show you purchased the items or owners' manuals. However, insurers do typically recommend you keep an inventory of your possessions in the event of a fire or other disaster that might necessitate you making a claim.

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In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.

Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.