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What People Are Saying

Thanks for making it easy to find the cheapest renters insurance. Knowing our stuff is always protected gives me peace of mind.

Matt and Bethany, Charleston SC

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A renters insurance policy is one of those things that often fails to make it onto the lists of the right people at the right time. So, when is the right time to get a renters insurance policy? The answer is simple: You do it before you move into your townhouse, apartment, or condominium. For an annual premium that is a whole lot less than most people imagine it is (usually between $200 and $300 per year), you can get coverage. 

Back in the days when the handwritten letter and the landline phone call were the only means of communication, maybe it seemed out of reach to get coverage on rental property. But, those days are good and gone. You can call, click, instant message, discussion board post, or e-mail your potential insurer to find out everything you need to know right now.

Renters Insurance Policy Questions & Answers

Question: What is included in a renters insurance policy? What is covered?

Answer: Your renters insurance policy is going to cover the personal belongings in your home, condo, or loft against damage or loss. Your policy will protect your clothes, furniture, computers, televisions, DVDs, books, games, appliances, and any other items you want to keep safe. If something happens-like a fire, water main break, or electrical surge-your policy will reimburse you for your losses. Also, a good inclusion in your renters policy is personal liability coverage. This protects you in case someone sues you because they get hurt on your property.

Question: Doesn't my landlord's policy cover all this?

Answer: No. Your landlord is only responsible for covering damage to the building. His or her policy won't cover your personal stuff if it is damaged. It won't matter whose fault it is. That insurance policy just won't cover it. Only your renters insurance policy will.

Question: Aren't the monthly premiums on renters insurance really expensive?

Answer: Is the price of two tickets to the movies expensive? How about the cost of a pizza, six-pack of beer and a DVD rental? If you can afford these cheap luxuries, you can afford renters insurance coverage. Usually, the monthly premium is around $20. This, of course, varies depending on the amount of coverage you get in your renters insurance policy.

A Few More Nuts & Bolts

Question: What do I need to have ready when I speak to an insurer?

Answer: Your insurer will want to know what kinds of personal property you have in your house or condo. You'll need a list that details the items and their approximate value. Your renters insurance policy provider will also want to know if you want to cover living expenses in your plan. It's a good idea to include this so that if a catastrophic loss occurs and renders your property unlivable, you'll have enough money to pay rent for up to 12 months.

Question: What kind of renters insurance policy should I get?

Answer: It depends on your budget and on the amount of property you need to insure. You can get actual cash value (ACV) and pay a low monthly premium. At the time of loss, you'll be reimbursed for the amount it takes to replace or repair the items minus depreciation. For a slightly higher premium, you can get replacement cost value (RCV) coverage. This will provide you with the actual cost of the items to be replaced with absolutely no deduction for depreciation.

Question: Are there ways I can save on my renters insurance policy?

Answer: Absolutely. Whether you're a single parent with a small family, a divorcee starting over, a college student living off campus, or a senior citizen in retirement, you can save. One thing to keep in mind is that if you insure your car with the same company you get your renters insurance policy from, you can get a premium reduction on both. Also, install a few safety devices like a sprinkler system and a monitored burglar alarm. By doing so, you will get a reduction on your premiums from the insurer.


A renters insurance policy is a cost-effective solution to the financial difficulties that can arise when you rent property and need to replace personal possessions after an incident leads to damage of these items. It's an easy and straightforward response to any kind of crisis leading to loss of personal property. The world is an unpredictable place where things happen at lightning-speed. When you don't have sufficient coverage in your financial plan for these unexpected events, you are like a ship without a rudder when you need desperately to find your way back to dry land. Purchasing this kind of coverage isn't something to put off. Get answers to all your questions from a top-notch agent who will also give you a free quote.