Best Renters Insurance for Apartments | March 2023
Many landlords require tenants in their apartment buildings to buy renter's insurance. Even when this is not the case, protecting yourself from heavy losses or liability is a smart choice. Find out what's covered by rental insurance and where to get it.
In the case of a disaster, your landlord should have insurance to cover structural damage of your apartment complex. Your personal property is your responsibility to cover. This is where the importance of rental insurance for your apartment comes in.
Rental insurance eases the blow of losing all your personal belongings at once. Financial reimbursement after a disaster allows renters to get back on their feet. Having rental insurance for your apartment also protects you from potential liability issues. If someone gets hurt while in your apartment, they may hold you liable. Your insurance kicks in here and can protect you from financial trauma or ruin.
Here is a current list of the best renter's insurance for apartments.
There are many lesser-known benefits to purchasing rental insurance for apartments. For example:
- Renters' insurance is affordable for almost anyone. You can choose the amount of coverage on your personal belongings. You also choose a coverage amount for liability. Even with comprehensive protection, rental insurance rates are not a financial burden for most people. Shop around to find the rates, coverage, and customer service that suit your needs.
- You will have a place to go if you lose your home to damage. ALE coverage or "additional living expenses" cover a hotel stay. If a longer-term solution is necessary, your coverage can get you started in a new apartment.
- You have coverage for damage to someone else's belongings left in your care. A friend lends you a valuable instrument, and your dog chews it up. You would be able to cover what you owe your friend for the damage or loss.
- Liability lawsuits happen over things you might not expect. For example, you serve alcohol in your home, and your drunk guest falls and gets hurt. Your insurance would cover the medical bills if they went after you for them.
Frequently Asked Questions
How much is renters insurance in an apartment?
The cost of your premium will vary depending on things like what zip code you live in. Your proximity to higher risk areas also determines rates. The coverage that you choose will also affect cost. The good news is, most people find renters insurance to be very affordable. Shop around for the best rates for your circumstances.
How do I get renters insurance for my apartment?
Searching for renters' insurance may feel like a daunting task. You could start with our well-researched list of the best companies. We based the list on criteria like customer service, rates, and reliability.
Should I get renters insurance for an apartment?
The protection of renter's insurance makes sense for every tenant. This includes apartment dwellers. Peace of mind comes with knowing that a single, unexpected event won't destroy your ability to move on.
Who has the cheapest renter's insurance for apartments?
As mentioned above, rates will vary based on personal circumstances and coverage choice. A helpful way to keep prices as low as possible is to bundle your policies. Almost all insurance companies offer discounts for combining policies like rental and auto. Be sure to ask about this option if it's not offered to you.
How to find the best renter's insurance policy for an apartment?
Check with a few reputable companies like the ones that we have listed above. Read some reviews and look for renter's insurance companies that meet your needs. Note that each company offers different add ons. For example, if you have a high-dollar item that you need extra protection for, they can add that on to your policy.
Invest a few minutes finding the insurance carrier that fits you, and you can rest easy knowing that you're protected.
- Amica Mutual Renters Insurance
- Assurant Renters Insurance
- California Casualty Renters Insurance
- Freeway Rental Insurance
- Hometown Renters Insurance
- Horace Mann Renters Insurance
- Independent Group Agency Renters Insurance
- Nationwide Renters Insurance
- State Auto Renters Insurance
- The Hartford Renters Insurance
- Trov Renters Insurance