It’s easy to overlook renters insurance and underestimate how much stuff you own. But ask yourself: Would you be able to pay out of pocket to replace all of your belongings like your furniture, laptop and clothes if your apartment was destroyed by a fire?

Renters insurance is an inexpensive way to cover your belongings and it may be cheaper than you think. By shopping around and comparing renters insurance quotes, you can often find a good policy for about $14 a month.

How to Get Free Renters Insurance Quotes Today

The best renters insurance companies offer comprehensive coverage at a reasonable cost. You’ll find that rates vary by company, so make sure you compare renters insurance quotes from multiple insurers.

You can get free quotes for renters insurance:

• Online. Some renters insurance companies offer quotes on their websites. You can gather quotes from several different companies. Or save time by using a quote comparison website that provides renters insurance quotes from multiple companies.
• By phone or in-person. If you prefer to speak with a local agent who can help you find the best rates, call or visit an independent insurance agent who can get quotes from multiple companies. A “captive” agent works for one renters insurance company and can give you a quote only from that insurer.

Compare Renters Insurance Rates by Company

Renters insurance is relatively inexpensive compared to other types of insurance policies. You can find an affordable policy simply by comparing renters insurance among companies. Allstate renters insurance has the lowest rates, according to Forbes Advisor’s analysis of renters insurance costs for top-rated companies.

Rates From the Best Renters Insurance Companies

Rates From the Cheapest Renters Insurance Companies

You may be able to find cheap renters insurance for as low as $9 per month for a policy with $15,000 in personal property coverage, $100,000 in liability coverage and a $2,000 deductible.

Compare Renters Insurance Rates by State

Renters insurance costs will vary depending on where you live. We found that Alaska has the lowest renters insurance cost ($48 a year), followed by North Carolina ($83a year) and Wisconsin ($100 a year).

The most expensive state for renters insurance is Louisiana ($294 a year), followed by Mississippi ($221 a year) and Arkansas ($208 a year).

What Is Renters Insurance?

Renters insurance is a type of insurance that is designed for tenants in rented homes. It pays to repair or replace your personal belongings if they’re stolen or damaged by problems covered by your policy, such as a fire. Renters insurance also includes coverage for additional living expenses, liability and medical payments.

What’s Covered by Renters Insurance?

What’s covered by renters insurance can generally be broken down into these coverage types.

Personal Property Coverage

Personal property coverage pays to repair or replace your belongings if they are stolen or damaged by a problem covered by your policy, such as a fire or tornado. This includes your furniture, clothes, collectibles, jewelry, electronics and kitchen items.

If you’re not sure how much personal property coverage you need, a good way to start is by creating a home inventory.

Liability Insurance

Liability insurance pays for property damage and injuries you accidentally cause to others. It also pays for your legal defense, judgments and settlements if you are sued because of an accident.

Medical Payments Coverage

Medical payments coverage pays the medical bills of people who are accidentally hurt in your home (not including you or members of your household), no matter who was at fault. For example, if a guest cuts their hand in your home and needs medical attention, medical payments coverage could pay for the urgent care bill.

Medical payments coverage is meant for minor injuries and usually sold in coverage amounts between $1,000 to $5,000.

Additional Living Expenses

If you cannot live in your home temporarily because of a problem covered by your policy (like a fire), additional living expenses coverage reimburses you for extra costs such as hotel bills, restaurant meals and services like laundry or pet boarding.

Incidents Covered by Renters Insurance

A standard renters insurance policy covers these causes of damage to your belongings:

1. Accidental discharge or overflow of water or steam

2. Aircraft

3. Explosion

4. Falling objects

5. Fire or lightning

6. Freezing

7. Hail or windstorm

8. Riots

9. Smoke

10. Sudden and accidental damage due to short circuiting

11. Sudden and accidental cracking, tearing, bulging or burning

12. Theft

13. Vandalism

14. Vehicles

15. Volcanic eruption

16. Weight of snow, sleet or ice

What’s Not Covered by Renters Insurance?

Renters insurance doesn’t cover problems such as:

• The building. Your landlord’s insurance covers the building structure. For example, if a tornado damages the building’s roof, landlord insurance should cover it.
• Damage caused by floods, earthquakes and landslides. Renters insurance does not cover flood water that came from outside your house. It also does not cover earthquakes. You’ll need a separate flood insurance or earthquake insurance policy if you want coverage for these problems.
• Accidents that happen in common areas, such as stairwells and hallways. That falls under a landlord’s insurance. For example, if a guest trips on an uneven sidewalk, they could make a claim against the landlord’s insurance.
• Pet damage to your home or belongings. If your dog or cat tears up your couch or the carpet, it won’t be covered by renters insurance.

How to Get Renters Insurance

Whether you’re a new renter in your first apartment or a long-time tenant, here’s a guide to how to get renters insurance in five easy steps.

Understand What’s Covered

Renters insurance covers much more than your belongings. It also includes liability coverage for property damage and injuries you accidentally cause to others, as well as additional living expenses if you can’t live in your home due to a problem covered by your policy (like a fire).

Determine Your Coverage Amount

You want enough coverage to replace your belongings if they are destroyed by a problem like a fire. If you want extra coverage for high-value items such as jewelry, you can schedule personal property.

When you’re determining how much liability coverage you need, a good rule of thumb is to buy enough to cover what could be taken from you in a lawsuit.

Explore Renters Insurance Companies

When you’re comparing renters insurance quotes, a good place to start is your car insurance company. You might be able to land a good discount by bundling renters and auto insurance with the same company. Ask about other types of renters insurance discounts. For instance, you may snag a price break if your home has smoke detectors, fire alarms or burglar alarms.

Compare Renters Insurance Quotes

Compare renters insurance quotes for the same coverage levels, so you’re doing an apples-to-apples comparison.

Choose a Renters Insurance Company and Apply

Once you’ve found the right renters insurance company for you, it’s time to apply for a policy. Most insurers have an application on their websites and you can typically get a policy on the same day.