Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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The basic premise of a renters insurance policy is to keep your belongings protected in case anything happens to them. If you are already familiar with how a homeowners insurance policy works, you already know that the principles are pretty much the same.

Use your zip code to get instant access to online renters insurance quotes!

After making a list of the items that you want to have insured, your renters insurance policy will be issued and you will make monthly premium payments.

Finding The Best Renters Insurance Rates Is Easy

You really won’t have to do a lot of searching to find the best renters insurance rates because quotes are largely based on the value of the items that are covered. Although lower crime areas may be less expensive to insure, the truth of the matter is that most renters don’t have coverage at all. For the value that you are getting, paying premiums that average around $10 – $25 per month for $20,000 – $30,000 policies is an extremely fair investment.

Most people use renters insurance policies to provide protection for items like:

  • Furniture
  • Electronics
  • Jewelry
  • Stock and bond certificates
  • Art
  • Clothing
  • Family keepsakes

If you do opt to compare renters insurance companies, consider how easy the companies make it to submit a claim and the time it takes for it to be approved. In the event that you need to have work related equipment replaced, it makes sense to do business with insurance companies that offer speedy payouts.

Even if you are on a tight budget, you can use a higher deductible to make your renters insurance policy even less expensive. When you make out your list of insured valuables, try to include the most expensive items and forgo anything that you can live without. In this situation, having even partial coverage is far better than having none.

If you live in an apartment your landlord is required by law to insure the actual structure with homeowners insurance, but this will not protect your valuables. Renters insurance will cover any damage that falls outside of your landlord’s basic homeowner policy such as water damage and electrical equipment failure.

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Determining the Value of the Best Renters Insurance Policies

You will need to decide whether you want a renters insurance policy that will replace items at cost, if you it is more feasible to opt for the depreciated value. Almost as soon as you buy an item, it suddenly costs less because it is technically used. If most of your home furnishings and valuables are over a year old, it may be better for you to choose an actual cash value policy.

On the other hand, if your home has been recently filled with new and expensive goods, you definitely should purchase a replacement cost value renters insurance policy. Depending on the total value of all of the items in your home, your premium price may not be substantial enough to justify risking your items.

Condo Dwellers Get an Added Benefit With the Best Renters Insurance Policies

Although the layout of an apartment and a condo may only differ slightly, people that live in a condominium usually need to purchase even more renters protection. Condo owners are technically still renters because they retain the right to reside in their homes after making a purchase, but they never get to own the physical structure. Since condo owners are not able to qualify for homeowners insurance, if they need to have liability coverage many renters insurance policies will provide adequate coverage.

If your condo ever becomes uninhabitable because of an event that occurs by way of nature or human influence, a good renters insurance policy will provide you with emergency housing funds. Whether you need to spend a few nights at a hotel, or you have to end up living in an apartment on a month to month basis, your renters insurance provider will pay the bill. Of course, this is an additional feature, but most condo owners are required to purchase a policy before moving in.

While renters insurance is extremely affordable, many renters do not feel that are at risk and opt not to purchase it. For a few hundred dollars a year, a renters insurance policy will keep you and your belongings fully covered in the event of a number of different events such as:

  • Flooding
  • Theft
  • Vandalism
  • Fire

Call up a few different renters insurance companies and ask for quotes. Or just use the free insurance tool on this page to get several quotes at once. In a few days, you can have a new policy that will keep your entire apartment protected.

Get your renters insurance quotes now by inputting your zip code!