If you rent your home or are moving soon, you should seriously consider getting renters insurance. Depending on your lease agreement, it might even be required.
Renters insurance is a type of insurance policy that protects your personal belongings (like your computer) in the event that it is lost, stolen or damaged due to an incident in your home — such as a fire or sewage backup. You can also get extra protection for certain valuables like professional cameras, jewelry, fine art and more.
Moreover, renters insurance can also protect you in the event that a visitor gets hurt in your apartment or condo, since you can sometimes be liable for this, by covering their medical expenses so you don’t have to take on that huge out-of-pocket cost.
If something does happen to your personal property or someone gets hurt in your apartment and you get hit with their medical costs, you’ll need to file an insurance claim and submit any necessary documentation (i.e., photos, receipts, bills, etc.). You’ll pay your deductible and the insurance company will cover the rest.
Hopefully, you won’t have to file a claim, but if you do, many insurance companies try to make the process as simple as possible so you can get paid with ease.
If you aren’t sure which renters insurance company would be best for you, Select rounded up some of the best contenders to make the choice easier. We evaluated insurance companies based on monthly cost, policy coverage and opportunities to save, among others (see our methodology below).
Best renters insurance companies
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Best for fast, easy coverage
Lemonade Renter’s Insurance
Starts at $5/month; premium depends on the coverage amount you choose
Policy covers personal property damage caused by fire, vandalism, theft, and more; covers damage you accidentally cause others
Does not cover
Natural disasters, flooding, power outages, your roommate’s belongings, pest damage
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