Did you know that even if you live in an apartment, you still need insurance? It’s true! If you’re renting an apartment, your landlord has a policy on the building, but that won’t protect any of your personal belongings inside your apartment. Benzinga has put together this guide to help you find the best apartment renters insurance.
Best Apartment Renters Insurance:
- Best Overall: Toggle
- Best for Policy Transfer: State Farm
- Cheapest for Renters in Apartments: Lemonade
- Best for Additional Coverage: Nationwide
- Best for Discounts: Allstate
- Best for Airbnb Coverage: Jetty
Renters Insurance: An Overview
Renters insurance is a type of home insurance product. Your landlord must carry apartment owners insurance, which covers the repair or replacement of the building itself when damage occurs.
However, your landlord’s policy does nothing to protect your personal property if damage occurs in your apartment. Required or not, renters insurance is a sound financial decision — it’s your responsibility to protect yourself. In many cases, your landlord or apartment manager may even require you to have a renters insurance policy before handing over the keys!
Like any insurance product, renters insurance policies require you to understand basic insurance terms.
- The premium is the amount of money you pay for your renters insurance policy. Paying your premium keeps your policy active, so don’t let it slip your mind.
- Your deductible is the cost you must pay out of pocket before your insurance company will reimburse you.
- The liability limit is the maximum amount your insurance company will pay for each type of coverage.
When You Need Apartment Renters Insurance
Your landlord has a landlord insurance policy, and renters insurance is designed to protect you as a renter. You know you may need a policy because it may be required, but even if it’s not, renters insurance is worth the investment. It will help you cover the financial strain of replacing your personal items when damage occurs in your apartment. A standard renters insurance policy covers the following.
Personal property policies cover personal belongings inside your apartment. There’s a good chance your belongings will be damaged if a fire or flood affects the building. Renters insurance can help cover the cost by reimbursing you for the repair or replacement of your belongings. When you enroll, make a list of everything you own and its value. If and when a loss occurs, your claims adjuster will require a list like this before the claim is paid.
Additional Living Expenses
Your daily living expenses are covered if your apartment is damaged to the point you can’t live there. This is common if your building has a fire or severe flood or storm damage. Your renters insurance can then help cover your living expenses like a hotel stay. Additional living expenses can also include things like meals out or laundromat use — any day-to-day part of your life affected by the loss of your apartment.
Personal liability is often included in renters insurance and can help protect you financially during a lawsuit. If guests injure themselves at your apartment, they may decide to hold you responsible. Your personal liability coverage can help cover the costs of defending yourself against this lawsuit. You may also be able to use this coverage if you damage someone else’s property and you are sued.
If someone is injured at your apartment, your renters insurance will help cover their medical expenses and care.
Damage to Others’ Property
Renters insurance can cover the cost of replacing borrowed items you damage or break — as long as it occurs in your apartment.
You can also add specialized coverage to your renters insurance policy, such as:
- Water sewer backup to help replace items damaged due to sewer and drain backup
- Extra coverage for expensive personal items such as electronics and jewelry
Average Premiums for Apartments
In 2017, the average renters insurance premium in the U.S. was just $180. However, premium costs can vary, and the quickest way to find out is to get a quote. Factors that can affect the premium for your renters insurance policy:
- Where you live
- The level of coverage you want
- Your deductibles
- Your credit
- Past claims on your insurance policies
- Pet ownership
Best Apartment Renters Insurance
Now that you know what to look for, let’s take a look at the best insurance companies. It’s a good idea to get quotes and shop around for the best coverage at the best price. Here are a few of our favorites to get you started.
1. Best Overall: Toggle
Toggle offers coverage you don’t typically find with renters insurance, including coverage for side hustles and its associated equipment or inventory. It also offers access to Credit Lift℠, a service that reports your rent and utility payments to credit bureaus so you can improve your credit score.
Toggle’s customer service representatives are readily available via chat,with extensive customer service hours. You can reach a rep from 9 a.m. to 12 a.m. EST Monday through Friday and 10 a.m. to 9 p.m. EST on Saturdays.
It also offers an online claims process, so it’s easy to file and track what’s happening with your claims.
Toggle is currently available in the following states: Arizona, Arkansas, California, Colorado, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Minnesota, Michigan, Mississippi, Missouri, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia and Wisconsin.
2. Best for Policy Transfer: State Farm
State Farm is available to renters nationwide. Before your policy expires, you can simply transfer your policy to your new apartment without worry. State Farm’s local insurance agents can help you navigate the claims process and answer questions in person.
It also offers discounts on renters insurance products if you combine with an auto insurance policy. In addition, if you install a smoke detector or another type of security device, you may be eligible for a discount.
3. Cheapest: Lemonade
Lemonade is a newer insurance company that offers insurance products in about half of the United States. Unlike some of its competitors, you can’t bundle a renters insurance policy with other insurance products. However, Lemonade does tend to offer some of the most affordable renters insurance policies.
This online-only insurance company advertises rates that start at just $5 per month, and you can use Lemonade’s mobile app for everything from adding a person to your policy to uploading a video to explain your claim.
4. Best for Additional Coverage: Nationwide
Nationwide offers reliable standard coverage, but it’s also a good option if you need a little more protection from your renters insurance policy. For example, if you live in an area prone to earthquakes, you may want to add earthquake coverage.
If you keep valuable items in your vehicle, extend your coverage so you can be reimbursed if your belongings are stolen. Nationwide also offers coverage for valuables such as expensive art and jewelry. You may be able to receive discounts from Nationwide if you’re claims-free over a certain period of time.
5. Best for Discounts: Allstate
Standard coverage from Allstate includes personal property, personal liability and additional living expenses. You can also choose to add coverage for floods, identity theft and more. One of the best things about Allstate is the discounts that it offers. You can receive a discount for purchasing multiple policies. If you install a security system or smoke detectors, you may be eligible for up to a 15% discount on your premium.
You can also receive discounts for signing up for auto-withdrawal payments or not filing a claim over a set period of time. Also, if you are a member of the U.S. military or you’re 55 or older, you may be eligible for more discounts.
6. Best for Airbnb Coverage: Jetty
If you’ve considered listing your apartment on Airbnb to make extra money, make sure your renters insurance policy can cover you. Jetty offers a special coverage option for this situation called Airbnb Host Theft Protection. This additional coverage can expand your renters insurance coverage to include your Airbnb guests.
Get the Best Apartment Renters Insurance
There’s no question — required or not, renters insurance is necessary. For a minimal monthly premium, you’ll have peace of mind knowing you and your personal belongings are covered if your apartment suffers damage. Get a quote online to find the best policy for you.
Life Coming at You Fast?
Toggle isn’t your everyday insurance company. In fact, it’s changed the renters insurance landscape. Case in point: You have complete control every step of the way. Toggle makes insurance easier to understand (and offers total flexibility!) and guess what? Toggle can even keep up with you and your crazy-busy, ever-changing life.