The average cost of renters insurance for an apartment is $228 per year, or about $19 per month. however, quotes vary depending on where you live, your insurance history, and the coverage limits you choose. Understanding these factors can help you find an affordable renters insurance policy that fits your apartment.
how much does renters insurance cost for an apartment?
Renters insurance rates for an apartment range from $14 to $24 per month, on average. however, the cost of renters insurance varies depending on the amount and type of coverage you choose and where you live.
Basic personal property protection does not cover some items like expensive jewelry or firearms. instead, they have separate limits, which come standard, that your insurer will pay if they get damaged. adjusting your coverage for these items or types of items by adding endorsements to your policy will increase the cost of your renters insurance.
cost of apartment insurance by city
We compared renters insurance prices in 10 of the nation’s largest cities and found that lemonada is the cheapest provider of apartment renters insurance. A policy with $30,000 of personal property coverage and $100,000 of liability coverage is $36 less per year than lemonade’s cheapest competitor, state farm.
liberty mutual rates are even cheaper than lemonade, however the maximum amount of personal property coverage it offers is $25,000, so it may not be the best option for renters with larger apartments or expensive items to insure.
While the amount of protection you buy is one of the biggest determinants of its price, it’s not the only one. Your insurance history and location will also determine your renters insurance rate. We recommend comparing quotes from several companies to find the best policy for you.
cheap apartment rental insurance
The cheapest apartment insurance for you will vary based on where you live, your insurance history, and the coverage options you choose. lemonade and state farm offer good prices and excellent customer service for apartment renters.
lemonade: the best renters insurance for apartments
lemonade is the best option for apartment insurance if you want to get a quick and cheap online quote – the whole process takes less than three minutes. In every city in our study, Lemonade also offers consistently cheap renters insurance for apartments. You can usually buy a $30,000 policy for about $15 a month.
Lemonade’s intuitive interface makes it easy to get an affordable policy by letting you customize your coverage. After the lemonade chatbot-style artificial intelligence collects your personal information, you’ll get a quote that you can adjust by changing your coverage limits.
Unfortunately, lemonade is currently only available in 26 states and Washington, D.C. If you’re a renter who lives in a state that doesn’t have coverage, like Florida, Idaho, or Utah, you won’t be able to take advantage of their low rates.
state farm: the best to combine auto and apartment insurance
If you feel more comfortable working with a major insurance provider, State Farm offers affordable coverage for apartment renters in all 50 states. Overall, state farm has the second lowest average cost at $18 per month or $217 per year.
state farm is also a good option for renters looking for other types of insurance, such as an auto, business or pet policy. offers some of the best auto insurance rates in the country. In addition, State Farm has the highest package discount for auto renters: 4.7%.
what is renters insurance for apartments?
renters insurance for apartments protects renters from the costs of personal property damage or theft and legal liability.
Apartment renters insurance is similar to homeowners insurance, except it doesn’t cover the structure of the building, making a renters policy considerably cheaper. Your landlord is responsible for damage to your apartment building and must have a landlord insurance plan to cover their costs.
typical renters insurance coverage
An apartment renters insurance policy covers personal property damage, liability, and loss of use or additional living expenses. You can customize the cost of your policy by changing any of the limits of your protections independently. The most common apartment renters insurance coverages are:
When purchasing insurance, you should create a home inventory to estimate the cost of your belongings. that way you can make sure you have enough coverage to replace things if something happens to your stuff.
You should also consider the likelihood that someone else will sue you for an injury for which you would be responsible, and calculate how much money it would cost you to stay elsewhere if your apartment became uninhabitable. for an extended period.
frequently asked questions
To calculate average apartment renters insurance rates, we compiled quotes for apartments in 10 of the largest United States. cities of seven major insurance companies. our sample tenant is a single 30-year-old man with no roommates or pets who lives in an apartment building with the following limits:
The quotes you receive for an apartment renters insurance policy will likely differ from ours due to your insurance history, location, and the coverage limits you choose.