Quick answer
What you'll need to get a quote
- Your new address and move-in date
- A rough total of what your stuff is worth
- The liability amount you want
- Any pricey items, like jewelry or a camera
- Your landlord's name and address, if they want proof
Step 1: Add up what your stuff is worth
Walk through each room and estimate what it would cost to buy everything new: furniture, clothes, electronics, kitchen items, bedding, shoes. Most renters are surprised by how much it adds up to. See what renters insurance covers.
Tip: take a video of every room while you're at it, opening closets and drawers. Save it online. It makes any future claim much easier.
Step 2: Pick your liability amount
Liability pays if someone gets hurt at your place or you damage someone else's property, and it covers your legal defense. Many policies start at $100,000. If you have a dog or often have guests, think about more.
Step 3: Choose your options
- Replacement cost, not actual cash value. Replacement cost pays to buy new things. It costs about 10% more, and it's usually worth it.
- Your deductible. This is what you pay before insurance kicks in. A higher deductible lowers your price. Pick an amount you could pay tomorrow.
- Extra coverage for pricey items. Jewelry, bikes, and cameras often have low limits. Add more if you need it.
Step 4: Compare quotes
Get quotes from at least three insurers with the same coverage amounts and deductible. Also ask your car insurance company, since bundling often saves money. Start with renters insurance costs and options.
Step 5: Buy it and send proof to your landlord
Most insurers let you buy online and get proof of coverage right away. If your landlord requires renters insurance, they may ask to be listed as an "interested party." That just means they get notified if your policy is canceled. It doesn't give them any of your coverage.
Some leases ask for the landlord to be an "additional insured" instead. That's different, since it can extend your liability coverage to them. Ask your insurer which your lease requires.
Timing tip: set your policy to start on the day you get your keys, not the day you move your stuff in. Accidents can happen on moving day.
Is renters insurance required?
No state law requires renters insurance. But your landlord can require it in your lease, and many do. Check your lease.
What renters insurance won't cover
- Floods and earthquakes
- Your roommate's things, unless they're named on your policy
- Your car (that's car insurance)
- Pests like bedbugs
The catch: your landlord's insurance covers the building, not your things. If there's a fire or a break-in, only your own renters policy will help replace your stuff.
Related pages
More home insurance guides: Homeowners insurance cost · Condo insurance · Renters insurance · Landlord insurance · Mobile home insurance · Flood insurance · Umbrella insurance · How much homeowners insurance you need · Renters insurance basics · All insurance
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