What tenant insurance costs
The factors that move a renters premium up or down, and practical ways to lower yours.
Tenant insurance is one of the least expensive policies most households buy, but the price is personal. Insurers look at your address, the building's construction and age, fire protection nearby, the personal property and liability limits you choose, your deductible, and your claims history.
Raising liability from $100,000 to $300,000 usually adds little to the premium. Raising the deductible from $250 to $1,000 usually lowers it. Replacement cost on belongings adds a modest amount and is worth it for most renters.
Credits are common for smoke detectors, sprinklers, deadbolts, monitored alarms, gated communities, paperless billing, paying in full, and bundling with an auto policy.
The cheapest quote is not always the best value. Compare limits, deductibles, sub-limits for valuables, and whether belongings are paid at replacement cost before choosing.
Coverage at a glance
| Coverage | What it pays for | Typical choice |
|---|---|---|
| Personal property | Furniture, clothing, electronics, and other belongings after a covered loss, at home or away | Set to the replacement value of what you own |
| Personal liability | Injury or property damage you cause to others, plus legal defense | $100,000 minimum; $300,000+ common |
| Loss of use | Extra hotel, meal, and living costs while your rental is unlivable | Often a percentage of the property limit |
| Medical payments to others | A guest's minor medical bills, regardless of fault | Typically a few thousand dollars |
Commonly covered causes of loss
- Fire and smoke
- Lightning
- Windstorm and hail
- Explosion
- Theft
- Vandalism
- Sudden water discharge from plumbing or appliances
- Freezing of plumbing
- Weight of ice and snow
- Falling objects
- Damage by vehicles
- Riot or civil commotion
Commonly not covered
- Flood and rising surface water
- Earthquake and earth movement
- Bedbugs, rodents, and insects
- Wear, tear, and gradual leaks
- The building itself (your landlord's policy)
- Your car (an auto policy)
More guides
- What tenant insurance covers
- Choosing a personal property limit
- Liability coverage for renters
- Additional living expenses explained
- Proof of insurance for your lease
- Roommates and tenant insurance
- Protecting jewelry and valuables
- Picking a renters deductible
- How to file a renters claim