Renters Insurance

How Much Is Renters Insurance for an Apartment?

How Much Is Renters Insurance for an Apartment?

The average cost of renters insurance for an apartment is $187 per year, or about $16 per month. However, the quotes you see will depend on a lot of factors including your coverage limits, deductible, and any extra protections you choose. Understanding these factors can help you get coverage that's both affordable and tailored to your apartment.

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How much is renters insurance for an apartment?

Generally, the cost to insure an apartment is less than what it costs to insure a single-family home. However, the cost of renters insurance varies depending on the coverage you want to buy. Even a cheap apartment renters insurance policy covers damages to personal property, liability and loss of use or additional living expenses. You can customize your policy's cost by changing any of the limits of your protections independently.

Some items like jewelry and firearms aren't covered by your personal property protection and have separate limits that your insurer will pay if they are damaged. Adjusting your coverage for these items or types of items by adding endorsements or floaters to your policy will increase the cost of your renters insurance.

Most apartment rental insurance policies do not cover damage caused by special hazards such as floods, earthquakes and sinkholes. To protect your apartment from these dangers, you would have to buy extended protection at an extra cost. These types of extensions can be expensive. For example, the average cost of flood insurance from the NFIP is around $700 per year.

Where to get cheap renters insurance for an apartment

We compared renters insurance prices across the country and found that Lemonade is the cheapest provider of apartment renters insurance. For a $30,000 policy in three major US renters markets across the country, Lemonade's average cost was about $50 cheaper on average than the nearest competitor.

New York City
Los Angeles
State Farm$125$229$304$219

The results are closer city by city. Lemonade is still cheaper — anywhere from $10-$300 less expensive than competitors. Travelers is a cheap options if you don't think Lemonade is right for you. Since the quality of a renters insurance policy depends on more than just price, we've reviewed some of the best options for renters below.

The rates of your renters insurance policy will likely differ from ours. While the amount of protection you want to purchase is one of the most important determining factors for your price, it isn't the only one. Your own insurance history and your location will also cause your renters insurance prices to rise or fall. We recommend connecting with a provider in your area by using our secure quote box.

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Lemonade: Best cheap online renters insurance

Lemonade is the best option for you if you want to get a quick, cheap online quote — the whole process takes less than three minutes. This newer insurance provider offers the cheapest renters insurance for apartments in all three of the markets we tested. You can usually purchase a $30,000 policy for less than $12 a month.

Lemonade's intuitive interface makes it easy to get a cheap policy by allowing you to customize your coverage. After Lemonade's chatbot-style AI asks you a few questions about your personal information, you'll get a quote that you can adjust by changing your policy's limits.

Even though Lemonade was the cheapest insurance provider we found, it's only available in about half the country. If you're one of many renters that live in a state that doesn't get coverage — like Florida, Washington or Massachusetts — you still have other cheap options.

Travelers: Best major insurer for renters

If you are more comfortable working with a major insurance provider, Travelers offers more affordable coverage for apartment renters than any other nationally available insurer in the cities we tested. Travelers is also very useful if you want to shop for other types of policies apart from apartment or homeowners insurance.

Overall, we found that Travelers had the second cheapest average cost of $185, behind Lemonade. Regionally, even though its nearest major competitor was Allstate, you could usually get cheaper renters insurance for your apartment from Travelers.

Despite the great level of coverage and cost of Travelers, it's not as easy to customize the cost of your Travelers policy. Travelers does use a relatively clean site. However, it might be hard for some users to understand how changing their coverage options will affect the price of their policy at a glance. This means that with Travelers, it could be comparatively harder than shopping at Lemonade to get coverage at a price you'd want.

Allstate: Best for bundling renters and car insurance

Although Allstate was not the cheapest apartment insurer, it does offer the easiest way to bundle a car and renters policy. Allstate does make it easy to save yourself money by bundling more than one policy together.

We found that before bundling, Allstate's average cost was $203 for apartment renters insurance — already a fairly inexpensive option among its competitors. If you're shopping for car insurance with your renters policy, you won't be able to use an online-only company like Lemonade. In this case, or if you would simply rather work with a major provider, Allstate is a good choice.

Do I need to get renters insurance for my apartment?

Renters insurance is not mandated by law, but some landlords require you to buy a policy before leasing an apartment. Luckily, even a cheap renters insurance policy for your apartment can often provide you with adequate protection. But it's still important that you think about how much coverage is right for you.

When buying insurance, you should consider the cost of your assets or the amount of property that you want to make sure you can replace if something happened to your stuff. You should think about how likely it is that you'll face a lawsuit from someone else over an injury you'd be responsible for. And you should also calculate how much money it would cost you to stay somewhere else if your apartment was rendered unlivable for a long period of time.

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