Quick Look
- Most renters should get renters insurance
- Renters insurance falls into four categories: Personal Property, Personal Liability, Medical Payments to Others, Loss of Use
- Renter’s insurance is very reasonably priced
Contents
<< Understanding Basic Insurance Needs
Most Renters Need Renters Insurance
If you rent, getting renters insurance is generally a good idea. And while rates vary by state and location, according to QuoteWizard the national average in 2025 is $214 a year (less than $18 per month) making it quite reasonable.
Renters insurance can cover items like a bicycle and much more.
What does renters insurance cover?
Renters insurance coverage falls into four categories:
- Personal Property – all the things you own including your electronics, furniture and more. If you have high-value items like jewelry, check with your insurer to make sure it’s covered; you may need to itemize or add extra coverage.
- Personal Liability – if something bad happens to someone in a home you rent, this kicks in to help with associated legal costs.
- Medical Payments to Others – if something bad happens to someone in a home you rent and they need help covering medical costs, this kicks in.
- Loss of Use – if you can’t live in your rental property due to some form of damage, this kicks in to cover other expenses while you’re living elsewhere.