What Is Renters Insurance?

How does renters insurance work?

Renters insurance provides financial protection for your personal belongings in the event of a covered loss. If something unexpected happens, you can file a claim with your renters insurance company to receive compensation, up to the limits of your policy. Quoting a renters insurance policy is straightforward, with insurers typically asking a few basic questions about your rental unit and the value of your personal possessions.

Do I need renters insurance?

While renters insurance is not legally required, certain landlords or apartment complexes may mandate it. Even when optional, it’s a wise decision to protect your belongings. The average Progressive rental policyholder has $24,278 in personal property coverage. Keep in mind that if something unexpected happens, like a robbery or fire, your landlord is not responsible for your belongings.

What does renters insurance cover?

Renters insurance provides coverage for personal property, personal liability, medical payments, and additional living expenses or loss of use, subject to the limits of your policy. Learn more about what renters insurance covers and the different types of renters insurance coverages.

What does renters insurance not cover?

It’s important to note that damage to the structure of your rental home or unit is typically not covered under a renters policy. Your landlord’s insurance policy usually covers issues with the dwelling’s roof, ceiling, and walls, resulting from events like bursting pipes or vandalism.

Factors impacting renters insurance pricing

The cost of renters insurance can be influenced by various factors, including:

  • Location: Renters insurance is generally more affordable in safer areas with lower crime rates.
  • Coverage limits: Selecting lower coverage limits that still adequately protect the value of your belongings can help reduce your premium.
  • Number of units in your building: Renting in a larger building often results in a lower price.

To learn more, explore renters insurance cost factors and pricing information, and discover how you can save on renters insurance with Progressive’s discounts.

Renters insurance FAQs

Will renters insurance cover pets?

Depending on your policy, your renters insurance liability coverage may cover injuries or damages caused by your pet to others. However, it typically won’t cover damage to your rental property caused by your pet.

Are termites and other pests covered by renters insurance?

No, renters insurance generally excludes coverage for damage caused by pests or the cost of extermination. However, your landlord may be responsible for addressing issues with pests like mice and bed bugs.

Is property in self-storage units covered by renters insurance?

Renters insurance may extend coverage to personal property stored in self-storage units, but the coverage limits are often lower. Learn more about how renters insurance covers property in self-storage units.

How does renters insurance work with roommates?

If you have roommates, it’s important to note that renters insurance won’t cover their belongings, personal liability, or temporary living expenses unless they are included on your policy. The ability to add a roommate to your policy may depend on your state and insurance provider. Learn more about renters insurance with roommates.

Get a quote

Protect your rental home and belongings with renters insurance. Get a quote from Progressive today and enjoy peace of mind.

What does renters insurance cover?

Discover the different types of renters insurance coverages and how they can protect you.

Renters insurance cost

Explore the factors that influence renters insurance pricing and how to find the right coverage for your needs.

Renters insurance discounts

Learn how you can save on renters insurance with Progressive’s discounts and bundle offers.

Renters insurance with roommates

Understand how renters insurance works when you have roommates and how to ensure everyone is protected.

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