Renters Insurance Cost Calculator

How much is renters insurance

How To Estimate The Cost Of renter's insurance

Most people know that mortgage companies require homeowners' insurance.

However, you might wonder how you can protect items in a rented or leased apartment or house.

It all comes down to the renter's insurance.

Renter's insurance offers coverage for damaged, lost, or stolen personal possessions. It also covers injuries that happen to someone who is inside a rented apartment or home.

Of course, nobody wants to spend too much on any sort of insurance. That's where a renter's insurance calculator comes into play.

Besides, renter's insurance is required by most landlords.  The liability coverage also protects the building owner.  

If you have a water leak or kitchen fire, who is going to pay?  If you didn't have a renter's insurance policy that provides liability insurance, it would probably be you paying out of pocket.

Save time and money at the same time.

Ready to learn more about what cheap renter's insurance is all about? Want to understand how to calculate renter’s insurance?

Read on, and we'll share all the information you could need.

What Renter's insurance is All About

Renters Insurance Explained

We talked about how renter's insurance offers protection to someone who rents a home or apartment. And it also helps if someone is injured on the property.

But what you might not know is that if the injured individual files a lawsuit, the renter's insurance covers your legal defense up to the limit of the policy.

Don't have renter's insurance? You are responsible for all of those costs out of pocket.

The best way to get the renter's insurance you need at the coverage level you need is by working with an insurance broker. Most of the time, you can get several quotes from various carriers to ensure maximum coverage at a great price.

Renters Insurance Calculator

Get the cost of buying renter's insurance policy locally

What Does Renters Insurance Cover

Renter's insurance is essential when renting a home or apartment because it protects your valuables if they are lost, stolen, or damaged.

Not all rentals require renter's insurance by law, but many property owners require tenants to carry it when entering into a rental agreement. Having it is a good idea even if it's not required because you never know when an emergency will happen.  Without a renter's insurance, damage to the property or items lost in a fire or other situation would cost money out of your pocket. 

Is It Necessary To Have Rental Insurance?

Having renter's insurance protects landlords and tenants. No matter what happens on the property, both parties are entitled to compensation.

Let's talk about an example:

The neighboring tenant is cooking a meal and steps out of the house for a few minutes for another task. The apartment catches on fire and results in damage to your apartment and belongings.

You need a way to handle the cost of repairs. Tenant's renter's insurance, landlord's property insurance, and personal property insurance can take care of those bills.

How Much Is Renters Insurance

One of the common questions we get is about the cost of insurance and if there's an easy way to get a quote.  

The simple answer is yes.  Click on our link for fast cost calculation of your renter's insurance online.

Renters Insurance For Storage Unit

You might not be able to fit everything in your apartment and need to rent a storage unit.  

Chances are the storage facility will require you to carry insurance on your unit.  In many cases, you are forced to purchase their storage coverage.  

But wait!

If you have renter's insurance, you already have the coverage needed.  

But, make sure to review or ask your insurance company how much coverage you have for items in storage.

Some renter's insurance policies will provide up to 100% of your personal property coverage, even for items in storage.  Other companies may only provide 10% - 15% of the total coverage towards items in storage.

Regardless, you can save at least $10 - $20 a month by not having to pay extra for self-storage coverage.

Roommates and Renters Insurance

This is a very common misunderstanding that you are covered under your roommate's renter's insurance policy.

The answer is NO.

Just because you live in the same unit does not mean your personal property extends from your roommate to you.  Unless you are legally united, you need your "own" policy.  

Remember, you are not going to get a discount on your auto insurance just because your roommate has renter's insurance, right?

True Story.

We had an auto insurance customer that we offered renter's insurance numerous times over a year.  She said she was good and all three roommates were getting one policy.

One day, we received a call from the father of the insured.  He told us about an electrical surge and it took out everything that was plugged into the apartment.

We explained to the father that we offered it several times and she declined.

At the time, it was probably around $100 a year and she even told us the apartment complex would even deduct the cost off the rent.

Renters Insurance For College Students

If you are living off campus and renting a home or apartment, you can purchase renter's insurance.  

Unfortunately, renter's insurance is not available for dorm rooms or other on-campus controlled housing.  

But, if your primary residence is your parent's home and you are living away at college, your personal property would be covered while living in student housing, i.e. dorm rooms.

Remember, the same deductible would apply to your personal property as if you were living at home.  So we don't recommend keeping a lot of valuables at your college housing.

Otherwise, college students living off-campus are free to purchase renters or apartment insurance.

We would highly recommend buying cheap renter's insurance if nothing else because of the liability coverage.  Damage caused by you or your guest to the building may be 100% covered by the policy.  Which, depending on the damage - water, fire, vandalism could add up to tens of thousands of dollars.

Renter's insurance for dog bites

You might be surprised at the number of dog bites people living in apartments have every year.  

Most cases are a guest that gets bit by your little toy dog.  

My dog has never been aggressive or tried to bite anyone until that one day it decides to take a bite of the hand or face of a friend or family member.  

Having a renter's insurance policy will provide liability coverage.  Because, let's face it, someone is going to have to pay the hospital bill, right?  

Also, remember Pet Insurance does not cover animal bits.  Only a renter's insurance policy provides liability coverage if you are found liable for your dog biting someone.

Renters or Landlords Insurance Calculator

Knowing how much coverage you need is a monumental necessity. You also want to be sure you know how much value the policy offers you.

Here are the four most important things to consider when it comes to a renter's insurance cost calculator:

  • How much your personal property is valued at
  • Where the location of the property
  • How much liability coverage you require
  • Any additional services you consider essential

Of course, the more you spend on a renters insurance policy, the more coverage you are going to get.

But if you don't correctly calculate the amount of coverage you need, you might end up spending too much. On the other hand, you could end up with insufficient coverage when you need it the most.

Calculating Your Personal Property Value

best renter’s insurance

how to estimate personal property value for renters insurance

Since renters insurance covers your property up to the policy limit, you need to know how much coverage is needed. That means making a list of your belongings and their approximate value.

Renters Content Coverage For Personal Property

Some categories of times to note include:

  • Appliances
  • Art, jewelry, and other valuables
  • Books, music, movies, and games
  • Clothing
  • Cookware and dishes
  • Electronics
  • Furniture
  • Tools and landscaping equipment
  • Sports equipment and bikes

Have your list ready? The next step is to estimate how much everything is worth.

Start with the big-ticket items and then work towards the smaller and less expensive items. Since most renters' insurance is sold in $10,000 increments, the pricier items will give you the best idea of what coverage you need.

Think Digital Instead of Manual

Sure, you need to know what belongings you have and how much they cost. But all the math doesn't have to be done with a pencil and a sheet of paper.

How much renter's insurance do I need?

Make sure you have the right amount of coverage based on the replacement cost of your personal property.  

Watch out for (ACV) or actual cash value renters policies as they will only pay the depreciated value or what it's worth today.

how much renters insurance should I have

It depends on the value of your personal property.  Most renter's policies will start as low as $10,000, while other companies may provide a minimum of$20,000.  

You'll want to estimate what it would cost to replace all your belongings, including furniture, clothes, electronics, kitchenware, and any other additional items.  

You might find you only need the smallest amount of coverage required or you some folks will need $50,000 or more in personal property coverage.

The process is fairly simple and easy.  After you've estimated the full value of your personal property, then we can begin finding the most affordable rates here. 

The Average Cost of Renters insurance

What is the cost for renters insurance

A renter's insurance calculator can help determine what you might pay for this kind of insurance. The good news is that, in most cases, this is a negligible cost.

Depending on where they live, most people will spend around $100 to $300 a year for coverage.

Monthly Cost Of Renters Insurance

You can expect to pay around $10 to $25 per month for basic coverage for your contents, totaling around $25,000 with $100,000 of liability insurance.  

Premiums will vary based on state, zip code, companion policies, and credit score. 

Again, finding the best renter's insurance starts with getting a renter's insurance estimate cost from a leading company. You can compare prices and find something affordable with coverage that works for your needs.

Renters Insurance comparison is also important not only for savings but for proper coverage. 

You might be buying a cheap renter's insurance policy that provides little to no coverage for your personal property.  Or, you have a very high deductible.  So, make sure when you do a comparison of renter's insurance you look at coverage and price insurance.

Understand What Renter's insurance Calculators Don't Cover

Most things are covered under renter's insurance, but that doesn't mean all are.

Automobiles aren't covered, and neither is the actual structure of the home or apartment.

Cash, jewelry, and gold may not be covered. Or they could be subject to a specific dollar limit. Make sure you know what the facts are before selecting insurance.

Some of the most common exclusions to renter's insurance are the following:

  • Artwork
  • Bicycles
  • Cash
  • Electronics
  • Jewelry
  • Musical instruments
  • Precious metals

Have some of these things and want coverage? Add a floater or an endorsement that covers them so that you don't end up in a bind.

Make sure you have a full replacement cost policy, not an (ACV) actual cash value policy.  You want enough money to buy a new one without depreciation.

Using a Renter's insurance Estimate to Decide on Liability Amount Needed

Protecting property is one part of the renter's insurance. It's also essential to be covered financially if someone experiences damages, medical or otherwise, that you're liable for.

For example, someone might make a claim if they slip and fall in your apartment. The same thing might happen if your dog bites them.

Most of the time, the liability insurance comes in increments of $100,000, and even $200,000 may not be enough coverage.

The more you participate in high-liability activities and the more assets you have, the more coverage you need.


Because individuals are more likely to start a lawsuit if they think you can pay to settle it. Having frequent houseguests, owning a dog, or employing workers can put you at high risk.

Consider yourself extremely high risk.

An umbrella policy that offers over $1,000,000 of liability coverage might be worth the additional cost.

Now that you have a renter's insurance policy, you can qualify to purchase excess liability coverage or an umbrella policy.

These liability policy kick-in once the renters policy liability limits are exhausted. 

Extra Coverage Types to Consider

Sure, your renter's insurance calculator will take into account liability and personal property coverage.

However, sometimes, additional coverage is needed. A few of the standard extras bought along with rental insurance include:

  • Bedbug coverage for costs associated with laundering clothes and getting an exterminator
  • Earthquake coverage for damaged belongings
  • Flood coverage which is much like earthquake coverage
  • Home sharing protection for coverage of theft of belongings when using Airbnb or other services
  • Identity theft coverage for costs of getting a new ID and paying fraudulent bills
  • Loss of use coverage for times when the property is uninhabitable
  • Medical payments for injured guests
  • Valuable item coverage to replace uncovered expensive belongings
  • Umbrella or personal umbrella liability coverage

How Do I Get Renter's Insurance

Renters insurance calculator

The best thing you can do is work with a reputable company to access a renter's insurance calculator. You can also get a cheap renter's insurance estimate for various companies.

Renters Insurance Online Quote

One of the easiest ways to get a quote for renter's insurance is online.

Answer a few quick questions, and you can get an assortment of options with various start dates and coverage amounts. It takes only a few moments of your time.

What questions can you expect to answer?

You may need to share information about existing damage to the home or apartment and how many smoke detectors and alarm systems are in place.

You'll also need to know how much coverage you need, which you can find using a renter's insurance calculator online. These are handy for getting insurance as quickly as possible.

Personal information will also be requested, so your identity can be verified. Names of others who reside in the home will also need to be accessible.

How To Get Renters Insurance Quick & Cheap

Ready to get quotes from top renter's insurance companies? It's a simple process!

All you need to do is visit Get Renters Quotes Now and get started.

Insurance rates from top companies like Liberty Mutual, Progressive, Kemper, and Safeco are just a few clicks away!

Click the link below and your renter's insurance quotes today

About the Author

John Espenschied is a long-time veteran of the insurance industry. He has worked in various positions within the industry for over 20 years, and for the past 15 years, he has been the owner and operator of Insurance Brokers Group, an independent insurance agency. John loves advising people on the insurance that meets their needs and goals, whether it be for personal or commercial purposes.

John is married to Melissa, and they have three children together, as well as three grandchildren. In his spare time, John enjoys golfing and playing in the golf league, biking to their local brewery along the Missouri river, and going on motorcycle rides when the weather is nice.

John Espenschied

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