How to Get Renters Insurance Cheap:
7 Proven Tips That Actually Work

best renter’s insurance

The Ultimate Guide to Saving Money on Renter's Insurance Without Sacrificing Coverage

Let’s face it — adulting is expensive. Between rent, Netflix, Wi-Fi, groceries (hello, $7 avocado toast), and a gym membership you swear you’ll use next week, the last thing you want is another bill.

So when someone says, “You really should get renters insurance,” your first reaction might be, “Do I look like I’m made of money?”

Here’s the good news: renters insurance is one of the most affordable insurance policies out there, averaging just $15–$25 per month — that’s less than your weekly Starbucks run. And even better news? With a little know-how, you can shave 30% or more off that price without sacrificing coverage.

In this guide, we’re breaking down 7 proven, easy-to-follow tips to help you score cheap renters insurance, plus some bonus tips, mini-stories, and answers to your biggest questions. Ready to save? Let’s dive in.

1. Shop Around and Compare Quotes Online

Would you buy the first car you test drive or the first couch you sit on? Nope. So why would you settle for the first renter's insurance quote you get?

Insurance companies use different formulas to calculate risk, and prices can vary wildly. One company might quote you $18 a month, while another asks for $28 for the same coverage. Over a year, that’s a difference of $120 — money you could spend on groceries, a weekend getaway, or finally upgrading that janky old microwave.

Pro tip:

  • Get at least three to five quotes.
  • Use comparison sites, or better yet, work with an independent insurance broker.
  • Don’t overlook smaller regional insurers — they’re often eager to win your business.

Mini-story: Sarah from Austin saved $150 a year just by switching to a regional insurer she’d never heard of after shopping online. Not only did she get better rates, but she also got free identity theft protection — something her big-name company charged extra for.

2. Increase Your Deductible

Your deductible is the amount you pay out of pocket when you file a claim. The higher it is, the lower your monthly premium.

Example:

  • $250 deductible → higher premium
  • $500–$1,000 deductible → lower premium

But don’t get too excited and max it out. Make sure you have at least enough in savings to cover the deductible if something goes wrong. Otherwise, you might end up with a sad, empty apartment and no way to replace anything.

Humor tip:
Think of it like ordering spicy food — a little heat can save money, but if you crank it up too much, you’re going to regret it.

3. Ask About Discounts

Insurance companies are like grandparents — they’ll shower you with rewards if you just remember to ask. Here are discounts you might qualify for:

  • Claims-free discount (no claims for 3–5 years)
  • Protective device discount (smoke detectors, deadbolts, fire extinguishers)
  • Gated community or doorman building discount
  • Good credit discount

Magic phrase to use:
“Can you review my policy for any discounts I’m missing?”

Example: Jake in Denver called his insurer and learned he qualified for a 10% discount just because his apartment had a sprinkler system. That’s the easiest money he’s ever saved — no coupon clipping required.

4. Bundle Renters and Auto Insurance

If you drive, bundling your renters and auto insurance is a no-brainer. It’s like getting a combo meal at your favorite restaurant — you save more when you package it together.

Typical savings: 5–20% on both policies.

Mini-story:
Laura from Chicago bundled her car and renters policies, dropping her total bill from $120 to $95 a month. That’s a $300 annual savings — enough to splurge on a weekend getaway or finally replace that hand-me-down mattress.

5. Avoid Overinsuring

You may love your stuff, but be honest: do you really need $50,000 of personal property coverage for an apartment full of IKEA furniture and a two-year-old laptop?

Here’s how to right-size your coverage:

  1. Make a list of your belongings.
  2. Estimate their replacement cost.
  3. Choose a coverage limit that realistically covers your essentials.

Example:
Mark in Atlanta originally had $60,000 in coverage but realized his belongings were worth closer to $25,000. By adjusting his policy, he saved $12 a month — and slept just as well knowing he was still covered.

6. Improve Home Security

Insurance companies love a secure home, and they’re willing to pay you for it.

Easy security upgrades that can lower your premium:

  • Deadbolt locks
  • Smoke and CO detectors
  • Monitored alarm systems
  • Security cameras

Pro tip:
Make sure you tell your insurer about these upgrades. Just because you installed a fancy alarm system doesn’t mean they’ll automatically give you a discount.

Humor tip:
Your cat may act like a guard dog, but sadly, insurance companies won’t give you a discount for a cranky feline patrolling the hall.

7. Pay Annually Instead of Monthly

Monthly billing often comes with sneaky service fees. By paying for the whole year upfront, you can save up to 5% or more — plus avoid annoying $2–$5 monthly fees.

Mini-story:
Michelle in Seattle switched to annual billing, saving $36 in fees and scoring a 5% discount. That’s about $50 back in her pocket — enough for a fancy dinner or a solid stockpile of emergency snacks.

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How to find affordable renters insurance?

Are you thinking about or currently renting an apartment or home, but not sure if you need Renters Insurance?

Does your landlord require Renters Insurance?

Do you own a dog?  

There are many reasons to purchase renters insurance, besides being required to and we'll discuss in this article.

Some questions you might have about renters insurance:

1. How to pick the best renters insurance company?

2. What information do they need for a renters quote?

3. How to buy a renters policy?

Why do I need renters insurance?

 Renters insurance protects you against damage and loss to your personal property, including fire, theft, and other types of losses, such as water damage. In addition, renters insurance provides coverage for accidents that occur in or around your home. 

Compare renters insurance

Renters Insurance

Do I Need Renters Insurance if My Landlord Has Insurance?

While many landlords require tenants to purchase renters insurance, obtaining a policy is a smart decision even if it's not mandated. Your landlord's insurance typically covers only the building structure, not your personal belongings or liability.

Renters insurance protects your personal property in the event of break-ins, fires, or other unexpected incidents. It also provides liability coverage for situations like if your dog bites a guest in your home. This coverage is relatively inexpensive and offers significant peace of mind by safeguarding your assets.

This guide is designed to help renters, especially those new to renting, understand the basics of renters insurance. By providing an overview of the best renters insurance companies, detailing typical costs and coverage options, and highlighting potential pitfalls, we aim to help you make the best decision when choosing a renters insurance policy.

What Is Renters Insurance?

Benefits of Renter's Insurance

Renters insurance is a type of insurance policy that is primarily designed to provide coverage for your personal property. 

It generally will reimburse policyholders for the cost of replacing their personal property if it was damaged or lost by theft, fire, vandalism, or other disasters.  

Renters Insurance Advice

10 easy to follow insurance method to lower auto rates


What kind of renters insurance do I need?

Of course, every insurance policy is different, so renters should carefully review their policy to check terms and limits.  

Be sure to get coverage for the items that you need, and understand that there will likely be exemptions for certain types of natural disasters (such as for hurricane damage in Florida or earthquake damage in California). 

How Does Renters Insurance Work?

If you have decided that you need renters insurance, applying is a relatively simple process. 

Most insurance companies offer a free online quote, which you can do after submitting basic information about yourself, including your name, address of your rental.  

Insurance companies will also offer quotes over the phone or in-person.  Once you have selected an insurance company, then you can choose a policy, keeping in mind that the higher deductible you choose, the lower your premium will be — and vice versa.  

The insurance company will then walk you through the application process.


What Will Renters Insurance do if you have a claim?

Renters insurance will pay your costs if you suffer a loss, such as theft or a fire.  The amount of compensation that you will receive will depend on the type of policy that you have in place, as well as the type of loss that you suffered.  

For example, if you have chosen actual cash value versus replacement cost for your policy, you will typically receive less in reimbursement for your personal property.

If you have suffered a loss, you should start by letting your landlord and/or the police know (generally, the insurance company will require a police report if there has been a break-in).  

Then your other information, including an inventory of your personal property, your insurance information, documentation of any damage suffered, and any police reports or witness statements, is necessary.  

Next, contact your insurance company as soon as possible; many require policyholders to file a claim within 48 to 72 hours after a loss.  Your insurer will ask you to fill out a claims form and cooperate with its investigation.  Finally, you will be able to collect on your claim.

How Much Does Renters Insurance Cost?

how to find affordable insurance

The cost of renters insurance will depend on Many factors:

1. the insurance company you select

2. the amount and type of coverage you select

3. where you live.

For some renters, the monthly premium for a renters insurance policy may be as little as $15 per month, or less.

The cost will depend on factors such as “…what kind and amount of coverage you choose to purchase; loss statistics for the location where you are renting; the deductibles you choose; and your personal insurance history.”  

If you have previously made property insurance claims, you may see higher quotes for some time.  It is important to choose the right kind of policy to fit your needs.  A “named perils” policy will only cover the listed risks, while an “all risk” policy will cover all possible causes of loss, other than a short list of exclusions.

What Does Renters Insurance Cover?

Renters Insurance

While every renters insurance policy is different, most cover certain basic items, such as damage or loss to personal property.  

That being said, every renter should carefully review the terms and conditions of an insurance policy before signing it to be sure that the coverage is appropriate for his or her needs.


Renters Insurance is broken down into four basic categories of coverage's  

1. Contents

2. Loss of use

3.  Liability

4. Medical payments.  

Renters can then customize their policy to include additional coverage.

Contents coverage is for personal property, which includes everything that will be moved into your rental home.  

Brad recommends getting a replacement cost value policy so that your possessions will be replaced with a like kind and quality product, rather than an actual cost value, which may not give you enough money to actually replace what you have lost.

Loss of use coverage helps you find a place to live and cover those expenses if you cannot live in your home due to a loss.  While it will not pay your rent, it will make sure that you are not also paying for a hotel or other living arrangement.

Liability coverage protects you from lawsuits.  If someone is injured in your rental, the insurance company will defend you in a lawsuit and cover the costs.

Medical payments coverage will pay if someone is hurt in your home.  Unlike liability coverage, this is no-fault coverage, which means that your guest does not have to sue you or prove that you were negligent in order to have their medical bills paid.


Should College Students Take Out Renters Insurance?

College Students renters insurance

Can you get renters insurance in college?

While renters insurance is generally a good idea for most people who do not own their homes, it isn’t always the best choice for college students. 

That is because many homeowners insurance policies actually cover children living away from home — such as college students.  

If your parents have a homeowners insurance policy that offers this coverage, then they will not likely need renters insurance.

According to John Espenschied, owner of Insurance Brokers Group, college students are generally covered under their parents’ homeowners insurance policies. 

The personal property protection of the homeowners insurance policy will extend to the child’s belongings that are outside of the home —  like being away at college.  This is particularly important because insurance companies will not write a renters insurance policy for a student living in a dorm.

However, many landlords will require that students have a separate renters insurance policy if they live in an apartment outside of the dorms.  For any students whose parents do not have homeowners insurance or whose policies do not cover them, renters insurance is a good idea to not only protect their personal property, but to shield them from liability.


What Are Some Potential Problems with Renters Insurance?

While there are many benefits to renters insurance, there are potential pitfalls.  Being aware of how renters insurance works can make sure that you are fully covered — and that you are not liable for any injuries that may occur at your home.

First, if you have roommates, you should be aware that most renters insurance policies will require you to get separate policies.  Typically, a renters insurance policy will only cover you and the family members who live with you.  While some insurance companies may allow you to split a policy with your roommates, this could backfire if your roommate makes a claim and it goes against your personal history.  Be sure to check with your insurance company to be sure that you are fully insured.

Second, if you have a dog, it is vital that you have a renters insurance policy.  Not only could your dog damage property, it could also bite another person.  Having an insurance policy will protect you from lawsuits and pay for any damage that your dog may cause.

Third, if you have any particularly expensive property, such as jewelry, art or electronics, you’ll want to talk to your insurance broker about coverage for these items.  You may need to declare them separately in order for them to be covered on a separate rider, which may cost an additional fee.

Should I Get Renters Insurance?

If you rent, buying renter's insurance is often mandatory. 

Even if your landlord does not require a policy, having renter's insurance usually makes good financial sense.  

For a relatively low monthly premium, your personal property will be protected from loss or damage, and you will have additional coverage from lawsuits and other liabilities.  

However, depending on the policy that you choose and other factors, renters insurance can be expensive — and may not cover you fully.  But if you want to make sure that you are protected if something unexpected happens, renters insurance is often a sound investment.

Renters Insurance FAQs

Do I need renters insurance if I live in a secure building?

Even if you live in a building with great security — like a doorman, cameras, and a gated entrance — renters insurance is still important. Why? Because your building’s insurance typically only covers the structure itself, not your personal belongings. That means if someone breaks into your apartment or if there’s a fire, you’re responsible for replacing your things. Plus, renters insurance includes liability protection, so if someone slips in your apartment and gets injured, you’re covered. And don’t forget additional living expenses: if your unit becomes unlivable, renters insurance can pay for a hotel or temporary rental. So yes, even in a safe building, renters insurance is worth it.

What’s the difference between actual cash value and replacement cost?

When you buy renters insurance, you’ll have a choice between actual cash value (ACV) and replacement cost coverage. ACV pays you the depreciated value of your belongings — so if your five-year-old TV gets stolen, you’ll only get what it’s worth today, not what you paid for it. Replacement cost, on the other hand, pays you enough to buy a new one at today’s prices. While replacement cost policies cost slightly more, they’re usually worth it because you’ll be made whole after a loss. If you’re on a budget, ACV can save money upfront, but make sure you understand the trade-off.

Will renters insurance cover floods or earthquakes?

Standard renters insurance does not cover damage from floods or earthquakes. If you live in a flood zone or an earthquake-prone area, you’ll need separate policies or riders. Flood insurance is available through FEMA and private insurers, while earthquake insurance can usually be added as an endorsement. Water damage from burst pipes or accidental overflows is typically covered, but natural disasters require separate protection. Talk to your insurance agent to assess your risks and decide if additional policies make sense for your location.

How do I prove the value of my belongings for a claim?

To prove the value of your belongings, it’s smart to create a home inventory before you need to file a claim. Walk through your apartment, take photos or videos of your stuff, and save receipts, product manuals, or serial numbers when possible. You can store this digitally using apps or cloud storage. If you ever need to file a claim, you’ll have an easy-to-reference record, which can speed up the process and ensure you get full reimbursement. Without documentation, you might have to rely on memory — and that can lead to delays or lower payouts.

Can I switch renters insurance companies anytime?

Yes, you can switch renters insurance companies at any time — even mid-policy. Just be sure to coordinate the switch carefully to avoid a lapse in coverage. First, shop for a new policy and set the start date for the same day (or the day before) your old policy ends. Once your new coverage is active, contact your old insurer to cancel. Most companies will prorate your unused premium and send you a refund. Switching can save money if you find a better rate, but always compare coverages to ensure you’re not sacrificing important protections.

About the Author

John Espenschied is a seasoned insurance expert with over 25 years in the industry. As the principal of Insurance Brokers Group, an independent agency, John brings a wealth of knowledge to both personal and commercial insurance needs. His passion lies in helping individuals, families, and business owners find smart, customized coverage solutions — without the jargon or sales pressure.

Throughout his career, John has worked in multiple roles across the insurance landscape, giving him a deep, well-rounded understanding of how to protect what matters most.

Outside the office, John is a family man who enjoys life along the Missouri River with his wife, Melissa. They have three grown children and are proud grandparents to four grandkids. When he’s not helping clients, you’ll likely find him on the golf course, biking to local breweries, or taking motorcycle rides whenever the weather cooperates.

John Espenschied