How to compare renters policies

The best renters insurance is the plan that fits your budget and protects your stuff. Not all renters insurance policies are the same, so it’s best to look at what each carrier includes rather than simply looking at the price of the policy.

3 min to read

How to find the best renters insurance for your needs

You found your new place, got all moved in… now it’s time to sit back and enjoy. Except there’s just a couple more things – determining if you need renters insurance, then finding the best renters insurance for your needs. When comparing renters insurance, finding the right coverage at a cheap cost is worth a few extra minutes of your time.

What to look for when you compare renters insurance quotes

Renters insurance is not for the physical structure of your apartment – that’s covered by your landlord’s property insurance. Instead, renters insurance strictly covers your belongings in the event of a covered loss such as a fire, theft, etc. Some policies may also include additional living expenses if you’re displaced and personal liability protection if you’re deemed liable for someone else’s injuries.

Pro tip:

Some landlords may require their tenants to have renters insurance as part of their lease agreement even though it’s not state mandated.

Compare renters coverages in addition to cost

It’s best to determine what you’ll want included in your policy first so you can compare prices apples-to-apples. Don’t just look at price when comparing policies – what may at first look like a comparable price between two carriers may result in drastically different coverage, and sometimes it’s just a few bucks more a month to include all the bells and whistles. Be sure to look at the coverages included in a policy when you get a renters insurance quote, which may include:

  • Liability coverage helps if someone was injured at your residence. If you’re deemed liable for their injuries, your personal liability coverage can help cover the costs associated with their injuries, up to your policy’s limit.
  • Personal property coverage helps cover items that were lost or damaged as a result of a covered loss, such as fire, theft, vandalism and more. Items covered under personal property coverage may include furniture, clothing, electronics, and so on, up to your policy’s limit.
  • Loss of use/additional living expenses helps pay for your living expenses associated with being displaced due to a covered peril. In the event your rented dwelling becomes uninhabitable, loss of use coverage can help pay for costs above what you would normally spend for housing, food, and other living expenses.

Understanding policy terminology when comparing renters insurance

The terms used in an insurance policy can be tricky when you’re first shopping around. Here’s a breakdown of a few property policy terms you’ll want you to be mindful of when comparing renters insurance policies:

  • Actual cash value refers to the current value of the item less depreciation, or the reduction in the value of an asset with the passage of time due to wear and tear.
  • Replacement cost refers to the current price to replace the item, including inflation.
  • Deductible is the amount you’ll pay out of pocket before an insurance company will pay a claim.
  • Policy limit is the maximum amount an insurer will pay to cover damaged items and/or losses under a covered event.

Compare renters insurance rates with Progressive

Progressive offers many renters insurance options with a variety of renters insurance discounts that can lower the price of your renters insurance policy. Plus, if you have another policy with Progressive, you can bundle and possibly save even more.

How to get renters insurance with Progressive

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