The post Best Apartment Renters Insurance by Ashley Hart appeared first on Benzinga. Visit Benzinga to get more great content like this.
Did you know that even if you live in an apartment, you still need insurance? It’s true! If you’re renting an apartment, your landlord has a policy on the building, but that won’t protect any of your personal belongings inside your apartment. Benzinga has put together this guide to help you find the best apartment renters insurance.
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Quick Look at the Best Apartment Renters Insurance
- Best for Digital Sign Up: Lemonade
- Best for People with Side Hustles: Toggle
- Best for Existing Policyholders: State Farm
- Best for Customizable Policies: Nationwide
- Best for High-Value Items: Allstate
- Best for Jetty Properties: Jetty
Best Apartment Renters Insurance
When looking for the best apartment renters insurance, it’s a good idea to get quotes and shop around for the best coverage at the best price. Here are a few of our favorites to get you started.
1. Best for Digital Sign Up: Lemonade
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Lemonade Insurance Company is a newer player when it comes to renters insurance. It’s become a popular choice because it uses technology to simplify buying insurance and getting claims paid.
You can get the full Lemonade experience using its mobile app or website. To buy a policy, Lemonade walks you through a short, easy application. During the application, you can determine your deductible and adjust for areas that need more coverage. For example, if you have expensive electronics, you may want to increase your coverage above the default to ensure you can get them replaced if a worst-case scenario occurs.
Another feature that sets Lemonade apart is its Giveback program. When you get a Lemonade policy, you choose a nonprofit to support. There are many charities to choose from, including the American Red Cross, UNICEF, Teach For America, the ACLU and The Trevor Project. Out of the premiums you pay each month, Lemonade pays its expenses and pays claims. Any premiums left go toward your charity of choice. Lemonade donated over $2 million in 2021 through its Giveback program.
Lemonade is best for those who are comfortable communicating and filing claims through the app or website. If you have questions for Lemonade, you can get in touch through the app or by clicking the “Help” button on the bottom of the website, by emailing them directly at [email protected], or giving them a call.
Lemonade also isn’t available in all states. Its renters insurance is available in Arizona, Arkansas, California, Colorado, Connecticut, District Of Columbia, Florida, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, Washington, and Wisconsin.
Learn more about Lemonade renters insurance in this review.
Best For
- Renters who want a simple application process
- Renters comfortable with using apps
- Renters who want to support charities through the businesses they work with
- Easy application that you can complete using the app
- Fast, hassle-free claims process
- Supports charities
- Not available in all states
Did you know most of our readers prefer to work with Lemonade for their renters insurance needs?
Lemonade is a newer insurance company, however they do tend to offer some of the most affordable renters insurance policies.
This online-only insurance provider advertises rates that start as low as $5 per month, and you can use Lemonade’s mobile app for everything from adding a person to your renters policy to uploading a video to explain your claim.
Lemonade Renters is currently available in the following states: Arizona, Arkansas, California, Colorado, Connecticut, District Of Columbia, Florida, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, Washington, and Wisconsin.
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Lemonade offers fast, easy renters insurance coverages through their seamless application and claims process. Get personal property and liability protection with Lemonade Renters Insurance.
2. Best for People with Side Hustles: Toggle
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If you rent your home, you might be under the impression that your landlord’s insurance will cover you if there’s a fire or another disaster. While your landlord likely has insurance covering the physical structure of the home or apartment, that coverage doesn’t extend to your belongings or protect you when you’re away from home.
In other words, if there’s a disaster that destroys your home or if your laptop is stolen, the landlord’s insurance won’t cover it. For that and other situations, you need renters insurance.
Renters insurance covers your possessions (up to the policy limits) and offers liability coverage if you or a family member injures someone or destroys someone else’s property. Toggle®, a member of the Farmers® Insurance family, makes buying renters insurance easy.
You can tailor your coverage to what you need and opt-out of any coverage that you don’t.* Toggle also offers coverage you don’t typically find with renters insurance, including coverage for side hustles and its associated equipment or inventory. It also offers access to Credit LiftSM, a service that reports your rent and utility payments to credit bureaus so you can improve your credit score.
Toggle’s customer service representatives are readily available via chat, with extensive customer service hours (9 a.m. to 12 a.m. EST Monday through Friday and 10 a.m. to 9 p.m. EST on Saturdays). It also offers an online claims process, so it’s easy to file and track what’s happening with your claims.
Toggle is currently available in the following states: Arizona, Arkansas, California, Colorado, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Minnesota, Michigan, Mississippi, Missouri, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia and Wisconsin.
Best For
- Renters
- People with side hustles
- Pet owners
- Easy to tailor coverage
- Reasonable rates
- Loyalty rewards
- Coverage for significant other
- Only offers renters insurance at present
- Not available in all states
Toggle offers coverage you don’t typically find with renters insurance, including coverage for side hustles and its associated equipment or inventory. It also offers access to Credit Lift℠, a service that reports your rent and utility payments to credit bureaus so you can improve your credit score.
Toggle’s customer service representatives are readily available via chat,with extensive customer service hours. You can reach a representative from 9 a.m. to 12 a.m. EST Monday through Friday and 10 a.m. to 9 p.m. EST on Saturdays.
It also offers an online claims process, so it’s easy to file and track what’s happening with your claims.
Toggle is currently available in the following states: Arizona, Arkansas, California, Colorado, District of Columbia, Georgia, Indiana, Illinois, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Minnesota, Missouri, Nebraska, Nevada, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington and Wisconsin.
3. Best for Existing Policyholders: State Farm
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State Farm is among the best-known insurance companies in the country. The company boasts longevity — it’s been in business since 1922. It sells policies primarily through its network of more than 19,000 agents. Although many know State Farm for its auto and homeowners insurance, it also sells competitive renters insurance.
Don’t assume your landlord’s insurance will cover you if there’s a fire or theft in your rental home. Your landlord’s insurance is designed to cover damage to the physical building itself. Landlord insurance includes roof and walls, but it won’t cover your personal belongings. You are responsible for the replacement of your furniture, clothing, electronics and more — unless you have renters insurance.
State Farm offers renters insurance coverage that protects your personal property. Its coverage also includes liability insurance and loss of use. You can also opt for optional types of coverage like identity restoration and earthquake damage.
State Farm offers just 2 types of discounts. On the plus side, its renters insurance is relatively inexpensive, and you can work with an agent to ensure you have the right amount of coverage.
State Farm also offers an easy claims process and solid customer service, in addition to a mobile app that makes it easy to manage your policy.
State Farm is a good choice for renters who prefer to work with an agent or who already have another type of State Farm policy. Learn more about its options in our State Farm renters insurance review.
Best For
- Renters who want an in-person agent
- Renters who already have another State Farm policy
- Easy online claims process
- The support of an agent
- User-friendly mobile app
- Only 2 types of discounts
- Below average customer satisfaction ratings from J.D. Power
State Farm is available to renters nationwide. Before your policy expires, you can simply transfer your policy to your new apartment without worry. State Farm’s local insurance agents can help you navigate the claims process and answer questions in person.
It also offers discounts on renters insurance products if you combine with an auto insurance policy. In addition, if you install a smoke detector or another type of security device, you may be eligible for a discount.
4. Best for Customizable Policies: Nationwide
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As one of the United States’ largest insurance providers, Nationwide offers homeowners insurance options across the country. If you already have a policy with Nationwide, you can easily bundle multiple coverages together to save on both policies. In addition to bundling, Nationwide also allows you to save using many other discounts, including discounts for having a security system installed in your home and for remaining claims free.
Unlike some other insurance providers, Nationwide makes it easy to claim a quote online (though you can speak with an in-person representative if you choose). Though Nationwide quoted higher than the national average price for homeowner’s insurance, these costs can vary widely by location. Overall, Nationwide provides homeowners with a quick and easy option to get covered.
Best For
- Homeowners looking for fast coverage
- Homeowners who want the option to speak with an agent
- Anyone who already has a Nationwide policy
- Instant quote tool allows you to see prices quickly
- Loss-of-use and credit protections included on standard policies
- Offers a range of insurance products for bundling discounts
- Confusing customer contact system
- Pricing higher than average in some areas
Nationwide offers reliable standard coverage, but it’s also a good option if you need a little more protection from your renters insurance policy. For example, if you live in an area prone to earthquakes, you may want to add earthquake coverage.
If you keep valuable items in your vehicle, extend your coverage so you can be reimbursed if your belongings are stolen. Nationwide also offers coverage for valuables such as expensive art and jewelry. You may be able to receive discounts from Nationwide if you’re claims-free over a certain period of time.
5. Best for High-Value Items: Allstate
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Allstate is a well-known insurance company with a national presence. It offers several insurance products, including renters insurance. If you have multiple policies with Allstate, you may be eligible for a discount on your insurance products. Allstate offers comprehensive renters insurance coverage, including water and sewer damage. It also offers generous protection for expensive items such as jewelry. If you live in a high-risk area, however, you may notice that your renters insurance premium is much higher than some of Allstate’s competitors.
Best For
- Renters who own high-value items
- Renters who live in areas that are considered moderate or low-risk
- Water and sewer damage included
- No overall limits on reimbursement amounts
- Premiums can vary widely depending on where you live
- Below-average coverage for electronics
Standard coverage from Allstate includes personal property, personal liability and additional living expenses. You can also choose to add coverage for floods, identity theft and more. One of the best things about Allstate is the discounts that it offers. You can receive a discount for purchasing multiple policies. If you install a security system or smoke detectors, you may be eligible for up to a 15% discount on your premium.
You can also receive discounts for signing up for auto-withdrawal payments or not filing a claim over a set period of time. Also, if you are a member of the U.S. military or you’re 55 or older, you may be eligible for more discounts.
6. Best for Jetty Properties: Jetty
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Jetty takes a unique approach to renters insurance. To buy a Jetty policy, you need to rent from a Jetty partner property. If you rent from one of these properties, you can access Jetty renters insurance.
Jetty renters insurance covers your basic needs. It includes personal property and liability coverage. Jetty also offers Power-Ups, which is its name for endorsements you can add to your basic policy.
If you rent from a property that’s partnered with Jetty, it’s easy to get a quote. You get a link from your leasing agent, then go online. You can get a quote and apply for a policy on Jetty’s website in a few minutes.
Jetty handles claims in-house with a dedicated team. While it’s a new company, it’s partnered with insurance companies that have been in business for years: State National Insurance Company and National Specialty Insurance Company.
Jetty is best for renters who are moving to a property that’s partnered with Jetty and who prefer an online insurance experience.
In addition to renters insurance, Jetty also offers Jetty Deposit, which replaces a traditional cash deposit with either a 1-time refundable fee or a low, nonrefundable monthly payment. This helps make moving into a new apartment more affordable. To use Jetty Deposit, you agree not to damage the apartment beyond typical wear and tear. If you cause excessive damage and don’t pay for it, Jetty can recover the cost from you.
Learn more about Jetty in this review.
Best For
- Renters moving to a Jetty partner property
- Renters who prefer an online insurance experience
- Offers a range of endorsements
- Easy application process
- Only available at properties partnered with Jetty
- Not available in all states
If you’ve considered listing your apartment on Airbnb to make extra money, make sure your renters insurance policy can cover you. Jetty offers a special coverage option for this situation called Airbnb Host Theft Protection. This additional coverage can expand your renters insurance coverage to include your Airbnb guests.
Renters Insurance: An Overview
Renters insurance is a type of home insurance product. Your landlord must carry apartment owners insurance, which covers the repair or replacement cost of the building itself when damage occurs.
However, your landlord’s policy does nothing to protect your personal property if damage occurs in your apartment. Required or not, renters insurance is a sound financial decision — it’s your responsibility to protect yourself. In many cases, your landlord or apartment manager may even require you to have a renters insurance policy before handing over the keys!
Like any insurance product, renters insurance policies require you to understand basic insurance terms.
- The premium is the amount of money you pay for your renters insurance policy. Paying your premium keeps your policy active, so don’t let it slip your mind.
- Your deductible is the cost you must pay out of pocket before your insurance company will reimburse you.
- The liability limit is the maximum amount your insurance company will pay for each type of coverage.
When You Need Apartment Renters Insurance
Your landlord has a landlord insurance policy, and renters insurance is designed to protect you as a renter. You know you may need a policy because it may be required, but even if it’s not, renters insurance is worth the investment. It will help you cover the financial strain of replacing your personal items when damage occurs in your apartment. A standard renters insurance policy covers the following.
Personal Property
Personal property policies cover personal belongings inside your apartment. There’s a good chance your belongings will be damaged if a fire or flood affects the building. Renters insurance can help cover the cost by reimbursing you for the repair or replacement of your belongings. When you enroll, make a list of everything you own and its value. If and when a loss occurs, your claims adjuster will require a list like this before the claim is paid.
Additional Living Expenses
Your daily living expense sare covered if your apartment is damaged to the point you can’t live there. This is common if your building has a fire or severe flood or water damage. Your renters insurance can then help cover your living expenses like a hotel stay. Additional living expenses can also include things like meals out or laundromat use — any day-to-day part of your life affected by the loss of your apartment.
Personal Liability
Personal liability is often included in renters insurance and can help protect you financially during a lawsuit. If guests injure themselves at your apartment, they may decide to hold you responsible. Your personal liability coverage can help cover the costs of defending yourself against this lawsuit. You may also be able to use this coverage if you damage someone else’s property and you are sued.
Medical Payments
If someone is injured at your apartment, your renters insurance will help cover their medical expenses and care.
Damage to Others’ Property
Renters insurance can cover the cost of replacing borrowed items you damage or break — as long as it occurs in your apartment.
You can also add specialized coverage to your renters insurance policy, such as:
- Water sewer backup to help replace items damaged due to sewer and drain backup
- Extra coverage for expensive personal items such as electronics and jewelry
Average Premiums for Apartments
In 2020, the average renters insurance premium in the U.S. was just $173. However, premium costs can vary, and the quickest way to find out is to get a renters insurance quote. Factors that can affect the premium for your renters policy:
- Where you live
- The level of coverage you want
- Your deductibles
- Your credit
- Past claims on your insurance policies
- Pet ownership
Get the Best Apartment Renters Insurance
There’s no question — required or not, renters insurance is necessary. For a minimal monthly premium, you’ll have peace of mind knowing you and your personal belongings are covered if your apartment suffers damage. Get a renters insurance quote online to find the best policy for you.
Continue reading: How Much Renters Insurance Do I Need?
Frequently Asked Questions
Is renters insurance worth it?
Renters insurance is definitely worth it. While it may seem like an additional expense, it provides valuable protection for your personal belongings in the event of theft, fire, or other covered losses. It gives you peace of mind knowing that you are financially protected against unexpected events and can save you from significant financial losses.
Answer Link
What is typically covered by renters insurance?
Typically, renters insurance covers personal belongings, liability protection, additional living expenses, and medical payments for guests. It provides coverage for events such as theft, fire, vandalism, and certain natural disasters. It is important to carefully review the policy to understand the specific coverage and any limitations or exclusions.
Answer Link
How much do most people pay for renters insurance?
The cost of renters insurance can vary depending on various factors such as the location, coverage limits, and personal circumstances. On average, most people can expect to pay around $15 to $30 per month for renters insurance. However, it is important to note that this is just an estimate. It is always recommended to shop around and compare renters insurance quotes from different providers to find the best coverage at an affordable price.
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The post Best Apartment Renters Insurance by Ashley Hart appeared first on Benzinga. Visit Benzinga to get more great content like this.