What to Tell Your Renters: An Affordable Renters Insurance Guide

What to Tell Your Renters: An Affordable Renters Insurance Guide

Less than half of renters had renters insurance in 2018. This is surprising, given that renters insurance is often far more affordable than homeowners or even car insurance.

This raises an interesting question: Why? If renters insurance is so helpful and affordable, why don't more people have it?

The answer is that most people don't know the truth about it. Despite a significant proportion of people renting their homes, there are many stubborn misconceptions about renters insurance. It's not a common topic of conversation, so not much information is getting to the public.

Affordable renters insurance does exist, and we'll talk about how to get it in this article.

What is Renters Insurance?

Before we discuss how to get renters insurance, we should explain what renters insurance is and why it's useful. Renters insurance protects your belongings in case of unexpected loss or damages.

Many renters believe that renters insurance is unnecessary because the landlord's insurance covers tenants, which it doesn't. The landlord's insurance covers what the landlord owns, including the structure itself and certain features like carpets and plumbing.

Where to Get Renters Insurance

The answer is that it depends on a few different factors. The area is among the most important because where you live determines how much renters insurance will cost on average.

The good news is that affordable renters insurance can be found anywhere. The national average for renters insurance is between $228 and $438 per year. That works out to between $19 and $36 per month.

Most insurance companies offer renters insurance, but that doesn't mean they all offer great deals. We suggest talking to insurance companies and agents to see what your options are.


Renters insurance may even be required in some circumstances. In every state but Oklahoma, landlords can make renters insurance necessary for tenants and have good reasons to do so.

Not only can a landlord make you get renters insurance, but most of them do. Four out of every five landlords require it, though they usually insist on minimum wage and won't force their tenants to purchase more.

Landlords do have the right to require a certain amount of insurance, but most of them are more concerned with the tenants being insured at all than having any specific amount of insurance.

Insurance Amount

We've discussed why you should have renters insurance, but we also need to discuss how much to get. Renters insurance coverage often ranges from $100,000 to $300,000. 

Though averages are much higher, the median income of people at every age is less than $300,000. This means that renters insurance policies should cover a substantial portion of your possessions.

Getting Affordable Renters Insurance

How do you find affordable renters insurance? The truth is that it's much easier than one might assume. There is a lot to consider when buying it, though.

We've talked a bit about these considerations in this article, but there are things we didn't have the space to discuss here. For more information on rental properties and insurance, visit our site. And feel free to contact us if you have any questions or concerns.

Blog Home