It’s finally summertime, and that means beach trips, vacations, and lazy pool days. Summer is the perfect time to review your renters insurance policy, especially if you have an extended trip or recently upgraded any patio furniture or electronics in your apartment. Renters insurance is one of the best ways to protect your personal belongings, but how do you decide which coverage option is right for you? This guide explains what renters insurance is, what it covers, and how choosing the right policy and deductible can help keep your summer stress free.
- What is renters insurance?
- What does renters insurance cover?
- How to choose the best renters insurance coverage
- How to get renters insurance
What Is Renters Insurance?
Renters insurance coverage helps protect a renter’s belongings, liability, and temporary living expenses after certain events. Renters insurance is available to anyone renting an apartment, condo, townhome, or single-family home. Most landlords or property managers require tenants to have a renters insurance policy before move-in, but even if they don’t, renters insurance can protect you from unexpected losses and costly damages.
Renters insurance not only helps protect your belongings, but it can also reduce your financial liability if an on-site accident occurs. When moving into a new apartment or rental home, it’s important to budget for renters insurance, whether or not your landlord requires it. A policy can help protect both you and your belongings in the event of theft, fire, or other disasters.
What Does Renters Insurance Cover?
Renters insurance typically covers three main areas: personal property, liability, and additional living expenses. Each type of coverage helps protect renters from unexpected damage or financial losses. Standard renters insurance policies include these protections, but some providers offer optional add-ons for additional coverage.
Personal property
Personal property coverage protects the belongings inside your rental property. This can include clothes, furniture, electronics, or anything you own. Personal property coverage helps pay to replace your belongings if they’re damaged, stolen, or affected by events such as fire or certain types of water damage. This coverage may also extend to personal belongings outside your rental home, such as items stored in your vehicle.
During the summertime, this personal property coverage can be especially important depending on where you live. If you live in an area prone to hurricanes, thunderstorms, flash flooding, or other weather disasters, renters insurance can protect your belongings if they are damaged or destroyed because of severe weather.
Liability coverage
Liability coverage helps pay for accidents or damages that occur within your rental property. If you accidentally damage a neighbor’s belongings, liability coverage can help pay for repairs. Let’s say you and your friends spent a hot summer day at the pool. On your way back to your apartment, your friend slips on the tile, bumps their head, and needs medical attention. Liability coverage included in your renters insurance policy may help cover medical expenses. Liability coverage can help protect you financially if a guest is injured or you accidentally damage someone else’s property.
Additional living expenses
Additional living expenses coverage helps pay for temporary housing and related costs if your rental property becomes uninhabitable. If your apartment is damaged by fire, severe water damage, mold, or another disaster, your renters insurance policy may help cover the costs of hotel stays, transportation costs, and other necessary living expenses until your rental is habitable again.
Optional add-ons
Many renters insurance providers offer optional add-ons that expand your coverage. Some policies include pet liability insurance, which protects you from any pet-related accidents. Other common add-on options include identity theft protection, sewer or drain backup coverage, and scheduled personal property coverage for high-value items.
Depending on the provider, adding these additional protections to a standard renters insurance policy may help lower your annual or monthly costs.
How to Choose the Best Renters Insurance Coverage
According to NerdWallet, the average cost of renters insurance in 2026 is $151 per year, or about $13 per month. While the overall cost is inexpensive, choosing the right coverage option, deductible, and liability protection depends on your personal belongings, budget, and living situation.
What are the different coverage options?
A standard renters insurance policy typically includes $100,000 in liability coverage, $25,000 in personal property coverage, and a $500 deductible. A deductible is the amount you pay out of pocket for any of these damages before your renters insurance policy takes over.
Some policies allow you to increase liability and personal property coverage limits depending on your needs; however, increasing your coverage can also increase your deductible, so it’s important to compare policy options carefully before making a decision.
How to choose the right renters insurance policy
A renters insurance policy is not one size fits all, and it’s important to understand the value of your personal belongings and living situation before choosing a policy. Start by taking inventory of your belongings, especially larger or higher-value items. This can help estimate how much personal property coverage you may need.
You should also consider how many people live in your rental home and whether your policy covers roommates’ belongings. Some renters insurance policies may allow coverage for multiple tenants, while others require separate policies.
Another optional add-on included with many policies is scheduled personal property coverage for valuable belongings. Personal items like jewelry, artwork, collectibles, or musical instruments may exceed the standard policy limit and require additional coverage. Reach out to your insurance provider to verify whether additional protection is available for these items.
Having renters insurance can be especially helpful if you live in an area with higher crime rates, in an older building, or with roommates or pets. If you plan on going on vacation, leaving your rental for an extended period this summer, hosting summer gatherings, or live in an area prone to summer storms and weather disasters, renters insurance can help protect you, your belongings, and your guests all season long.
How to Get Renters Insurance
Choosing a renters insurance policy depends on serval factors, including your budget, coverage needs, and existing insurance providers. If you already have car insurance, consider getting renters insurance through the same provider, as bundling policies may lower your premium.
If this is your first time choosing an insurance policy, compare providers and get renters insurance quotes to better understand monthly rates, annual costs, and available coverage options. No matter which coverage option or policy provider you choose, renters insurance is an important safeguard for renters and can help protect you from unexpected legal and financial expenses.
Learn More About Renters Insurance on Apartments.com
If you still have questions about renters insurance, Apartments.com can help! Whether it’s your first time choosing a renters insurance policy or you’re updating coverage before an apartment move, Apartments.com offers renter-friendly resources to guide you through the process. Explore more Apartments.com renter resources, including our guides to renters insurance, moving into your first apartment, and apartment living tips.
FAQs
What does renters insurance coverage include?
Renters insurance coverage typically includes personal property coverage, liability coverage, and additional living expenses. Some policies offer optional add-ons for valuables, pets, identity theft, or sewer backup.
How much renters insurance coverage do I need?
You should choose enough personal property coverage to replace your belongings after a covered loss. Start by taking inventory of your belongings, estimating replacement costs, and checking whether your leases requires a minimum liability limit.
Does renters insurance cover roommates?
Renters insurance usually does not cover a roommate's belongings unless they are listed on the policy. Roommates may need separate renters insurance policies depending on the provider.
Is renters insurance required?
Some landlords and property managers may require renters insurance as part of the lease. Even when it's not required, renters insurance can help protect you from unexpected costs after theft, fire, liability claims, or other events.
