skip to main content
Travelers Logo
  • About
  • Careers
  • Agents
  • Investors
  • Sustainability
  • Contact Us
  • For Individuals
    • Overview
    • Products
      • Car
      • Home
      • Renters
      • Condo
      • Landlord
      • Boat & Yacht
      • Flood
      • Motorcycle
      • Travel
      • Pet
      • Weddings
      • Umbrella
      • All Products
    • Prepare & Prevent
      • Insurance 101
      • Home Central
      • Travelers Garage
      • Managing Through COVID-19
    • Affinity Group Discount
    • Online Service
    • Pay Your Bill
      • Get a Quote
      • Find an Agent
      • File a Claim
      • Pay Your Bill
  • For Business
    • Overview
    • Products & Solutions
      • Overview
      • Boiler & Machinery
      • Commercial Auto & Trucking
      • Cyber
      • Environmental Liability
      • Excess Casualty & Umbrella
      • General Liability
      • Global Insurance
      • Inland Marine
      • Management & Professional Liability
      • Ocean Marine
      • Property
      • Business Owner's Policy
      • Surety Bonds
      • Workers Compensation
        • Find an Agent
        • File a Claim
        • Pay Your Bill
    • Industries
      • Overview
      • Agribusiness
      • Architects, Engineers & Surveyors
      • Auto & Truck Dealers
      • Business & Professional Services
      • Construction
      • Education
      • Energy & Renewable
      • Equipment Dealers
      • Financial Institutions
      • Food Services
      • Health & Related Services
      • Hospitality & Recreation
      • Manufacturing
      • Marine Industries
      • Museums & Fine Art
      • Non-Profit
      • Oil & Gas
      • Public Entities
      • Real Estate
      • Retail
      • Technology
      • Transportation
      • Wholesale & Distribution
        • Find an Agent
        • File a Claim
        • Pay Your Bill
    • Services
      • Overview
      • Risk Control
      • Claim
      • Premium Audit
      • Online Customer Tools
      • Risk Management Information Services
      • Travelers Client Advantage
        • Find an Agent
        • File a Claim
        • Pay Your Bill
    • Small Business
      • Overview
      • Automobile Insurance
      • Business Owner's Policy
      • Data Breach
      • Employment Practices Liability
      • Professional Insurance
      • Umbrella Insurance
      • Workers Compensation Inurance
        • Find an Agent
        • File a Claim
        • Pay Your Bill
    • Large Business
      • Overview
      • Casualty
      • Cyber
      • Management & Professional Liability
      • Property
        • Find an Agent
        • File a Claim
        • Pay Your Bill
    • Multinational Business
    • Prepare & Prevent
      • By Topic
      • By Industry
      • Navigating Your Business Through COVID-19
        • Find an Agent
        • File a Claim
        • Pay Your Bill
      • Find an Agent
      • File a Claim
      • Pay Your Bill
  • Claim Center
    • Claim Center
    • Should I File a Claim?
    • File a Claim
    • Roadside Assistance
    • Find a Service Provider
    • Check Your Claim Status
    • Manage Your Claim Experience
      • Understanding the Claim Process
      • Claim Guide Library
      • Workers Compensation Resources
    • Claim Capabilities
      • Get a Quote
      • Find an Agent
      • File a Claim
      • Pay Your Bill
  • Prepare & Prevent
    • For Individuals
    • Home Central
      • Buying & Selling
      • Home Maintenance
      • Home Renovation
      • Home Safety
      • Moving
      • Smart Home
    • Travelers Garage
      • Buying & Selling
      • Car Maintenance
      • Distracted Driving
      • Safe Driving
      • Teen Driving
      • Boating
    • Insurance 101
    • Weather
    • For Business
    • Industries
      • Construction
      • Manufacturing
      • Nonprofit
      • Small Business
      • Technology
    • Topics
      • Business Continuity
      • Cyber
      • Driver and Fleet Safety
      • Facilities Management
      • Internet of Things
      • Product and Services Liability
      • Supply Chain Management
      • Workplace Safety
    • Travelers Risk Index
      • Get a Quote
      • Find an Agent
      • File a Claim
      • Pay Your Bill
  • About Travelers
    • Overview
      • Awards & Recognition
      • Careers
      • Community
      • Diversity & Inclusion
      • Sustainability
      • History
      • Investors
      • Media Resources
      • News
      • Travelers Championship
      • Travelers Institute
      • Get a Quote
      • Find an Agent
      • File a Claim
      • Pay Your Bill
    • Get a Quote
    • Find an Agent
    • File a Claim
    • Pay Your Bill
Main Navigation
  • For Individuals
      • Insurance for Individuals
      • Products
        • Car
        • Home
        • Renters
        • Condo
        • Landlord
        • Boat & Yacht
        • Flood
        • Motorcycle
        • Travel
        • Pet
        • Weddings & Events
        • Umbrella
        • More
      • Prepare & Prevent
        • Insurance 101
        • Home Central
        • Travelers Garage
      • Affinity Group Discount
      • Online Service
      • Pay Your Bill
    • Get a home quote now

      It's easy to get a free quote for home insurance from Travelers in just a few minutes.

       

      Get a home quote now
  • For Business
      • Products & Solutions
        • Commercial Auto & Trucking
        • Cyber
        • General Liability
        • Management & Professional Liability
        • Property
        • Business Owner's Policy
        • Surety Bonds
        • Workers Compensation
        • More
      • Industries
        • Construction
        • Energy & Renewable
        • Financial Institutions
        • Healthcare
        • Manufacturing
        • Real Estate
        • Technology
        • Transportation
        • More
      • Prepare & Prevent
      • Services
        • Risk Control
        • Claim
        • Premium Audit
        • More
      • Pay Your Bill
      • Small Business
      • Large Business
      • Multinational Business
      • For Business Overview
    • Tips for Managing Risks Related to a Remote Workforce

      Tips for Managing Risks Related to a Remote Workforce

      With the current reality of more employees working from home through the pandemic, is your business ready for all the implications?

      Learn more
  • Claim Center
      • Claim Center
      • Should I File a Claim?
      • File a Claim
      • Roadside Assistance
      • Find a Service Provider
      • Check Your Claim Status
      • Manage Your Claim Experience
        • Understanding the Claim Process
        • Claim Guide Library
        • Workers Compensation Resources
      • Claim Capabilities
    • Send us your receipts, photos, invoices and more with just a push of a button.

      Securely share information with your Claim team.

      Send us your receipts, photos, invoices and more with just a push of a button.

      Upload a File
  • Prepare & Prevent
      • For Individuals
      • Home Central
        • Buying & Selling
        • Home Maintenance
        • Home Renovation
        • Home Safety
        • Moving
        • Smart Home
      • Travelers Garage
        • Buying & Selling
        • Car Maintenance
        • Distracted Driving
        • Safe Driving
        • Teen Driving
        • Boating
      • Insurance 101
      • Weather
      • For Business
      • Industries
        • Construction
        • Energy
        • Manufacturing
        • Nonprofit
        • Small Business
        • Technology
      • Topics
        • Business Continuity
        • Cyber
        • Driver and Fleet Safety
        • Facilities Management
        • Internet of Things
        • Product and Services Liability
        • Supply Chain Management
        • Workplace Safety
      • Travelers Risk Index
    • Managing Through COVID-19

      Managing Through COVID-19

      Resources to help you adapt to the realities of COVID-19.

      Learn more
  • Home
  • Prepare & Prevent
  • Home Central
  • How Much Renters Insurance Do I Need?
Get a Quote*
Renters

INDIVIDUAL

COMBINE & SAVE

Or Call 1.888.695.4625 1.555.555.5555 1.777.777.7777 1.888.342.5977 1.844.754.0044 1.855.656.3103 1.844.403.1464 1.844.719.2120 to get a quote.* Retrieve a saved quote
Find an Agent Log in to MyTravelers®

Travelers is proud to work with the finest Independent Agents

Travelers customer? Log in to MyTravelers®

How Much Renters Insurance Do I Need?

Young woman moves things to a new home Young woman moves things to a new home

Most people believe the answer to that question is the amount required by a landlord or rental company as defined in their lease, but that answer might not be right for you.

Think about the things you own. Then think about what it would cost to repurchase or pay to repair those items if they were lost or damaged during a robbery, fire or other incident.

That’s where renters insurance comes in. It can help you cover the cost to replace the things you lose because of an unexpected event. It also can help pay for housing and other living expenses should your apartment, condo or home become uninhabitable due to a covered loss. In addition, it can help to pay expenses if you damage someone else’s property or are found liable for someone’s injuries.

Even though the amount of renters insurance you should purchase depends on your personal circumstances, the average cost of renters insurance hovers around $326 a year, or about $27 a month. That’s the national average cost of a policy with $40,000 in personal property coverage and $100,000 of liability and a $1,000 deductible, according to a 2021 analysis conducted by insurance.com.1 Even a lower cost renters insurance policy could make a big difference in your life and help give you peace of mind if an unfortunate event occurs.

Tip: Find a local independent agent or contact a Travelers representative to help guide you to the right coverage for your needs.

What Renters Insurance Covers 

Let’s start with the basics and go over the three things a renters insurance policy typically covers:

  • Personal property: Renters insurance can help cover the costs of damage to or loss of your furniture and personal possessions – at home or away from home – caused by things like fire, lightning, windstorm or other perils that are covered by your policy.
  • Additional living expenses: You can expect your insurance company to cover some or all of the additional expenses you incur for a hotel or a new rental if your unit isn’t safe to live in because of a covered loss or repairs.
  • Liability: Your renters personal liability insurance coverage can help cover the associated legal costs and related damages. Most renters insurance policies provide $100,000 (minimum) of financial protection for covered accidental bodily injury or property damage to others. Higher amounts of coverage are available.

Some of the common perils covered by renters insurance include losses resulting from:

  • Lightning, wind, hail and other weather events
  • Theft
  • Vandalism
  • Fire, smoke and certain types of water damage

Your policy documents will define what perils are covered.

It’s important to note that, typically, renters insurance policies don’t cover flood or earthquake damage. You may need to purchase separate coverage if your rental home, apartment or condo is located in an area where these things are likely to happen.

Did you know? Even though your landlord’s insurance typically covers the building from loss, it generally doesn’t cover your personal belongings from loss or damage.

Determine How Much Renters Insurance Coverage You Need

Ask yourself these questions to figure out how much your possessions are worth:

What Do I Own?

You’ll want to make certain that your insurance policy provides adequate coverage for all of your belongings. Start by taking an inventory. Make a list of everything you own and its estimated value so you know how much it would cost to replace or repair anything if it’s stolen or damaged.

You don’t need to figure out the exact price of every item in your unit, but consider doing an online search to estimate the current value of your stuff. Look through your closets, drawers and storage areas, too. You may have valuables put away that you don’t remember.

Tip: Keep the list handy after you buy your policy in case you ever need to file a claim. This way, you’ll know what you own and how much it’s worth, which can help make the claim process easier. Keeping a photo record of your unit and all the things in it could help with this, too.

Do I Need Additional Limits?

Every renters insurance policy has an overall limit for property claims. For example, if yours is $25,000, that’s the most your insurance company will pay for losses resulting from a covered event. Some renters insurance policies have sub-limits on certain categories of items like fine arts, silverware and jewelry. In the case of the $25,000 policy, the jewelry sub-limit may only cover up to $1,500, despite the higher overall policy limit.

Before you buy a renters insurance policy, make sure you understand its coverage limits and sub-limits. They should be adequate to cover the value of your possessions. Your insurance agent can work with you to help make sure you have appropriate coverage, including for your valuable or non-standard items.

Do I Need Any Liability Coverage?

Yes. If someone is injured in your rental unit or their property is damaged, or someone related to you causes damage, you could be pursued for damages. For example, if you break an expensive vase at a relative’s home or if your teenage child damages a neighbor’s garage, the right policy could cover you. These costs can add up fast and having enough liability coverage may allow you to handle them without dipping into your savings or emergency fund.

Many renters insurance policies include some liability coverage. Everyone’s situation is unique, and you should speak to your local independent agent or a Travelers representative to understand how much liability coverage you may need.

Ways to Save on Your Renters Insurance Premium

There are several ways you can save on your renters insurance:

  • Bundle your coverage. Bundling your renters insurance with your auto policy from the same carrier could help lower your monthly premium.
  • Install safety devices in your unit, such as smoke alarms or deadbolt locks. This could help prevent costly damage.
  • Agree to a higher deductible to qualify for a lower premium. Just make sure you can afford the higher deductible if you ever have to pay it.
  • Pay in full. Pay for a full year of insurance when you buy or renew your policy rather than paying monthly.
  • Sign up for automatic payments and go paperless. You may be eligible to reduce your premiums by a small percentage if you agree to do business electronically.

Are you still asking yourself whether renters insurance is worth it? Talk to your local independent agent or a Travelers representative for more information or to get a renters insurance quote.

Sources
1https://www.insurance.com/average-renters-insurance-rates

Learn More About Renters Insurance

More Prepare & Prevent

image of woman taking pictures of home after break-in and theft, Does Renters Insurance Cover Theft?

Does Renters Insurance Cover Theft?

When it comes to protecting your belongings, as a renter, you may think you’re fully covered if you have renters insurance. Read on to find out in what ways your belongings may not be covered for theft.

Person taking inventory of belongings usnig smartphone

5 Steps to Create a Home Inventory Checklist [Video]

Create a home inventory checklist to keep track of your important possessions in order to help verify loss for insurance and taxes.

dishes in a dishwasher

Best Practices to Protect Your Home from Water While You're Away

Most water damage that occurs at home is due to leaks in pipes and connections, and the cause frequently is maintenance issues. The good news is, you can help prevent an unhappy homecoming from a water incident.

Pearls in a jewelry box that can be covered in valuable items coverage

5 Tips to Protect Your Possessions with Valuable Items Insurance Coverage

Help protect personal items that may have limited coverage amounts or no coverage under the homeowners, condo or renters insurance policy.

  • Learn more

Related Content

  • Why You Need a Renters Insurance Policy
  • How Does Renters Insurance Work?
  • 4 Things Every Renter Needs to Know About Renters Insurance

Related Products & Discounts

Renters Insurance

Renters insurance can help to cover more than your personal property. It can help to protect you from personal liability, so you can rest easy.


Jewelry and Valuable Items Insurance

From jewelry to collectibles, you may have more valuables than you realize. Make sure your home insurance policy provides the coverage you need.


Personal Liability Insurance Coverage

This can help financially protect your family in case a third party brings a property damage claim or bodily injury lawsuit against you.


See All Home Central Content


Travelers logo

Travelers and The Travelers Umbrella are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries.
© 2023 The Travelers Indemnity Company. All rights reserved.

  • Travelers on Facebook
  • Travelers on YouTube
  • Travelers on Twitter
  • Travelers on LinkedIn
  • Travelers on Instagram

Products & Services

  • For Individuals
  • For Businesses
  • Claim Services
  • Prepare & Prevent

Our Company

  • About Travelers
  • Careers
  • Investors
  • Sustainability
  • Travelers Institute

Connect

  • Customer Support
  • MyTravelers®
  • For Agents
  • Find an Agent

Legal & Compliance

  • Terms of Service
  • Privacy & Security
  • Cookie Settings
  • Accessibility
  • Producer Compensation Disclosure