5 Renters’ Insurance Companies to Finally Get a Quote From
Renters’ insurance is a type of insurance policy that protects a renter in the event that something happens at their home, like a fire, flood, or theft. While homeowner insurance policies are designed to protect the property owners from the cost of those losses, renters and their possessions are almost never included. This means if you’re renting, be it a room or a whole house, you’re going to want to have a renters’ insurance policy of your own to cover your belongings in the event the unimaginable happens to your home.
“Typically renters’ insurance is not very expensive, so the benefits outweigh the costs,” explains Shaun Pappas, partner at Starr Associates. “In case of an incident in the apartment, even if it is not necessarily the fault of the tenant, having renters’ insurance will be useful and will allow the tenant to seek reimbursement.”
Fortunately, because it insures the possessions within the home and not the actual building, a renters’ insurance policy only costs a fraction of what a homeowners insurance policy does. In other words, there’s practically no reason for you not to carry a policy for yourself. No more putting it off — here are five companies that you can get a quote from today.
Starting cost per month: $5
If you’re looking for a quick and easy way to get a quote, look no further than Lemonade. You can have one emailed to you or generated in-browser after answering a few quick questions on their website (we clocked our estimate at 70 seconds). And according to their website, filing claims is supposed to be just as fast. Unlike other companies, Lemonade doesn’t have any brick-and-mortar locations, which is probably how they keep the costs so low.
Starting cost per month: $10
If you have 60 seconds, you can get a quote from Jetty from your phone or computer 24 hours a day, 7 days a week. Unlike other insurance companies, Jetty partners directly with property management groups, which means you can only sign up for a Jetty renters’ policy if you’re renting from one of their affiliated properties. One of the perks of a Jetty policy is that they offer a program that allows renters to avoid making an upfront cash deposit by charging them either a one-time refundable fee or a low (but non-refundable) monthly payment. The downside is that the site doesn’t make it easy to search out participating properties, so if that upfront deposit has been keeping you from moving, you likely won’t know if the building you’ve been considering is affiliated with Jetty until you’ve spoken with the leasing office.
E Premium Insurance
Starting cost per month: $11 to $22
Similar to Jetty, E Premium Insurance is a renters’ insurance company that is tied to the property management company. So, you won’t be able to take advantage of some of the benefits of E Premium Insurance (like their deposit assistance policy, which is also similar to Jetty’s) if you’re looking to move somewhere unaffiliated with the company. However, if you haven’t decided on where you’re moving yet, you can check out the E Premium website to see what buildings are affiliated with the company. Their online tool allows you to search by zip code to find participating properties in your area.
Starting cost per month: $12
Like other traditional insurance companies that offer multiple product lines, GEICO offers discounts to renters who bundle their rental and auto policies. Plus, they have a handy online tool that will actually help you calculate the value of your items and figure out how much insurance you need, unlike other companies that estimate values for you. This tool can be perfect for renters who have unusually expensive electronics, or unique collections that may require a little more information (like comic books or original artwork) when pricing out policies.
Starting cost per month: $20
If you’re someone who prefers sitting down with your insurance agent in person (or dropping off your payment directly in their office), you’ll love the traditional trappings of Nationwide. Also, because Nationwide offers so many different services — they carry auto, life, and more — you can save money by bundling their services (for example, using them for more than just your renters’ insurance needs).