Renters insurance bundles personal property protection, liability coverage, and temporary housing coverage into a policy that most renters could afford easily -- typically $15 to $30 per month -- yet only about half of renters carry one. The most common reason is the misconception that a landlord's insurance covers tenants' belongings. It does not. This calculator helps you size a policy correctly based on your actual property value and liability needs.
Estimate the replacement value of your personal property -- what it would cost to replace everything at today's retail prices. Walk through your apartment: furniture, electronics (laptop, TV, phone, gaming equipment), kitchen appliances, clothing, books, sports equipment. Most renters underestimate by 30 to 50 percent. Enter that total as your personal property limit, choose your deductible, and select your desired liability limit. The calculator returns an estimated monthly premium.
The personal property limit is the primary premium driver. The deductible has a meaningful effect -- a $1,000 deductible typically saves $5 to $10 per month versus $500. Liability limit adjustments have a very small effect on premium -- increasing from $100,000 to $300,000 often adds less than $2 per month. Location affects rate through ZIP code crime data and catastrophe exposure. Your claims history follows you even when you switch carriers through shared databases.
No. Your landlord's policy covers the building and the landlord's liability. If a pipe bursts and damages your laptop, your landlord's insurer pays nothing to you. Your renters policy covers that loss.
Yes, in most cases. Standard renters policies include off-premises coverage. If your bicycle is stolen from a rack or your laptop from your car, your renters policy typically covers those losses subject to your deductible.
No. Standard renters insurance excludes flood from rising water. Damage from a burst pipe inside the unit is typically covered -- it is external flood that is excluded.