How to Get Insurance for Renters

Renting a home or apartment can provide you with flexibility and various other benefits that homeowners may not enjoy. However, one common, yet erroneous, perception many renters have is that their landlord’s insurance covers their personal belongings. They often don’t realize the necessity of having renters insurance until it’s too late. This guide will walk you through how to get insurance for renters and protect your possessions.

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Why Is Renters Insurance Important?

Renters insurance covers the cost of replacing your belongings in case of theft, fire, or other damages. It can also provide liability coverage if someone is injured in your residence or if you accidentally hurt someone.

Steps to Acquire Renters Insurance

Step 1: Understand What Your Policy Covers

Renters insurance typically includes:

• Personal property: This covers your belongings, and coverage varies based on actual cash value or replacement cost.

• Liability insurance: This covers if someone gets injured on your property or if you accidentally injure someone.

• Additional Living Expenses (ALE): This covers costs in case your rental becomes uninhabitable due to a covered event.

Step 2: Take a Home Inventory

Document all your belongings: their approximate value, the date of purchase, and serial numbers if available. This will help get an accurate insurance quote and can be beneficial if you ever need to file a claim.

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Step 3: Determine How Much Insurance You Need

The total value of your belongings can guide you in determining the amount of personal property coverage you need. Typically, liability coverage in a renters insurance policy is about $100,000. Though increasing these amounts could raise your premium, it can also provide additional protection.

Step 4: Get Quotes

Obtain quotes from several insurance providers. Many insurance companies offer online quote tools, making it easy to compare rates. Remember to ensure each quote includes the same coverage options, so you’re comparing apples to apples.

Step 5: Choose Your Policy and Purchase

Once you’ve compared your quotes, select the policy that provides the best value and protection for your needs. Contact that insurer to purchase your policy.

Step 6: Review Your Policy Regularly

After purchasing a policy, it’s a good rule of thumb to review it yearly or when a significant life event occurs, like purchasing expensive electronics or jewelry.

APOLLO is Canada’s leading provider of tenant insurance, designed specifically for renters and customizable to your lifestyle. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.

Get a quote in less than a minute

Get no-nonsense coverage that's the best value for your money. Purchase policies from your computer or phone, receive your documents instantly, and save when you buy online.

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