How Much is Tenant Insurance?
Protect yourself and your belongings with tenant insurance — read about the cost and benefits.
As a renter, you may be wondering if tenant insurance is worth the investment and how much it costs. Tenant insurance, also known as renters insurance, is a type of insurance policy that provides financial protection for your personal belongings and liability in case of unexpected events such as theft, fire, or water damage.
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Factors that Affect the Cost of Tenant Insurance
The cost of tenant insurance can vary depending on several factors. One of the most significant factors is the location of your rental property. If you live in an area with a high crime rate or prone to natural disasters, your insurance premium may be higher. The value of your personal belongings is also a factor. If you have expensive electronics, jewelry, or artwork, you may need more coverage than someone who has only a few basic possessions. Additionally, the coverage limits you choose can affect the cost of your insurance premium.
Average Cost of Tenant Insurance
On average, tenant insurance can cost between $15 and $30 per month, or $180 to $360 per year. This cost is relatively affordable compared to other insurance policies. However, it’s important to note that the cost of tenant insurance can vary widely depending on the coverage you choose.
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Customizing Tenant Insurance Coverage
Customizing your tenant insurance coverage is essential to ensure that you have the right amount of protection. While many insurance policies include coverages such as personal property coverage, liability coverage, and additional living expenses coverage, oftentimes they don’t include water coverage for events like burst pipes, sewer backups, and sump pump failures. It’s important to decide for yourself whether or not this optional enhanced water coverage is worth it based on your needs and budget.
Shopping for Tenant Insurance
When shopping for tenant insurance, it’s crucial to compare quotes from different insurance providers. You should also read the policy carefully to ensure that you’re getting the coverage you need.
APOLLO offers effortless tenant insurance designed to protect renters from potentially devastating covered events. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.
Tenant Insurance Starting at $13/month
The only tenant insurance provider with a Best Price Guarantee. Already have a policy or quote? We’ll beat the price. Guaranteed. Terms apply.
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Originally published June 13, 2023, updated September 7, 2023
Back to APOLLO MagazineTenant Insurance Starting at $13/month
The only tenant insurance provider with a Best Price Guarantee. Already have a policy or quote? We’ll beat the price. Guaranteed. Terms apply.
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Tenant Insurance Starting at $13/month
The only tenant insurance provider with a Best Price Guarantee. Already have a policy or quote? We’ll beat the price. Guaranteed. Terms apply.
Get a free quote
4.7 rating
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