What is renters insurance?

What does renters insurance cover?

The standard coverages on a typical renters insurance policy are personal property, personal liability, medical payments to others, and loss of use.

Personal property

Personal property coverage covers your possessions — including electronics, clothing, and furniture — in case of loss or damage. Your possessions may be covered even if you're away from home when the loss occurs.

For example, if someone steals your laptop from your car, your renters insurance may pay to replace the laptop, up to your coverage limit and minus your deductible.

Personal liability

Personal liability coverage may provide protection if a claim or lawsuit is brought against you for bodily injury or property damage that you may be responsible for.

For example, if a visitor trips over your rug and is injured, liability coverage may provide compensation up to your policy's limits for their injuries and provide you with legal defense if you're sued.

Medical payments to others

Medical payments to others may pay for a guest's medical bills if they're injured at your residence.

For example, suppose a visitor falls in your kitchen and requires an X-ray to determine if their leg is broken. This coverage may pay for the X-ray and resulting medical costs, up to your coverage limit.

Loss of use

Loss of use coverage may pay for additional costs you incur to maintain your normal household standard of living while your residence is being repaired or rebuilt due to a covered loss.

For example, if a fire makes your rental home uninhabitable, your loss of use coverage may pay for a short-term rental, a storage unit for your belongings, and groceries, above what you normally spend.

Some providers may offer additional optional coverages, including personal injury and water backup. Learn more about Progressive's renters insurance coverages.

What does renters insurance not cover?

Renters insurance won't cover damage to the structure of your rental home or unit. Your landlord or rental office is responsible for damage to the dwelling's roof, ceiling, and walls caused by things like bursting pipes and vandalism.

Other things likely not covered by a renters insurance policy include:

• Termites and other pests: Renters insurance doesn't typically cover damage caused by pests or extermination costs. However, mice, bed bugs, and other pests may be the responsibility of your landlord or rental company.
• Natural disasters: Your renters policy won't cover damage caused by flooding, earthquakes, landslides, or sinkholes.
• Intentional damage to the property: Any damage you caused to the property, including paint and other upgrades, could be things you have to pay for down the line.

Do you need renters insurance?

Renters insurance isn't legally required, though certain rental companies and landlords may require it. Even when optional, it's often a good idea to cover what you've spent a lifetime accruing.

How much renters insurance do you need?

The amount of personal property coverage you need depends on the value of the items you have to cover under your personal property coverage. Remember, if you were robbed or lost your clothes, furniture, and everything else in a fire, your landlord or rental company isn't responsible for your belongings. You can start estimating the amount of personal property coverage you need by taking a home inventory.

Your personal liability coverage limit should be enough to cover your assets in case you're liable for someone else's injuries and/or damages. Insurers typically offer three options for renters liability coverage: $100,000, $300,000, and $500,000 — pick the amount that best protects your net worth. You can determine your net worth by adding up your checking, savings, and investment accounts plus any property equity and subtracting your debt.

Learn more about determining how much renters insurance you need.

How much does renters insurance cost?

The cost of renters insurance can range anywhere from $13 to $27 per month,^* according to 2024 data from Progressive Home. However, there are many factors that can impact your cost for renters insurance, including:

• Location
• Coverage limits
• Type of residence
• Insurance score

Learn more about renters insurance cost factors and pricing information, then learn how you can save on renters insurance with Progressive's renters insurance discounts.

Renters FAQs

Will renters insurance cover pets?

Your renters insurance policy may cover injuries caused by your pets as part of your personal liability coverage. This type of coverage protects your wallet if your pet injures someone else or causes damage to someone else's property.

Renters insurance won't cover damage your pet causes to the physical structure of the property or to your own personal property. Learn more about how renters insurance covers injuries and damages caused by pets.

How does renters insurance work with roommates?

Unless your roommate is added to your renters insurance, they aren't covered under your policy. They need their own policy to cover their personal property and/or liability. However, if you're able to add your roommate to your policy, make sure your personal property coverage limit accounts for their belongings and your liability limit covers their assets. Learn more about how renters insurance covers roommates.

Protect yourself and your stuff with renters insurance through Progressive