What’s the Best Renters Insurance Policy for You?
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What’s the Best Renters Insurance Policy for You?

Rachel Bell
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So look—we’re not here to nag, but it is a good idea to shell out a couple hundred dollars a year for renters insurance. Getting an insurance policy will protect you in a couple of worst-case rental scenarios: it’ll reimburse you for stolen stuff, pay your medical costs if you're injured in your apartment, or even foot the bill for a hotel if you can't access your rental temporarily because of something like a fire or a collapsed roof.

But there are lots of insurance providers out there, all vying for your attention. You'll find the old guard—AllState and State Farm, among others—and a couple of upstarts, like Lemonade or Jetty. We’ve compared them below to help you get the coverage you need at the price you want to pay.

If money is tight (and you don’t want to talk on the phone)

Lemonade stands out because its cheapest plan is very cheap, and you don't have to talk to a human to get a policy (they made a bot). The lowest deductible—the amount you’ll have to pay before your insurance kicks in—is $250, which comes in handy if your valuables aren't very pricey and you want a low threshold for a payout. They also offer additional coverage for a few specific categories: jewelry, fine art, bikes, cameras, and musical instruments.

Watch out for that low loss of use coverage, though. If something happens to your building or apartment that forces you to relocate, Lemonade is not going to cover your costs as fully as some of its competitors. Oh, and they won't cover your stuff or space while you sublet. Full stop.

Quick Hits

Information you must provide to get a quote: Email address
Cheapest plan: $5 a month
Deductible range: $250 to $2,500
Personal property range: $10,000 to $100,000
Personal liability: $100,000
Loss of use: $6,000 Medical payments to others: $1,000

If you’re worried about the worst-case scenario

AllState gives every policyholder a local agent to answer your questions, and they also built a digital locker app that is actually pretty useful for keeping track of what you want to protect. They offer discounts for setting up automatic payments (5% off) or going a year without making a claim (25% off).

The best thing about AllState is their loss of use coverage—according to one of their sales representatives, they’ll put you up in a three- or four-star hotel for a year if something bad happens to your building and you can’t live there anymore. Also, they will cover your stuff and space even while you’re subletting it out.

But be warned—if you request a quote from AllState and don't buy a policy, they will call you every day for at least two weeks.

Quick Hits

Information you must provide to get a quote: Email address, phone number, employment status, marital status, consent to being contacted about your quote
Cheapest plan: $27 a month, with a $23 down payment
Deductible range: $250-$1,000
Personal property range: $10,000 to $100,000
Personal liability: $100,000
Loss of use: 12 months Medical payments to others: $1,000

If you have a lot of expensive stuff in your apartment

State Farm has the highest personal property coverage—you can insure items worth up to $1 million. They also offer discounts if you already have a State Farm policy or have burglar alarms installed. Plus, State Farm will cover your stuff and space even while you're subletting.

Quick Hits

Information you must provide to get a quote: Email address, social security number
Cheapest plan: $11 a month
Deductible range: $500-$2,000
Personal property range: $10,000-$1,000,000
Personal liability: $100,000-$1,000,000
Loss of use: 12 months
Medical payments to others: $1,000-$10,000

If you want the lowest possible deductible

Jetty has the lowest deductible and personal property coverage. So even if your stuff isn’t that expensive, you’ll almost certainly get a payout from the insurance company if some of it gets stolen or damaged. They also offer additional coverage for electronics, valuables, and (yep!) bedbug protection.

Quick Hits

Information you must provide to get a quote: Email address, social security number
Cheapest plan: $8 a month
Deductible range: $100-$2,500
Personal property range: $6,000-$250,000
Personal liability: $100,000-$500,000
Loss of use: $3,000-$23,000
Medical payments to others: $1,000-$5,000