How often should you shop around for renters insurance?

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For most people, shopping around for renters insurance once a year, around renewal time, is the best way to ensure you continue to get the best coverage at the best price.

There may be times in between that annual check that comparing renters insurance quotes is a good idea, such as when you move or make purchases that require additional personal property coverage.

Shopping around regularly for renters insurance will ensure you’re not overpaying for your coverage. It’s also a good time to compare auto insurance quotes and ask about auto and renters insurance bundles.

Key Takeaways

Shop around for renters insurance at least once a year when you policy renews to ensure you’re still getting the best deal.
If there is a change that affects your coverage needs, it’s a good time to shop around.
When you shop around for renters insurance, consider requesting auto quotes as well to see if you can take advantage of a bundling discount.

What is the best time to shop around for renters insurance?

The best time to shop for renters insurance is when you sign a lease and then before each policy renewal. That way, you’re property is covered from a covered loss the moment you move in. If you move to another area, you may want to shop around for a new policy, or if you downsize to a smaller apartment or upsize to a larger unit.

If you purchase new furniture or electronics, you may also want to look at a new policy as the value of your property can affect the price you pay on your policy.

Should you bundle renters with auto insurance?

Some insurers will bundle renters insurance with car insurance. By bundling, you can usually save on both policies.

However, it’s not always the best deal overall. Request quotes both with and without the bundle; you may find it cheaper to keep them separate.

Where is the best place to find a good deal on renters insurance?

If you have auto insurance, it may be best to start with your insurer. If you can bundle your car and rental policies, you may save money on your premium.

From there, compare rates from some of the other renters insurance companies in your area. If you live in an apartment building, ask neighbors which insurer they use for recommendations.

Renters insurance rates vary widely by company, so the more rates you compare, the better your chances of finding the cheapest renters insurance. Ensure, however, that you research each company on reputation and not only on rates.

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What does renters insurance cover?

Renters insurance covers your personal property— clothing, computers, furniture, exercise equipment, musical instruments, and more that might be damaged or stolen from your rental, minus your deductible. Your landlord’s insurance policy does not cover your property but only the building. Renters insurance also covers you if someone is injured or their property is damaged while on your property.

There are three types of renters insurance coverage — personal property, additional living expenses and renters liability coverage.

Personal property coverage. This covers things you own, like your laptop and TV, clothing, furniture, and musical instruments both inside your home and off the premises. High-value items, such as jewelry or artwork, may or may not be covered on your policy, but you can purchase a rider or add-on insurance to cover these items.
Personal liability. Liability covers you from a lawsuit if you are responsible for injuries or damage to someone else.
Additional living expenses coverage. Pays for temporary housing if you’re unable to live in your rental due to a covered loss. Any costs that are above and beyond your normal monthly costs while living in your home like eating out and transportation, are also covered up to your coverage limits.

How much does renters insurance cost?

Renters insurance costs an average of $29 a month or $347 a year for $40,000 in personal property coverage with $300,000 in liability coverage. Rates were calculated based on data provided by Quadrant Data Solutions. Your cost will vary based on where you live and how much coverage you need.

Shopping around to compare renters insurance quotes every year will help you find the best price.

Kathryn Pomroy

Contributing Researcher

Kathryn Pomroy is a journalist and freelance writer specializing in personal finance, insurance, consumer debt and banking, and all types of loans. She has written for dozens of major publications, small businesses and personal finance companies.