Renters Insurance: Cheap Cover Most Tenants Skip
Your landlord's policy covers the building. It covers nothing of yours, and none of your liability.
At a glance
Figures checked 1 Sep 2026
What to take away
- Liability and loss-of-use are often worth more than the contents coverage.
- Replacement cost costs slightly more than actual cash value and is worth it.
- Bundling with auto usually discounts both policies by more than the renters premium.
For the price of a streaming subscription, a renters policy replaces your belongings after a fire or theft, pays for somewhere to live while the unit is repaired, and defends you if someone is injured in your home or you cause damage to the building.
Liability is the part that matters
A kitchen fire that spreads to neighbouring units, or a bath left running through a downstairs ceiling, produces a claim far larger than the value of your furniture. That is what the liability limit is for.
Replacement cost versus actual cash value
Actual cash value pays what your six-year-old sofa is worth today, which is very little. Replacement cost pays what a comparable new one costs. The premium difference is a few dollars a month.
Standard policies have sub-limits on jewellery, electronics and bicycles. Anything valuable should be scheduled individually with an appraisal.
Common questions
Generally yes, worldwide, including a laptop stolen from a car, subject to the deductible and sub-limits.
Only if named on the policy. Each roommate normally needs their own.