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How Much is Renters Insurance?

For most people who rent an apartment or home, the cost of renters insurance is quite affordable. What affects the cost of renters insurance are a few factors:

  • The company you buy your policy from
  • The kinds of insurance coverage you need, which depends on the items you need covered
  • The deductible you choose – higher deductibles mean you pay less in monthly premiums, but cover larger out-of-pocket costs in the event of a loss

Find out what information is needed to get a renters insurance quote and get a quote today.

Get a Renters Quote

Choose the Right Coverage

Many items you own are eligible for coverage on a renters insurance policy while others are not. Some things, like the building, are your landlord’s responsibility to insure.

See the full list of what State Farm® Renters Insurance covers and liability limits by expanding the information in the dropdown.

Personal Property

This coverage helps protect against losses to your personal property, while it is in your home or with you while you travel.

Coverage for your personal property may include losses caused by:

  • Fire or lightning
  • Weight of ice, snow, or sleet
  • Explosion
  • Aircraft and vehicles
  • Smoke
  • Sudden and accidental tearing or bulging of heating or cooling systems
  • Windstorm or hail
  • Theft
  • Riot or civil commotion
  • Falling objects
  • Vandalism or malicious mischief
  • Sudden and accidental water discharge from plumbing or appliances
  • Freezing of plumbing systems

Loss of Use

This coverage provides payment for additional living expenses when your home is uninhabitable because of a covered loss. This coverage applies for the shortest time required to repair or replace the premises, or for your household to settle elsewhere, up to 24 months.

Inflation Coverage

This coverage automatically increases the amount of your insurance coverage on your personal property as inflation changes the cost of living.

The changes are based on the movement of an inflation index and are reflected in the premium at each annual policy renewal.

Tip: Select replacement cost coverage from State Farm® to get the most protection for your money.

This coverage provides payment based on the cost to repair or replace the damaged property at the time of loss, if actually replaced.

Personal Liability

This coverage provides payment for your legal liability because of bodily injury or property damage caused by an accident to which the coverage applies.

In addition, it may provide for the payment of your legal defense arising from these claims or suits.

Medical Payments to Others

This coverage pays medical expenses up to the limits in the policy for people who are on your premises with your permission and are accidentally injured from a covered loss.

Losses Not Insured

While State Farm Renters policy provides coverage for common causes of loss, it does not provide coverage for every loss.

All property coverages are subject to the Losses Not Insured provisions of the policy.

Examples of losses not insured include but are not limited to:

  1. Water damage caused by flood or underground water
  2. Earth movement including earthquake or landslide
  3. Damage caused by nuclear hazard

Please refer to the policy for descriptions of losses insured and not insured.

Personal Property

Coverages available for an additional premium include but are not limited to:

  1. Additional liability coverage
  2. Cyber event, identity restoration, and fraud loss
  3. Earthquake damage
  4. Additional business property
  5. Incidental business liability


Save with an Auto and Renters Insurance Bundle

When you add a renters insurance policy to a State Farm auto insurance policy (or other policies such as life insurance and/or business insurance), you can save with multiple line discounts.

Choose the Right Renters Insurance Deductible

A “deductible” is the amount that you are responsible for when you file a claim. For example, suppose your covered burglary claim is $10,000, and your deductible is $500. The amount of your claim settlement after applying your deductible is $9,500. 

Generally, the higher your deductible, the lower your premium. But with a higher deductible, your financial responsibility would be higher if you file a claim. Your agent can help you determine the deductible that’s right for you.


Additional Provisions About Personal Property to Consider

Limited Replacement Cost Loss Settlement

Provides payment based on the cost to repair or replace the damaged property at the time of loss.

Depreciated Loss Settlement

Provides payment based on the cost to repair or replace damaged property less depreciation at the time of loss.

Personal Property Special Limits

While the Personal Property Loss Settlement provisions determine the loss payment on your personal property, it's important that you know that special limits apply to certain types of property.

Coverage for certain types of property is limited. Here are some items that may have "special limits" in a Renters policy:

  • Money, bank notes, coins (including collections)
  • Property used or intended to be used in business
  • Watercraft and equipment
  • Securities, checks, traveler's checks, gift cards, phone cards
  • Trailers (not used with watercraft)
  • Stamps, trading cards, comic books (including collections)
  • Theft loss of:
    • Jewelry and furs
    • Firearms
    • Silverware and goldware
    • Rugs, tapestries, wall hangings

Helpful Resources From Simple Insights®

Take advantage of what we've learned through the years in Simple Insights.

Why Do Landlords Require Renters Insurance?

Purchasing renters insurance is a smart move.

Signing a Rental Lease: What You Need to Know

Make sure you ask the right landlord-tenant questions before signing your lease and moving in.

Preparing for an Apartment Credit Check

Before a landlord pulls your credit report, review it for potential errors or reported debts that can be paid to better your score.