Renters Insurance - Get A Free Quote Online Today (2024)

FAQs

What is the cheapest renters insurance? ›

Based on our national cost data, State Farm offers the lowest overall premiums for renters insurance at around $10.50 per month. State Farm also performed well in our other rating categories, such as customer support availability, available communication channels and brand authority.

Founded in 2015, Lemonade is a digital insurance company that offers multiple types of coverage, including car, home, renters and pet insurance.

The cheapest renters insurance in Kentucky comes from State Farm, with an average rate of $185 per year. Travelers is the second-cheapest renters insurance company in Kentucky, with an average rate of $196 per year. The average cost of renters insurance in Kentucky is $20 per month, or $237 per year.

The average cost of renters insurance is about $15 to $20 per month¹. However, what you end up paying depends on a number of factors.

Renters insurance is relatively inexpensive. According to NerdWallet, the average renters policy costs about $15 per month for up to $30,000 in personal property coverage. That's solid coverage for less than the cost of a few cups of coffee a week.

Your claims history

Filing a renters insurance claim often causes your premium to go up. A California renter with a recent theft claim would pay nearly 59% more for their insurance than someone with no recent claims, according to NerdWallet's rate analysis.

Lemonade is an affordable insurance provider partially because it does not maintain a network of in-person locations like some of its competitors. It also uses largely AI-based underwriting processes, which can lead to savings on operations on staffing costs.

The Lemonade app with its AI technology allows for fast claims processing, but it does require users to submit a video when filing a claim, which may be a downside for homeowners who'd prefer not to submit a video of themselves.

Your personal property, personal liability, additional living expenses, and guest medical expenses are usually covered under your renters insurance. It typically does not cover earthquakes, floods, bedbugs, mold, or damage to the exterior of the building.

Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected loss, renters insurance may be worthwhile.

What does renters insurance cover in KY? ›

Personal property protects your personal belongings, including furniture, clothing, and electronics. Loss of use helps cover costs associated with an increase in living expenses, up to your policy's limit, if you're unable to stay in your home while it's being repaired or rebuilt due to a covered loss.

The average monthly insurance cost of a USAA renters policy is $14.33, or $172 a year. That's lower than the national average costs of $180 a year and $15 per month. According to USAA, some members can get renters insurance coverage for as little as $10 per month.

Renters insurance deductibles often range between $250 and $2,500 on personal property claims. Liability coverage on your renters policy typically won't have a deductible. Explore Progressive's editorial standards for Answers articles to find out why you can trust the insurance information you find here.

Your renters premium will increase after a claim settlement, but by how much will depend on the type of claim. The most impactful claims for renters insurance were for theft and fire, which typically comes with increases of about 25%.

At Lemonade, our policyholders tend to pay their premium once a month, starting on the date they purchased a policy. For example, if you get insurance on December 5th, you'll be automatically charged on the 5th of every month!

On average, renters insurance is $13.08 per month in New Jersey.

Personal Liability – Covers you for any damages for which you're held liable, and most landlords will require you to get at least $100,000 of this type of coverage. Medical Payments to Others – Covers medical payments for any injuries that have occurred on the property, and it will usually have a minimum of $1,000.