Compare the cheapest renters and tenant insurance quotes

Yes, it's recommended each tenant has their own renters insurance policy. If you have roommates and everyone's belongings are damaged in a flood or fire, only those protected by their own tenant insurance policy will have coverage for their contents. You can even combine contents together under one shared policy to save money. Also, renters insurance can pay for you to live elsewhere during renovations but it won't cover your roommate's expenses. 

Landlord insurance protects the building, detached structures, and the landlord's belongings. Home insurance does not protect the renters' belongings. If a renter damages the unit, a tenant insurance policy may repair it. If no tenant insurance policy is available, you may turn to the landlord's insurance, but it could likely end up in a court dispute.

To avoid problems, it's best that each person is insured on the property. If both have insurance, and there is damage to the rental unit, it's possible for it to be claimed by the landlord's policy, and the tenant's policy could potentially pay the landlord's deductible. 

Unfortunately, no – depending on your provider, you may be able to add rodents or vermin onto your policy, but generally speaking, bed bugs, mice, rats, or any rodent damage are seen as a maintenance task to be carried out by the renter or landlord. 

Yes, flood insurance is available as an add-on to any tenant insurance policy. Call your broker or insurance provider to find out the details. Floods come in many forms – a burst pipe is typically covered, but heavy rainfall or sewer backups may require an endorsement. 

No, and it's likely not worth making a claim. You can patch the work yourself or hire a professional. If not, the landlord may take the repair costs out of your damage deposit. 

Unlike a standard home insurance quote, a provider does not generally require a soft credit check, but if the option is available it will help to reduce the price you pay. Insurance companies have noticed a relationship between someone’s credit score and their likelihood to file a claim. The higher your credit score, the less likely insurers expect you to make a claim. Your landlord may want a credit check. 

There are a few situations in which renters insurance will not cover you. This includes any loss as a result of deliberate actions caused by the insured (including criminal acts), damage due to overland flooding (provided you don't have the proper flood insurance in place), as well as damage due to war or terrorism. And you also won't be covered if you're property was illegally acquired.

Check with your landlord first. It is a high-risk endeavour – Airbnb does offer insurance for their hosts, but if you need more coverage, or if your landlord needs more coverage, there are only a select few providers that insure home-sharing situations. You could void your existing policy if you home-share without notifying your provider.

Whether or not you need sewer backup insurance depends on the type of apartment and the level of risk it brings. For instance, if you live on the tenth floor of a condo building, you likely won't need sewer backup insurance. If you live in a basement near water, on the other hand, sewer backup may be a top priority. 

However, know that if there is a clog in the drain below your unit, all the flushing from the units above yours could spill out through your bathtub and sink drains. Though rare, this is a situation in which sewer backup insurance could come in handy for an apartment unit. 

Securing your renters insurance policy is easy – by providing us with a few details, we can show you customized renters insurance quotes in under five minutes. We can also connect you to an insurance agent to help finalize your tenant policy and answer any questions you may have. 

While the average rate is about $20 per month, you may be able to purchase your coverage for less. One of the best ways to get cheap insurance is to compare renters insurance quotes. Different providers offer different rates, so you won't know what your cheapest options are until you shop the market. Keep in mind there are also many external factors that will influence the price of your policy, including your location, your contents, and your insurance history. 

The liability portion of your tenant insurance policy protects you against third-party claims of bodily injury and property damage. For instance, if a friend comes over and slips on your wet floor, you could be held legally responsible for their injuries. In this case, having tenant insurance can help pay for the medical bills and legal fees involved. 

Here are four common tenant insurance claims and the coverages on your policy that can come in handy if you're ever in one of these situations.

Fire damage – If a fire causes your rental to burn down, you may need to find a new place to live temporarily. In this case, the additional living expenses portion of your policy will help cover various bills, such as hotel costs and food orders. Your contents insurance can also help foot the repairs or replacements of your personal items.

Stolen items - Whether a package was taken from your porch or your home was broken into, the contents coverage on your policy is there for precisely this. You won't be on your own when it comes to replacing all your precious belongings. 

Bodily injury - Let's say a guest slips on your wet floor at the dinner party you're hosting. In this case, you could be liable for various expenses, including legal fees and settlement costs. The liability portion of your policy, however, can help you out, ensuring you won't be financially burdened due to one single mishap. 

Water damage - While you may need to pay extra to ensure you're covered for overland water and sewer backup flooding, your policy could potentially protect you financially from various cases of water damage. For instance, if you need to move out temporarily due to a burst pipe, your additional living expenses coverage can help foot the bills.