Does my policy cover a roommate's belongings?+
Usually not unless they are named on the policy. Most insurers expect each person to hold their own, and many will not add an unrelated roommate at all. Read the contract before assuming.
Does it cover my things outside the home?+
Typically yes, at a reduced limit. A laptop stolen from a car or a bag taken while travelling is commonly covered, which surprises people who think of it as a home-only policy.
Why does more coverage cost so little extra?+
Because the fixed costs of writing the policy dominate at these premiums, and total losses are rare. Doubling the limit rarely doubles the price, which is exactly what the per-$1,000 figure reveals.
How much does renters insurance cost per month?+
Most renters policies run about $15 to $30 per month. The price depends on your coverage limit, deductible, location, and claims history, and this calculator converts the annual premium to a monthly figure.
Can my landlord require renters insurance?+
Yes. Many leases require it, and some name the landlord on the policy. Premiums are low enough that it rarely becomes a sticking point.
Does renters insurance cover water damage?+
Sudden water damage from a burst pipe is typically covered, but gradual leaks, flooding, and sewer backups usually are not. Flood coverage is a separate policy.
Are these numbers financial advice?+
No. They are educational estimates based on the inputs and assumptions on this page. Confirm important decisions with a qualified professional and your own documents.