Get answers to commonly asked questions, from what renters insurance covers to how to get a quote.
Click below for renters insurance FAQ at Travelers.
Renters insurance policy basics
Renters insurance can help cover your belongings, your housing costs if you must relocate temporarily, your personal liability including defense costs, medical bills for others and more.
Imagine what would happen to your furniture, clothing or electronics if there was a fire, sudden water damage from a burst pipe or a burglar broke into your apartment and took your belongings. Now think about what would happen if someone slipped in your kitchen or your pet damaged someone’s property while they were visiting you.
To understand renters insurance policies, think of them as having three key elements:
-
Premium – This is what you pay for coverage.
-
Deductible – This is how much you’re responsible for paying out of pocket before your insurance starts to cover the costs of a covered claim.
-
Limit – This is the most your insurer will pay for a covered claim as specified in your policy.
Purchasing Travelers renters insurance may also help you lower your Travelers auto insurance premium.
Your Travelers representative or local independent agent can help you determine the renters coverage that best fits your needs and budget. A typical renters policy can help cover:
-
Your personal belongings against loss or damage.
-
Legal costs and damages for covered accidental bodily injury or property damage to others.
-
Additional living expenses when you cannot live in your rental due to a covered loss.
-
Improvements you made to your rented property that are damaged due to a covered loss.
To get an idea of your renters insurance needs, answer these questions:
-
How much would it cost to repair or replace my belongings?
-
How much of a deductible can I afford to pay if I have a loss?
-
Do I have any valuables that require extra protection?
-
Do I have visitors to my rented apartment or home?
-
Have I made any improvements to my rental that are worth protecting?
-
Do I qualify for any discounts?
-
What personal activities (including sports) do I participate in?
-
What damage might my children or pets cause?
A Travelers representative or your local independent agent can help you answer these questions and assess your needs so you can get the insurance coverage that’s right for you. They also can review your needs annually to help you keep your coverage up to date and tell you if purchasing Travelers renters insurance may also help you lower your Travelers auto insurance premium.
Choosing a renters insurance policy starts with choosing the right insurance company.
For more than 160 years, Travelers has been an industry leader and one of the nation’s largest property casualty insurance companies. We offer a wide variety of insurance coverage options so you can customize an insurance solution to your unique needs. You can enjoy peace of mind knowing that if something unforeseen happens, you have the coverage you need. Travelers’ experienced Claim professionals are there to make the claim process as easy and stress-free as possible.
Typically, most renters policies renew automatically. Travelers will notify you about policy or premium changes in advance. It’s important to review your needs with your local independent agent or Travelers representative at least annually to make sure you have the appropriate coverage. During that review, you can determine if you need to adjust your coverage.
Renters insurance premiums will depend on the value of your personal property, how much liability coverage you choose and where you live. The average premium for a Travelers renters policy is around $205. Your premium could cost more or cost less, depending on your circumstances.
Find a Travelers representative near you to get a renters insurance quote for your apartment or home.
Umbrella insurance is additional personal liability coverage that can offer an extra layer of protection beyond what your renters and auto insurance can provide.
If you or a family member of your household is found personally responsible for serious property damage or personal injury to others, the damages could exceed the liability limits of your primary renters or auto policy. Umbrella insurance can help provide more protection, up to the limit of the umbrella policy.
Renters insurance discounts and premium costs
Your renters insurance representative can tell you about Travelers discounts for multiple policies, security systems, fire protective devices, smart home technologies, loss-free history and more. Discounts vary by state and eligibility.
The cost of insurance, or premium, partly depends on the renters coverage, deductibles and policy limits you choose. Here are a few tips that may help lower your premium:
-
Talk to your insurance representative about your insurance needs and your eligibility for discounts.
-
Bundle or purchase multiple policies with Travelers, such as car, boat and umbrella insurance.
How does a 5% savings on auto insurance sound? You can save up to 5% when you bundle your auto and renters policies. You can see additional savings when you purchase other policies from Travelers. Ask about our multi-policy discount.
Maybe. If your building already has some of these features, you may not automatically qualify for a discount on your renters policy. But if you have certain fire safety, security or smart home technologies installed in your specific home or unit, you may be eligible for our protective device discount. Ask your Travelers representative about it.
Unfortunately not. Our green discount only applies to homeowners insurance.
To help estimate the amount of personal property coverage you need, it’s important to get an accurate valuation of your possessions. Start by creating an inventory of what you have that includes a dollar value of what each item is worth and/or would cost to replace. Learn more about making a home inventory.
Once you know how much your things are worth, your Travelers representative can help you determine the amount of coverage you need.
Learn more about personal property coverage
A deductible is the amount of a covered claim that is your responsibility. It can vary and may be either a dollar amount or a percentage. Let’s say you have a deductible of $500. This means if you have a covered claim, you are responsible for the first $500 before insurance begins to cover the loss.
Your premium is how much you pay for coverage. Typically, the higher your deductible, the lower your premium payment and vice versa. A lower premium may be nice for your wallet, but remember to choose a deductible you can afford in the event of a loss. Your Travelers representative can help you choose the coverage that’s right for you.
Renters insurance coverages options and limits
Everyone’s needs are different, but personal property coverage (Coverage C) is a key part of a renters policy. It can help cover the costs of damage to or loss of your furniture and personal possessions.
Other assets like collectibles, jewelry, furs and silverware may have limited coverage under a renters policy, depending on the type of claim. You can usually get additional coverage like a Valuable Items Plus endorsement to your existing policy or with a separate policy. Think about what it would cost to repair or replace your personal belongings and valuable items, and if additional coverage would make sense for you. Your Travelers representative can help.
Renters liability insurance helps protect your assets and can help cover your legal costs if you or a household family member faces legal responsibility for causing injury to other people or their property. It can provide coverage for bodily injury, property damage, medical payments and legal expenses.
Discuss your needs for liability coverage, additional coverage options and policy limits with your Travelers representative.
Learn more about renters liability coverage.
If you are unable to occupy your rental due to a covered loss or repairs, additional living expenses coverage can help you pay for temporary housing and reasonable additional living expenses. This includes hotels, meals, laundry and other related expenses.
Improvements coverage can help pay for damage to improvements, alterations and installations you’ve made to your rental property. It is also known as building additions and alterations coverage.
Think about what it would cost to repair or redo any of these improvements. Then talk it over with your Travelers representative.
Find a Travelers representative near you or get a renters insurance quote online for your apartment or home.
A deductible is the amount of a covered claim that is your responsibility before insurance starts to pay for a covered loss. And a policy limit (or “limit of liability”) is specified in your policy as the maximum amount your insurance company will pay for a covered claim.
Some renters opt for a higher deductible in favor of a lower premium. But if the unexpected happens, you need to make sure you can afford to pay the deductible you chose.
A Travelers representative can help you balance your individual needs. Contact your local independent agent or Travelers representative to get a renters insurance quote for your apartment or home.
If you have liability insurance, you may have coverage for bodily injury, property damage, medical payments and legal expenses if you or a household family member is found responsible for injury to others or damage to others' property. It does not cover injury claims to you or any family members who live with you.
Damage or theft of personal belongings is typically covered under a renters insurance policy’s personal property coverage. This helps cover the costs of stolen items like electronics, sporting equipment and furniture, up to your policy limit. It may also cover your personal items when they are outside of your rental – for instance, if your personal computer is stolen from your car or hotel room.
Collectibles, jewelry, furs and silverware may only have limited protection – depending on the type of claim – and may need a Valuable Items Plus endorsement or a separate policy to be sufficiently covered.
Your landlord may require that they be listed as an additional interest on your renters insurance policy. This means that your landlord may be notified if coverage is cancelled or not renewed. “Additional interest” is different from “additional insured” in that the landlord listed as an additional interest has no rights over the policy. Adding someone (including a landlord) to your policy as an additional insured person may not be appropriate.
Renters insurance helps to financially protect you and your possessions from loss. Roommates each should have their own renters insurance coverage. There are good reasons for this. Unrelated individuals typically do not have coverage under the policy. If you add a roommate to your policy, their claims history typically goes on your record. Adding someone to your policy gives them certain rights to change or modify the policy. Plus, if they leave the apartment before the policy is due for renewal, you may be responsible for paying the monthly premium.
If your property is stolen, lost or damaged, contact your Travelers representative immediately to help you decide whether to file a claim. The quicker, the better. Complete any forms your representative provides as quickly as possible. Depending on the loss and who needs to be paid, Travelers may be able to have your payment sent electronically via one of our ePay options, which allows money to be directly deposited into your bank or PayPal account.
If you have a renters insurance policy and plan to move, contact your Travelers representative. If you are moving in state, you may only need to update your address to retain coverage. If you are moving out of state, you may need a new policy. Your Travelers representative can help you.
While unrelated roommates should each have their own renters insurance coverage, there are some situations when you could add a person to your renters policy. If you are married or sharing an apartment with a sibling or other relative, check your policy. It may state that the policy includes resident spouse and resident relatives. If it does not, you should add your relative or spouse. If you are sharing your apartment with a committed partner, you should add your partner to your policy. It is important to understand the person you add has rights to change or modify the policy. You can add a person to your policy by contacting your Travelers representative.
More about renters insurance
Renters overview
Whether you've rented before or are just starting out, learn how renters insurance can help cover things you own from loss or damage.
What's covered
See what a renters policy from Travelers can cover so you can rent with peace of mind.
Ways to save
From bundling to smart home systems, Travelers offers many money-saving options.
Prepare & Prevent
Insights to help you manage risks at home and on the road
Renters Resources
How Does Renters Insurance Work?
Get to know the difference between homeowners and renters insurance coverages.
Tips and Resources for Insuring Your Home
Does Renters Insurance Cover Theft?
When it comes to protecting your belongings as a renter, you may think you’re fully covered if you have renters insurance. Read on to find out in what ways your belongings may not be covered for theft.
Renters Resources
Why You Need a Renters Insurance Policy
Choosing insurance can be daunting, especially for renters who don’t know that they need to protect their personal property. What is renters insurance and why do you need it?
