Mar 14, 2023
While we adhere to strict editorial guidelines, partners on this page may provide us earnings.
Have you ever thought about how much your stuff is worth?
As a renter, it doesn’t feel like that much, but if you had to pay out of pocket to replace everything, would you be able to?
Advertisement
While your landlord’s insurance policy would cover any losses to the building itself if something should happen, you’re responsible for your personal property.
Thanks for subscribing!
Read the best of Moneywise in 5 minutes or less.
By signing up, you accept Moneywise Terms of Use, Subscription Agreement, and Privacy Policy.
It might be easy to sweep the thought of renters insurance under the rug, but underestimating the value of your belongings just might be your biggest mistake. It’s better to be prepared than to have your baseball card collection, laptop or high-end sneakers pay the price after a fire or break-in.
Luckily, protecting your property and your finances as a renter doesn’t have to wreak havoc on your budget. With Lemonade you can get renters insurance starting at $5/month and enjoy the peace of mind their protection provides.
Is renters insurance actually worth it?
While it is up to your landlord to decide whether renters insurance is formally required, anyone would benefit from it. It’s one of the easiest ways to be prepared for unforeseen events.
Renters insurance will cushion the financial impact that property damage, personal liabilities or loss of use could have, so why not save your future self the strife?
With Lemonade, signing up for renters insurance is simple and fast. All you have to do is provide some information about yourself and the place you rent and they’ll provide you with your personalized policy and quote.
Must Read
- The ultra-rich use these 5 real estate strategies to build wealth while they sleep — you can start with just $100
- Here’s the average income of Americans by age in 2026. Are you keeping up or falling behind?
- Insurance companies profit most from drivers who auto-renew without shopping around. Comparing 100+ quotes takes 2 minutes and costs nothing
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
What does renters insurance cover?
Renters insurance from Lemonade offers coverage in three main categories:
- Personal property
- Temporary living expenses
- Personal liability coverage and medical bills
If any of your valuables are lost or damaged due to situations such as kitchen fires, windstorms, or vandalism, your policy will help you recover the cost. Additionally, if your rented home becomes unlivable and you have to camp out in a hotel for a time, cost of living expenses during that period will also be covered.
Say a passerby slips on a patch of ice on your property and injures their leg? Believe it or not, the medical (or legal) expenses incurred will be covered too.
Advertisement
But that’s not all. Starting at $5/month, Lemonade’s extensive policies cover so many more incidents within each category.
Should an accident happen to you, filing your claim with Lemonade is hassle free. You won’t have to waste time waiting for an agent to pick up the phone — It can all be done in seconds using the app.
The bottom line
If you value your financial health, signing up for renters insurance is a good choice to cushion the effect of potential money emergencies.
Lemonade’s personalized, affordable coverage will ensure you don’t have to break the bank each month for your policy or in the event that you need to tap into your coverage.
You May Also Like
- JP Morgan sees gold hitting $6,000/oz before 2027 — and a Gold IRA lets you hold the physical metal while deferring the tax bill. Get your free guide from Priority Gold
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and the simple steps to fix it ASAP
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Millionaires under 43 are reshaping investing — just 25% of their portfolios are in stocks. Here’s where their money is going
Em Norton is a Content Specialist at moneywise.com. They have been with the company since 2022.
