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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.

Stop overpaying for home insurance

Home insurance is an essential expense – one that can often be pricey. You can lower your monthly recurring expenses by finding a more economical alternative for home insurance.

Officialhomeinsurance can help you do just that. Their online marketplace of vetted home insurance providers allows you to quickly shop around for rates from the country’s top insurance companies, and ensure you’re paying the lowest price possible for your home insurance.

Explore better rates

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.

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.


This 2 Minute Move Could Knock $500/Year off Your Car Insurance in 2024

Saving money on car insurance with BestMoney is a simple way to reduce your expenses. You’ll often get the same, or even better, insurance for less than what you’re paying right now.

There’s no reason not to at least try this free service. Check out BestMoney today, and take a turn in the right direction.

Em Norton Staff Writer

Em Norton is a Staff Writer for Moneywise. Em holds a B.A. in Professional Writing from York University and has been writing professionally since 2019. Em's work has previously been published by Room Magazine, IN Magazine, Our Canada and more.


The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.