Renters insurance
Protect your personal belongings
We partner with Lemonade, an insurer known for their customer satisfaction, to offer you renters insurance at a price to meet your needs.
Protect yourself and your belongings with renters insurance
Whether you’re renting an apartment, a house, or you’re a college student living off campus, our partner, Lemonade, can help you protect your personal property and help cover personal liability costs when bad luck strikes.
Why do I need renters insurance?
Renters insurance helps protect your personal property and also protects you financially if someone gets hurt in your home. If you rent your place, whether it’s an apartment or a single-family dwelling, renters insurance can provide you with a lot of protection at an affordable price.
A common mistake renters make is assuming their landlord’s insurance policy will cover their personal property. Unfortunately, that’s usually not the case. Your landlord’s insurance policy usually covers the building itself, but most likely not any of the contents—including your personal property. That’s where your renters insurance policy comes in.
What does renters insurance cover?
Renters insurance is typically made up of three components—personal property coverage, loss of use coverage, and personal liability coverage.
Personal property coverage
Personal property coverage on your renters policy helps protect your personal belongings from loss or damage due to events like fire, windstorm, burglary, smoke, hail, theft, or vandalism. If you were a victim of one of these events, the cost of buying new property such as computers, TVs, furniture, and clothing out-of-pocket could add up quickly.
Depending on the type of policy you purchase and what’s covered, if your property is damaged, your renter’s insurance policy can reimburse you for either the actual cash value or the replacement cost value of your lost property.
Loss of use coverage
If something happens to your home, most renters policies will help you with temporary living expenses if you can’t stay at your place while it’s being repaired.
Personal liability coverage
In addition to protecting your personal belongings from loss, a typical renter’s insurance policy also provides financial coverage in case someone should slip and fall or get hurt in your home. This coverage can help pay for the medical expenses of third parties or the legal bills for defense against claims.
How much does renters insurance cost?
Most renters policies start at less than $5 per month, which makes it an affordable way to protect your property and give you a little peace of mind.
Getting a quote for renters insurance is easy
To get a quote, first, take an inventory of what you own. This will help you decide what level of coverage makes you the most comfortable. Then, start a quote. It’s that easy.
Bundle with Elephant for additional savings
Elephant auto insurance customers receive a discount for bundling a renters insurance policy with their auto, making it even more affordable to buy through Elephant.
Frequently asked questions
+Who needs renters insurance?
Anyone who rents their home should consider renters insurance since it offers important financial protection at a relatively low cost. Your landlord or property manager may require renters insurance and getting a renters policy could save you thousands for damages caused by things like fires, theft, vandalism, burst pipes, windstorms, and more.
+I’m a college student, should I consider renters insurance?
Yes! We hate to sound like your parents, but if you’re a student attending college—and not living with your folks—it’s wise to at least consider covering your belongings. We know how expensive school supplies and equipment are, and between variables like new roommates, old buildings, or occasional parties, it’s best to be prepared. To learn more, check out our blog on Renters insurance for college students.
+I already have a policy with another carrier, can I switch?
Sure, you can! Once you sign up with Lemonade, they will send your previous insurer a formal notice. Once the insurer gets the notice, they will likely cancel the remainder of your policy term and refund you for any time left in your term that you have already paid for. Be sure to check with your current insurer for specific cancellation procedures.
+How do I file a claim?
Very easily: just open the Lemonade app and hit the ‘Claim’ button. You’ll be guided through the process from there.
+What bundles and discounts does Elephant offer?
In addition to exceptional auto insurance, Elephant partners with other carriers to offer renters, homeowners, and term life insurance. You can unlock an automatic bundle discount with any combination, like auto and renters, so it’s both a great way to consolidate your insurance needs and an opportunity to save.
Property and casualty insurance offered through Elephant Insurance are provided and underwritten by Lemonade Insurance Company (LIC) and Metromile Insurance Company (MIC), 5 Crosby St., 3rd floor, New York, NY 10013. Home insurance features, prices, coverages, and available discounts may vary by state and are subject to qualifications. Coverage is subject to policy terms and conditions and may not be available in all states.
Lemonade Insurance Agency, LLC (LIA) and Metromile Insurance Services LLC (MIS) are licensed insurance agents and appointed by LIC and MIC and both LIA and MIS receive compensation based on the premiums for the insurance policies each sells. Further information is available upon request.