★ TENANT INSURANCE · $15-30/MO · LANDLORDS OFTEN REQUIRE IT
$22/month covers $35,000 of stuff. And a $2M liability.
Most renters underestimate what tenant insurance covers — and overestimate its cost. The average policy is $20-30/month. Your liability coverage alone (for that bathtub-flood-the-neighbour scenario) is worth it.
Dog bites visitor in your apartment$75,000Typical claim payout
Hotel stay during fire repair (2 weeks)$5,400Typical claim payout
★ COMMON MISCONCEPTIONS ★
3 things renters get wrong
1
"My landlord's insurance covers me"
FALSE. Landlord insurance covers the BUILDING. Your stuff, your liability, your alternate living expenses — zero coverage. Their policy literally won't pay you a dollar.
2
"I don't have $30k of stuff"
Add it up. Average renter has $25-50k. A MacBook + iPhone + iPad + furniture + clothes + kitchen quickly adds up. Most policies start at $20k baseline.
3
"Roommates need separate policies"
Not always. Some insurers allow joint policies for unrelated roommates. Easier: each gets own at ~$15/mo. Married/common-law typically share.
★ BEFORE YOU BUY ★
Coverage checklist
✓ Replacement cost (not depreciated value) on all items
✓ Liability minimum $2M for apartment / high-rise
✓ Additional Living Expenses (ALE) coverage — hotel + food if displaced
✓ Identity theft protection (often free add-on)
✓ Off-premises coverage (your laptop stolen at café)
✓ Sewer backup (separate from water damage)
✓ Bicycle coverage if over $1,500 value
✓ Special items rider: jewelry, art, instruments over $2,000