Renters insurance — also known as an HO-4 policy — is a homeowner’s insurance policy that protects a renter’s personal belongings against covered perils, provides liability protection, covers medical payments to others and pays additional living expenses when a covered loss prevents the tenant from living in the home. This type of policy does not cover the dwelling itself.
The best renters insurance companies provide standard coverage and plenty of add-ons to help you customize your policy, all for an affordable premium. In fact, according to the NAIC, the average premium cost of a renters insurance policy is only $15 a month. The insurers listed here offer coverage options on or below that price range.