case study on renters insurance

Renters Insurance Saved Me: Common Scenarios

Published on May 05, 2022

Buying renters insurance is something that can get pushed down the priority list because you’re not legally required to have it. However, even though you don’t have to buy a renters policy, many good reasons exist to carry this surprisingly affordable insurance. Let’s explore some common renters insurance scenarios where this coverage can save the day.

Theft is one of the best reasons to have renters insurance. If your place is burgled, a renters policy can cover the cost of any items damaged or stolen. A “cover my stuff” renters insurance policy is always a good investment — especially considering how affordable the premiums are.

Jenny lived in a good neighborhood and did not think she would ever need theft insurance, but one day she came home from work to find her apartment in shambles. She was devastated. The first thing she noticed was that her electronics, computer, and an antique clock that was an heirloom from her grandmother were gone. She walked into the bedroom to find that her jewelry box and files containing her passwords and bank account information were missing, too.

While some items can never be replaced, like her grandmother's antique clock, renters insurance helped Jenny replace the missing electronics, computer, and jewelry. Her insurance company representative was also able to give her some good advice to help prevent identity theft that could arise as a result of the stolen files. Jenny’s renters insurance policy alleviated some of the financial stress of having to replace her expensive electronics and other items.

Water Damage

Water damage is one of the most common renters insurance scenarios and one that makes tenants glad they had coverage. If you live in an apartment with people living above you, it’s especially important to consider buying a renters policy. No matter how well you get along with your neighbors, they can sometimes make mistakes that affect you, your place, and your belongings.

When Steve left for work that morning, he knew that all was well in his apartment. He had no idea he would come home to disaster in the form of extensive water damage . Steve’s upstairs neighbor has small children, and, unfortunately, one of them turned on the bathtub faucet, which caused the tub to run over.

When Steve got home, he was greeted by a wet mess. Water dripped from the ceiling and ran down the walls. In addition to the sodden ceiling and walls, the water had also ruined Steve’s laptop and expensive sound system. Fortunately, Steve’s rental insurance company quickly processed his claim and reimbursed him, which allowed him to replace his personal belongings immediately after the loss.

Fire and smoke damage are some of the other most common claims insurance companies receive. Even if you practice fire safety, you can’t control the actions of your roommates or those who live around you. Moreover, when you’re dealing with electricity, anything can go wrong — from a faulty electrical appliance to rodents chewing the wiring in your home. If a fire does break out, the most important thing is to take care of yourself and your loved ones, before worrying about your possessions. But it’s reassuring to know that most renters insurance typically covers property loss due to fire.

Becky and her family had gone to bed on Christmas Eve. At 3:00 am, the smoke detector went off and they woke up to a house filled with smoke. Fortunately, everyone got out safely, including the family dog. The only problem was that they no longer had a place to stay.

Becky called her renters insurance company and was happy to find out that they would begin paying for a hotel room immediately. The policy helped replace many of the family’s belongings and paid for temporary housing until they could find other suitable accommodation. It was an unfortunate situation but having a good renters policy helped ease some of the pressure.

What Can You Use Renters Insurance For?

The examples above are some of the most common renters insurance scenarios that cause policyholders to file claims. One of the most important things you can do is to familiarize yourself with what your policy covers and what is not covered by renters insurance . A Wawanesa renters policy covers a lot of unfortunate situations, such as theft of your belongings, water damage, and certain weather events. Check out the full list of what’s covered .

Many people don’t realize the extent of what renters insurance covers. For instance, renters can cover medical expenses if, say, your friend slips and falls in your apartment during a get-together. Most policies also cover theft of your belongings outside of your home — say, your gym bag gets stolen from your fitness facility locker or car. Your policy can also cover the cost of staying in a hotel if your place is damaged to the point where you have to move out.

In some cases, renters insurance will help even if the damage was your fault. Say you accidentally allowed the tub to overflow or left the stove on when you headed out . Renters won’t always cover these types of circumstances, but in certain cases, it will.

It’s important to understand that your belongings are not covered by your landlord’s policy. And while you may not think you have much stuff, when you take stock, you’ll find that the cost to replace all, or even some, of your personal possessions will add up quickly. Unfortunately, many renters don’t realize the full cost of a disaster until something happens.

The best part about having a renters policy is that it allows you to focus on life and not worry about what you would do if something were to happen. No one wants to dwell on potential mishaps, but they do occur. No matter what kind of rental you call home, renters insurance gives you the peace of mind that comes with knowing you’re protected should the worst happen.

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The above content is for informational purposes only and is not a direct representation of coverages offered by Wawanesa or its policies. The information does not refer to any specific contract of insurance and does not modify any definitions, provisions, exclusions or limitations expressly stated in any contracts of insurance. All references within the above content are illustrative and may not apply to your situation. The terms and conditions of the actual insurance policy or policies involved in a claim are determinative as to whether an accident or other loss is covered. To understand the coverage under your current policy, please log into the account management platform to review your policy or contact an agent directly.

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A Renter’s Story & Why You Should Have Renter’s Insurance

• April 22, 2013
• No Comments

I got a text message from a client and friend of mine, John Brooks.  John’s a realtor with Keller Williams in Dallas ( www.johnbrookstherealtor.com ) and he and his wife, Aggie, live in a loft style apartment near downtown.  The text message was a picture of their dog watching a fan blow air across the floor that let me know they’d experienced a water leak.  I called John while m y wife, Sheri, and I were heading to meet some friends for dinner, so I could get the full scoop.

Like most busy couples, John and Aggie had gotten up that morning and gone in different directions, both had meetings.  Once John’s meeting had ended, he’d gone home to take care of a few things then headed off to another meeting.  Aggie stopped by their home 15 minutes later only to find water pouring from their ceiling into their apartment.  Aggie called John with the news, so he turned around to help her with the water in their apartment.  While on the way, John called the property manager to report the situation.

It turns out, their upstairs neighbor had left water running in a sink that eventually overflowed and built up enough to cause it to “rain” in their apartment one floor below.  The maintenance people turned the water off and brought fans to both apartments to help dry them out and keep the hardwoods from warping.  John and Aggie were extremely fortunate for several reasons.

• The water had only been falling into their apartment for maybe 15 minutes as that was the time between when John left and Aggie arrived at their home.
• The management company was able to quickly shut the water off upstairs and begin cleaning up the water damage.
• The water fell in an area where there was minimal damage.  The only damage they experienced was to sheet rock and flooring, not their personal property.
• They have ample renters insurance to protect themselves if the results of the leak had been much worse.
• By catching it early they didn’t even have to file a claim.

There are two insurance applications their experience helps demonstrate.

• The physical building (exterior & interior)
• The finish out of John and Aggie’s home – cabinets, sheet rock, flooring, etc.
• John and Aggie’s renters’ policy covers all their personal property – clothing, furniture, dishes, computer equipment, electronics, etc.

In fact, if John had filed a claim, his policy would have even paid for them to rent a motel room while their apartment was being repaired, had that been needed.

John and Aggie’s story could have had a much different outcome, had Aggie not walked in the door 15 minutes after John had left.  Had it been several hours:

• Their apartment could have been flooded.
• They could have experienced a lot of damage or loss to their personal property that totaled thousands of dollars.
• They may not have been able to stay home that night or for several nights thereafter.

They were protected from something they never thought would happen to them.  Are you?  If you don’t have renter’s insurance, let us help you.  We have access to 10 excellent companies that can help you affordably.

Share your comments, questions or suggestions with us in the comments section of our blog or on our Facebook page.  I’d love to hear from you.  And if you need an excellent realtor, give John a call.  His number’s on his webpage and he writes a very informative and entertaining blog at http://johnbrookstherealtor.wordpress.com/ .

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2022 Renter’s Insurance Industry Report

After months of steeply increasing housing prices followed by a recent increase in mortgage interest rates, the dream of homeownership remains out of reach for millions of young Americans. At the same time, inflation and increased demand for housing in many U.S. cities drove rents through the roof in 2022.

These market conditions have been especially hard on renters’ pockets. As many slash spending and buckle down on their budgets, some renters are reducing their insurance coverage limits or canceling their policies altogether. But the vast majority of insured renters are choosing to maintain their current coverage. Similarly, most renters without coverage are planning to keep to the status quo.

In the midst of housing market volatility, our newest research shows that the renter’s insurance industry is projected to remain steady and even gain new customers over the next year.

 Key Findings

• 55 percent of U.S. renters, or 61 million people, currently have renter’s insurance policies. This number could rise to more than 65 million within the next year.
• 75 percent of insured renters are required by their landlords to obtain renter’s coverage.
• The average renter’s insurance premium was $211 per year, or about $18 a month. The most popular deductible was $500.
• Only 18 percent of insured renters had noticed an increase in their premiums over the last year, compared to 43 percent of insured homeowners.
• Most renters are sticking with their current coverage (or lack of coverage). Just 14 percent of insured renters plan to make changes to their current policies. Of those who don’t have renter’s insurance, 16 percent said they are likely to purchase a premium within the next 12 months.

Demographics of Insured Renters

Renter’s or tenant’s insurance protects renters who experience unexpected property damages. In our latest research, we found that 55 percent of renters had renter’s insurance policies. This is an estimated 61 million U.S. renters.

The vast majority of individuals with renters insurance were required by their landlords to have this type of coverage. Many landlords do this to prevent claims against their own landlord insurance policies.

Our data revealed that renters of all ages and genders were interested in protecting their property with renter’s insurance, though slightly more female renters than male renters had coverage. While more than half of all renters in each age group had insurance coverage, renters in their 20s were likelier than any others to have insurance.

The largest difference in terms of renter’s coverage was between people who lived in public versus private housing. About one in four people living in public housing had renter’s insurance coverage, compared to nearly 60 percent of people in privately owned housing.

Since public housing opportunities are restricted to people with low income, older ages, or disabilities, their budgets may not allow for the costs of renter’s insurance. Unfortunately, these individuals would benefit most from renter’s insurance, since the cost of replacing damaged belongings out of pocket would be more burdensome on limited incomes. This is a reason why destructive disasters like Hurricane Katrina often compound wealth inequality .

Renter’s Insurance Basics

The purpose of renter’s insurance is two-fold. First, it covers damage to a tenant’s personal property. Second, it protects them against acts they may be liable for. While those are both good reasons for purchasing a tenant insurance policy, many tenants might wonder, “The building is the landlord’s problem, and I don’t own many valuables, so why spend money on a renters’ insurance policy?”

However, imagine that a fire sweeps through your apartment. The costs to replace (all at one time) your furniture, dishes, pots and pans, clothing, jewelry, electronics, linens, and sporting equipment would be in the thousands. And then there's the looming threat of burglary and loss of prized possessions. Of course, you should have an apartment security solution in place to help deter burglars and thieves (our roundup of the best security systems for apartments is a great starting point).

Our study showed that 46 percent of tenants preferred replacement cost coverage while 32 percent were happy enough with actual cash value coverage. The difference in the cost between replacement cost coverage and actual cash value may not amount to very much. But, these few extra dollars per year can make the difference in being able to replace everything at current prices.

We were also interested to know which insurance companies tenants preferred when looking for tenant insurance. We found that State Farm and Geico were the most popular among tenants in our research, followed by Progressive and Lemonade.

2022 Renter’s Insurance Costs

Anyone concerned may about their budget occasionally looks for ways to reduce expenses. One expenditure they reconsider is their tenant insurance premiums. Nonetheless, there are two things renters may fail to think about – the amount of coverage they get compared to the premium, and how much the budget will increase if they have a loss.

Average Annual Premium by Deductible

Among those with no claims history

Our study showed that the average premium for a tenant policy is just $211 per year! That amounts to less than a car wash or a cup of coffee every day. Considering a tenant policy typically covers tens of thousands of dollars in contents and hundreds of thousands in liability coverage, a tenant insurance policy provides astounding value. The value is particularly significant, especially considering the average home insurance policy is more than seven times higher at  $1,584 a year.

We also found the most common deductible is $500, as 53 percent of renters chose this option. The deductible is the amount a tenant would have to pay before an insurance company would pay for a loss.

The $500 average deductible was a bit surprising, considering the premiums are only $5 to $6 per month more for a $0 or $250 deductible. However, this might be because tenants are often in a rush to purchase a policy and may not shop around for multiple quotes. They may also think they’re unlikely to need the coverage, and thus choose a high deductible.

Top discounts on renter’s insurance

Tenants can offset a higher premium generated by a lower deductible by taking advantage of as many discounts as possible.

Our study showed that 85 percent received at least one discount and 60 percent of renters received two or more discounts on their tenant insurance policies. About 43 percent of renters chose to bundle their tenant insurance policies with auto or other insurance policies. With the popularity of online bill-pay plans, about 35 percent of tenants can get an additional discount for going paperless.

Fifteen percent of tenants were not getting any discounts, which may be because they were unaware of the possibility or failed to ask for them. The best way to find all available discounts is to ask an insurance agent for a policy review.

What about roommates?

As rents soar and inflation increases, more and more people will be looking to split the rent with roommates. Those looking to save even more might wonder if they can share a renter’s insurance policy with their roommate. In a situation where a roommate has a tenant policy and the other does not, the tenant insurance does not extend to other roommates as they are not related to each other.

However, one renter’s insurance policy would cover related people in a household such as the spouses, children, and parents of a policyholder. The caveat is the coverage limits may not be enough to protect everyone’s personal property.

Either way, it is best for both family members living together and unrelated roommates to have their own tenant insurance policies for maximum coverage.

Renter’s Insurance Market Forecast

The good news about renter’s insurance is that tenants can count on their tenant insurance premiums to be relatively stable. While 43 percent of homeowners indicated their home insurance premiums went up over the previous year, only 18 percent of tenant insurance premiums increased.

While history shows that tenant insurance premiums tend to be fairly steady, certain conditions could cause them to trend upward. A tenant who files a claim on their tenant insurance policy will likely see an increase in their premium, although only three percent of tenants in our study had ever filed one.

Increases in tenant insurance can happen for other reasons besides claims. For example, suppose insurance companies pay out claims in the hundreds of thousands of dollars after major catastrophes like Hurricane Ian. In that case, insurance companies will have no choice but to increase premiums.

Inflation may also impact increased tenant insurance premiums as it will cost more to replace damaged or stolen property. Lastly, excessive lawsuits could negatively impact insurance companies’ profitability, which could also have a bearing on increasing tenant insurance premiums.

Most renters have no plans to change their coverage

In light of the economy, housing market, and other societal factors, what plans do tenants have regarding their tenant insurance policies? Our study showed that most renters would not be making any changes to their tenant insurance policies. It stands to reason if something is not broken, why fix it?

About one in 20 insured renters plan to change their coverage or change their insurer altogether. Another six percent of insured tenants plan to cancel their policies without switching to a new insurer. They may be doing so for reasons such as moving in with a family member, purchasing a home, or moving out of the country.

Tenants who are unhappy with their current tenant insurance company may be canceling their coverage at the renewal date or sooner. Budget-savvy tenants commonly leave their present insurance carriers to save money. There is not really a downside to switching insurance companies as long as tenants switch to an insurance company that is financially strong and has a good reputation among its policyholders. The main risk is canceling the old policy before the new one officially goes into effect, which would create a coverage gap.

Reducing coverage is one way to get a lower premium, yet too low of a limit for contents or liability could defeat the purpose of having tenant insurance. In this case, tenants would run the risk of being able to get their contents replaced or not having enough liability to cover a lawsuit in the event of a claim.

According to our research, 16 percent of renters without insurance are likely to purchase a policy within the next year. This could be nearly 8 million new customers. However, most renters who do not have tenant insurance aren’t likely to purchase a policy anytime soon. These individuals may not be required to have insurance coverage or simply not feel their possessions are at risk of loss.

With increases in the number and severity of natural disasters and the rising cost of replacing personal items, a tenant insurance policy is a wise investment.

All tenants benefit by purchasing a tenant insurance policy, and they far outweigh the cost of purchasing tenant insurance. Therefore, the premiums for tenant insurance are quite affordable for any budget. In addition, discounts for tenant insurance policies are plentiful, making them even more lucrative.

As we move into 2023, tenant insurance will continue to be a wise choice for renters, and the market will remain steady despite housing market volatility.

In October 2022, we conducted an online poll of 1,504 renters. Those with renters’ insurance were invited to participate in a more detailed questionnaire about their specific policies. 55 percent were women, 36 percent were men, and about 9 percent did not provide their gender. Participants ranged in age from 18 to 84 with a mean of 35.

Reis Insurance Agency

Renters Insurance: Learn from this True Story

October 2, 2012 By Reis Insurance

Here’s a true case study about an apartment in Stillwater, Minn., that might make you want to learn more about renters insurance.

One renter in a four-plex apartment building created a huge mess for the other tenants with overflowing water. She accidentally left a faucet running for five hours, and the resulting bathroom flood caused such damage that three of the four tenants had to temporarily relocate while repairs were done. Perhaps worse, only one of the tenants had renters insurance, so the other three were left to replace their damaged personal property on their own. Of course, the property owner replaced the carpet and drywall, repainted damaged walls and completed other necessary repairs. But he was not responsible for replacing tenants’ property. While the tenants did nothing wrong (not counting the woman who left the faucet unattended) and could do nothing to prevent the disaster, they were left with temporary housing needs and water-soaked possessions.

What Does Renters Insurance Cover?

The story is a good example of what a typical renters insurance claim can be—it’s not exciting enough to make the local news, but it can set your life and finances back for months or even years if you don’t have renters insurance. You might not think it can happen to you, but it can.

Renters insurance typically covers:

• Your personal property, both in your apartment and in your vehicles. Since most people acquire their possessions over time, it’s easy to lose track of its accumulative value. But consider the cost of replacing electronics, food, clothes and more all at once. Also, say your car is stolen. The stuff inside is not covered by auto insurance ; you would need renters coverage for that.
• Temporary living expenses if you need to relocate while repairs are being made to your home.
• Most liability claims in the event that someone is hurt while in your rental property.

Affordable Protection for Your Possessions

A common misconception among renters is that they can’t afford the coverage. The fact is that renters insurance will usually cost less than a few hundred dollars each year. Quickly scan your home and tally the value of your belongings in your head. You may be surprised how fast that number reaches into the thousands. You can protect all those possessions for just a few dollars a month. Renters insurance covers such disasters and damage caused by plumbing leaks, fire or smoke, lightning, windstorm or hail, volcanic eruption, ice, vandalism, theft, explosion and falling objects. Floods and earthquakes are typically excluded from standard renters insurance. (In our experience, volcanoes and earthquakes rarely hit Northwestern Wisconsin, but one never knows.) Contact Reis Insurance Agency to discuss your renters insurance options. We’ll provide no-obligation quotes from several of the insurance companies we work with, so you will know your needs are being met. You may qualify for an insurance discount if you have multiple policies with the same insurance company.

Insurance can be confusing at times and everyone's needs are different. If you have questions regarding coverage, pricing, or anything else related to insurance, send us an email or give us a call .

If you'd like to get a free, no-obligation quote, all you have to do is ask!

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A Homeowner’s Guide to Understanding Renters Insurance: A Case Study in Financial Protection

Are You Protected? A Renters Insurance Case Study

Imagine coming home after a long day only to find your belongings destroyed in a fire or your identity stolen. Without renters insurance, you could be facing significant financial losses and emotional distress. This case study highlights the critical need for renters insurance and its ability to protect your belongings, your finances, and your peace of mind.

Financial Protection

Renters insurance provides financial protection against covered events such as fire, theft, and vandalism. In the event of a covered loss, your policy will help you replace your belongings and cover any additional living expenses, such as temporary housing or meals. Without insurance, you would be responsible for paying for these expenses out of pocket, which could quickly become a financial burden.

Identity Theft Protection

Many renters insurance policies also include identity theft coverage. This coverage can help you recover financial losses and repair your credit if your identity is stolen. Identity theft can be a devastating experience, and renters insurance can provide peace of mind knowing that you have protection in place.

Renter’s Insurance Protects More Than Just Your Belongings

While renters insurance primarily covers your personal belongings, it also provides liability protection. If someone is injured on your property or if you accidentally damage someone else’s property, renters insurance can help cover the costs of medical expenses or repairs.

Key Takeaways

• Renters insurance is essential for protecting your belongings, your finances, and your peace of mind.
• Financial protection: Covers losses due to covered events such as fire and theft.
• Identity theft protection: Helps recover financial losses and repair credit in case of identity theft.
• Liability protection: Provides coverage for medical expenses or repairs if someone is injured on your property or if you damage someone else’s property.

Renters Insurance: A Comprehensive Case Study

Introduction.

In today’s dynamic rental market, renters insurance plays a crucial role in safeguarding individuals’ belongings and financial well-being. To illustrate its importance, we present a comprehensive case study that delves into the real-life experiences of tenants and their insurance coverage.

The Case of Emily: A Fire That Ravaged Her Home

Emily, a young professional, lived in a modest apartment. One evening, a fire broke out in the building, leaving her home and all her possessions destroyed. Fortunately, she had renters insurance, which covered the cost of her lost belongings and provided temporary housing while she searched for a new apartment. Without insurance, Emily would have faced overwhelming financial hardship.

The Value of Contents Coverage

Renters insurance policies typically include contents coverage, which protects personal belongings from theft, fire, and other perils. In Emily’s case, her policy covered the replacement cost of her furniture, electronics, clothing, and other items. This coverage allowed her to rebuild her life quickly and easily after the devastating fire.

Liability Protection: Peace of Mind for Accidents

In addition to contents coverage, renters insurance provides liability protection, which covers the policyholder’s legal responsibility for injuries or damage caused to others. For instance, if a guest slips and falls on Emily’s apartment floor, her renters insurance would help cover medical expenses and legal fees. This protection gives tenants peace of mind knowing that they are financially secure in case of accidents.

The Landlord’s Responsibility: What Insurance Does Not Cover

It is important to note that renters insurance does not cover the landlord’s property or structural damage to the apartment. The landlord is responsible for maintaining and repairing the building and its common areas. Emily’s renters insurance covered her belongings but not the cost of repairing the fire damage to the building itself.

Determining Coverage Limits: A Careful Balance

When purchasing renters insurance, it is crucial to determine appropriate coverage limits. Emily chose a policy that covered the replacement cost of her belongings, ensuring that she would have enough money to replace everything if they were destroyed. Tenants should carefully consider their possessions’ value and select coverage limits that provide adequate protection.

The Deductible: A Factor to Consider

Renters insurance policies typically have a deductible, which is the amount the policyholder must pay out of pocket before the insurance coverage kicks in. Emily had a $500 deductible, which meant she needed to pay that amount before her insurance would cover the rest of her losses. Weighing the deductible against the premium and coverage limits is important.

Filing a Claim: The Process Simplified

In the event of a loss, tenants need to file a claim with their insurance company. Emily promptly contacted her insurer after the fire, and an adjuster visited her apartment to assess the damage and determine the amount of her claim. The claims process was straightforward and relatively stress-free, allowing Emily to focus on rebuilding her life.

The Role of Inventory: A Crucial Documentation

To ensure a smooth claims process, tenants should keep an inventory of their belongings and take photos or videos for documentation. Emily had a detailed inventory, which made it easier for her insurance company to assess the value of her lost possessions and process her claim quickly.

Prevention Measures: Steps to Minimize Risk

While renters insurance provides financial protection, it is also essential to take proactive measures to minimize risk. Emily installed smoke detectors and a fire extinguisher in her apartment. She also took precautions to prevent theft by using locks and other security devices. These measures helped reduce the likelihood of an incident occurring in the first place.

Renters insurance is an invaluable asset for individuals who rent apartments or homes. It provides financial protection for personal belongings, peace of mind against liability, and assistance in the event of unexpected events. Emily’s case study highlights the importance of having adequate coverage and understanding the coverage and claims process. By choosing the right policy and taking preventive measures, renters can ensure their well-being and financial security in case of unforeseen circumstances.

Frequently Asked Questions

1. what is the difference between renters insurance and homeowners insurance.

Renters insurance covers personal belongings and liability for renters, while homeowners insurance covers both the structure of the home and the renter’s belongings.

2. How much does renters insurance cost?

The cost of renters insurance varies depending on factors such as location, coverage limits, and the insurance company. However, it is typically affordable for most renters.

3. What is a deductible?

A deductible is the amount the policyholder must pay out of pocket before the insurance coverage kicks in.

4. How do I file a renters insurance claim?

In the event of a loss, tenants should promptly contact their insurance company and provide details of the incident and the extent of their losses.

5. What are some ways to prevent losses covered by renters insurance?

Tenants can take proactive measures to prevent losses, such as installing smoke detectors and fire extinguishers, using locks and security devices, and maintaining a clean and organized apartment.

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How Many Renters Have Renters Insurance In America? 21+ Renters Insurance Stats!

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Case Study: Three Myths About Renter’s Insurance

By --> Chad Ellis -->

It can be a good feeling to get through life with confidence. Confidence that nothing bad will happen unexpectedly to you.  That’s also the dilemma that the insurance companies work hard to overcome to provide adequate coverage in the market. It’s also the reality I face every day as a property restoration professional.  The value of renters insurance is not realized until it is too late. The sad part is that the often-affordable cost of basic coverage is dismissed. It is because “it didn’t seem important at the time”. The major objections to securing and maintaining renters insurance are also myths.

Renter’s Insurance Helps Rebuild Lives

“i don’t own anything valuable.”.

– This is a matter of opinion. Perhaps your clothing and furniture are not designer collector’s items. But, they are still yours. I always urge people to consider the price of even a modest mattress to start understanding the costs of putting their lives back together. Furniture and clothing are not cheap even when it is used. They are your basic needs and you cannot live without them.

“It’s the landlord’s responsibility.”

– Review your lease. The landlord/ property owner is responsible for the dwelling, not your personal belongings. You are not protected by the goodwill of your landlord, and rarely are they in a position to assist you when you chose not to get renter’s insurance.

“I cannot afford renters insurance.”

– I would not be so bold as to assume anyone’s financial capabilities, but often renter’s insurance is a fraction of one month’s rent for an entire year’s worth of coverage. The bottom line: when something bad happens and you look back, you would have found a way to cover the cost.

Fortunately, there are organizations like the American Red Cross to assist victims of floods and fires, but they can only do so much, and at some point, it will be up to you to put your life back together.

Renter’s insurance is not a cure-all in a disaster, but you will recover much quicker and with a lot less uncertainty. I share this with you because I have this conversation with way too many customers when it’s too late. They have to start their lives over again because they fell into the traps that are the myths of renter’s insurance.

Have any inquiries? Reach out to us here.

The Embedded Insurance Property Report: Research reveals renters, landlords and homeowners want embedded protection for its convenience, while 98% of short-term rental hosts want their listing site to offer landlord insurance year-round

The embedded insurance property report:, research reveals renters, landlords and homeowners want embedded protection for its convenience, while 98% of short-term rental hosts want their listing site to offer landlord insurance year-round.

As segments of the real estate industry prosper and others wane, property players are demanding customer-centric protection that differs from traditional models that have delivered remarkably poor customer outcomes, as shown by an average post-claims Net Promoter Score (NPS) of -3 for renters, landlords and homeowners insurance.  

In our Embedded Insurance Property Report we surveyed 15,600 census-balanced renters, landlords and homeowners across 16 different countries including Argentina , Australia , Brazil , Canada , France , Germany , India , Indonesia , Italy , Mexico , Singapore , South Korea , Thailand , the UK , the US and Vietnam . 

The report examines consumer interest in a new embedded insurance model where realtors, banks, lenders, mortgage brokers, short-term rental listing providers, and other proptechs offer insurance during the application process for buying or renting their property.

all Reports

Findings from our global report show that customers are highly interested in embedded protection due to the convenience it offers, eliminating the need to take that “second step” when purchasing insurance and spurring 36% of respondents to switch at the cost of traditional models ( -14% ).

How would you prefer to get Property Insurance in the future?

Despite this demand, 67% of homeowners, landlords and renters weren’t offered protection during the application process, signifying a critical opportunity for property players to fulfill the needs of their customers.

The majority of respondents (61%) named convenience as their top reason for choosing embedded protection, a finding consistent throughout other industries we’ve studied in previous reports examining embedded insurance within the travel , fintech and retail industries.

Poor claims experiences throughout the global property sector have also led customers to seek protection elsewhere. Traditional models are driving universally poor outcomes, with an average post-claim NPS of -3 (-17 for renters, -11 for landlords and +8 for homeowners) , which pushes recent claimants to want to switch insurance sources at a rate 16% higher than the rest. 

Looking back, on a scale of 1 to 10, how would you rate the claims process?

Embedded protection for short-term rentals

The survey also studied short-term rentals and in particular the post-claim experience of host protection, as offered by Airbnb and others, where an NPS of -11 is helping to drive interest in a new construct that would significantly reduce the total cost of ownership for hosts. Annual landlord policies frequently overlap with Airbnb’s AirCover for Host and Partner Liability Insurance from our partner Booking.com and others, meaning they’re overpaying for the former. 

Citing potential discounts on their listing fees or the policy itself, nearly all hosts worldwide (98%) stated a preference to switch their annual landlord insurance over to their favored listing site, should it become available. The solution would also help reduce costs for the listing sites given the rate of underinsurance in some countries, including popular markets like Mexico, Turkey, Thailand, Malaysia and Vietnam, where landlord insurance mandates are lacking.

If you could get landlord insurance or homeowners insurance from your favored short-term rental listing site, would you be interested in this offer?

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† Cost savings are based on a comparison of all Cover Genius shipping protection versus published carrier rates for Fedex, UPS, DHL, USPS, UPS, Old Dominion, DHL, XPO Logistics, Estes Express Lines, YRC and TForce Freight as at June 27, 2022. Time savings are based on average resolution times (i.e. the duration from initial filing to completed payment) for all XCover shipping protection claims as at May 31, 2022 (sample size = 868) compared with the industry average time including payment settlement (min. 6 days) and period to acknowledge a filed claim.

Cover Genius is a  licensed insurance  provider in many international jurisdictions.

In his role, Kyle oversees P&L, business operations and strategic planning across Cover Genius’ North American and Latin American regions. 

Prior to Cover Genius, Kyle spent more than a decade in numerous leadership positions at Google working with clients to drive sales, improve their brand and maximize product launches. Before that, Kyle was a Director of Business Transformation at IBM, and started his career serving technology and telecom clients at McKinsey & Co. and JP Morgan. 

Kyle earned a Bachelor of Arts from Hamilton College, studied at the London School of Economics, earned the Chartered Financial Analyst designation, and received an MBA from Dartmouth College where he earned the Walter Jacobs award for intellectual curiosity and conduct that inspires others. He plays an active role educating and mentoring the next generation of MBA students as an Adjunct Assistant Professor at NYU’s Stern School of Business and serves on the board of the Chautauqua Athenaeum Hotel.

Barney pierce

In his role, Barney is responsible for overseeing business operations, profit and revenue and strategic planning for Cover Genius in the European, Middle Eastern, African (EMEA), and Asia-Pacific (APAC) regions.

Prior to Cover Genius, Barney spent more than 15 years with Google where he held a number of senior leadership positions and was responsible for product to go markets, sales and partnerships for Google’s Media and Marketing Technology business in New York, Sydney and Mountain View, CA.

Barney holds a Bachelor of Commerce Degree from the University of Sydney. Based in Sydney, he is an active advisor and mentor in the APAC technology, media and start-up community.

Peter Phillips

In his role, Peter leads the product and engineering teams to define and execute the company’s technology strategy and roadmap for all Cover Genius’ platforms, including XCover, the insurtech’s award-winning insurance distribution platform.

As CTO, Peter focuses on the delivery of innovative products and the continued adoption of open source and cloud-based technologies. He is responsible for and oversees the design and implementation of our global scale real-time platforms with a focus on performance, reliability and security.

Prior to Cover Genius, Peter was VP of Engineering at Freelancer.com, where he expanded and led the global engineering team to more than 150 employees across Australia, Canada, United Kingdom, Philippines and Argentina. During his tenure, his leadership ensured core platforms scaled to support 30 million users and $740 million in gross payment volume.

Peter holds a Ph.D. in Computer Science (Spatial Data Mining) from James Cook University and has lectured at the University of Sydney about topics including software engineering, scalable infrastructure and agile development practices. Based in Sydney, he is also a supporter of local organizations that help provide healthcare to rural and remote areas of Australia.

David Rudow

In his role, David manages all financial activities of the company, including business planning, budgeting, forecasting, financial operations, facilities management, and investor relations. 

Prior to Cover Genius, David served as CFO at Unite Us and as CFO at nCino, which he took public in 2020 on Nasdaq. He led both companies through various stages of growth and successfully steered them towards becoming profitable growth companies. He also served as the SVP of Finance at Central Square Technologies and has held several roles at software/technology investment and banking firms, including Thrivent Asset Management, JPMorgan, KPMG and PWC.

David earned his B.S.B.A. in Accounting from the University of Illinois Chicago, received his MBA in Accounting and Finance from the University of Chicago Booth School of Business, and is a licensed CPA.

Darcy Rittinger

In her role, Darcy is responsible for developing, implementing and overseeing risk, legal and compliance strategies across the organization.

Darcy has more than 15 years of experience in commercial and general insurance. Before Cover Genius, she was Product Director at The Hartford, where she managed Cyber, Tech, Media and Miscellaneous Professional Liability products, as well as developed The Hartford’s first admitted Cyber policy. In addition, she has held key roles at AIG and Liberty Mutual, including claims counsel and litigation management. 

Darcy has an honors degree in English and Computer Applications from the University of Notre Dame, and a law degree from Fordham University School of Law. Based in New York, Darcy is also a strong supporter of local charities, like City Harvest and FACES, that help individuals improve their day-to-day lives.

Angus Mcdonald

With more than a decade of experience in a variety of executive roles at high-growth technology companies, Angus is the Co-Founder and Chief Executive Officer at Cover Genius overseeing the global expansion and development of Cover Genius across industries.

Before Cover Genius, Angus was the VP of International Business Development at iClick Interactive, and Head of Publisher Partnerships at Yahoo!.

Angus has a Bachelor of Science in Mathematics and Computer Science from the University of Technology Sydney and is a passionate contributor to rural and youth wellbeing programs through personal efforts and those of CG Gives, the philanthropic arm of Cover Genius.

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Insurance to Millennials: Lemonade Insurance

How do you get millennials excited about insurance lemonade renters insurance..

Lemonade Renters Insurance, a carrier offering homeowners and renters insurance powered by AI and behavioral economics, wanted to launch with a big splash. But how do 1) quickly explain and sell insurance to a new market, and 2) make it appealing and splashy? The answer is: us. And also some great insight and strategy. Read on.

Capture Attention & Clearly Communicate

Working with and supporting Lemonade’s branding philosophy, Colormatics developed an animated explainer that would capture attention quickly, communicate clearly, and build a sense of trust authentically.

Animated explainer videos have become an increasingly popular tool for companies to convey their marketing message. These types of videos work so well because they offer a fun and engaging way to communicate complex ideas in a simple and straightforward manner. They allow companies to showcase their brand personality and values while also highlighting the benefits and features of their products or services. Additionally, animated explainer videos can be easily shared on social media platforms, reaching a wider audience and increasing brand awareness. With their ability to captivate and hold viewers' attention, animated explainer videos have proven to be an effective marketing tool that can help companies differentiate themselves in a crowded marketplace.

Millennials Flocked to Lemonade

With newfound understanding behind the product and 1.5 million views in the first few months, millennials flocked to Lemonade, making them the leading insurer for that age group.

Lemonade Insurance has become a popular choice for millennials due to its convenience, affordability, and tech-savvy approach. As digital natives, millennials are accustomed to handling tasks online, and Lemonade's streamlined user experience makes it easy to obtain insurance without ever having to leave their homes. Additionally, Lemonade's policies are often more affordable than traditional insurance options, which is especially appealing to a generation burdened with student loans and rising living costs. Finally, Lemonade's use of artificial intelligence and chatbots to process claims has won over many tech-savvy millennials who appreciate the efficiency and transparency provided by these cutting-edge technologies. Overall, Lemonade Insurance is a compelling option for millennials who value convenience, affordability, and innovation in their insurance coverage.

Learn more about the Millennial Buyer Persona.

Real Stories, Real Users

Introducing the product was not enough.  After launching in New York, Lemonade asked Colormatics to capture real Lemonade users' enthusiasm for the product. After finding some of these amazing individuals, we put together a series called, ‘Lemonaders of New York.’

Using real people's stories to talk about a company service is a powerful way to connect with potential customers on a personal level. It provides an opportunity to showcase the real-life impact of the service and how it has positively affected the lives of others. These stories create a sense of authenticity and credibility, giving customers a glimpse into what they can expect when they engage with the company. Hearing from real people can also help potential customers relate to the service and see how it can solve their own unique problems. Sharing these stories can create an emotional connection that is difficult to achieve through other forms of marketing, ultimately leading to greater trust in the company and an increased likelihood of a successful customer conversion.

Videos for Re-targeting

Meeting with Lemonade users on the streets of New York, Colormatics constructed some great stories about all the important aspects of Lemonade: the ease of use; the charitable donations; and the no-stress claims process. The video series successfully got potential buyers to see users' true stories, while also an excellent tool for conversion re-targeting.

More about Lemonade Renters Insurance

Lemonade offers a unique approach to renters insurance that combines a tech-savvy business model with comprehensive coverage that protects your personal property. Not only does Lemonade cover the basics, such as fire and theft, but they also offer insurance for musical instruments, pet insurance for dog bites, and extra coverage for items like jewelry or electronics. Bundling options for home insurance and pet insurance are also available. One of the most impressive aspects of Lemonade is their customer service. With their flat fee and easy-to-use Lemonade app, you can file a claim in just a few clicks. And if you need to speak with a representative, they have a team of knowledgeable professionals ready to assist you. Lemonade's innovative approach to insurance review has also set them apart from other insurance companies. Their quick and straightforward process allows you to get the insurance coverage you need without any of the typical hassle. Overall, Lemonade's comprehensive coverage and customer-focused approach make them an excellent choice for renters insurance.

Lemonade Insurance is a well-known insurance provider that offers renters insurance cover for those who want to protect their belongings. Apart from providing coverage for standard items, Lemonade also offers protection for high-value items such as fine art. What sets Lemonade apart is its convenient and user-friendly approach, with its mobile app allowing customers to easily manage their policies and claims. For those who are interested in their life insurance products, Lemonade offers term life insurance policies at affordable prices. If you ever need assistance or have any questions, Lemonade's phone number is easily accessible and their customer service team is always ready to help.

Related Work

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Personal Finance

What is personal liability renters insurance.

Our evaluations and opinions are not influenced by our advertising relationships, but we may earn a commission from our partners’ links. This content is created independently from TIME’s editorial staff. Learn more about it.

Personal liability coverage is part of a standard renters insurance policy. It’s designed to protect you financially if you’re responsible for injuring someone or damaging their property.

What does personal liability renters insurance cover?

Personal liability renters insurance is a part of your overall renters insurance policy , which covers your personal property. It protects you when someone from your household causes injury or property damage to another person.

Here are some scenarios that might involve personal liability renters insurance:

• You host a party in your rented home. A guest slips in your bathroom, hits her head on the edge of the tub, and is rushed to the hospital.
• While visiting the home of an acquaintance, you accidentally knock over and break an expensive porcelain vase.
• Your rambunctious five-year-old dumps a milkshake on a new laptop on display in an electronics store, destroying it.
• Your Top Chef-inspired flambé gets out of control. There’s a minor fire in your apartment and significant smoke damage to a neighboring unit.
• Your dog gets loose, runs down the street, and bites a pedestrian. The injury requires medical care.

In these examples, you could be held liable for costs related to injuries or damaged property. That means being on the hook for things like medical and rehabilitation bills, lost wages, and charges to repair or replace damaged or destroyed items. You may also face legal action.

This is where personal liability coverage comes to the rescue. Your insurer picks up the costs, subject to your personal liability coverage limit.

What is a personal liability coverage limit?

Coverage limit is an important concept in property and casualty insurance. It’s the maximum amount the insurer will pay if you have a claim. If your liability exceeds this limit, you’ll have to make up the difference yourself. Personal liability limits are an important consideration when you’re shopping for a renters insurance policy.

When you purchase an insurance policy, you can choose limits for certain coverages. Opting for a higher limit provides you with more financial protection, but the cost of your premium is higher.

When you buy a renters insurance policy, you'll have to decide how much personal liability coverage you need. For example, insurer Progressive notes that personal liability coverage limits of $100,000, $300,000, and $500,000 are common options. Choose a limit that equals or exceeds the value of your net worth, which is your total assets (money in the bank, household items, collectibles, art, jewelry, investments, automobiles, real estate, etc.) minus your liabilities (debt).

Note: If your asset value exceeds the maximum available with your policy, consider buying umbrella insurance. This additional policy can increase your liability limit to $1 million and beyond at a relatively low cost.

Personal liability coverage in action

Let’s return to our earlier examples to illustrate how personal liability coverage works. Assume you’ve chosen a $300,000 liability limit for your renters insurance personal liability coverage.

Example 1: Guest slips and falls

The injured person sues you for medical expenses, lost wages, and pain and suffering. The judge awards $500,000 to the injured guest. Your insurer pays only $300,000—the amount of your coverage limit. You need to come up with the remaining $200,000. You’ll also have to pay your legal fees because you didn't purchase enough coverage.

Example 2: Milkshake meets computer

The store manager, himself a parent, is sympathetic. Nevertheless, it’s corporate policy to hold you responsible for the $2,000 computer. The good news is that the $300,000 liability limit on your renters policy is easily enough for the insurer to cover that cost.

Example 3: Dog bites man

The injured party incurs nearly $70,000 in medical bills, for which you’re responsible. Your personal liability coverage limit of $300,000 should be adequate to cover these costs.

These examples illustrate the types of incidents and expenses covered by personal liability renters insurance. However, coverage varies among insurers and plans.

Be sure to check your renters insurance policy contract to understand exactly what is and isn’t covered. And if you have any questions about your policy, contact your agent or the company directly.

What is not covered by renters liability insurance?

While renters liability insurance is valuable, it doesn’t apply in every situation. Here are some personal liability coverage exclusions.

Damage to your own belongings

Liability insurance doesn’t cover damage to your own belongings, but your renters insurance policy’s personal property coverage does.

Injuries to you or members of your household

Any medical bills related to injuries you suffer should be covered by your own health insurance.

Injuries in common areas

Injuries occurring in a property’s common areas will likely be covered by the landlord’s insurance.

Incidents related to your business

If you’re self-employed, your business is responsible if someone is injured or their property is damaged due to your business's actions. Your business liability insurance should cover the incident.

Vehicular incidents

Your auto insurance policy, not your renter's insurance, covers injury or property damage from a vehicle accident.

Some pet incidents

Many insurance companies have exceptions for certain dog breeds—those traditionally known for more aggressive behavior. For example, your policy may require installing a chain-link fence around your yard. Some insurers refuse to cover these breeds altogether. So, if you own a dog, read your policy’s contract carefully. And note that some insurers, including State Farm, do not consider breed at all when providing homeowners or renters liability coverage.

Intentional damage or injury

Damage or injuries that you cause intentionally are not generally covered.

How much does personal liability renters insurance cost?

Personal liability coverage is part of a standard renters insurance policy. You may be surprised at how affordable renters insurance can be. According to a recent study by USA Today, the average annual cost of a $15,000 policy is $173 per year. That’s about $14 monthly or less than 50 cents per day.

The cost of renters insurance will vary by state and insurer. So be sure to compare quotes from several providers to get the best price for the coverage you need.

Renters insurance vs. tenants liability insurance vs. personal liability insurance

While the term “renters insurance” is more commonly used, you may also see the term “tenant’s insurance.” However, both terms mean the same thing: a type of insurance policy designed for those who rent their homes.

A renters insurance policy (or tenant’s insurance policy, if you prefer) typically has four types of coverage:

• Personal property: Coverage for your personal belongings, such as furniture, clothing, appliances, electronics, hobby gear, etc.
• Personal liability: Coverage if you’re held responsible for someone’s injury or property damage.
• Additional living expense: Coverage for costs you may incur (such as a hotel room and restaurant meals) if your rented home is temporarily unlivable due to damage from a fire, storm, or other incident.
• Medical payments: Coverage for the treatment of injuries sustained by others visiting your rented home; applies regardless of who is at fault.

TIME Stamp: Personal liability renters insurance is affordable financial protection

Personal liability coverage is part of a standard renters insurance policy. It provides financial protection if you’re held responsible for another’s injury or property damage. It’s relatively affordable and helps you avoid paying large sums out of pocket to make someone “whole” again.

Frequently asked questions (FAQs)

Does my landlord’s insurance policy protect me.

As a renter, you’re not protected by your landlord’s insurance. A landlord’s insurance policy protects the property owned by the landlord—the main structure of the building, any permanently installed appliances and fixtures, and common areas.

It does not provide coverage for your personal property or liabilities. That’s where your renters insurance policy takes over.

Is personal liability insurance the same as renters insurance?

Personal liability insurance is part of a renters insurance policy. It provides financial protection if you’re held responsible for someone’s injury or property damage.

Should I have more personal liability coverage if I have a pet?

Personal liability coverage is essential if you have a pet—as you’re responsible for anything the pet does, including any injuries or property damage.

Note that the average cost of a dog bite claim was $58,545 in 2023, according to the Insurance Information Institute. Dog bites are typically covered by personal liability renters insurance but check with your insurer to understand any rules it might have regarding your dog’s breed.

Does personal liability renters insurance have a deductible?

No, personal liability renters insurance typically does not have a deductible.

What is renters insurance?

Renters insurance is a policy tailored to tenants' needs. It provides coverage for personal belongings and protects finances if you’re held responsible for someone’s injuries or property damage.

Which company has the best renters insurance?

The best renters insurance companies provide the coverage you need at a price that works for your budget (though renters insurance is quite affordable for most people).

An independent insurance agent, who represents multiple companies, can help you understand your options. Note that the cheapest renters insurance may not always be the right policy for you. You can also check out our reviews of cheap renters insurance companies .

The information presented here is created independently from the TIME editorial staff. To learn more, see our About page.

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The new Individual Assistance updates only apply to disasters declared on or after March 22, 2024. Read about the updates.

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Texas

WASHINGTON   -- FEMA announced that federal disaster assistance is available to the state of Texas to supplement recovery efforts in the areas affected by Hurricane Beryl from July 5-9, 2024. 

Federal funding is available to the state, tribal and eligible local governments and certain private nonprofit organizations on a cost-sharing basis in Anderson, Angelina, Aransas, Austin, Bowie, Brazoria, Brazos, Burleson, Calhoun, Cameron, Camp, Cass, Chambers, Cherokee, Colorado, Dewitt, Fayette, Fort Bend, Freestone, Galveston, Goliad, Gregg, Grimes, Hardin, Harris, Harrison, Hidalgo, Houston, Jackson, Jasper, Jefferson, Kenedy, Kleberg, Lavaca, Lee, Leon, Liberty, Madison, Marion, Matagorda, Milam, Montgomery, Morris, Nacogdoches, Newton, Nueces, Orange,  Panola, Polk, Refugio, Robertson, Rusk, Sabine, San Augustine, San Jacinto, San Patricio, Shelby, Trinity, Tyler, Upshur, Victoria, Walker, Waller, Washington, Webb, Wharton and Willacy counties for debris removal and emergency work, including direct federal assistance. 

Federal funding is also available on a cost-sharing basis for hazard mitigation measures statewide.  

Benjamin Abbott has been named Federal Coordinating Officer for federal recovery operations in the affected areas. Additional designations may be made at a later date if requested by the state and warranted by the results of further assessments.  

Best US Cities for Renters 2024

What are the best U.S. cities for renters? Charleston, NC, Atlanta, GA, Sarasota, FL, McKinney, TX and Scottsdale, AZ lead the pack, according to a recent RentCafe report.

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The current housing market has many people choosing to rent. While no city has everything, quite a few come close and rank high for renters searching for options that better fit their budget and lifestyle. This year, Charleston, SC, stole the show again, followed by Atlanta, GA, Sarasota, FL, and McKinney, TX, according to a new report from RentCafe . 

Considering that mortgage rates maintained an upward trajectory in June, hitting 6.92% for a 30-year-fixed-rate loan, and the current average price of a home in the U.S. stands at $360,681, according to Zillow , now is a great time to rent. Not to mention that in most of the nation’s largest cities, renting is now far cheaper than buying. 

Here’s a quick look at the top five cities where you can get the most out of your renting experience in 2024.

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1. Charleston, SC

For the second year in a row, Charleston takes the top spot as the best city for renters thanks to a strong local economy and affordability. Charleston also has a lower cost of living than the national average, various career opportunities from leading employers and thriving tourism. The city also offers spacious apartments, green spaces, great schools, museums, fitness centers and cultural events that are attractive to renters.

2. Atlanta, GA

Atlanta claims the second spot in this year's report thanks to a strong local economy and high scores for the overall cost of living and housing. Atlanta also has a career-focused mindset with steady income opportunities for renters with major employers like Delta Air Lines, Cox Enterprises, The Home Depot, and UPS. It has a cost-of-living below the national average, large apartments and plenty of opportunities to get involved in a thriving community. 

3. Sarasota, FL

Sarasota, FL, comes in third on RentCafe’s list of best cities for renters in 2024. Ranking fifth in cost of living and housing and sixth in local economy, Sarasota just may be the perfect spot for renters looking for a city that offers a good work/life balance. The city has spacious, high-end apartments, gorgeous green spaces and quality schools. Thanks to companies such as PGT Innovations, Xfinity and Sun Hydraulics, renters have many career opportunities to choose from, and Sarasota’s thriving arts scene ensures that renters never get bored.

4. McKinney, TX

McKinney, TX, takes the fourth spot, ranking high in cost of living, housing, a higher quality of life, high-end apartments and quality schools. McKinney is an excellent choice for renters who want to escape the hurried pace of a large city without compromising on urban comfort. The city has become a big draw for both young professionals and students.

5. Scottsdale, AZ

Scottsdale, AZ, rounds out the top five best cities for renters in 2024. “The West’s Most Western Town” is a promising option for renters eager to balance work and leisure. It is a picturesque city in the heart of the Sonoran Desert and home to numerous resorts, restaurants and boutiques. The average size for an apartment in Scottsdale, AZ, is 952 square feet, but that can vary greatly from one complex to the next. Studio apartments are the smallest and most affordable options for renters. The list of largest employers is topped by companies in the healthcare and tourism spaces. There are also abundant opportunities for entrepreneurs.

What are the best places in the U.S. for renters to live in 2024?

Based on population, cost-of-living, apartment size, occupancy rate, share of new apartments and high-end apartments, these are the top 25 best places for renters in 2024.

• Charleston, NC
• Atlanta, GA
• Sarasota, FL
• McKinney, TX
• Scottsdale, AZ
• Round Rock, TX
• Chapel Hill, NC
• Gilbert, AZ
• Charlotte, NC
• Raleigh, NC
• Fort Lauderdale, FL
• Rochester, MN
• Huntsville, AL
• Greenville, SC
• Orlando, FL
• Wilmington, NC
• Marietta, GA
• Sioux Falls, SD
• Jacksonville, FL

Best cities for renters in the South

With nearly half of the cities in RentCafe’s ranking located in the South, it’s no surprise that renters are flocking to warmer temperatures, a lower-than-average cost of living, spacious apartments and a high share of newly built units in these top ten southern cities.

• Charleston, SC; 
• Atlanta, GA 

Best cities for renters in the West

Renters looking for cities where they can work hard and keep fit — the best of both worlds in the West, and home to 32 of the 150 spots on RentCafe’s list.  Here’s the top ten.

• Seattle, WA
• Salt Lake City, UT
• Westminster, CO
• Colorado Springs, CO
• Phoenix, AZ

Best cities for renters in the Northeast

Competition is making it harder for renters to snag an ideal apartment in the Northeast. However, the region stands out with desirable locales such as Stamford, CT, and Boston, which rank high in quality of life. The top ten cities for renters to live in 2024 in the Northeast include:

• New Haven, CT
• Pittsburgh, PA
• Harrisburg, PA
• Philadelphia, PA
• Allentown, PA
• Stamford, CT
• Providence, RI
• Buffalo, NY

Best cities for renters in the Midwest

Meeting the needs of renters with affordable housing, a robust local economy and quality of life, the Midwest claims 27 cities on RentCafe’s list. These cities rank in the top ten.

• Saint Paul, MN
• Minneapolis, MN
• Madison, WI
• Lincoln, NE
• Ann Arbor, MI
• Columbus, OH
• Kansas City, MO

For more in-depth, customized data and charts, see the full report from RentCafe here . 

Related Content

• Best Places to Rent 2024 — How Does Your City Rank?
• Rent or Buy? Which Is Best in Retirement?
• Your Guide to the Housing Market in 2024
• Kiplinger Housing Outlook for the Spring Home-Selling Season

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For the past 18+ years, Kathryn has highlighted the humanity in personal finance by shaping stories that identify the opportunities and obstacles in managing a person's finances. All the same, she’ll jump on other equally important topics if needed. Kathryn graduated with a degree in Journalism and lives in Duluth, Minnesota. She joined Kiplinger in 2023 as a contributor.

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Best virtual private server (VPS) hosting services in 2024

Alison Kilian

Sierra Campbell

“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.

Published 7:46 a.m. UTC July 12, 2024

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When you create a business website, the actual design is only part of the process. You also need a hosting provider to actually put your website online, where customers can find it. A virtual private server (VPS) is one type of hosting option. Although VPS hosting costs more than shared hosting, it tends to be more stable, faster and scalable.

We researched the best VPS hosting services, comparing them on value, features, reputation and customer service. Below, we highlight our top picks. With this information, you can find the fitting VPS hosting service for your business.

Featured web hosting offers

Via Bluehost’s website

Plans starting at $1.99 per month

Free domain included

Via HostGator’s website

Plans starting at $2.56 per month

Via Web.com’s website

Plans starting at $2.75 per month

Best VPS hosting services

• Mochahost : Best for simple website management.
• GoDaddy : Best for starting a site from scratch.
• IONOS : Most affordable.
• HostGator : Best for big websites.
• ScalaHosting : Great for scaling up.
• UltaHost : Best if you aren’t tech-savvy.
• Liquid Web : Outstanding security and compliance add-ons.
• Hostinger : Outstanding AI assistant.
• Interserver : Excellent app integrations.
• Bluehost : Good for multiple websites.

Why trust our small business experts

Our team of experts evaluates hundreds of business products and analyzes thousands of data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.

• 13 companies reviewed.
• 1,851 data points analyzed.
• 100+ hours of research.

Best for simple website management

Starting monthly fee

Unlimited bandwidth, storage limit for lowest-priced monthly plan, pros and cons.

• Fully managed web and email hosting.
• Worldwide hosting, with access to multiple global servers.
• Unlimited free migrations (if you are switching from another hosting provider).
• Some users report server migration issues.
• Only weekly backups available.
• On the pricier side, compared to competitors.

Why Mochahost is the best

As an entrepreneur, you want to focus on your business, not on managing a website. Mochahost provides fully managed VPS hosting, including migration services and email management. You don’t need any technical expertise. All Mochahost plans also include Control Panel (cPanel) technology, giving you an intuitive interface that allows for user-friendly site management.

Mochahost is one of the pricier plans on our list, so we expect it to deliver a high level of functionality and service. The good news? It does! Even a basic plan comes with unlimited bandwidth and 80 GB of storage. Bandwidth impacts how much data can be transferred over a site’s network connection, while storage refers to how much content a website can hold.

Mochahost doesn’t offer a free trial but this isn’t too concerning, as free trials aren’t the norm among the hosting providers we surveyed. There is a 30-day money-back guarantee, which seems to be the industry standard, based on our research.

Functionality 

Mochahost has everything a small business owner could want in a VPS host. Every plan comes with security-enhancing features like a free SSL certificate, which enables encrypted connections, and automatic backups, creating a complete copy of your website and storing it. If something goes wrong with your site, you can rest easy knowing you have a spare.

This provider also allows for unlimited email accounts across multiple domains. If you’re a small business owner with a team of people who need company emails, this is a nice perk. You can also host unlimited websites, which is handy if you have more than one business.

Mochahost promises 24/7 live chat support. There is also ticket and phone support. We called the phone number listed and were able to connect with a human agent after a few automated prompts. There is also a technical knowledge base.

Learn more: Read our full Mochahost review .

Full details

Best for starting a site from scratch

• Comprehensive services for building and promoting a website.
• Choose between fully managed versus self-managed VPS hosting.
• Excellent security features included.
• cPanel costs extra.
• Real-world users report inconsistent customer service quality.
• Fully managed VPS is more than four times the price of self-managed VPS.

Why GoDaddy is the best

If you’re just starting your business website, GoDaddy offers a comprehensive solution that goes well beyond hosting alone. This provider also has a website builder, including ready-made templates to quickly create your website. Through GoDaddy, you can also hire search engine optimization (SEO) services, making it easier for your site to get found online, or build your brand with the digital marketing suite. In short, GoDaddy has everything you need to build your brand online.

GoDaddy lets you choose between managed and self-managed VPS hosting, which gives you greater flexibility over the price. In a managed plan, the web host handles software installation, security patching and updates. In an unmanaged plan, you simply get access to the hosting company’s server without these benefits.

Like the other providers we surveyed, GoDaddy does not offer a free trial for its VPS hosting services. However, you can get a 30-day money-back guarantee, in line with industry norms.

GoDaddy offers the basic functionality you’d expect from a VPS host and provides some nice security extras on top of it. In addition to including an SSL certificate, which the majority of providers we surveyed offer, GoDaddy also provides protection against DDoS attacks, which try to disrupt server traffic.

If you run an e-commerce business, GoDaddy allows you to set up a traffic-ready e-commerce site with simple one-click installations for Magento, OpenCart and PrestaShop. GoDaddy also allows for multiple-site hosting.

GoDaddy’s customer support is comprehensive. We were able to access a 24/7 live chat as well as text message and phone support. When we tried the phone number listed online, we had to go through some automated prompts but were able to eventually reach a human operator.

There are also online help guides to answer technical questions.

Most affordable

• Affordable rates.
• Comprehensive customer service.
• Choice of data center location.
• Storage capped at 10 GB for lowest-tier plan.
• No unlimited bandwidth.
• No automatic backups.

Why IONOS is the best

If you’re a business owner on a budget, you don’t want to spend big bucks on your VPS hosting. IONOS is the answer, with low-budget plans at less than $5 per month. All VPS servers include full root access, meaning you have full control over your network, services and systems.

Among the providers we surveyed, IONOS offers unbeatable low prices. However, when you’re saving money, you also have to expect to save on some functionality. For example, the most affordable IONOS plan comes with only 10 GB of storage — significantly less than what competitors offer.

That said, you can try IONOS risk-free for 30 days. You can also choose from either a monthly or annual contract. Monthly contracts can be canceled at any time, so you can avoid getting locked into (and paying for) a service you don’t use.

Functionality

Given the low price, it’s no surprise that IONOS is more limited in terms of the features it offers. You won’t get unlimited bandwidth, as you do with some other providers, for instance, and storage is limited. You also can’t expect automatic backups.

The most affordable IONOS plan comes with only one virtual core (vCore), whereas other providers often have two. With VPS hosting, you reserve a portion of the hosting provider’s server capacity.

A vCore refers to the portion of the central processing unit (CPU) allocated to you. A CPU handles all processing tasks and storage. The more vCore you have, the more CPU resources you have — and the faster and more functional your site will be.

Although a cost-efficient IONOS plan may skimp on fancy features, you can still expect standout customer service. We were able to access the 24/7 live chat easily. Phone support is also available. We also found an online help center, which provides guides to technical issues.

Best for big websites

• Plans start with above-average 120 GB storage capacity.
• Two vCores included, even for the cheapest plan.
• Includes free migration from former hosting providers.
• Some real-world users complain about a non-user-friendly interface.
• Unmetered bandwidth has a caveat, in that you can’t exceed more than 25% of system resources for longer than 90 seconds.

Why HostGator is the best

If your business has a large website with a lot of content, especially high-resolution images or videos, you need a hosting provider that can keep up. HostGator has you covered, with a whopping 120 GB of storage — more than almost any other provider we surveyed. It also includes unlimited bandwidth.

HostGator is not cheap. Although the introductory rates advertised may be comparable to those of other providers, the standard rate that the plan will renew at is more than twice that amount. Quite a few providers advertise low introductory rates, so make sure you’re always reading the fine print about renewal terms and rates.

As with most of the providers we surveyed, HostGator doesn’t offer a free trial. However, you can benefit from the 30-day money-back guarantee.

Given the high price tag, we expected top features and functionality from HostGator, and we weren’t disappointed. The advanced functionality includes unlimited domains and unlimited email addresses, as well as weekly backups. If you’re switching from another provider, HostGator’s pros will also migrate your site for free.

HostGator also makes it easy to scale as you go, for example by adding more disk space or CPU. If you’re looking to grow your business and expand your website, this enhances convenience.

HostGator promises 24/7 support. We tried the live chat and were able to quickly connect with an agent. Phone and email support are also available. There is also an online knowledge base where you’ll find information about everything from transferring domain names to e-commerce add-ons.

Great for scaling up

Scalahosting.

• Option to upgrade or downgrade at any time.
• Servers optimized for fast website loading.
• Promises server setup within five minutes.
• Pricier than many competitors.
• Lack of clarity regarding customer support.
• Some customer complaints regarding insufficient support documentation.

Why ScalaHosting is the best

ScalaHosting offers a nice variety of VPS packages at diverse price points, so you can pick an option that fits your needs and budget. This provider also lets you easily upgrade or downgrade your account at any time through your dedicated customer portal. For businesses looking to grow their website in the future, this kind of flexibility is a big plus.

ScalaHosting is on the more expensive side, with even the cheapest plan costing nearly $50 per month. Unlike some competitors, ScalaHosting doesn’t offer reduced rates for longer-term lengths. You’ll pay the same amount per month for a one-month subscription as you would a three-year subscription.

Like the majority of providers we surveyed, ScalaHosting does offer a 30-day money-back guarantee. There is no free trial available. However, this also seems to be usual for the industry, so isn’t a red flag for us.

With ScalaHosting’s VPS services, you get a dedicated IP address. This has benefits for SEO, which determines how well your business site ranks in Google search results. The dedicated IP also gives you 100% inbox email delivery, so you never miss a message.

ScalaHosting promises optimal loading speeds, as it runs on the fastest web servers possible, LiteSpeed Enterprise and OpenLiteSpeed. This provider also promises a high level of technical assurance, for instance with any migrations human-managed, not automated.

ScalaHosting has a well-organized knowledge base covering everything from hosting to billing. This provider also claims to offer 24/7 technical support. However, we were only able to find a technical support email on the contact page. Live chat is mentioned elsewhere, promising a 30-second response time. It may be that more comprehensive support is available to customers once they log into their accounts.

Best if you aren’t tech-savvy

• Excellent customer support resources.
• Nice security add-ons.
• Managed server.
• Free domain included for annual plans only.
• Trustpilot has reported fake reviews for this company.
• Limited number of websites possible (some providers have unlimited sites).

Why UltaHost is the best

You don’t want the technicalities of web hosting to distract you from running your business. UltaHost has comprehensive support, including 24/7 chat and ticketing, as well as an active community user forum and knowledge base. The integrated server and website monitoring tools further simplify troubleshooting. Plus, there’s an optional advanced support add-on.

UltaHost’s VPS hosting with cPanel is a mid-range plan, not the cheapest of all the providers we surveyed, but also not the priciest. The cheapest plan comes with only 30 GB of storage, which isn’t terrible, but we’ve found more affordable provider plans with more storage.

Like the other providers we surveyed, UltaHost doesn’t include free trials of its VPS hosting. However, there is a 30-day money-back guarantee.

UltaHost’s VPS hosting is managed, so business owners don’t have to trouble themselves with technicalities like software installations. The most affordable plan with cPanel comes with one dedicated IP and one CPU core. All plans include unlimited bandwidth, free backups and free domain transfer.

This provider also has some nice security perks, like dedicated firewalls, regular security patching, BitNinja security and 24/7 real-time monitoring. This is on top of industry-standard features like SSL certificates.

UltaHost offers support through email, phone and 24/7 live chat. We tried the chat outside of standard business hours and were quickly connected to a human agent. UltaHost advertises that its customer support team speaks over ten languages, which isn’t something we saw advertised by other providers. The provider also has a knowledge base and FAQ page.

Outstanding security and compliance add-ons

• Fantastic security features.
• Specifically focused on the needs of small- to mid-sized businesses.
• Free white glove migrations for those who need to switch providers.
• Limited bandwidth.
• We identified quite a few complaints about customer support.

Why Liquid Web is the best

If your business is web-based, like an e-commerce shop, you can’t afford security or compliance issues interrupting your cash flow. Liquid Web has a nice array of security and compliance add-ons to keep you safe and secure, including protection against DDoS attacks, firewall, VPN and F5 AIP intrusion detection system to safeguard against threats.

Liquid Web is one of the most expensive providers we surveyed. However, this is a provider that rewards loyalty. You can save significantly if you commit to a one- or two-year plan, instead of simply a monthly plan. As with the other providers we researched, Liquid Web doesn’t have a free trial but does include a 30-day money-back guarantee.

In addition to excellent security and compliance add-ons, Liquid Web has some other perks to make web management easier. You can select from cPanel or Plesk (an alternative hosting control panel), depending on what you find more user-friendly.

Liquid Web also offers Cloudflare content delivery network (CDN). A CDN consists of geographically distributed servers designed to allow for quick content transfer and faster content loading on websites. It may be especially useful for sites with a lot of images or videos.

For the non-tech-savvy, Liquid Web has an excellent array of customer support tools. Choose from a support ticket, phone or live chat, available 24/7. We tried the live chat outside of normal business hours and were able to connect with a human support agent. This provider also has plenty of helpful resources, including a knowledge base, webinars, case studies and content hub with guides.

Outstanding AI assistant

• AI tools enhance convenience.
• One of the more affordable providers we surveyed.
• Includes free malware scanner and weekly backups for security.
• Cheapest plan has only one vCore CPU.
• Customer service limitations.
• Numerous customer service complaints from real-world users.

Why Hostinger is the best

If you’re eager to take advantage of artificial intelligence technology, Hostinger has a fun perk for you with its AI assistant. If you have a WordPress site, for example, you can use the free AI plug-in for tasks like generating blog posts and improving SEO. Hostinger’s VPS customers can also refer to an AI-generated bot for technical questions.

Hostinger is one of the more affordable providers on our list and, in our opinion, it offers a good bang for your buck. Although the cheapest plan only offers one vCore CPU, it still gives you 50 GB of disk space and 4 terabytes (TB) of bandwidth. Each plan also has a dedicated IP, improving email deliverability and providing enhanced control over your hosting.

As seems to be standard for the industry, there is no free trial, but you do get a 30-day money-back guarantee.

We think Hostinger has some nice perks, like the aforementioned AI tools and more than 60 templates, to simplify your business website design. Templates for tools like WooCommerce come with a pre-configured operating system and security settings, allowing for faster and more secure server setup.

With data centers worldwide, Hostinger promises speedy site loading. This is a big boon for businesses in particular. If your site loads slowly, you risk frustrated customers. Some may even move on altogether, meaning lost sales.

Hostinger claims to offer its customers 24/7 live chat support. However, you have to log in to reach support, so we couldn’t test it out. Also, this provider specifically does not offer phone support, which we don’t love. That said, Hostinger has a well-organized knowledge base and numerous online tutorials to help with both admin and tech issues.

Excellent app integrations

Interserver.

• Compatible with more than 400 cloud apps.
• An affordable option.
• AI-driven detection of hardware glitches.
• Lack of clarity regarding live chat support.
• Only one vCore for basic plans.

Why InterServer is the best

InterServer allows for one-click installs with over 400 cloud apps, including blog platforms like WordPress, content management systems like Joomla and CMS Made Simple and e-commerce tools like WhatACart. If your business already uses tools like these, InterServer is a logical pick, allowing you to integrate your existing tech into a VPS-hosted website.

InterServer is one of the cheapest providers we surveyed, with VPS hosting plans starting at less than $10. Given the low price, it’s not very surprising that there are some limitations in terms of functionality. The cheapest plan only has one vCore and 30 GB of storage, for example. Bandwidth is also limited, capped at 2 TB.

Still, if you have a small business website and are on a budget, it’s worth a look. There is a 30-day money-back guarantee, as is usual for the industry. No free trials (also usual).

InterServer checks the essentials when it comes to what we look for in a VPS host, like free SSL certificates and an uptime guarantee. An uptime guarantee refers to what percentage of the time you can expect servers supporting your site to be online. So, a 99.9% uptime guarantee, which is the industry standard, means you should have less than 45 minutes of downtime per month.

One InterServer feature that stood out to us is the AI-generated “self-healing” hardware. If there’s a glitch in the server that could impact your website’s performance, AI detects it quickly and redirects to another server node.

InterServer promises 24/7 live chat support, however we were unable to locate this option. It may be hidden behind a customer login portal. InterServer also offers telephone support. When we called, we were able to reach a human agent following a series of automated prompts. Email support is also available.

Learn more: Read our full InterServer review .

Good for multiple websites

• Unlimited websites possible.
• Unlimited bandwidth.
• Fantastic storage capacity.
• 12-month minimum contract required.
• The regular rate for auto-renewal is over twice the introductory rate.
• Some customer complaints regarding user-friendliness.

Why Bluehost is the best

Some hosting providers limit the number of websites you can host. This isn’t the case for Bluehost, making it a great pick if you have multiple businesses with multiple websites to keep track of. This can also be beneficial if you are thinking of diversifying your business products or services later and want to give each one its own web vertical.

Bluehost is one of the more expensive providers on our list. It also has the drawback of requiring you to sign up for an annual plan, with no monthly options readily advertised. If you’re a small business owner on a budget who isn’t ready to commit, this can be a problem.

As seems to be standard for the industry, Bluehost doesn’t offer a free trial. However, a 30-day money-back guarantee is possible. You can also save a bit of money if you sign up for a three-year plan. However, the savings are negligible.

A basic Bluehost plan offers impressive functionality, with 120 GB of storage, 2 vCore CPU and unmetered bandwidth. The price also includes a cPanel license fee. Bluehost also boasts solid state drives (SSD), which are meant to speed up web loading.

You will have to pay extra for perks like your own domain, however. You can also get an email address for your Bluehost site using Google Workspace solutions. Having a professional email address that matches your website’s domain helps give a more professional impression to customers.

Bluehost offers free live chat 24/7. We gave it a try and were connected with a customer support agent almost immediately. As is usual in the industry, the provider also has a comprehensive knowledge base that covers technical issues and general FAQs, like what domain names are. Telephone support is also available, and you can request a call back.

Best VPS hosting services comparison