renters insurance is $124 per year. This coverage protects your personal belongings, loss of use if your space becomes uninhabitable, personal liability, and even medical expenses if someone is injured in your rented home.

Look, we know it’s not fun to think about a house fire or flooded apartment. But if the unthinkable happens, you’ll wish you had a renters insurance policy to help you rebuild your life. The financial and legal protection a renters insurance policy provides is well worth the low monthly cost.

Read on to find out how

renters insurance

works, how to build your policy, and how to unlock savings. Enjoy this quick guide to Rhode Island renters insurance, assembled for you by the

car insurance

comparison and broker app,

Jerry

What is renters insurance?

Renters insurance is for people who rent, not own. This policy offers financial and legal protection if your personal property is damaged. It typically covers possessions like furniture and electronics.

The owner of your property likely has a homeowners insurance policy. This covers the building itself but may not cover the renter.

A renters insurance policy normally includes the following coverages:

Property coverage (Coverage C): This insurance covers the actual cash value (ACV) or replacement cost of your belongings if they’re destroyed by a covered peril.

Loss of use coverage (Coverage D): Also known as additional living expenses (ALE) coverage, this part of your policy pays for living expenses, like a hotel room or food delivery, incurred as a result of damage to your property.

Personal liability (Coverage E): If someone else is injured or their property is damaged in your home, your personal liability insurance will cover any amount you’re legally required to pay, including court and attorney fees.

Medical payments (Coverage F): This coverage pays for any medical expenses when someone is injured on your property.

The first thing you need to think about is coverage. This is a financial figure that encapsulates the value of all your stuff. Figure out how much coverage you need by adding up the value of your belongings. Include everything that would need to be replaced in an emergency.

Renters insurance also offers liability protection. This pays for legal costs up to your limit if an accident happens on your property and someone decides to sue you. Some landlords require a certain amount.

Let Jerry find your price in only 45 seconds

No spam · No long forms · No fees

Find insurance savings

What does renters insurance cover?

The most important thing to know is that your renters insurance only covers named perils. If something is not specifically named in your policy, it is not covered.

Every company has a different standard policy (so read yours carefully), but most renters insurance policies cover:

Fire

Theft

Frozen plumbing

Windstorm

Vandalism

Hail

Lightning

Impact by a vehicle

Falling objects

Explosion

You’ll notice that earthquakes and floods are not on this list. Wildfires are also excluded from a standard renters policy. In many states, the risk of a specific disaster is so high that insurance companies do not cover it.

Read your policy closely to understand what is covered. If you are concerned about something that is not specifically named on your policy, ask about purchasing additional coverage.

What does renters insurance not cover?

Renters insurance is not for valuable or occasionally used items. It is meant to cover items in your home that you use regularly.

Your policy does not usually cover these items:

Work-related items: Anything that belongs to your boss—or that is used in your own business—is not automatically covered by a renters policy. If you need to insure something like your work laptop or Cricut, you should look into additional coverage.

Valuables: Rare and costly items are not normally covered. That expensive signed poster and your inherited gold jewelry may not be covered.

Your car: Even if a car is parked on rented property, your renters insurance won’t cover it. Instead, you will need

car insurance

to cover your vehicle.

MORE:

Rhode Island car insurance laws

Key Takeaway Renters insurance covers items in your home that you use every day. It also offers valuable legal protection in case an accident occurs on your property.

Is renters insurance required in Rhode Island?

No, renters insurance is not legally required in Rhode Island. However, your landlord can require you as a tenant to carry a policy with a specific amount of coverage. Check your lease if you’re unsure.

If you are not required to have a policy, you should still consider buying one. The monthly price is low. Without a renters insurance policy, you could be liable for legal costs and replacement costs if anything happens to your stuff.

Rhode Island renters pay less than the national average for renters insurance! The average renter in this state spends $124 per year, or just over $10 per month, on renters insurance. That’s a bargain for a policy that could pay out thousands of dollars in case of a covered incident.

Don’t stress about clumsy visitors or extreme weather. Just protect your stuff and your bank account with renters insurance, even if it’s not legally required.

How to build a Rhode Island renters insurance policy

The first step to building a policy is to inventory your stuff. Go through your entire home and note specific information about items that should be covered (electronics, furniture, appliances, and art):

Quantity

Purchase date

Purchase price

Brand number

Serial number (if available)

It’s important to take photographs of insured items. Your claims process will be so much easier if you can provide pictures and descriptions of the lost items.

To finish, choose a personal liability limit. This is the amount your policy will pay out for legal costs if you get sued because of an accident on your rented property. See if your landlord has any requirements before you sign.

Before you’re done, read the policy closely to see if you’re covered for the most likely disasters in your area. In some regions, a separate policy is required for things like wildfires and floods. If you are located in an area with high risk—but it’s excluded from your standard policy—you may wish to purchase a separate policy.

Actual cash value vs. replacement cost

When it comes to reimbursement, your policy will either pay out based on actual cash value (ACV) or replacement cost.

Need an example? Let’s say you bought a new TV five years ago for $1,000. Today, a windstorm sends a tree falling through your window, damaging your TV.

An ACV policy will only reimburse what your TV is currently worth, factoring in depreciation. That $1,000 TV may only be worth $500 today.

A replacement cost policy will reimburse you for the full original price so that you can purchase a replacement TV of similar quality. This policy costs more, but the coverage is better.

Consider your needs and risk profile to determine which policy makes sense for you.

MORE:

What does actual cash value coverage mean on insurance?

How to find cheap renters and car insurance

Life is hard enough—Jerry makes it easy to find affordable insurance.

The app is super fast, super smart, and super easy. Jerry is the easiest and most effective way to find a home or

renters insurance

policy that is customized for you. You can even bundle your policy with your car insurance for the most savings.

After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to. They even help cancel your old policy!

“This was and is great service!
Jerry
saved me $400 on my renewal. I was super shocked!” —Jackson M.

FAQs

Is renters insurance worth it?

Yes! Renters insurance is very affordable in Rhode Island. You’ll get coverage for both property and personal liability in case of a covered incident.

What is the average cost of renters insurance in Rhode Island?

Rates fluctuate, but Rhode Island renters generally pay well below the national average of $173 per year. The average cost in RI is $124 per year or just over $10 per month for renters insurance.

You could save 15% or more on renters insurance by bundling

Bundle your renters and auto insurance with Jerry and save!

Try Jerry