renters insurance costs $125 per year. For that rate, you’ll get coverage for your personal property, loss of use, personal liability, and medical payments for anyone injured in your rental home.

Only 41% of renters have renters insurance. Despite this low number, renters insurance is an inexpensive way to give yourself financial and legal security when you’re renting

. Renters insurance

can save you thousands of dollars for barely over $100 a year!

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comparison and broker app

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created this guide to buying a renters insurance policy in Wyoming. Read on to learn what renters insurance is, how to get it, how much it might cost, and how to lower your monthly bill.

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What is renters insurance?

Renters insurance is a type of insurance policy that financially protects renters. This includes protection from property losses or damage along with personal liability coverage.

Most renters insurance policies include:

Property coverage (Coverage C): You’ll be covered for the actual cash value (ACV) or replacement cost of your belongings if they’re damaged or lost after a covered peril.

Loss of use coverage (Coverage D): You’ll be covered for expenses after a covered peril makes your rental uninhabitable. This includes renting a hotel, food deliveries, transportation, and more. This is also called additional living expenses coverage.

Personal liability (Coverage E): You’ll be covered for any legal fees or payouts if someone is injured at your rental, or their property is damaged.

Medical payments (Coverage F): You’ll be covered for medical expenses if someone is hurt at your rental.

To figure out how much property coverage you’ll need, you should inventory your belongings. Add up the value of all your electronics, art, furniture, and appliances.

Your landlord is likely to have a set minimum for liability coverage—usually $300,000 or $500,000.

Key Takeaway Renters insurance protects more than your belongings—it offers important legal liability coverage as well.

What does renters insurance cover?

Your renters insurance will keep you covered from any peril named on your policy. These named perils are sudden and unexpected—wear and tear or poor maintenance will never be covered by renters insurance.

Common named perils you’re likely to see on your policy include:

Fire

Theft

Frozen plumbing

Windstorm

Vandalism

Hail

Lightning

Impact by a vehicle

Falling objects

Explosion

Always be aware of what you’re insured for—you don’t want to find out you’re not covered for a peril after it happened.

What does renters insurance not cover?

Renters insurance offers an impressive breadth of coverage, but it does not cover everything. Here are a few things that won’t be covered by your renters insurance:

The rental: Damage to the rental property itself will never be covered. The actual house will be covered by the landlord’s homeowners policy.

Work items: Renters insurance is for personal items. Any work items you keep in your apartment—like a work laptop or your business’s inventory—are not covered.

Your car: Any damages to your car will only be covered by a

car insurance

policy—even when it’s parked at your rental.

MORE:

Car insurance in Wyoming

Is renters insurance required in Wyoming?

Renters insurance is not required by law in Wyoming. However, some landlords may require a renters insurance policy to sign a lease.

Even if you’re not obligated to get a policy, renters insurance is a smart investment. For a low fee, you get a wide range of coverage that can save you thousands of dollars after an accident or unexpected peril.

Plus, renters insurance in Wyoming only costs $125 a year. That comes out to just over $10 a month. This is $34 cheaper than the national average!

How to build a Wyoming renters insurance policy

To create a Wyoming renters insurance policy, you’ll first want to inventory your assets. For all the electronics, art, electronics, and appliances you keep in your rental, take note of their:

Quantity

Purchase date

Purchase price

Brand number

Serial number (if available)

Taking photos of all your covered possessions is a good move—it’ll simplify the claims process if anything is damaged down the road.

You’ll also need to set a personal liability limit. The higher the limit, the higher the sum you’re covered for. However, it also means you’ll pay more on your premium. Some landlords require a set amount of personal liability—usually $300,000 to $500,000.

Also, check to ensure you’re insured for all the perils you’re concerned about. In Wyoming, make sure you're covered for fires, severe storms, and landslides, along with other common perils.

Actual cash value vs. replacement cost

When starting your policy, you’ll have a choice between being covered for your belongings’ actual cash value (ACV) or their replacement cost.

Actual cash value pays you out for what the item is currently worth, with depreciation factored in. For example, a couch you bought for $2,000 a decade ago may only be worth $1,000 now.

However, a replacement cost policy pays out whatever it costs to replace the item—for the couch example, you’d get a full $2,000 so you can buy another.

While replacement cost gives you better payouts, it also costs more month-to-month.

MORE:

What does actual cash value coverage mean on insurance?

How to find cheap renters and car insurance

If you want to lower the cost of your

renters insurance

, you should consider bundling your policy with an auto insurance policy. Bundling offers discounts of 5% to 25%. Since renters insurance is so inexpensive, the savings you find from bundling your auto insurance can easily pay for your whole renters insurance policy!

For all your insurance shopping needs, you should turn to insurance broker

Jerry

. Jerry is an app that makes it easy to go comparison shopping—one quick sign-up will give you dozens of personalized car insurance quotes, all from top insurance providers. You can use these quotes to find the coverage you want at a price you like.

Join now and see why the average Jerry user saves almost $900 a year!