Updated for 2026 • Insurance • 6 min read
My apartment got broken into March 2024. They took: MacBook Pro $2,400, camera gear $3,100, PlayStation + games $700, clothes $1,200, bike $800. Total $8,700.
Renters insurance paid $8,200 after $500 deductible. Cost me $14/month = $168/year. I paid $336 total over 2 years to get $8,200 back. 24x return.
82% of renters don't have it. Landlord's insurance covers building, NOT your stuff. If pipe bursts and ruins your $4k wardrobe, landlord pays $0.
What $14/Month Actually Covers (More Than You Think)
Personal property: $20k-$30k coverage. Laptop, phone, clothes, furniture, bike, all of it. Even if stolen OUTSIDE apartment - my friend had bike stolen at park, renters covered $900.
Liability: If guest slips in your apartment and sues, renters covers $100k liability. One lawsuit can be $50k+.
Loss of use: If apartment burns/floods and you can't live there, renters pays hotel + food up to $10k. My neighbor's pipe burst, he lived in hotel 3 weeks, renters paid $2,800 hotel.
Medical payments: Guest gets hurt, renters pays $1k-$5k medical no matter fault.
All for $14/month. I use Lemonade - claims via app, approved in 2 days, check in 4 days. Photo of police report + receipts, done.
How to Get It in 90 Seconds
Go to Lemonade.com, enter address, pick $20k personal property + $100k liability, $500 deductible. $14/month. Takes 90 seconds. Or State Farm $15/month if you want local agent.
Take photos of everything you own TODAY - open closet, drawers, electronics. Upload to Google Drive. When claim happens, you have proof. I didn't have photos, had to scramble for receipts.
Keep receipts for anything over $200 in email folder "Renters Receipts". Saved me.
📌 Protect income first: → Disability Insurance: $2,500/Month Check That Saved My Cousin
Final Insurance Stack (What I Pay Total)
Term life $55/month (2 policies laddered), disability $38/month, renters $14/month, HSA is not insurance but $8,550/year tax-free. Total $107/month to protect $1.2M life + $2,500/month income + $20k stuff.
That's cheaper than my $147/month car insurance for a $18k car. Priorities backwards for most people.
Whole life? $0. I don't pay for bad products.