Renters insurance in Pennsylvania is a type of residential insurance that covers a tenant's personal property, additional living expenses, and third-party liabilities. It typically costs less than $20 per month. Also known as the HO-4 renters insurance policy, renters insurance in Pennsylvania protects a tenant's belongings against loss, damage, or destruction from burglaries, fires, and other covered events. It also provides liability protection if someone gets injured while on the insured’s rented property. About 31% of Pennsylvania homes are rented housing units whose occupants can benefit from renters insurance. The Pennsylvania Insurance Department administers insurance-related matters in the Commonwealth of Pennsylvania. You may contact a Pennsylvania-licensed property insurance agent for a quote on renters insurance.
Renters insurance in Pennsylvania protects a person who rents or leases a house or an apartment, such as single-family homes, studios, mobile homes, penthouses, duplexes, or condos. It covers loss or damage to personal items inside the property due to vandalism, electrical malfunctions, fire, plumbing, and personal liability. Renters insurance protects a renter from the financial implications of these losses and provides either actual cash value or replacement cost value reimbursements. Actual cost value pays the depreciated value of your possession, while replacement cost pays the actual cost of replacing your property. Pennsylvania renters insurance protects a renter by extending coverage beyond the limitations of the landlord’s insurance which does not cover the renter’s personal property or liability.
Discuss your Pennsylvania renters insurance needs with a licensed PA residential property insurance agent.
Renters in Pennsylvania require renters insurance because their landlords’ insurance policies generally do not cover their (tenants) personal belongings in such rented homes. It is good to have renters insurance as a tenant because replacing lost or damaged property can be costly and can be a financial burden to a renter. Pennsylvania renters insurance offers the following benefits:
Renters insurance in PA provides financial protection for dwellers of rented property. It prevents them from making out-of-pocket expenses to replace or repair damaged or lost personal property due to a covered event. Renters insurance also pays for third-party liability claims and the cost of legal action in the event that someone sustains bodily injury or property damage in your apartment. Where a renter has to move out of their rented property due to a covered peril, renters insurance will pay for their temporary accommodation costs.
Yes, renters insurance is purchased per person in Pennsylvania as it only covers the person named on the policy. Although you may be sharing a rented property with roommates or living in a multi-flat apartment, your renters insurance policy will only cover you and the immediate members of your family. Listing only yourself on a renters insurance policy can save you money, as some insurance companies will increase your insurance rate if your roommate or flatmate has made claims in the past. Similarly, a liability claim against your roommate can also impact your claims history. This may affect the cost of any other residential insurance policy you purchase in the future.
Having individual renters insurance while sharing a rented property is an easy choice, but sharing a policy with your flatmate can also be an option. You can, however, only add roommates to your renters insurance policy if your insurance company permits.
You may have other questions if you have or intend to have a roommate stay with you in your apartment or rented home. Typical questions include:
Discuss adding roommates to your PA renters insurance with a licensed insurance agent.
The types of renters insurance in PA are categorized based on the mode of compensation after the occurrence of a covered peril. These are:
Renters insurance provides an affordable means of property protection for PA renters. Average cost of renters insurance in PA is $15 to $30 monthly for personal property coverage of $20,000 and $100,000 in liability coverage.
Speak with a PA insurance agent licensed to quote renters insurance in your zip code to find out how you can get cheap renters insurance in PA. If you are looking to save money, ask your agent about bundling your renters insurance with your car insurance.
You may have felt a need to ask: does everyone need Renters insurance in Pennsylvania? Yes, you need renters insurance in Pennsylvania. It is not legally required, but some landlords will require proof of renters insurance before tenants sign a new lease or at the point of a lease renewal. It is also needed to help cover losses to your personal property and liabilities. Renters insurance is quite affordable. Contact an insurance agent who specializes in PA renters insurance for your renters insurance needs.
You need renters insurance in Pennsylvania to protect you from the financial losses of losing your property due to unpredictable risks such as burglary, fire, or vandalism. Alternatively, the financial loss can be from a liability filed against you. Records from the Pennsylvania reporting Crime System show that Pennsylvania had the eighth-highest rate of burglaries in the US in 2020, with a total of 31,774 incidents. This places your property at significant risk of theft as a renter in Pennsylvania. With renters insurance, however, you can rest assured your property can be replaced by filing a claim to your insurance company after an incident leading to the loss of your property.
According to the Department of Homeland Security, in as little as thirty seconds, a small flame can go out of control and put all your property in your rented apartment at risk. 11.2 % of emergency incidents reported in Pennsylvania in 2020 were fire incidents. This is higher than the national average of 3.9%. Pennsylvania fire outbreak incidents were responsible for about 6 casualties per 1,000 residential fire incidences in 2020. If a fire outbreak in your home leads to damage to your personal belongings, renters insurance can help pay for the damages to your property. It will also pay you for additional expenses incurred for staying at an alternative address temporarily if your rented home becomes uninhabitable and requires repairs. Losing valuables such as a smartphone, painting, electronics, jewelry, laptop, furniture, and clothing can deplete your savings if you have to repair or replace them out of pocket.
The medical cost of treating non-fatal falls from adults above 65 years old in Pennsylvania as of 2014 was 2.3 billion dollars. These costs included hospital fees, rehabilitation, nursing home care, doctor fees, physiotherapy, and drugs. A guest falling and getting injured at your rented property can cause you having to pay medical expenses for their treatment or pay for liability out of pocket if you do not have renters insurance. Renters insurance will also pay for the medical cost of injury to your guests due to a fight breaking out at your apartment except you are responsible for starting it. Note that the coverage is usually subject to a deductible which you have to pay before your insurance company would pay for any claim.
Determining how much coverage of renters insurance you need in Pennsylvania requires taking stock of everything you own in your rented home and estimating how much it will cost to replace them. This will include your kitchen equipment, electronics, clothing, and gadgets.. You also require liability coverage from your renters insurance. Your renters insurance coverages should adequately cover the value of your assets rounded up and have a liability coverage limit that covers your net worth.
For $15 to $30 per month or $180 to $360 annually, you are usually eligible for $20,000 and $100,000 in personal property and liability coverage in Pennsylvania. Your location, exposure level to natural disasters, and credit score are some factors that will impact the cost of your renters insurance policy. You can reduce your premium if you have a car by bundling your renters policy with your auto insurance policy (as some carriers allow) or if you are over 55 and retired. You may also qualify for discounts on your renters insurance cost if you have burglar alarms, smoke detectors, and other security and safety devices installed at your rented apartment. It is important to speak with a Pennsylvania-licensed P&C insurance agent before purchasing renters insurance, so they can advise you on the most suitable and affordable renters insurance PA cost based on your actual needs.
A typical renters insurance policy in Pennsylvania provides three coverages to protect you against covered perils. It also protects you if you are found liable for damage to other people’s property or if you are found legally responsible for their injuries in your rented home.
No, there are no laws in Pennsylvania that require you to get a renters insurance policy. However, if the question is: does everyone need renters insurance, then the answer is yes - as long as you are a renter and not a property owner.
Having renters insurance is a reliable way to protect your property and finances. In addition, some landlords may require that tenants obtain renters insurance before signing a new rental apartment lease or when renewing the lease.
The three common coverage renters insurance provide are:
Personal property coverage: This covers the cost to replace or repair your personal property up to your policy limits in the events of covered perils. Property such as your clothes and furniture are covered. Property lost to theft outside of your rental home, such as during a family trip, at a local diner, or in your car is also covered. Losses above your coverage limits and from perils such as earthquakes and flooding are not covered. Examples of property damage include:
The options for personal property coverage include Actual Cash Value (ACV) and Replacement Cost Value (RCV) policies. It is advisable to consider the type of coverage policy you go for to ensure that it can cover the replacement or repair of your property. ACV policies consider the depreciation of your property based on the age and use. ACV pays the current market value of the item. For example, all your belongings may have cost you $35,000 if you sum up their cost at purchase, but today, their ACV may be $15,000 or even less.
On the other hand, an RCV policy will pay you the current cost of replacing your property with similar valued or brand-new copies of your property. Your belongings which cost you $35,000 may now require $45,000 to replace with new ones or the same item may now cost $45,000. An RCV renters policy will pay you this $45,000 (minus the deductible).
Typically, an ACV policy is cheaper than an RCV Policy but also pays less than an RCV policy.
Liability coverage: Personal liability insurance for renters covers repairs from accidental damage you or a member of your family cause to another’s property. For example, if your child breaks a neighbor’s window with a ball or your bathtub or sink accidentally floods the apartment below you and damages your neighbor’s property, your renters insurance can pay for such damages. The medical bill of a guest at your rented apartment or home is also covered if you are found liable for their injuries. Liability coverage is always subject to your policy limit
A predominant liability lawsuit in Pennsylvania is a guest slipping and falling at your residence. A slip and fall may happen in a moment but have consequences that may extend into months and years. A fall victim may deal with medical bills, physical pains, and lost wages. If you are found liable for the injuries of a fall victim due to the slippery floor in your apartment, you may have to pay for compensation, their treatment, legal fees, and yours as well.
Also as a dog owner, you are liable if your dog bites another person and the average cost per claim for a dog bite in Pennsylvania as of 2021 was about $47,000. In the same period, there were 777 dog bite claims. These dog bites can lead to an emergency room visit, which in Pennsylvania costs about $1,645 on average and there may be associated medical costs such as MRIs, x-rays, blood tests, urine tests, and CT scans.
Your choice of a policy to provide liability coverage should provide adequate protection for your assets. You can get up to $100,000 in liability payments with a monthly premium starting from $15 in Pennsylvania to cover potential liability scenarios. You can increase this base limit to $300,000 with a minimal increase on your premium.
Additionally, personal liability coverage provides pool insurance for renters, if the landlord purchases and installs an in-ground or above-ground pool and it gets damaged by the tenant. If the pool belongs to the renter - it is usually not covered. (Speak with your agent for more details)
Loss of use coverage: Renters insurance loss of use coverage for additional expenses you incur due to damage or destruction to your rented property by a covered peril, leading you to move into a hotel room or other alternative accommodation temporarily. Covered costs can include additional food expenses, payment for the hotel stay, laundry costs, moving costs, and storage costs. Damage to the structure of your rental unit is not covered.
If you have to stay for an extended period at an alternative accommodation because your property is uninhabitable, you will have to deal with additional costs. These costs may include:
Without renters insurance, a month out of your rented home for a family of two can easily top $12,000 in out of pocket payments if you stay at a hotel.
Renters insurance in PA provides a means for you to protect your personal property if you live in a rented property. In the event of a fire or a burglary, your landlord’s insurance will not cover your personal property. Renters insurance provides coverage for your personal property, liability, and additional living expenses (loss of use). Your insurance company will pay for damage or destruction from the covered risks (perils) listed in your insurance policy. Payment for the repair or replacement of your property will depend on whether your renters insurance policy type (actual cash Value (ACV) or replacement cost value (RCV)).
In order to get renters insurance in PA, contact a PA-licensed property insurance agent, who will be able to match you to the best renters insurance company and policy to correspond to your needs.
Losses from earthquakes and floods are not covered by a typical Pennsylvania renters insurance policy, but you can add these coverages as riders. However, doing so will increase your insurance premium. You may be required to pay a renters insurance deductible before your coverage is activated. A deductible is the amount you must pay towards your property loss/damage or liability before the insurance company steps in to pay. Renters insurance also covers personal liability such as the cost of treating injuries sustained by other people in your rented home and legal expenses if such persons decide to sue you. Note that renters insurance policy does not cover losses from negligence such as fire from cigarettes as a result of your falling asleep. Contact a licensed P&C insurance agent to learn more about how renters insurance works in Pennsylvania and the best coverage options for you.
Pennsylvania renters insurance can provide coverage for your personal property, including:
In Pennsylvania, renters insurance covers damages caused by the following perils:
Renters insurance also covers liabilities such as medical payments for bodily injuries and property damage sustained by others in your rented apartment for which you are responsible. If you are unable to use your rented property due to damage or destruction from a peril listed in your insurance policy, your policy’s additional living expense coverage will kick in. It can reimburse you for extra expenses on temporary lodging and feeding until you can return to your rented property.
Having renters insurance in Pennsylvania can give you peace of mind that your personal property is protected at your home and wherever you go with them. It protects you financially if a covered peril damages your personal belongings, or there is a break-in, and a burglar steals your valuable possessions. Renters insurance also pays for injuries and property damage suffered by third parties in your rented home. Additionally, if your apartment becomes uninhabitable due to a covered event and you are temporarily displaced from your rented home, your renters insurance will pay for your hotel bills and feeding. Talk to a licensed Pennsylvania P&C insurance agent to learn more about the benefits of renters insurance.
Renters insurance in Pennsylvania includes coverage for personal liability damages (including medical expenses for guests), personal property damage or loss, and additional living expenses. Typical Pennsylvania renters insurance includes up to $100,000 in liability coverage and up to $20,000 in property damage. Since a landlord’s policy only covers the structure of the building, the renters policy is an affordable means to protect against the financial impact of insurable perils on the tenant. To find out if your renters insurance policy covers what you need and what it excludes, contact a licensed Pennsylvania P&C insurance agent.
Pennsylvania renters insurance primarily covers the policyholder, the immediate family members who live in the same rented home as the policyholder. If you live with a domestic partner and are not married to them or in a civil union, you must add their name to your renters policy before it will cover them. Roommates or flatmates are not covered unless their names have been added to the renters policy. Adding non-family members to the renters policy is not recommended as renters insurance is better per person. While your pets are covered for liability to others, some insurance companies also provide optional rental insurance coverage for your pets to help you with the expenses if they are injured due to a covered peril. Landlords may be also listed as the renters insurance additional interest.
Renters insurance in Pennsylvania protects your personal property from damage from a covered peril. For instance, if your air conditioning unit malfunctions suddenly, leaks water, and damages some of your personal belongings, your renters insurance policy can cover the repair or the replacement costs of the damaged items.
Similarly, if a visitor trips and falls in your rented apartment, your renters insurance can pay for the treatment of their injuries, compensation awarded by the court, and also pay for your legal defense, if such person decides to sue you. In addition, suppose your rental home suffered interior damage as a result of a fire in your kitchen, and even though the fire was put out, the apartment is no longer habitable until repairs are done. Your renters insurance will pay you additional living expenses coverage to enable you to move to temporary accommodation until the repairs are completed.
There are two main uses of renters insurance in Pennsylvania. Most renters purchase it because of the protection it provides for their personal property and also because of the liability coverage it offers to them and to the landlord.
While renters insurance is for people leasing a house, dorm, or an apartment, homeowners insurance is for people who live in the property they own. Other differences between Pennsylvania renters insurance and homeowners insurance include:
Yes, opting for renters insurance is a good idea in Pennsylvania. The cost of renters insurance in PA is relatively affordable ($12-$15 average per month), provides liability coverage, and protects the personal possessions at your residence and while you travel.
The landlord or the management company of the rental property may also require the renter to list the landlord as additional insured on renters insurance (Renters insurance with additional insured). The reason why landlords may require renters insurance is that it allows the landlord to use the tenant’s renters coverage for legal costs if there is a liability claim against the tenant and it involves the rental property. As proof of coverage you will be expected to provide the renters insurance declaration page, which among other things lists the terms of coverage, the insured parties, and the policy dates.
A knowledgeable licensed Pennsylvania insurance agent with access to multiple insurers is the best person to answer your renters insurance questions:
If you reside in a home owned by you in Pennsylvania, you do not need renters insurance. Instead, you need homeowners insurance. Renters insurance is for tenants who live in rented homes, while homeowners insurance is designed for homeowners. Nearly every third of the estimated 5.8 million residential dwellings in PA is a rental.
If you plan to rent out your home, make sure to convert your homeowners policy to landlord’s coverage because your homeowners insurance does not cover rental properties. Most landlords in Pennsylvania require tenants to purchase renters coverage prior to signing the lease.
Discuss your home insurance coverage options with a Pennsylvania-licensed P&C insurance agent who can help you identify the appropriate residential insurance policy.
No, you do not need renters insurance if you live with your parents in Pennsylvania. You are automatically covered by their policy even if your name is not listed in it. However, you may decide to purchase your own renters insurance policy to ensure that you have additional protection for your personal belongings. According to the Census, around 34% of Penssylvania’s adults aged 18 to 34 live with parents or grandparents.
Renters insurance with roommates: Your roommate's renters insurance policy cannot extend to you in Pennsylvania unless you are related to them or listed in their policy as the additional insured. It is best to purchase your own renters policy if you are not related to your roommate. Sharing renters insurance with a roommate might help you save some money initially, but is not usually advisable. For instance, the total value of the combined property is used to decide the cost of the insurance. If one roommate has significantly more expensive property, deciding on an equal premium share may not seem fair.
Renters insurance for unmarried couples: If you live with your boyfriend or girlfriend in Pennsylvania in a rented home, it is best to get your own renters since you are not married. However, if your boyfriend has added you to his renters insurance, you may not need an additional policy. Speak with a PA-licensed insurance agent for the best renters insurance in Pennsylvania for you.
Renters insurance multiple tenants: Yes, you need renters insurance even when you rent a room in Pennsylvania. Renters insurance will replace any items lost in a break-in or while traveling, and also provide liability protection. If you are subletting from someone who has rental insurance, their rental insurance will not cover your stuff.
Renters insurance is a necessity if you rent a house in Pennsylvania. Do not assume that the landlord’s insurance will cover you. Landlords insurance only protects the building structure and not your personal property. Renters insurance can help replace your damaged property, protect against lawsuits, and provide additional living expenses coverage if your home becomes uninhabitable in the event of a covered peril. Most Pennsylvania landlords require Renters Insurance with Additional Insured, where they are listed as the secondary insured party.
You can get renters insurance in Pennsylvania as a personal decision to protect your finances while renting an apartment. Alternatively, your landlord may require it before you sign or renew a lease for a rented property. If you did not sign a lease when you rented an apartment, you can still get renters insurance for additional protection for your personal belongings and to protect against third-party liability claims. You may wonder; which renters insurance should I get? A Pennsylvania-licensed P&C insurance agent can guide you when you are set to purchase a renters insurance policy.
Any Pennsylvania resident who rents a home qualifies for renters insurance. In 2022 there were nearly 1.8 million rentals in the state. Regardless of the type of residential space you are renting, you would still qualify. If you live with someone who is not a family member in a rented apartment, you are also eligible for renters insurance. Family members such as children of parents with renters insurance can also purchase additional renters insurance to increase their coverage and reduce the burden on the parent’s coverage.
If you rent your apartment or home in Pennsylvania, you need renters insurance:
Speak with a Pennsylvania-licensed residential property insurance agent. The agent will assess your renters insurance needs, run several competing quotes, and let you decide on the coverage based on what fits your needs best.
You must get renters insurance in Pennsylvania if it is required by your landlord. Note that it is not legally mandated, but some landlords may require it as a condition of the lease. If it is required, you will be most likely asked to add the landlord to the renters insurance policy as the additional insured (Interested party renters insurance).
Renters insurance can also be used to protect your property as many renters do not have money on hand to replace their furniture, electronics, and clothing if they are suddenly damaged or destroyed. You may also get renters insurance as a relatively affordable method of limiting your liability exposure.
Before you purchase renters insurance, consult with a Pennsylvania-licensed P&C insurance agent who can answer any questions you may have. A professional agent will advise you on the right coverages to purchase based on your needs.
You can choose the effective date coverage will begin when purchasing your rental insurance policy in Pennsylvania. This can be immediate, in the future, or on the day you move into a rented apartment. However, most insurers will not allow a start date beyond two or three months after the purchase date. If you have a current renters policy, you can look up the date when the coverage began on the renters insurance declaration page, which is the first page of the policy packet.
The three main benefits of renters insurance in Pennsylvania include:
You may wonder why it is important to carry renters insurance in Pennsylvania. Knowing the pros and the cons will help to inform your decision.
Pennsylvania residents benefit from renters insurance in the following ways:
While opting for renters insurance is a good decision in Pennsylvania, it has some disadvantages, which include:
Your best option to get a renters insurance policy in Pennsylvania with adequate and affordable coverage is to consult with a certified P&C insurance agent.
Yes, renters insurance is worth buying in Pennsylvania. It protects you from the dangers and threats you may encounter while living in a rented housing unit. Renters insurance covers you from several perils like fire, lightning, riots, theft, windstorm, and vandalism. It can also pay for third-party liability claims and moving costs if the need to move out temporarily due to a covered event from your rented apartment arises. Speak to a Pennsylvania-licensed P&C insurance agent who can further explain the numerous benefits of renters insurance.
When you have no renters insurance in Pennsylvania, you lose out on a relatively inexpensive way to protect your belongings, get additional living expenses if you need it, and protect yourself from the inherent risks of third-party liability. You will have to pay out of pocket in such situations, and this may strain you financially. If renters insurance was required as a condition of the Pennsylvania rental agreement, the landlord may have grounds to purchase coverage for you and then bill you for it or evict you for breaking the contract.
As a renter in Pennsylvania, you live in a building you do not own or a shared structure with different individuals where water damage, fires, and theft are possibilities. These incidents are beyond your control and may put your personal belongings at risk of damage or destruction. By buying renters insurance coverage you get safety in the knowledge that if your property is destroyed - you will be restored to your pre-loss condition.
Do not forget that it is better to insure your property using the Replacement Cost Value (RCV), since it will pay you the most for your lost stuff. Review your Pennsylvania renters insurance policy with your insurance agent annually, to update the insured value and the needed coverages.
As long as your Pennsylvania renters insurance policy is in force, you will continue to enjoy coverage. If you do not meet the conditions of the insurance company or if you default on your premiums, your insurance policy will lapse. Note that most insurance companies will give you a 30 days notice of intent before canceling your policy. Once your renters insurance lapses, your coverage ends, and the insurance company is not obligated to settle any claims you file afterward. At this point you have no renters insurance. You will now be responsible for your property losses or third-party liability claims against you. However, your insurer will pay for claims that were already in process before your policy lapses. Talking to a Pennsylvania-licensed P&C insurance agent will help you understand how to meet the conditions of your insurance company and prevent your policy from getting canceled.
The first step to buying renters insurance in Pennsylvania is deciding the amount of coverage you need. To do this, determine the value of your personal belongings and consider how much it will cost to replace them in the event of a covered peril. You should also decide whether you want replacement cost coverage or actual cash value coverage policy.
Ensure that you shop around for renters insurance quotes in Pennsylvania from multiple insurance companies before settling for a suitable renters insurance policy.
|Most Common Renters Insurance Companies in Pennsylvania|
|(in alphabetical order)||Average Consumer Satisfaction|
|Note: Average consumer satisfaction score is the average aggregate score from multi-user (non-employee) review platforms, such as: ConsumerAffairs, TrustPilot, WalletHub, SuperMoney, and others (based on availability).|
Generally, renters insurance policy costs vary slightly between the insurers. The average cost of renters policy in PA is between $15 and $20. Make sure to compare renters insurance quotes with similar costs and determine which one offers the type of coverage tailored to your needs. Speak with a knowledgeable Pennsylvania-licensed P&C insurance agent who can help you shop for a renters insurance quote and find you the most suitable policy based on your particular needs.