Some insurance companies that offer auto or other insurance will also offer renter's insurance to their current policy holders at reduced rates. However, there are many agents who offer special rates and different types of policies. The location of your rental unit, as well as the size or number of units in the building, security and other factors will affect the cost of most renter's insurance policies.

Renter's insurance protects against property losses such as losses from theft, fire and water damage. As with other types of insurance, the cost of coverage depends on specific policy terms.

Renter's insurance also protects against liability for claims or lawsuits filed by the landlord, or others who claim that your negligence has caused injury to them, or another person, or damage to their property. For example, if your carelessness has caused fire, water, or other damage to the building or another tenant's property, you may be liable for damages.