On average, Nebraska renters insurance costs between $119 and $180 per year. For that sum, you'll get protection for personal property, loss of use, personal liability, and medical payments for anyone harmed in your rental.

When you sign the lease on your dream apartment, insurance may be the last thing on your mind. But renters insurance is one of the simplest and most cost-effective ways to protect yourself financially and legally in the event of a loss or disaster at home.

The all-in-one

home

and

auto insurance

app Jerry has compiled all of the information you need to know about getting renters insurance in Nebraska. We'll go through how renters insurance works, how to get coverage, and how you can save money by bundling it with your car insurance.

What is renters insurance?

A renters insurance policy will provide financial protection if your property is damaged, destroyed, or stolen, as well as personal liability coverage.

A typical renters insurance policy contains 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 extra living costs (ALE) coverage, this covers living expenditures incurred as a result of property damage, such as a hotel room or food delivery.

Personal liability (Coverage E): If someone else is injured or their property is damaged in your house, your personal liability insurance will cover any amount you are legally obligated 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.

Make an inventory of your possessions, including furniture, gadgets, and paintings, to determine how much property coverage you need. Your landlord will most likely specify the liability insurance requirements, which are often $300,000 or $500,000.

What does renters insurance cover?

Renters insurance covers only the named perils in the policy. These may vary depending on where you reside, however, your policy should generally cover the following:

Fire

Theft

Frozen plumbing

Windstorm

Vandalism

Hail

Lightning

Impact by a vehicle

Falling objects

Explosion

Your renters insurance policy may include all of the above and more, or it may only cover a subset of the named perils.

Be sure to read your policy carefully so you understand what’s covered. For example, if you reside in a flood-prone area of Nebraska (especially near Papillion Creek), flood damage may be excluded from your renters insurance coverage. To acquire comprehensive flood coverage during flood season, you'll need to purchase specific flood insurance.

What does renters insurance not cover?

Renters insurance covers a wide range of issues, but it does not cover everything in your home. Here are a few non-covered items to keep in mind:

Work-related items: If you run a business out of your rental home (or merely work from home), your renters insurance will not cover you automatically. Any business-related device, from your work laptop to your Cricut machine, may necessitate extra protection.

Valuables: Your jewelry collection and your limited-edition Funko Pops may not be covered by your basic renters policy. Expensive collectibles and jewelry typically require additional coverage.

Your car: Even if you park your car on the rental property, you will not be covered by renters insurance. You must obtain

car insurance

that meets your state's minimal insurance standards.

MORE:

Nebraska car insurance laws

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Key Takeaway Renters insurance covers more than just your possessions; it also protects you from legal liability if an accident happens on your property.

Is renters insurance required in Nebraska?

Renters insurance is not required by law in Nebraska. Your landlord, though, may require you to purchase renters' insurance. Renters insurance is a sensible purchase even if your landlord doesn’t need it because it covers not just your property but also your legal liability if an accident occurs on your property.

The good news is that renters insurance is fairly priced: while the cost varies from year to year, Nebraska renters insurance is less than the national average of $173 per year. In other words, you should plan on spending between $14 and $18 a month for a policy that could pay out thousands of dollars in the event of an accident.

A renters insurance policy is a sensible financial decision, regardless of your circumstance.

How to build a Nebraska renters insurance policy

Setting up renters insurance is a cinch. Make a list of everything in each room in your house, including furniture, devices, artwork, and appliances:

Quantity

Purchase date

Purchase price

Brand number

Serial number (if available)

Photograph the objects. If you ever need to file a claim, having this information and documenting the property will make the process much easier.

Set a personal liability limit. Your landlord may need a certain level of liability insurance (often $300,000 or $500,000), but you may be able to choose a lower maximum, such as $100,000.

Check to see if your area is protected against flood damage. Separate flood coverage is necessary for some areas of Nebraska. If you live in a flood-prone location in Nebraska, you may need to purchase flood coverage in addition to your renters insurance.

Actual cash value vs. replacement cost

You must pick whether you want coverage that pays the replacement cost or the actual cash value (ACV) of your belongings at the time of loss.

What’s the difference? Let’s say you bought a really great TV five years ago for $2,000. One day, you suffer from a break-in and have this TV stolen. If your renters policy covers ACV only, you’ll be able to claim whatever the TV was worth based on depreciation—maybe $750. On the other hand, if your policy covers replacement costs, you’ll be able to claim the full $2,000 to buy a comparable replacement TV.

Obviously, a policy with replacement cost is more enticing—but it will cost you more. Based on your needs and the risk in your area, make an informed decision.

MORE:

What does actual cash value coverage mean on insurance?

How to find cheap renters and car insurance

Finding affordable renters insurance is straightforward, but you may save more by bundling it with your auto insurance. Bundling car and renters insurance usually results in a 5% to 25% reduction.

Renters insurance

is so cheap that if you pay $300 or more per month for auto insurance, you could find a bundle that basically pays for renters insurance!

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“
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let me customize my preferred auto and renters insurance so that I saved $100. I never even considered looking into bundling policies! This app rocks.” —Jamie A.

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Is renters insurance worth it?

In most circumstances, yes. Renters insurance is one of the most affordable types of insurance, and it provides comprehensive coverage for property damage and personal liability.

What is the average cost of renters insurance in Nebraska?

Renters insurance costs in Nebraska fluctuate from year to year but are normally slightly cheaper than the national average of $173 per year. A renters insurance policy in Nebraska will cost you between $119 and $180 per year.

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

Bundle your renters and auto insurance with Jerry and save!

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