8 Best Renters Insurance Companies Nationwide of 2021
A new renter may not think that renters insurance is necessary, but the landlord is not responsible should something happen to your personal belongings.
Renters insurance protects you and your belongings in various situations such as damage, theft, flood, etc.
Picking the right renters insurance involves work, time, and knowing what you want.
PropertyNest removes the frustration and confusion by doing the research for you.
Based on customer service, affordability, and accessibility, we were able to determine our own personal list of our favorite national renters insurance companies.
Best Renters Insurance Companies of 2021
- State Farm: Best Overall
- Lemonade: Best Online Service
- Liberty Mutual: Best For Discounts
- Allstate: Best for Policy Bundles
- USAA: Best for Military Members and Veterans
- Erie Insurance: Best for Customer Satisfaction
- Nationwide: Best for Additional Coverage
- Jetty: Best for Airbnb Hosts
State Farm: Best Overall
The best national overall company should be affordable, reliable, and easily accessible. State Farm is available in all 50 states and is well known for their customer service. Founded in 1922, State Farm currently sells around 100 various types of insurance, including renters insurance.
Since State Farm is so widely available, your chance of speaking with a local representative is very high. Having a rep who is local is helpful since they should be savvy of any specific rules for your location.
State Farm’s basic policy covers personal property, medical payments, additional living expenses, and more. If extra coverage is needed, you can add on options such as identity theft insurance and pet medical insurance.
State Farm is our best overall pick for a variety of reasons, but mainly for the amount of coverage they provide.
State Farm Renters Insurance Coverage
- Guest medical coverage
- Personal property coverage
- Family Liability coverage
- Personal liability coverage
State Farm Renters Insurance Discounts
Discounts are important when it comes to renters insurance, and you may already qualify for a discount if you have a home alert protection device. State Farm only provides two different types of discounts, which may be a deterrent if you are looking for more savings.
- Home alert protection discount
- Multi-policy protection discount
State Farm Pros and Cons
Although State Farm is our number one pick for renters insurance, it still has its pros and cons just like any other company. While State Farm provides a variety of add-on options, it does not provide round-the-clock customer service in case something goes wrong.
|Offers multiple add-on options||Does not provide round the clock customer service|
|No limit on personal property coverage||Customers are only eligible for two different types of discounts|
Lemonade: Best Online Service
Lemonade is one of the newer insurance companies out there and relies only on technology. Using solely technology helps Lemonade cut down on costs while still providing plenty of customer service. Those using Lemonade can set up their accounts, file claims, and make changes to their policies through Lemonade’s app.
Lemonade Renters Insurance Coverage
Lemonade renters insurance has several types of basic coverage. This includes lightning, hail, vehicles, fires, and more.
Loss of use coverage will help you if your home is temporarily unavailable due to specific damages. If you are unable to live in your home, Lemonade will pay for temporary living arrangements until your home is livable again.
Personal property coverage protects your personal belongings in case of a fire, etc. If. Your items were to be ruined, Lemonade will pay you at the depreciated value for the item and give you actual cash.
Portable electronics coverage protects your jewelry, electronics, and any other expensive valuables.
- Loss of Use Coverage
- Personal Property Coverage
- Portable electronics coverage
Lemonade Renters Insurance Discounts
While there are not many discounts available, the two discounts that Lemonade provides are pretty easy to attain.
Installation of a home protection device, sprinkler system, fire alarms, etc.
Lemonade Renters Pros and Cons
Lemonade is great for those who are looking for a tech-savvy app for immediate access to your policies, discounts, claims, and more. It is not ideal for someone who would rather speak directly to an agent.
|Lemonade will donate any unused policy money to a charity of your choice||Only available in 28 states|
|Affordable coverage starting at $5||There is no bundling of renters insurance|
Liberty Mutual: Best For Discounts
Liberty Mutual is perfect for those looking to save money through easily attainable discounts. Their standard renters insurance policies are pretty straightforward and can stand on their own without adding any customizable options.
Liberty Mutual Renters Insurance Coverage
The standard renters insurance with Liberty Mutual provides enough coverage alone, which is a great perk for those looking for just a basic policy without all the bells and whistles.
- Liability and medical
- Personal property
- Additional living expenses
Liberty Mutual Renters Insurance Discounts
Liberty Mutual has some of the best renters insurance discounts around. You can easily receive discounts just by purchasing a claim online or by not filing a claim for more than five years.
- Multi-policy discount
- Save just by purchasing more than one policy.
- Early shopper discount
- You may receive a discount if you ask for a quote before your current renters insurance ends.
- Preferred payment discount
If you sign up for automatic payment, you can save on both money and time.
Liberty Mutual Renters Insurance Pros and Cons
Liberty Mutual has been in the insurance industry for over 100 years and for good reason. They are known for their great discounts, but their policies themselves are not the most affordable on the market.
|Customer service options include telephone, online, and being face to face with an agent||While there are plenty of ways to reach customer service, reviews advise that the quality is not so great|
|There are approximately seven different discounts you can choose from||There are better prices out there for renters insurance|
|Liberty Mutual allows you to customize your quotes to your satisfaction||Loyal customers who have been with Liberty Mutual for years do not receive additional benefits|
Allstate: Best for Policy Bundles
Allstate is well-known in the insurance industry, especially when it comes to bundling policies. You get a great selection of basic policies while also having the option to purchase additional coverage if needed. You also receive great discounts for bundling your policies; helping you save more in the long run.
Allstate Renters Insurance Coverage
Allstate brings the regular type of coverage you would usually receive such as liability and personal property coverage. While there usually isn’t a limit on coverage, a 12-month limit may come into play.
- Personal property
- Additional living spaces
Allstate Renters Insurance Discounts
With Allstate Renters Insurance, you can receive discounts to lower your premiums. You may be eligible for the following discounts based on your location and other factors.
- Autopay discount
- Claim-free discount
- Discount for retired policyholders who are 55 years or older
Allstate Renters Insurance Pros and Cons
Allstate has a claims center that is always open, however, they do lack in customer service. They are more expensive than other companies, but you can save by bundling certain policies.
If you bundle your policies, you will have contact to a local agent and may be eligible for discounts.
|Provides a 24/7 claims service via internet or phone||Discounts and policies may not be eligible for certain states|
|Different ways to customize your deductibles and coverages||Not as cheap as the other companies|
|Great bundling policies||Lacks in customer service|
USAA: Best for Military Members and Veterans
USAA was created in 1922, and now has over 12 million members and offers services such as insurance coverage, planning for retirement, loans, and more.
For those who are in the military, are veterans, or are immediate families of the person in service, you may qualify for insurance with USAA. If you are not a veteran or directly associated with the military, you will not be eligible to apply.
USAA Renters Insurance Coverage
USAA renters insurance provides extensive coverage options and goes above and beyond when it comes to theft. If you have a break-in, USAA will repair or replace items such as jewelry, phones, bicycles, furs, and more.
- Personal property
- Additional living expenses
USAA Renters Insurance Discounts
USAA offers a minimum amount of basic discounts such as safety device installation, insurance bundling, and claims-free discounts. Though they offer few discounts or deals, USAA already provides affordable premiums.
- Insurance bundling
- Claim-free discounts
- Safety device installation
USAA Renters Insurance Pros and Cons
The major pro and con is that not everyone is eligible for coverage, but limited access means that customers receive more attention.
|Affordable rates||Does not provide many discounts|
|Ample coverage||Availability is limited|
Erie Insurance: Best for Customer Satisfaction
Erie insurance was created in 1925 and provides not only renters insurance, but also home, life, and auto insurance. Available in only 12 states; Erie Insurance is limited but also exclusive. Erie Insurance provides additional insurance for several needs, such as: coverage for jewelry and electronics as well as identity recovery.
Places Where Erie Insurance is Available
- District of Columbia
- North Carolina
- West Virginia
Erie Insurance Renters Insurance Coverage
Erie provides a basic insurance policy plan that covers personal property, loss of use, and liability. The downside is the there are no other perks or additional add ons that you can purchase.
- Liability protection
- Loss of use
Erie Insurance Renters Insurance Discounts
Erie Insurance provides great discounts when you bundle their basic renters insurance policies and also offers extra coverage for different needs.
- Discounts for installing protective devices
- Multi-policy discount
Erie Insurance Pros and Cons
Erie Insurance is available to 12 different states, so access is limited. However, Erie Insurance is sold through 12,000 independent agents with more than 5.8 million policies in circulation. Depending on where you live or what you are looking for, the limited availability could be a deal-breaker.
|Policies are affordable with discounts if bundling with auto insurance||Not available to everyone|
|Awarded an A+ financial strength rating from A.M. Best||No mobile app provided; limited online services|
Nationwide: Best for Additional Coverage
Additional coverage is beneficial when you have specific needs that the standard policy doesn’t include. Nationwide provides a wide range of options to help you customize your dream policy.
Nationwide Renters Insurance Coverage
Nationwide’s basic renters insurance covers a few different scenarios for your protection. The basic coverage ranges from common items such as personal liability to the not-so-common such as credit card coverage.
- Credit card coverage - You pick the dollar amount you want to be protected up until, and you will be covered for unauthorized purchases on your credit and debit cards.
- Personal liability -If someone hurts themselves in your home, you can receive help to pay for any covered accidents.
- Building additions and alterations - Covers damages to any improvements, renovations, installations, etc, being made to your property.
- Of course, there is some amazing additional renters insurance coverage such as valuable protection, water backup, theft extension, and more.
- Theft extension - Provides additional protection for any personal belongings that were stolen while being stored in a motor vehicle, trailer, or type of watercraft.
- Water backup - You will be covered if your sewer or drain backs up and causes you any type of loss.
- Valuables Plus - Receive extra protection for valuable items such as antiques, art, jewelry, etc.
Nationwide Renters Insurance Discounts
Nationwide makes saving money easier with their various discounts that they offer, You can save money easily by doing basic procedures such as installing a protective device such as a smoke detector or bundling up on insurance policies.
- Claims-free - If you have no claims on your policy then you may be eligible for a better price.
- Protective device - Installation of safety devices since as smoke detectors, burglar alarms, then you may be eligible to lower your premium.
- Multi-policy - Combining renters insurance with your auto or insurance policies can help you save.
Pros and Cons
With Nationwide, their claims center is open 24/7, however, you can only speak with a customer service representative during limited hours.
|Claims center is open 24/7||Premiums cost more than $15 a month|
|Provides coverage for any unauthorized purchases made on your credit card||Customer service is limited to certain hours|
Jetty: Best for Airbnb Hosts
If you rent out your property as a vacation rental via Airbnb or another platform, you may not have thought about getting renters insurance to cover your guests.
Jetty has only been around since 2015, but has already partnered with two experienced businesses: State National Insurance Company and National Specialty Insurance Company.
Jetty Renters Insurance Coverage
Jetty’s standard renters policy plan includes a fair amount of options to choose from. The basic coverage is geared towards property managers and owners to help cover any damages or injuries from their guests,
- Provides coverage for any unintentional damage done to another person or their property
- Coverage for up to $300 for bedbug infestations that have been done by a licensed pest control expert
- Any items that were damaged/stolen on your property
You can also customize your policy with any additional policies in case you are looking for a little more besides Jetty’s standard coverage policy. These extra options (Jetty calls them “power-ups”) can include personal electronics protection, Airbnb host theft protection, and valuables protection.
Additional Coverage Protection
- Personal electronics protection - Provides extra coverage for damaged electronic objects outside of the standard policy, such as dropping and breaking the item.
- Airbnb host theft protection - Provides your rental property with the same liability coverage you would usually receive, but may also protect you in case you experience loss of rental income.
- Valuables protection - Covers items worth more than $1,000
Jetty Renters Insurance Discounts
Currently, the only type of renters insurance discount that Jetty provides is for installing a security alarm system. However, even if you have a security alarm system, you have to meet certain criteria in order to receive discounts.
Be prepared to answer the following questions:
- Is your security system new or did it come with the property when you moved in?
- Is your alarm system connected to a central reporting facility?
- Discount for having a security system (certain rules apply)
Jetty Renters Insurance Pros and Cons
Jetty renters insurance is fairly exclusive and offers limited discounts, however, you receive a unique service for your rental business to make sure that everything is covered, plus some.
|Jetty’s “power-ups” provide extra coverage options outside their standard policy||Only has one discount available|
|The standard policy includes bedbug coverage||You can only receive Jetty renters insurance if you live in a property that partners with Jetty|
How we Picked & Methodology
We rated renter insurance companies depending on their cost, discount options, customer service, coverage, and more.
Unique and extensive coverage options were high on our wish list. The more items that were covered, the higher the rating on our list.
The more money you can save, the better. We looked for companies who offered several different types of discounts.
Customer service is important, especially when it has to do with insurance. We valued companies that were open 24/7 or those that were easily accessible via mobile app.
What Does Renters Insurance Cover?
Basic renters insurance usually covers items such as living expenses, medical payments, and personal property. Renters insurance offers customers a level of protraction in case the unpredictable happens.
If you suddenly find yourself out of a home due to a covered situation, then you may be covered for your living expenses. If your home is unlivable, then your insurance may be able to cover for food, hotels, and more.
Should a guest get hurt or sick on your property, then your renters insurance should cover those expenses. If a lawsuit is applicable, then medical payments can cover legal fees as well.
Personal property coverage mightn’t protect all of your belongings. Specific items such as jewelry may have a certain limit under a standard policy. The good thing is that you can always add additional coverage if needed.