9 Min to Read

8 Best Renters Insurance Companies Nationwide of 2021

Jackie Maroney

Jackie Maroney

Our detailed guide will help you find the right renters insurance choice for your needs and budget. Find out what to look for in a renter's insurance policy, how much coverage is essential, and more tips on renting with peace of mind.
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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

State Farm Renters Insurance

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.

State Farm Renters Insurance Pros & Cons
ProsCons
Offers multiple add-on optionsDoes not provide round the clock customer service
No limit on personal property coverageCustomers are only eligible for two different types of discounts

Lemonade: Best Online Service

Lemonade Renters Insurance

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 Renters Insurance Pros & Cons
ProsCons
Lemonade will donate any unused policy money to a charity of your choiceOnly available in 28 states
Affordable coverage starting at $5There is no bundling of renters insurance

Liberty Mutual: Best For Discounts

Liberty Mutual Renters Insurance

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.

Discounts:

  • 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.

Liberty Mutual Renters Insurance Pros & Cons
ProsCons
Customer service options include telephone, online, and being face to face with an agentWhile 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 fromThere are better prices out there for renters insurance
Liberty Mutual allows you to customize your quotes to your satisfactionLoyal customers who have been with Liberty Mutual for years do not receive additional benefits

Allstate: Best for Policy Bundles

Allstate Renters Insurance

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.

Insurance Coverages:

  • Liability
  • 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.

Insurance Discounts:

  • 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.

Allstate Renters Insurance Pros & Cons
ProsCons
Provides a 24/7 claims service via internet or phoneDiscounts and policies may not be eligible for certain states
Different ways to customize your deductibles and coveragesNot as cheap as the other companies
Great bundling policiesLacks in customer service

USAA: Best for Military Members and Veterans

USAA Renters Insurance

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.

Insurance Coverage:

  • Personal property
  • Liability
  • 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 Discounts:

  • 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.

USAA Renters Insurance Pros & Cons
ProsCons
Affordable ratesDoes not provide many discounts
Ample coverageAvailability is limited

Erie Insurance: Best for Customer Satisfaction

Erie Renters Insurance

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

  • Illinois
  • District of Columbia
  • Wisconsin
  • Tennessee
  • Virginia
  • Maryland
  • Ohio
  • Pennsylvania
  • North Carolina
  • West Virginia
  • Indiana
  • Kentucky

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.

Insurance Coverage:

  • 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:

  • 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.

Erie Renters Insurance Pros & Cons
ProsCons
Policies are affordable with discounts if bundling with auto insuranceNot available to everyone
Awarded an A+ financial strength rating from A.M. BestNo mobile app provided; limited online services

Nationwide: Best for Additional Coverage

Nationwide Renters Insurance

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.

Basic 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.

Additional Coverage:

  • 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.

Discounts:

  • 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.

NationWide Renters Insurance Pros & Cons
ProsCons
Claims center is open 24/7Premiums cost more than $15 a month
Provides coverage for any unauthorized purchases made on your credit cardCustomer service is limited to certain hours

Jetty: Best for Airbnb Hosts

Jetty Renters Insurance

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,

Basic Coverage:

  • 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?

Insurance Discounts:

  • 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 Renters Insurance Pros & Cons
ProsCons
Jetty’s “power-ups” provide extra coverage options outside their standard policyOnly has one discount available
The standard policy includes bedbug coverageYou 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.

Coverage

Unique and extensive coverage options were high on our wish list. The more items that were covered, the higher the rating on our list.

Discounts

The more money you can save, the better. We looked for companies who offered several different types of discounts.

Customer Service

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.

Living Expenses

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.

Medical Payments

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

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.

Frequently Asked Questions

What is a Good Price for Renters Insurance?

Your location determines the renters insurance rates you will face. The cost of renting a home in Seattle, Washington is among one of the most expensive markets nationwide but because it has such high crime rate and risks for natural disasters like floods or earthquakes, renters receive higher priced coverage which can sometimes be as much as five times more than what their counterparts living in New York City pay annually.

What Happens if You Don't Get Renters Insurance?

Without renters insurance, you are on the hook to replace all of your belongings. Your landlord will file a claim with their own policy and use that money for repairs or renovations but this does not extend to personal items in any way.

Is it Worth it to Have Renters Insurance?

Purchasing renters insurance is a good idea because it can protect you from both natural and man-made disasters. It's affordable, which will allow people to focus on other things like eating or paying rent instead of worrying about expensive property damage that could spiral out of control if not addressed swiftly.

How Long Does it Take for Renters Insurance to Kick in?

Getting renters insurance is typically a quick and simple process. The time it will take to get your policy varies depending on the company, but in most cases you can be insured within 30 minutes of applying!

What does renter's insurance cover?

Basic renters insurance usually covers items such as living expenses, medical payments, and personal property.