8 Best Renters Insurance Companies of 2022
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.
The PropertyNest team has analyzed customer service, affordability, and accessibility to determine the best renters insurance companies. We compared coverage options for each provider in 50 States. Find out what renters insurance companies are the best for your needs.
Best Renters Insurance Companies
- Lemonade: Best Online Service
- Liberty Mutual: Best For Discounts
- Allstate: Best for Policy Bundles
- State Farm: Best Customer Service
- USAA: Best for Military Members and Veterans
- Erie Insurance: Best for Customer Satisfaction
- Nationwide: Best for Additional Coverage
- Jetty: Best for Airbnb Hosts
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 offers a number of different plans to suit your needs and budget, starting with the basics for only $5 per month. However, if you want even more features there's an additional fee that can be applied
Lemonade Renters Insurance Coverage
Lemonade renters insurance policy 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.
|J.D. Power (out of 1,000)||870|
|A.M. Best - Financial Strength Rating||Not Rated|
|NAIC Complaint Index||0.09 (Very Low)|
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
If you’re looking for a basic policy with some extra coverage, then the standard renters insurance from Liberty Mutual will be more than enough.
- 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.
|J.D. Power (out of 1,000)||872|
|A.M. Best - Financial Strength Rating||A|
|NAIC Complaint Index||0.15 (Low)|
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.
Read a full Liberty Mutual home insurance review.
|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 insurance starts at $4/Month when you bundle renters with car insurance. When you add the cost of your auto to this package, it will be well worth protecting both properties with one company.
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 policy, 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
|J.D. Power (out of 1,000)||833|
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||1.13 (High)|
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.
Read a full Allstate renters insurance review.
|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|
State Farm: Best Customer Service
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
|J.D. Power (out of 1,000)||866|
|A.M. Best - Financial Strength Rating||A++|
|NAIC Complaint Index||0.18 (Low)|
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|
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
|J.D. Power (out of 1,000)||893|
|A.M. Best - Financial Strength Rating||A++|
|NAIC Complaint Index||1 (High)|
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
|J.D. Power (out of 1,000)||835|
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||0.65 (Average)|
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 the 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.
|J.D. Power (out of 1,000)||834|
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||0.04 (Very Low)|
Nationwide 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)
|A.M. Best - Financial Strength Rating||A|
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
To determine the best renters insurance company in U.S., we looked at several factors.
Discounts help to make renters insurance affordable.
So if you found an insurer that best suits your need but has a high premium, you should look into how many discounts the insurer offers.
Chances are, if you qualify for many discounts, a high premium will be more favorable in terms of cost.
Every renter has different insurance coverage needs. So, when we evaluated insurers, we looked for companies that had a wide range of useful coverage options.
We only considered an insurer if it had a useful and easy to use website and mobile app where you could do a number of things—get a policy online, file a claim online, pay your bills on a mobile app, and much more.
The most important thing we looked at is whether a company allowed you to get a quote on its website instantly and then purchase a policy in a short amount of time, such as ten to fifteen minutes. Doing so makes getting insured easy.
If a company allowed you to get a get a quote online but made you speak to an agent to finalize it, then the process is time consuming, and we tried to avoid such an insurer.
We reviewed published consumer ratings and reviews of renters insurance providers.
We spent a good amount of time looking at verified third-party reviews.
Insurers with a good number of quality consumer ratings and reviews were included in our list.
For example, we looked at AM Best to determine the financial strength of an insurer, the NAIC to see how many complaints an insurer received, and JD Power’s customer satisfaction score to determine how well-received an insurer is.
Insurance providers that had low premiums or had plenty of options to lower your premium (such as discounts), ranked higher on our list than others.
In particular, we favored Allstate, State Farm, and Lemonade because all three had policies lower than the average rate of renters insurance.
What Does Renters Insurance Cover?
The standard renters insurance policy covers liability, theft, medical treatment, and loss of use. It is the same standard policy that is offered by other insurers in the state.
Here’s the standard coverage:
|Liability Coverage||Liability protects you against lawsuits from someone who has bodily injuries or property damages that you or your family caused to them. Liability also covers your legal defense.|
|Personal Property Coverage||Personal property coverage pays to replace property that’s stolen or damaged due to a covered peril. A covered peril in a standard policy is theft, burglary, and vandalism, as well as climate changes like lightning, windstorms, hurricanes, explosions, water damage, and other events listed in your policy.|
|Loss of Use||This policy covers basic living expenses and temporary housing costs if your unit becomes uninhabitable due to a covered peril like a fire.|
|Medical Payments||This policy pays for medical care if there is bodily injury to a person that occurs in your rental unit, regardless of fault.|
Do You Need Renters Insurance by Law?
There is no federal law that requires tenants to carry renters insurance.
However, some landlords may require proof of renters insurance as part of the lease agreement.
What’s the Difference Between Homeowners Insurance and Renters Insurance?
Homeowners insurance is designed for homeowners and it covers both the structure of their home and the contents within.
Renters insurance is purchased by tenants and it covers damage due to theft of their personal property, but not damage to the building itself.
Landlords have their own insurance to pay for damage to their apartment buildings.
Why Do You Need Renters Insurance?
If your personal property was stolen due to a burglary or damaged due to a covered peril like a fire, you would have to replace your items on your own or out of pocket if you didn’t have renters insurance.
Renters insurance is relatively cheap, and it is the only way—and the most affordable way—you can get coverage for your personal belongings.
How Much Insurance Do You Need?
If you don’t have many things to insure and believe you don’t need the added expense of a renters policy, look around your rental and do a personal inventory that includes itemizing each possession and ascertaining its price.
You can use the internet to research the cost of each item if you can’t recall it. Once you factor in the price, the total is how much insurance you would need if you had to replace everything after a fire or a burglary.
The things you use the most are not taken into consideration because you don’t think they are valuable.
But they most likely are, as all the followings that you use daily counts: your sofa or other pieces of furniture, your laptop, and your smart TV, for example.
They don’t have to be high-cost jewelry or musical instruments or designer bags and clothing, although these too are covered by renters insurance.
The one thing you need to beware of is that if you have these expensive items, you will most likely have to buy additional coverage for them in the form of add-ons because the basic renters insurance only covers up to the policy’s limit.
The standard limit for personal property coverage in a basic renters insurance policy is usually $30,000 per claim.
So, if your diamond necklace is appraised at $35,000, you have to suck it up and pay the extra $5,000 if the jewelry is stolen or damaged.
Any damaged or stolen belongings that exceed your personal property limit will not be covered, leaving you to pay the difference for replacements.
But consider the coverage amount allowances. If a renters insurer puts a cap on how much additional coverage you may want to buy, maybe that’s not the company you want to go with.
And if a rental insurer has no personal property limit, which means you can add as much coverage as you desire, that’s a company worth looking into.
So, you’ll want to increase your personal property limit, so it’s close to or greater than the value of your belongings.
Or, to make sure that your jewelry is insured to its full value, you can add a rider or endorsement to your policy that comes with an additional expense.
A rider or endorsement adds more benefits to your basic renters insurance policy.
How Much is Renters Insurance?
The best renters insurance companies combine many coverage options and dependable customer service.
They also should have affordable policies.
The average cost of renters insurance for American families in the U.S. is $16 per month or $192 per year.
What Natural Disasters are Covered in a Renters Policy?
Tornadoes, fires, hail, storms, heavy rain, and snow are covered perils.
However, because natural disasters impact your premium, you won’t be paying less than $20 per month. That rate doesn’t include flood insurance, which tends to be expensive to purchase.
What are Natural Disasters Not Covered in a Renters Policy?
Like homeowner’s insurance, the basic renters policy does not include coverage for floods or earth movement such as earthquakes and sinkholes.
Are There Other Factors That Determine Your Premium?
The premium you pay differs from another policyholder. Each person will get a different quote due to certain factors.
Besides living in a city with a high crime rate that’s also susceptible to a large number of natural disasters, the additional factors that determine your premium are as follows.
Your credit score can negatively impact your premium.
People who have a high credit score generally pay less.
And those with poor credit scores will pay more.
That’s because the insurer believes that those who have good credit are statistically more likely to pay their monthly premium on time.
Whether You Choose an Actual Cash Value or a Replacement Cost Value Plan
With ACV, insurers pay only for the depreciated value of your items if they are stolen or damaged.
With RCV, insurers pay the total cost of your items at today’s prices.
For example, if your laptop is four years old and gets destroyed, damaged, or stolen, you’ll be reimbursed for the total cost using today’s prices.
RCV, which often doesn’t come standard in a basic policy, will raise your rate.
If you've ever filed a claim on any of your insurance policies, you are considered a risk and will thus have your premium raised.
Amount of Coverage
Your standard renters policy probably won't provide enough coverage to replace all your items, especially those high in cost like jewelry.
So, you will probably need to buy extra coverage for them through an endorsement so that they will be paid in full if a covered peril damages or destroys them.
Adding coverage to a basic policy will increase your rate. However, taking on the extra costs for enhanced or more comprehensive protection could be worth it.
Since renters insurance isn't mandatory, you can customize your policy according to your needs.
The Size of Your Building or Unit
Insurers usually give lower premiums to people who live in large buildings with many units.
And they often will give you a higher premium if you live in a smaller building with only a few units.
Overall, apartments are less expensive to insure than full houses. Apartments are typically smaller and outfitted with smoke alarms, sprinkler systems, and carbon monoxide detectors.
The limited outdoor space means insurance companies don’t need to insure you for outdoor accidents like slips and falls.
On-site management will also decrease your premium.
If you rent a house, apartment, or condo made of brick or masonry, insurers will charge you less than they would if your rental was constructed using a less stable or less solid material.
Sturdier material is less affected by earthquakes, fires, and other covered perils.
If you install fire detection and prevention devices and purchase multiple fire extinguishers, your rental will be considered safe, and your rate will be lowered.
If your apartment or condo is on a high floor, has doormen or front-desk security or security cameras in the lobby, and is located in a gated community, your insurer will reduce your premium.
That’s because it’s perceived that you will be less likely to make a claim due to theft or burglary.
Your deductible will also affect your premium. The more you’re willing to cover before your insurance kicks in, the less expensive your premium will be.
How to Get the Cheapest Renters Insurance
The easiest way to get affordable renters insurance is to get quotes from as many insurers as possible.
Then compare the quotes from different companies.
Usually, the best insurers allow you to get an instant quote on the insurer’s website.
But if you can’t, and you need to complete your application by speaking to a live agent, this takes more time than going online.
The less convenient it is to get a quote, the more you’ll turn to other insurers with a good online presence.
The insurance company you pick should be partly based on how easy it is to reach the company’s agent as well as how your experience is with one of the agents.
An insurer’s rep or agent should be available 24/7, or at least 24/7 for claims processing.
Thus, you should check to see how convenient it is to reach customer service, especially when rushing to make a claim.
If you can reach an agent in several ways, then you have both choice and convenience.
For example, if you can speak to an agent via phone, text, chat, or by going online, that’s an insurer you may want to work with.
For example, Farmers offer all these ways to connect to an agent. You should thus get a quote from the company.
In addition to availability, you should feel comfortable when speaking to a rep. That means, for example, you should be able to ask as many questions about a policy as you want, and the agent will be professional enough to take the time to answer all of them smoothly and compassionately.
All renters insurance companies offer discounts that can lower the cost of your premium. Here are the most popular discounts you can get:
|Multi-Policy||Bundling renters and auto insurance with the same company will get you a discount.|
|Being Claims-Free||If you don’t make a claim in a set period of time determined by your insurer, you’ll receive a discount.|
|Paperless||If you go paper-free and choose to receive information about your policy electronically, you’ll also get a discount.|
|Payment||If you sign up for autopay using your checking account, you’ll get a discount.|
Compare the Best Local Renters Insurance Companies
We've made our recommendations above based on insurers that are widely available throughout the country. But we found some of the best and cheapest for home renters were locally-based companies.