Best Renters Insurance Companies of 2024
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Getting proper renters insurance makes good financial sense if you rent a home or apartment. The best part? Renters' insurance costs about the same as one of those fancy coffee drinks each month, so it fits almost any budget.
The average cost of renters insurance is around $18 per month, according to ValuePenguin, but there are many ways to save so you don’t overpay for this necessary expense.
And since renters insurance is so affordable, it’s paved the way for many insurers to offer this type of insurance. But like so many other financial categories, having many choices doesn’t always make it easier.
Luckily, we put together our list of the top renters' insurance companies. We’re sure you’ve heard of some of these names, but others may be lesser-known with equally notable ratings and reviews. How did these companies cut? We looked at the following criteria:
- Availability
- Customer satisfaction scores
- Sample rates
- Available discounts such as bundling policies, smoke alarms, deadbolt locks
- Anything else that can make purchasing renters insurance easier
Jump To
Lemonade renters insurance protects your stuff from the unexpected. Get covered with America's best-loved renters insurance in seconds. Starting from $5/month.
- Starting From $5/mo
- Most loved renters insurance in America
- Covered in as little as 90 seconds
- Claims paid at record speed
Overview of the best renters insurance companies
Insurance company | Best for |
Fastest purchase experience | |
Customer service | |
Customization options | |
Bundling and discounts | |
Basic policy coverage | |
Military families | |
Ultra-competitive rates | |
Customized policies |
Best renters insurance companies
Lemonade
With a company named after everyone’s favorite summertime drink, how could you go wrong? Founded in 2015, Lemonade is a startup trying to disrupt the renters' and homeowners' insurance industry by making renters' insurance affordable and operating online only.
Lemonade promises lightning-fast speed, with policies created in seconds — not minutes. This instant message is well-loved — Lemonade ranks third for overall customer satisfaction, beating out all the huge insurance giants we’re used to seeing.
Lemonade offers renters insurance in the following states: Arizona, Arkansas, California, Colorado, Connecticut, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, Washington, Wisconsin, and Washington D.C.
Coverage with Lemonade includes personal property, personal liability, medical payments for guests, and additional living expense coverage. You can purchase different extras for your policy, such as high-value items.
Lemonade may be a young entry to the renters' insurance scene, but this online-only company promises to purchase renters insurance quickly and painlessly. Based on reviews and customer service ratings, Lemonade appears to live up to the promise.
State Farm
State Farm is at the top of the list because it’s available in all states, easy to get an online quote and fill out an online application, and lots of discounts are available. Oh, and it’s one of the tops regarding customer service.
State Farm’s renters' insurance includes all the standard types of coverage you need, including personal property coverage, loss of use, inflation coverage, and liability. You can also add coverage (for an additional insurance premium) for earthquakes, cyber events, and other specialty coverages.
The company offers several discounts, including policy bundling — so if you happen already to have a State Farm policy for auto insurance, then you’ll be rewarded with a lower annual premium. Digital assets are equally plentiful. You can download the State Farm mobile app to initiate a claim if you need to or take care of everything through the website.
The best part about State Farm is you can rest assured knowing it has the financial backing in case you need it.
Allstate
Another big name in renters insurance providers at the top of our list is Allstate. Renters can relax knowing their personal belongings are in good hands. With most renters insurance packages, Allstate offers personal property protection, additional living expenses, medical protection for your guests, and personal liability coverage standards.
Allstate has a long list of disaster coverage, including the collapse of buildings, fire, freezing, theft, and smoke and water damage. This is important because not every renters' insurance policy covers many disasters.
Allstate lets you personalize your renters' insurance to get the necessary coverage. Optional coverage includes:
- Personal Umbrella Policy (PUP)
- Flood insurance
- Coverage for a business property
- Identity theft restoration
- Scheduled personal property (additional coverage for your more expensive items)
Allstate’s sample quote is higher than others on our list, but the complete coverage and availability of add-ons may make it worthwhile. Allstate scored ninth on the JD Power 2023 U.S. Home Insurance Study and Overall Customer Satisfaction Ranking.
Liberty Mutual
If you like the sound of discounts, you will love Liberty Mutual for renters insurance. Not only does Liberty Mutual have a bundling discount, but you can get one for purchasing your policy online, using preferred payment, and others. But what good is a discount if you don’t have the coverage you need?
Fortunately, Liberty Mutual offers numerous coverages as well. From personal property, liability, and medical payments to additional living expenses and personal property replacement costs. It also pays for necessary repairs if someone else’s property is damaged because of an event with your property.
If you need additional coverage, for example, flood insurance, you can add it to your policy (depending on your state).
Liberty Mutual makes it easy to get a quote and finalize your policy online, and the app is user-friendly, too.
Nationwide
Nationwide is a great choice for those who want to get a quote and purchase a policy online or work through an agent. Whatever you want, you have options with Nationwide. You also have several coverage options with the renters' insurance.
Coverage includes personal property and contents from fire, lightning, windstorms, hail, frozen plumbing, theft, vandalism, or vehicle impacts. Personal liability, medical payments to others, and building alterations are also included. Nationwide even covers unauthorized credit card charges and forged checks.
Another helpful tool with Nationwide is the ability to customize your policy further. You can add several add-ons, including Valuables Plus (for additional high-value items), water damage, theft extension, earthquake, and Brand New Belongings. Each helps you tailor the policy to fit your lifestyle while providing additional coverage.
If you have roommates, you should know a Nationwide policy doesn’t cover their belongings — only the person whose name is on the policy.
Overall, Nationwide offers a good, standard policy with the ability to customize as you go.
Lemonade renters insurance protects your stuff from the unexpected. Get covered with America's best-loved renters insurance in seconds. Starting from $5/month.
- Starting From $5/mo
- Most loved renters insurance in America
- Covered in as little as 90 seconds
- Claims paid at record speed
USAA
If you’re a military member or a veteran, check out all USAA offers for renters insurance. With the competitive rates and bundling discounts available, this San Antonio-based provider could be our top choice for renters insurance — but only for those who meet the membership requirements.
USAA offers basic coverage for personal property, medical payments for guests, personal liability up to $100,000, and coverage for additional living expenses.
USAA doesn’t stop with the basic coverage, though. There are several options for add-ons to your policy to get coverage tailored to your needs. You can purchase flood insurance, small business insurance, umbrella insurance, collectibles coverage, and mobile phone protection.
USAA is not only a strong choice for the military community, but the financial strength behind the company is also quite impressive.
Erie
Renters' insurance through Erie is only available in 11 states: Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, West Virginia, Wisconsin, and Washington D.C.
While the footprint may be small, Erie Insurance makes big waves in the renters' insurance world with its coverage options, high customer satisfaction, and super-competitive rates.
Basic renters coverage includes personal property, loss-of-use, liability, and guest medical coverage. Erie’s coverage provides up to $3,000 per item if stolen, but you can add high-value insurance to your more expensive items.
Erie allows you to add to your policy with several riders (options) not always seen with other companies. Add-ons include sewage and drain backup coverage, earthquake, and watercraft damage.
All quotes and applications go through Erie’s network of local agents. But with the extremely high customer satisfaction rating — coming in first overall — the agents continue to provide excellent service for policyholders.
Farmers Insurance
Farmers Insurance seems to know a thing or two about renters insurance because it scores very high in overall customer satisfaction. Couple this with all the options Farmers offers; you’ve got a great resource with the company.
Farmers offers the standard renters coverage you’d expect: personal property, personal liability, medical payments for guests, and additional living expense coverage. But what sets Farmers apart is the ability to add coverage options.
Farmers offers Identity Shield for identity theft coverage and reimbursement. Plus, it has a unique option called a floater. This allows you to replace an item with a brand-new value, not just the replacement value for the older product. This is available on items over $500.
Farmers receives major kudos for the website and app, making it easy to manage your claims, make payments, and get your proof of coverage.
Best renters insurance companies summary
Carrier | Availability | JD Power Rank | Bundling available |
Lemonade | 28 states & D.C. | 3 | No |
State Farm | All states | 6 | Yes |
Allstate | All states | 9 | Yes |
Liberty Mutual | All states | 5 | Yes |
Nationwide | All but AK, LA, MA or NJ | 4 | Yes |
USAA | All states (military only) | N/A but highest overall in points | Yes |
Erie | Only in 11 states plus D.C. | 1 | Yes |
Farmers | 40 states | 7 | Yes |
FAQs
What does renters insurance cover?
Renters insurance covers personal property that is stored either inside or on the property. Think of furniture, sports equipment, clothing, small appliances - anything that isn’t built into a unit. Renters insurance almost always covers theft, bodily injury, and loss due to disasters such as fire and water. Most policies provide medical payments if someone (like a guest) is injured in your rental. Additionally, most policies cover living expenses if you have to move out of your rental due to damage. Like homeowner’s insurance, damage from floods and earthquakes are likely not covered unless you purchase additional coverage.
How much renters insurance do I need?
The Insurance Information Institute recommends you purchase “enough insurance to replace all of your personal possessions in the event of a burglary, fire, or other covered disaster.” You can determine how much you have by taking inventory of your belongings. If you have high-value items, such as jewelry or an antique, talk to an agent about additional coverage for these items. If you operate a small business out of your rental, you need proper business coverage too, which many insurance companies can provide.
How can I save on renters insurance?
Even though renters insurance is priced pretty low, it still may be an extra hit to your budget each month. If you need to save further, definitely ask the agent about discounts. You’d be surprised what you can get a discount on, including smoke alarms, deadbolts, or bundling policies. If that doesn’t help, look at raising your deductible. Higher deductibles lower your premiums. Just make sure you can cover the amount of your deductible should anything unexpected happen. And don’t forget! If you purchase a renters insurance policy, ask how much of a discount you would get on other policies, such as car insurance or life insurance since you now have at least one policy with a company. It may be worth your time (and money) to switch other policies you already have in order to get a bigger discount. Be sure to get quotes from a number of provides and compare quotes, you may find some big differences in cost. Platforms such as Gabi provide free comparison tools.
Why should you use the best renters insurance companies?
If you’re busy moving or just trying to get your finances in order, use this list of the best renters insurance companies to help you organize. The last thing you need is one more item on your to-do list.
But on the other hand, renters insurance is too important to let it slip by. For literal pennies a day, you can get the peace of mind you need knowing you have additional coverage for your belongings.
Lemonade renters insurance protects your stuff from the unexpected. Get covered with America's best-loved renters insurance in seconds. Starting from $5/month.
- Starting From $5/mo
- Most loved renters insurance in America
- Covered in as little as 90 seconds
- Claims paid at record speed
The bottom line
Renters' insurance is affordable and easy to purchase. Fortunately, many insurance companies make it seamless by allowing you to purchase directly online. No matter which of these companies you choose, having coverage for your personal property is one of the smartest decisions you can make when getting a rental.
After looking at so many companies, State Farm tops our list. The financial stability, great customer service ratings, national availability, and coverage options make it hard to beat. Add in how easy it is to get a quote and purchase your policy online, and suddenly it gets even better.
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Writer
Sara Coleman is a former corporate gal turned creative entrepreneur. She began writing professionally several years ago and now contributes to multiple websites, blogs, and magazines. She’s also an avid reader and can’t resist a great historical fiction novel. Sara holds a BA in journalism from the University of Georgia and can be found supporting her Bulldogs every chance she has. She resides in Charlotte, North Carolina, with her wonderfully supportive husband and three children. When she’s not ushering her kids to sports and dance lessons, she can be found creating content for her own website, TheProperPen.com.
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