Best Renters Insurance Companies in 2020

November 4, 2020

Do you currently rent a house? Consider getting renters insurance – it’s incredibly affordable. 

Whether you live in a single-family home or a studio apartment, renters insurance covers what the insurance policy of your landlord doesn’t. It can cover your belongings if your rented house was damaged in a fire. If an individual gets injured inside your rented house and sues you, the renters insurance will cover it, too.  

Not sure where to begin? Renters insurance comparison is a great way to determine which option is best for you. We conducted a thorough review of the best renters insurance companies in the country to make it easier for you to choose.  

We covered the following in this review:

  • Renters insurance comparison table
  • The methodology we used to list the best
  • Detailed reviews
  • A buying guide on renters insurance

 

Let’s have a look at the best renters insurance in the USA:

Product
Rating
Key Features
Website
1
OVERALL RATING
4.5
Expert Review
  • Affordable policies
  • Customizable policies
  • Multi-policy discount
PRICE: $
Get a Deal
2
OVERALL RATING
4
Expert Review
  • Free and quick online quote
  • Customizable policies
  • Affordable insurance policies
PRICE: $
Get a Deal
3
OVERALL RATING
3.8
Expert Review
  • Affordable rates
  • Great discounts for members of the military
  • Earthquake and flood damage coverage
PRICE: $
Get a Deal
4
OVERALL RATING
4
Expert Review
  • Easy and 24/7 claim filing
  • Outstanding mobile app
  • Excellent discounts
PRICE: $
Get a Deal
5
OVERALL RATING
4
Expert Review
  • Liability coverage included in the standard policy
  • Vandalism, theft, fire, hail, and tornado damage covered
  • Identity theft insurance
PRICE: $
Get a Deal
6
OVERALL RATING
3.9
Expert Review
  • Bundling offers and discounts
  • Additional coverage for valuables
  • Online quote and claim filing
PRICE: $
Get a Deal
7
OVERALL RATING
4.5
Expert Review
  • Affordable premiums
  • Mobile and online tools
  • Extra coverage for valuables
PRICE: $
Get a Deal
8
OVERALL RATING
3.5
Expert Review
  • Excellent customer experience
  • Fraud coverage
  • Policy customization
PRICE: $
Get a Deal
9
OVERALL RATING
4.2
Expert Review
  • Outstanding online and mobile experience
  • Reimbursed living expenses
  • Includes flood insurance
PRICE: $
Get a Deal
10
OVERALL RATING
4.5
Expert Review
  • Affordable coverage rates
  • Higher coverage limit
  • Online quote and claim filing
PRICE: $
Get a Deal
11
OVERALL RATING
4.5
Expert Review
  • Donates leftover policy money
  • Excellent online resources
  • Online purchase and quote
PRICE: $
Get a Deal
12
OVERALL RATING
4
Expert Review
  • Home-sharing coverage options
  • Bed infestation coverage
  • Personal Liability
PRICE: $
Get a Deal
13
OVERALL RATING
3.5
Expert Review
  • Ideal for senior renters
  • Discounts for AARP members
  • Additional coverage options
PRICE: $
Get a Deal
14
OVERALL RATING
4.5
Expert Review
  • Discounts for different professions
  • High claim satisfaction
  • Online claim and quote
PRICE: $
Get a Deal
15
OVERALL RATING
4.5
Expert Review
  • Comprehensive coverage
  • Excellent customer service
  • Affordable policy options
PRICE: $
Get a Deal

Best Renters Insurance Company Reviews

  • Financial Strength A++
  • Customer Service 4/5
  • Network Strength and Optional Coverages 5/5
  • Pricing 5/5
  • Overall 4.5/5

State Farm is one of the leading insurance providers in the country and offers the lowest rates for renters insurance. The company also has customizable options that make it more convenient for policyholders to pay for only what they need. Since State Farm operates with multiple insurance products, they also offer multi-policy discounts. 

The State Farm renters insurance includes policies for various losses, including the loss of use if the house has become uninhabitable after damage. It doesn’t include damage to the home itself, damage caused by flooding, and damages related to animal activity, deterioration, settling, landslides, and earthquakes. Instead, you can buy various add-on coverage policies, including identity restoration and pet medical insurance. 

The State Farm renters insurance cost is extremely affordable, starting from as low as $8 per month. The discounts and coverage details may vary from state to state. 

This provider has a strong financial standing and is rated A++ on AM Best and AA on S&P Global. These excellent ratings suggest the company is stable enough to pay claims. 

State Farm renters insurance claim filing is relatively easy and fast in comparison to other insurance providers. You can quickly get a State Farm renters insurance quote online or by calling an agent. 

State Farm renters insurance policy has one of the most affordable coverage with various options and good customer service. It also has high customer satisfaction ratings and offers a variety of useful online tools. 

PROS:
  • Instant online quotes
  • Highly affordable coverage
  • Multi-policy discounts
CONS:
  • Discounts might vary in different states
  • Financial Strength A
  • Customer Service 4/5
  • Network Strength and Optional Coverages 4/5
  • Pricing 4/5
  • Overall 4/5

American Family renters insurance offers competitive prices and a variety of insurance options, with strong customer ratings. This provider also has great multiple policy discounts, since it also offers auto insurance. If you want auto insurance, along with renters insurance, then this is an ideal provider for you. 

The company also offers a diminishing deductible, which means you can control what you are paying for. The standard policy even includes bicycle coverage. In case you keep your bike in a storage that is not connected to the rented house, it is still covered for damage and theft. American Family renters insurance cost starts around $15 per month.

American Family renters insurance gives you an option to buy additional coverage, like travel protection, pet insurance, and identity theft. American Family renters insurance quote and claim filing can easily be done online. It is well rated for customer satisfaction and has a solid A on both AM Best and S&P Global. 

PROS:
  • Fewer than expected number of customer complaints
  • Variety of coverage options available
  • Plenty of discounts
CONS:
  • Doesn’t rate high for claims satisfaction
  • Does not operate in all states
  • Financial Strength A++
  • Customer Service 3/5
  • Network Strength and Optional Coverages 4/5
  • Pricing 5/5
  • Overall 3.8/5

USAA renters insurance has a strong reputation among the military community of the country. It is surely a one-stop solution for the insurance needs of the military members and their families. The USAA renters insurance coverage includes flood and earthquake, replacement cost, identity theft coverage, and other options. 

USAA renters insurance quote can be taken via phone. USAA renters insurance claims filing is known to be quick and easy. The company has a good customer satisfaction rating. It has been rated A++ on AM Best and AA+ on S&P Global that highlights the company’s strong financial stability. 

PROS:
  • High ratings for customer satisfaction
  • Offers additional perks
  • Earthquake and flood coverage available
CONS:
  • Online quotes not available
  • Only for military members and their families
  • Financial Strength A
  • Customer Service 3/5
  • Network Strength and Optional Coverages 4/5
  • Pricing 5/5
  • Overall 4/5

Liberty Mutual renters insurance places great importance on simplifying the online claim filing process to ensure there aren’t any delays. The provider offers not only affordable rates but also plenty of discounts that makes the insurance coverage even more affordable. 

Liberty Mutual renters insurance coverage provides all the basics, while also giving you the option to purchase add-ons and riders, including coverage for high-appraised items. It offers optional water damage coverage. Liberty Mutual renters insurance policy includes plenty of discounts, such as autopay discount, being claim-free for five years, online policy purchase, and multipolicy discounts. 

Liberty Mutual renters insurance claim process is one of the simplest and quickest compared to other insurance providers. It has been rated A on both AM Best and S&P Global.

PROS:
  • Claim filing is quick and simple
  • Variety of discounts
  • Customized and affordable insurance
CONS:
  • Discounts might not be available or may vary in different states
  • Financial Strength A+
  • Customer Service 3/5
  • Network Strength and Optional Coverages 5/5
  • Pricing 4/5
  • Overall 4/5

MetLife renters insurance is another reliable option as it has a lower than expected number of complaints and has good ratings for customer satisfaction. The basic policy coverage includes, replace, or repair the property.

The standard renters insurance policy includes identity theft insurance coverage without any additional charges. It also gives assistance in resolving problems, like email hacking, fraudulent usage of credit cards, falsely filed tax returns, and more. MetLife renters insurance cover lost items and offer additional coverage for specialty items. 

This insurance covers all states and offers discounts through membership and employers organizations that further reduces the premium payments. You can enjoy multi-policy discounts as well. 

To get a MetLife renters insurance quote, you have to speak to an agent as the company doesn’t offer online quotes. The customer support is available 24/7. MetLife has A+ ratings on both AM Best and S&P Global. 

PROS:
  • Payment plans are flexible
  • Identity protection services included in all policies
  • Discounts and bundle offers available
CONS:
  • Quotes only available on the phone
  • Loss of use not included
  • Not rated high for customer satisfaction
  • Financial Strength A+
  • Customer Service 4/5
  • Network Strength and Optional Coverages 4/5
  • Pricing 3/5
  • Overall 3.9

This insurance provider offers a range of different insurance products, including pets, farm, life, boats, motorcycles, and vehicles, which means you can purchase their bundling offer. Nationwide renters insurance automatically extends the cover to your valuables, including furs, watches, silverware, and other collectibles. The coverage doesn’t just cover your house but also stolen items. 

Nationwide renters insurance coverage also has card coverage in its standard policies if your credit card is stolen and large charges are made. 

The insurance company provides a free consultation service to determine your insurance needs. Nationwide renters insurance quote and claim filing are available online and on the phone. 

The Nationwide renters insurance cost is as low as $20 per month, depending on the policy you purchase. The company scored A+ on both AM Best and S&P Global.

PROS:
  • Stolen credit card coverage offered
  • Excellent extended coverage option and add-ons
  • Bundling policies available
CONS:
  • Customer satisfaction for renters insurance is low
  • A higher premium on replacement coverage
  • Financial Strength A++
  • Customer Service 4/5
  • Network Strength and Optional Coverages 5/5
  • Pricing 4/5
  • Overall 4.5/5

GEICO insurance company acts as a broker to match you with one of their 20+ renters insurance partners, including Travelers and Liberty Mutual insurance. You don’t have the option to select the company you want to match with. 

GEICO renters insurance policy includes living expenses, personal liability, and personal property in the basic coverage. The company gives additional coverage, such as options for valuable items, business property, fine jewelry, bonds, and stocks. It also covers repair or replacement of belongings that get damaged by water, theft, vandalism, smoke, fire, or extreme wind.

You will get an automatic discount if you bundle renters and auto insurance, or with other insurance products like a mobile home, condo, or homeowners policy. GEICO bundle renters and auto discounts and multi-car discounts are a great way of saving money on insurance. 

GEICO renters insurance quotes can be obtained online or on the phone. You have to file the claims with the third-party insurer directly. You can check the status of your claim online, but you can’t file the claim online. This insurance provider has an excellent customer satisfaction rating and has scored A++ and AA+ on AM Best and S&P Global, respectively.

PROS:
  • Bundling policies
  • Online quote available
  • Offered nationwide
CONS:
  • Few discounts available
  • Doesn’t underwrite own policies
  • Financial Strength A+
  • Customer Service 5/5
  • Network Strength and Optional Coverages 4/5
  • Pricing 3/5
  • Overall 3.5/5

Amica Mutual is the oldest mutual insurance company in the U.S. Amica renters insurance policy is easy to understand and includes everything a renter would want to be covered, including loss of use, personal liability, and personal property coverage.

The options offered by the provider include additional coverage for personal effects, like scheduled personal property and personal property replacement. It supplies coverage for smart devices and computers that can certainly be useful in case of damage. You can additionally purchase an identity theft insurance policy. 

Amica renters insurance review and has been positive, particularly for its high commitment towards customer service.  

You can get in touch with their representative in multiple ways, including calling the helpline, emailing, or through online chat. Amica has been well ranked for its financial stability. The company earned an AA from S&P and an A+ from AM Best for its ability to pay out customer claims. 

PROS:
  • High customer service ratings
  • Variety of policies and discounts
  • No personal property coverage limit
CONS:
  • Not offered in Hawaii and Alaska
  • Full replacement cost not included in the standard policy
  • Financial Strength A+
  • Customer Service 4/5
  • Network Strength and Optional Coverages 4/5
  • Pricing 4/5
  • Overall 4.2/5

Allstate is the most innovative and high-tech insurance provider in the country. It offers online tools and mobile apps to provide you with more control and flexibility on your policies. Allstate renters insurance gives you more additional coverage than any other insurance provider. 

Allstate renters insurance coverage allows you to choose add-ons, including scheduled personal property, personal property coverage, flood insurance, identity restoration coverage, guest medical coverage, liability coverage and reimbursed living expenses. 

The embrace of technology by this provider is outstanding, and its mobile app sets it apart from its competitors. Allstate renters insurance quote and claims filing can be easily done online. You can also access your policy details, review bills, make payments, and check the status of your claim. 

Allstate renters insurance cost is around $15 per month for the most basic policy and increases depending on the coverage and add-ons you purchase. The financial stability of the company is excellent. It scored A+ on AM Best and AA on S&P Global.

PROS:
  • Outstanding online resources
  • A simple and fast claims process
  • Additional coverage options
CONS:
  • Doesn’t include earthquake and flood coverage in the standard policy
  • A higher premium on replacement cost coverage
  • Financial Strength A+
  • Customer Service 4/5
  • Network Strength and Optional Coverages 5/5
  • Pricing 4/5
  • Overall 4/5

Travelers renters insurance has a large variety of options for you, along with plenty of add-ons to make the insurance more secure. It’s comprehensive policies, along with discounts, make the renters insurance even more affordable.

Travelers renters insurance quote tools help you find the right coverage options. You can also easily sign up online and purchase the policy that works best for you. 

Travelers has strong financial stability. The company’s AM Best rating is A++, and S&P rating is AA. Overall, customer satisfaction is above average, and the policyholders are happy with the number of discounts offered. 

PROS:
  • Highly affordable coverage options
  • Easy signup and online options
  • Multi-policy discounts
CONS:
  • Natural disasters not included
  • Additional cost on replacement coverage
  • Financial Strength N/A
  • Customer Service 5/5
  • Network Strength and Optional Coverages 5/5
  • Pricing 4/5
  • Overall 4.5

Since it is a new insurance provider, you might wonder, ‘is Lemonade renters insurance legit?’

Lemonade has quickly become known for its social responsibility and pro-customer business model. It gives highly affordable rates compared to other companies. Lemonade renters insurance offers a comprehensive coverage list, including damage from freezing, theft, smoke, fires, vandalism, falling objects, and more. 

However, is Lemonade renters insurance good? Since this insurance provider is a relatively new company, there isn’t sufficient data for review websites to rate it. 

The Lemonade renters insurance review shows that the company offers an easy and smooth quote and policy purchasing process online. 

PROS:
  • Online purchasing and quotes
  • Donates unused policy money to charities
  • Easy claim process
CONS:
  • Coverage not offered in all states
  • Doesn’t offer bundling discounts
  • Relatively new in the market
  • AM Best Rating A
  • Customer Service N/A
  • Network Strength and Optional Coverages 4/5
  • Pricing 4/5
  • Overall 4/5

Are you looking for renters insurance for bed bugs infestation? This insurance provider is among the rare few that offer it with all of its standard policies. But, how good is Jetty renters insurance?

Jetty renters insurance provides you with comprehensive, affordable, and flexible policies. While it doesn’t have many discounts, it provides food coverage for home-sharing spaces, like Airbnb homes and apartments. It also offers additional coverage for expensive items for extra charges. 

Jetty renters insurance review shows that clients are satisfied with their policies and fast online quote and application process. Since Jetty insurance is a relatively new company, there isn’t sufficient data for review websites to rate it. However, it recently earned an A on AM Best.

PROS:
  • Covers bedbug infestation
  • Simple and fast online quotes and application
  • Transparent pricing
CONS:
  • Discounts not available
  • Claims managed by third-party
  • Not available in all states
  • Financial Strength A+
  • Customer Service 3/5
  • Network Strength and Optional Coverages 4/5
  • Pricing 4/5
  • Overall 3.5/5

Hartford renters insurance is ideal for senior renters, particularly if you are an AARP member. Non-members can still purchase renters insurance through independent agents. 

AARP Hartford renters insurance offers plenty of add-ons to increase your protection, including water backup coverage, earthquake coverage, personal liability, along with other riders. The company focuses on senior insurance services and allows you to customize the coverage options.  

This insurance provider also offers plenty of discounts, including renewal discounts, 24-hours security discounts, and multi-policy discounts. This senior insurance provider has strong financial stability and has earned A+ on both  AM Best and S&P Global.

PROS:
  • Bundling options
  • AARP discounts offered
  • Free online quotes
CONS:
  • Some coverage only for AARP members
  • Higher customer complaints
  • Financial Strength A
  • Customer Service 4/5
  • Network Strength and Optional Coverages 5/5
  • Pricing 4/5
  • Overall 4.5/5

Farmers renters insurance is available through subsidiaries and independent insurance agents and is best for you if you are looking for basic coverage at affordable rates. You can also bundle the renters insurance with life, personal articles, or auto insurance. You can even save on your premiums if you haven’t been a smoker for at least two years. 

Farmers renters insurance coverage includes identity theft, medical payments, personal property replacement costs, personal property, additional living expenses, and personal liability. Renters insurance discounts for teachers, medical profession discounts, and discounts for other professionals, like engineers, firefighters, police officers, and more, make it even more affordable for you to buy the policy. 

You can purchase basic renter insurance coverage for as low as $21 per month. Farmers renters insurance quote and claim filing can easily be done online. It has a high rating for claim satisfaction. Moreover, it has scored A on both AM Best and S&P Global that shows the company has strong financial stability.

PROS:
  • Excellent claim satisfaction ratings
  • Online quote and claim filing
  • Discounts offered to various professions
CONS:
  • Processing fee applicable for a new policy
  • Only offers standard coverage
  • Insufficient policy info on website
  • Financial Strength A+
  • Customer Service 4/5
  • Network Strength and Optional Coverages 5/5
  • Pricing 5/5
  • Overall 4.5

Erie renters insurance is one of the best options for you if you want comprehensive coverage at an affordable rate. You can take advantage of the number of policy bundling options it offers. The insurance also covers liability coverage and personal property coverage.

Its Advantage bundle coverage extends the coverage limit and also includes identity theft. It has a Plus bundle coverage that offers more coverage than the Advantage bundle by including add-ons, like business personal property, pets, watercraft, and trailer coverage. 

The most comprehensive policy option by Erie is its Select bundle. It includes all the coverage options from both Advantage and Plus bundle but with increased limits. It includes coverage options for criminal defense cost reimbursement and for bigger watercraft. 

Erie renters insurance reviews show a high rating for customer support. You can get in touch with Erie insurance through their toll-free phone number or email. Erie renters insurance cost is as low as $11 per month.

PROS:
  • Comprehensive coverage options
  • High ratings for customer service
  • Multi-policy discounts
CONS:
  • Add-ons not available
  • Renters insurance not available in all states
  • Limited online tools

Methodology

To highlight the best renters insurance companies in the country, we researched the top insurance providers. Our methodology is based on several factors, including:

  • Financial strength of the company
  • Renters insurance reviews online
  • Consumer complaints
  • Coverage options
  • Renters insurance ratings and customer reviews
  • Rates 
  • Discounts and additional coverage
  • Renters insurance consumer reports
  • States available
  • Online experience necessary (whether the client needs to be tech-savvy)
  • Renters insurance comparison quotes

 

We outline what each company is best for and what drawbacks it has to help you make an informed decision. 

Buyer’s Guide 

Here are a few things that will help you purchase the right renters insurance:

What is renters insurance? How does the insurance work?

Renters insurance protects the renter’s personal belongings in or on the rental property, including appliances, sports equipment, clothing, and furniture. Renters insurance may also provide coverage for personal injuries and other expenses if a visitor sustains injuries in or on the rental property. 

In case you and your family have to move out of the rental property because of a fire, hurricane, or other covered events, the renters insurance may reimburse you for the living expenses, like meals and hotel rooms, while your property is getting repaired. 

How much renters insurance coverage should I buy?

There is no set amount for everyone as it depends on the individual needs of the renters. You can determine the amount of coverage you should purchase by taking home inventory of the possessions and how much they are worth. 

It is best to consult the receipts, but you can also use an estimate. To cover expensive jewelry and other high-value items, you can purchase add-on or supplemental renters insurance. 

You will also have to determine the right type of property coverage you may need – replacement policy or actual cash value policy. The replacement value policy provides sufficient money for the policyholder to buy new items to replace the ones destroyed or damaged in the rental.

An actual cash value policy is cheaper than the replacement value policy and only reimburses the policyholder for the depreciated value of the possessions if they get destroyed or damaged. 

How do I purchase renters insurance?

Buying renters insurance is easier than it seems. Here are the basic steps you have to follow:

  1. Determine the items you want to cover
  2. Decide the amount of coverage you need
  3. Select the right renters insurance company 
  4. Consult the representative
  5. Select the policy to purchase

This article highlights the top renters insurance companies to help you decide the right one according to your needs. Your agent or representative will guide you throughout the process to make it easier for you. 

Which renters insurance companies are the best?

This article thoroughly reviews the best renters insurance in the U.S., along with their key features and cons to help you decide. 

What does renters insurance generally cover?

The items covered by renters insurance depends on the type of policy you purchase. Generally renters insurance covers:

  • Belongings in the rental property, including musical instruments, sports equipment, towels and sheets, kitchen equipment, appliances, devices and electronics, clothing, furniture, and more
  • Injuries sustained by a visitor in or on the rental property 
  • Damage caused by disasters, like water, windstorm, explosion, theft, vandalism, lightning, smoke, or fire.
  • Additions expenses due to temporary displacement 

If you have specialized needs or are living in a high-risk area, you should consider add-ons, like:

  • Business property insurance
  • Excess liability insurance
  • Rider policies for collectibles, art, or fine jewelry
  • Earthquake insurance
  • Flood insurance

 

Buying renters insurance protects you from damages caused by annoyances and accidents, ensuring that your budget isn’t harmed due to disasters. 

The landlord insurance only covers the house or building and not your belongings, which is why it is essential to purchase renters insurance. Hopefully, the information in this article will help you find the best renters insurance company, depending on your needs and requirements.