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Knowing that renters make up 36% of U.S. households, renters insurance could be a major priority for this segment of the population. Because renters don’t need to insure the structure of their home, renters insurance is also significantly cheaper than home insurance at around just $174 per year on average according to the Insurance Information Institute (Triple-I). To help you identify which renters insurance company best meets your needs, Bankrate reviewed the largest renters insurance companies by market share based on a variety of key metrics.
Why renters insurance is important
Renters insurance is relatively inexpensive at around $15 per month on average, but its value can significantly outweigh its monthly cost in the event of a claim.
In addition to replacing your personal belongings, renters insurance also offers coverage for incidents that affect your guests. Perhaps a guest slips at your residence, sustaining an injury. In this case, renters insurance could help pay for their medical costs. If the injury results in legal action, renters insurance could also help pay legal fees. Insurers commonly offer coverage for relocation and food if your rental becomes temporarily uninhabitable due to a covered claim.
Add-ons are generally available for your renters insurance policy as well to help provide more robust coverage. For example, if you need extra coverage for your jewelry or other high-value items, you may be able to add additional coverage on top of your standard renters coverage.
Best renters insurance companies
Bankrate has researched more than a hundred companies offering renters insurance policies to narrow down some of the best renters insurance companies of 2022. The following companies have all been selected based on positive customer satisfaction ratings by J.D. Power, a leading third-party source for industry research, and have received “Excellent” or “Superior” credit ratings from AM Best. Having a positive rating from AM Best indicates that an insurance company has historically been able to meet ongoing and future financial obligations like operating costs and claims. Additionally, the companies below either include additional protections or offer them as add-ons for your renters policy, such as pet insurance and flood coverage.
Company J.D. Power rating AM Best rating Allstate 833/1,000 A+ (Superior) American Family 838/1,000 A (Excellent) Erie Not rated A+ (Superior) Liberty Mutual 823/1,000 A (Excellent) Lemonade 870/1,000 A (Excellent) State Farm 866/1,000 A++ (Superior) Travelers 815/1,000 A++ (Superior) USAA* 893/1,000 A++ (Superior)
*Not officially ranked by J.D. Power due to eligibility restrictions
Best for: Discount opportunities
Allstate is a widely recognized name in the insurance industry. With an Allstate renters insurance policy, renters can increase limits for expensive personal items. Additionally, Allstate offers even more savings opportunities with its multiple policy discount, 55 and retired discount and Easy Pay discount for scheduled monthly payments. However, Allstate received a slightly below-average rank from in the 2021 J.D. Power Home Insurance Study for renters insurance customer satisfaction. While the score is not significantly lower than the industry average, customers seeking exceptional customer service may want to carefully weigh how the carrier stacks against other options.
Perks Drawbacks Access to other policy types for a multiple policy discount Slightly lower J.D. Power score than the other companies on this list Easy-to-use mobile app and online web portal for policy management
Learn more: Allstate Insurance review
Best for: Add-on coverage
American Family offers a few unusual endorsement options on its renters insurance policies. You can add several optional coverages, including identity theft coverage, travel protection and home-based business coverage, on top of the three traditional coverages: personal property, personal liability and loss of use. American Family may fall a bit short when it comes to financial stability. Although an A rating from AM Best is still relatively high, other companies on our list scored in the Superior A+ or A++ range. If you are looking for a company with strong financial backing, there could be other options that better fit your needs.
Perks Drawbacks Policy options include identity theft, travel and home business coverage Lower financial strength stability compared to the some other major renters insurance companies Renters policy also comes with a diminishing deductible option for every year the policy is maintained
Learn more: American Family Insurance review
Best for: Regional coverage
Erie Insurance has a stellar reputation built upon affordable rates and an easy-to-navigate claims service. Erie offers considerable discounts on bundles, additional living expenses if you need to find a temporary place to live and the option for extra coverage for things like identity recovery and your more expensive personal items. Unfortunately, Erie only offers renters insurance in roughly a fifth of the U.S., but could be an excellent choice if you live in one of the areas it services. States covered are Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and Wisconsin. Erie also offers coverage in Washington, D.C.
Perks Drawbacks Ability to work with a local insurance agent Limited state availability compared to other national carriers If requesting a quote seven days from policy start date, renters insurance could qualify for an additional discount
Learn more: Erie Insurance review
Best for: Renters on a budget
Liberty Mutual could be a great choice for renters on a tight budget. The company advertises that its policies start at just $5 per month. Although the coverage options available are fairly basic, you might be able to add replacement cost coverage for your belongings, as well as jewelry coverage or earthquake coverage. However, Liberty Mutual does have a higher-than-average complaint index score with the National Association of Insurance Commissioners (NAIC). A score of 1.00 represents a baseline number of complaints. Liberty Mutual’s overall score is 1.8, indicating that the NAIC receives nearly twice as many complaints than average.
Perks Drawbacks Option to add replacement cost, meaning personal belongings will be replaced without factoring in depreciation High NAIC score indicates Liberty Mutual receives more complaints than other carriers With blanket jewelry protection, renters have one set amount to cover their jewelry with no need for appraisal or deductible after a covered loss
Learn more: Liberty Mutual Insurance review
Best for: Digital policy management
Lemonade terms itself as “insurance for the 21st century.” Its mobile app, powered by Maya, its artificial intelligence bot, helps renters get a quote, manage their policy and file a claim all in one place. Renters who want an insurance company focused on global causes will appreciate that leftover premium is donated to many different causes like the Malala Fund, the Trevor Project and March for Our Lives. However, the all-digital experience means renters won’t be able to have in-person customer service. Additionally, Lemonade renters insurance is only available in 28 states and Washington, D.C.
Perks Drawbacks Simple mobile app interface for all your insurance needs Renters insurance is only available in 28 states and Washington, D.C. Policies can be started in 90 seconds and claims paid out in as little as three minutes Lemonade car insurance is only available in a few states, making it difficult for renters to qualify for a multiple policy discount
Learn more: Lemonade Insurance review
Best for: Customer service experience
State Farm offers renters insurance in every state throughout the U.S., making it a great option for renters in rural areas or areas that other companies underserve. But it’s not just State Farm’s wide availability that may make it a good option. The company also has exceptional ratings from companies like J.D. Power and AM Best, which could make it a safe bet for your renters policy. However, State Farm doesn’t offer nearly as many discounts as some of the other providers we’ve chosen. You might lower your premium if you insure your car with State Farm, too, or if you have security devices installed in your apartment.
Perks Drawbacks Excellent customer service and financial strength ratings from third-party agencies Fewer discount opportunities compared to other carriers Knowledgeable local agents to help you with your insurance journey
Learn more: State Farm Insurance review
Best for: Insuring modifications completed by renters
In addition to standard renters protections for your items and liability, Travelers offers an option to apply up to 10% of your personal property coverage to improvements and alterations, whether they are made by choice or because of a covered loss. Unfortunately, Travelers did receive the lowest customer satisfaction score from J.D. Power. Scores were calculated by using five key areas of focus: customer interaction, coverage options and discounts, average premiums, billing procedures and claims service. A low score could indicate that customers are generally dissatisfied with Travelers in one or more of these areas.
Perks Drawbacks Provides coverage for any improvements renters might have done to their home Lower customer satisfaction scores from J.D. Power than other renters insurance companies Replacement cost for personal belongings can be added
Learn more: Travelers Insurance review
Best for: Military-centric coverage
USAA has a stellar reputation among consumers and the insurance industry, and it offers renters insurance policies particularly supportive for those in a military lifestyle. The basic policy includes coverage for personal property, personal liability, medical payments and additional living expenses. Flood coverage is also included in standard USAA renters insurance policies, which is notable considering that flood insurance typically has to be purchased separately. However, USAA is not available for everyone, which could be considered a major drawback of the company. Only military members, veterans and immediate family members may be eligible for coverage. Unless you fit one of these categories, you will not be able to purchase a USAA policy.
Perks Drawbacks Flood coverage is standard on renters insurance policy Not available to the general public If moving or deployed overseas, personal belongings would be insured with overseas coverage
Learn more: USAA Insurance review
How to compare renters insurance companies
With so many renters insurance companies on the market, how do you choose which provider is right for your needs? Finding the best renters insurance policy will depend largely on your particular living situation and coverage preferences. The first step to finding a provider who can best cover your unique circumstances is to take some time to consider what you may want from a company.
For example, if you run a business or keep business-related items in your home, you may find that an add-on for extended coverage or business personal property is necessary. This may cause you to look for a provider which specializes in renters insurance for business personal property.
Additionally, it may be helpful to review third-party reviews from companies like J.D. Power and AM Best. J.D. Power runs numerous studies each year, including evaluating renters insurance companies. Scores are out of 1,000 points and evaluate customer satisfaction based on a number of factors. AM Best rates the financial strength of companies. This can be a good indicator of insurance companies’ ability to pay claims, especially if a company is inundated with numerous claims at once.
Once you have identified a handful of companies that could meet your needs, you can start requesting quotes. This can often be done online or by phone, or you could contact a local agency. Getting quotes from several different insurance carriers allows you to compare premiums, coverage options, discounts and policy features.
Additional considerations before choosing a renters insurance policy
Like any insurance policy, renters insurance is not one-size-fits-all. No two rental circumstances are the same, and neither will the insurance for them be. When choosing a renters insurance company and personalizing your policy, you may want to consider:
- The value of your belongings. To help ensure you do not over- or under-insure your belongings, you could create a home inventory. This exercise could help you estimate the total value of your belongings so that you choose an appropriate personal property coverage amount.
- If you have any high-value items. Possessions like fine jewelry, collectibles, fine art, guns or antiques often have set coverage limits included within a policy. For example, without alterations to a policy, you might only have $1,000 in coverage for jewelry, regardless of how much personal property you buy. Scheduling your high-value possessions can provide more accurate and broader coverage.
- If you have a pet. You might not consider your pet when you buy renters insurance, but you should. While many pets are covered for liability, some dog breeds and exotic animals are often excluded. If you have one of these animals, you probably want to look for a company that will extend liability insurance to it. That way, if your pet injures someone, your insurance can step in to help pay for the bills.
- How often friends and family visit. If you like to host events at your home, or often host large parties of people, having this in mind could help you determine the right amount of liability insurance for you need.
- What company insures your vehicle: Many car insurance companies also offer renters insurance. When you bundle your policies together, you could see significant savings. Plus, there’s the added convenience of having all your insurance policies in one place.
If you aren’t sure where to start in your search for renters insurance, sitting down with a licensed insurance agent can be helpful. An agent can listen to your needs, circumstances and concerns and help recommend companies, coverage types and policy features that fit your situation.
What does renters insurance cover?
Renters insurance typically covers damage to your personal items, additional living expenses and situations where a guest is injured. These things are generally not covered by your landlord’s insurance policy. Similar to homeowners insurance policies, covered perils generally include fire, theft, falling objects, items stored outside of your rental and medical coverage for guests.
- Personal property: Coverage for your personal property is not included in your landlord’s insurance for rentals. Purchasing renters insurance allows you to protect items like your laptop, clothing and furniture. Even if your personal property is stored away from your rental, coverage generally extends up to a certain limit to anywhere your personal property is kept.
- Living expenses: If your rental becomes uninhabitable due to a covered loss like a fire, renters insurance helps cover the resulting costs from having to stay outside your home while it is being repaired. This could include fees for hotels, food and other necessary costs.
- Medical payments and liability: If a guest gets injured within your rental property, guest medical protection is available to help pay for potential medical bills resulting from the accident, regardless of fault. If fault is placed and a guest issues a lawsuit for the injury, liability protection also serves to help with legal fees, medical expenses, payments for pain and suffering and lost wages.
Depending on the common risks where you live, you may want to consider add-ons and additional coverage options where available. You may choose to add earthquake coverage if you live in a state more prone to those damages, for example. Other factors to consider when choosing a policy are the replacement cost of your most valuable items.
Frequently asked questions
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