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Whether you’re renting a studio apartment or an entire single-family home, renters insurance will protect what your landlord’s policy does not. For instance, if a fire destroys your rented home, renters insurance could cover your personal belongings and valuables. And if someone sues you for injuries on your property, renters insurance will ensure you’re covered.

Best Renters Insurance Companies of 2024

Shop the Top Renters Insurance Companies

Renters Insurance Company Reviews

Best Overall: Lemonade Renters Insurance

Lemonade Renters Insurance is an easy-to-use digital platform provider that offers affordable coverage. Lemonade isn’t available in all states, but it has good customer service ratings.

The average renters insurance, according to some reports, costs $174 annually or $14.50 per month. According to Insurify, Lemonade starts at $5 a month, significantly more affordable than the national average. However, your renters insurance will be based on several factors like where you live.

Lemonade homeowners insurance review

Best for Cheap Renters Insurance: State Farm Renters Insurance

State Farm Renters Insurance is an established insurance company that receives high customer and claims satisfaction marks.

The average annual premium for renters insurance is about $173, according to the Insurance Institute. However, bundling discounts may lower costs (if you bundle it with your auto or other insurance). Some apartment buildings also partner with specialty renters insurance companies, which offer more coverage and exclusive perks as long as you live in a certain building.

State Farm home insurance review

Best for Discounts: Erie Renters Insurance

Erie Renters Insurance only operates in 12 states and Washington, D.C. It won’t make sense for everyone, but it does have a reputation for good customer service and claims satisfaction in the regions where it does operate. Erie Insurance is known for its low prices across the board, however, it also offers a number of discounts to curtail your premiums even further.

Erie’s renters insurance starts at $15 a month, slightly below the national average. However, your renters insurance will be based on several factors, like where you live.

Erie home insurance review

Best for Seniors: Allstate Renters Insurance

Allstate Renters Insurance is a national carrier that ranks well for customer service, but its insurance premiums aren’t always the cheapest. However, Allstate has a discount that allows renters who are 55 years or older to enjoy 25% of their premiums.

Insurify finds Allstate monthly premiums start at $15 monthly, which is on par with the national average. Allstate is known for its bundling and other discounts. So if you’re already a loyal Allstate company, you’ll probably find your most competitive rates here. Allstate’s personalized service with captive agents may also appeal to seniors.

Allstate home insurance review

Best for Business Professionals: Farmers Renters Insurance

Farmers takes the seventh spot in J.D. Power’s renters insurance customer satisfaction survey. You may qualify for a discount if you are a business professional such as a doctor, nurse, engineer, dentist, teacher, police officer, or firefighter. You can obtain a quote by speaking to a Farmers insurance representative.

Farmers home insurance review

Best for Military Members: USAA Renters Insurance

If you’re in the military or a veteran, USAA is an option worth considering. Its life insurance is the only product open to non-military customers.

Insurify states USAA is priced at $10 a month, significantly more affordable than the national average. However, as you may already know, USAA insurance coverage is limited to US military members, veterans, and their immediate families. Civilian renters are not eligible for its rock-bottom pricing.

USAA home insurance review

Average Cost of Renters Insurance by State

Like homeowners insurance and car insurance, the cost of renters insurance will vary by state. Where you live will play a significant role in the amount you pay in premiums.

Here’s the average annual premium for renters insurance by state, according to the Insurance Information Institute.

Renters Insurance Tips

Why You Should Trust Us: How We Chose The Best Renters Insurance Companies

We aim to inform consumers, giving you the information you need to make decisions about your insurance. Our reviews and guides are not for sale. All product features are based on facts gathered. We consider industry standards, customer reviews, and other factors to get a complete perspective on each product.

Insider gathered data from several renters insurance companies based on customer service and premium prices where available. We base our sample quotes on data for two people renting a two-bedroom, one-bath, single-family with no pets in Philadelphia.

See our insurance rating methodology to learn more.