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Best Renters Insurance Companies of 2024

Best Renters Insurance Companies of 2024


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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

Lemonade Renters Insurance

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compare policies and rates with Lemonade



Insider’s Rating
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

4.17/5

Icon of check mark inside a promo stamp It indicates a confirmed selection.

Perks

Offers low mileage, electric vehicle, hybrid discounts, and discounts for bundling your home and auto insurance


JD Power Customer Satisfaction Rating

853

Pros
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy online quoting and purchasing
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low rates
Cons
  • con icon Two crossed lines that form an ‘X’. Not available in all 50 states
  • con icon Two crossed lines that form an ‘X’. Agents not available to help with quoting or claims, largely an online experience

Product Details
  • Easy to use online platform
  • Affordable renters insurance
  • Certified B-Corp


BEST FOR CHEAP RENTERS INSURANCE

State Farm Renters Insurance

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compare policies and rates with Policygenius



Insider’s Rating
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

4.5/5

Icon of check mark inside a promo stamp It indicates a confirmed selection.

Perks

Offers many discounts, including good student discounts for high school and college students


JD Power Customer Satisfaction Rating

836


AM Best Financial Strength Rating

A++

Pros
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Coverage in all 50 states
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Strong customer service
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Plenty of discounts
Cons
  • con icon Two crossed lines that form an ‘X’. Only available through captive State Farm insurance agents
  • con icon Two crossed lines that form an ‘X’. Mixed reviews on claims processing

Product Details
  • Affordable renters insurance with national coverage

Erie Renters Insurance

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compare policies and rates with Policygenius



Insider’s Rating
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

3.83/5

Icon of check mark inside a promo stamp It indicates a confirmed selection.

Perks

Offers discounts for bundling your home and auto insurance


JD Power Customer Satisfaction Rating

851


AM Best Financial Strength Rating

A+

Pros
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Many coverage options for renters
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Agents available to assist via phone as necessary
Cons
  • con icon Two crossed lines that form an ‘X’. Limited coverage in different states
  • con icon Two crossed lines that form an ‘X’. Pricing may be higher than some competitors
  • con icon Two crossed lines that form an ‘X’. Product is not as online friendly as some competitors

Product Details
  • Offers unit safety discount, advance quote discount, and discounts based on your age.

Allstate Renters Insurance

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compare policies and rates with Policygenius



Insider’s Rating
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

4.17/5

Icon of check mark inside a promo stamp It indicates a confirmed selection.

Perks

Offers discounts and discounts for bundling your home and auto insurance


JD Power Customer Satisfaction Rating

837


AM Best Financial Strength Rating

A+

Pros
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Nationwide provider
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. High rankings for customer service with JD Power
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Multi-policy discounts available
Cons
  • con icon Two crossed lines that form an ‘X’. Policies are only available through a licensed captive Allstate agent
  • con icon Two crossed lines that form an ‘X’. Customer reviews around claims are mixed

Product Details
  • Starts at $4 a month when bundled with an auto policy.


Best for Business Professionals

Farmers Renters Insurance

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compare policies and rates with Policygenius



Insider’s Rating
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

4.67/5

Icon of check mark inside a promo stamp It indicates a confirmed selection.

Perks

Offers array of discounts and bundling options


JD Power Customer Satisfaction Rating

831


AM Best Financial Strength Rating

A

Pros
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Bundling discounts available
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Identity theft coverage available
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low prices and low complaints overall
Cons
  • con icon Two crossed lines that form an ‘X’. Prices may be higher than some of the top competitors

Product Details
  • Discounts for home safety and being a nonsmoker


Best for Military Members

USAA Renters Insurance

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compare policies and rates with Policygenius



Insider’s Rating
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

4.67/5

Icon of check mark inside a promo stamp It indicates a confirmed selection.

Perks

Offers discounts and discounts on bundling


JD Power Customer Satisfaction Rating

886


AM Best Financial Strength Rating

A++

Pros
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Offers low prices and further discounts
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Available in all 50 states and Washington DC
  • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Policies include flood and earthquake coverage without extra charges
Cons
  • con icon Two crossed lines that form an ‘X’. USAA products directed exclusively at military members and veterans

Insider’s Take

USAA offers auto, homeowners, and life insurance with a proven record on customer service. Although its auto and homeowners is only available to military and veterans, its life insurance is open to the public. If you’re looking for an established insurer with good customer satisfaction and reasonable rates, USAA delivers.

USAA
review External link Arrow An arrow icon, indicating this redirects the user.”


Product Details
  • Renters insurance for military and veterans
  • Save up to 10% when you bundle your renters and auto policy.
  • Includes flood coverage and earthquake coverage.

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

Renters insurance covers personal property when damaged by a covered peril, or a loss listed in your policy, like fire, smoke, theft, and storms. Your landlord’s insurance policy will typically cover the building and the structure, and your insurance covers anything inside your home.

The average cost of renters insurance in the US is about $15 per month, or $173 a year, according to 2020 data from the Insurance Information Institute. Premiums may vary based on zip code, any history of claims, and more. You could get additional savings by bundling your renters insurance policy with car insurance or other types of insurance. 

The cheapest renters insurance tends to vary based on location, so it’s worth getting quotes from a few different companies. Overall, though, Lemonade tends to offer cheap rates across the US.

People may opt to not get renters insurance by simply overlooking its importance, or if they incorrectly think their valuables are covered by the landlord’s building insurance. Anyone with items of value in their apartment should get renters insurance to protect their belongings.

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.



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