Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.
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
Get quotes
JD Power Customer Satisfaction Rating
853
- Easy online quoting and purchasing
- Low rates
- Not available in all 50 states
- 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
Get quotes
JD Power Customer Satisfaction Rating
836
AM Best Financial Strength Rating
A++
- Coverage in all 50 states
- Strong customer service
- Plenty of discounts
- Only available through captive State Farm insurance agents
- Mixed reviews on claims processing
Product Details
- Affordable renters insurance with national coverage
Erie Renters Insurance
Get quotes
JD Power Customer Satisfaction Rating
851
AM Best Financial Strength Rating
A+
- Many coverage options for renters
- Agents available to assist via phone as necessary
- Limited coverage in different states
- Pricing may be higher than some competitors
- 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
Get quotes
JD Power Customer Satisfaction Rating
837
AM Best Financial Strength Rating
A+
- Nationwide provider
- High rankings for customer service with JD Power
- Multi-policy discounts available
- Policies are only available through a licensed captive Allstate agent
- 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
Get quotes
JD Power Customer Satisfaction Rating
831
AM Best Financial Strength Rating
A
- Bundling discounts available
- Identity theft coverage available
- Low prices and low complaints overall
- 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
Get quotes
JD Power Customer Satisfaction Rating
886
AM Best Financial Strength Rating
A++
- Offers low prices and further discounts
- Available in all 50 states and Washington DC
- Policies include flood and earthquake coverage without extra charges
- 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
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.
SoFi Checking and Savings
Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.