Looking for best renters insurance companies? Well, you should be!
Renters insurance is an important thing to have for any renter.
This type of insurance helps protect your personal property, belongings, and other things that you might own.
Sometimes it can be easy to avoid thinking about this kind of protection because many feel as though it’s not necessary, but the truth is – it’s very important.
Renters insurance can come in very helpful when you least expect it to.
If anything were to happen, your renter’s insurance could help cover the costs of repairs or replacements.
You never know what unexpected events could happen, so it’s important to be prepared, especially with the cost of things these days.
So who are the best renters insurance companies out there?
We have compiled a list of the top 10 renters insurance companies Of 2022 to help you get started.
Best Renters Insurance Companies
Here are our top 10 options based on:
- Best Overall – State Farm
- Best for Customized Coverage – Lemonade
- Best Customer Experience – Amica Mutual
- Best For Flexible Terms – Metlife
- Best Renters Insurance For Add-Ons – Nationwide
- Best Premium Renters Insurance – Country Financial
- Best Value – American Family Insurance
- Best For Discounts – Allstate
- Best For Affordable Renters Insurance – Farmers
- Best Online Insurance Agency – Young Alfred
1. State Farm — Best Overall
State Farm, the nation’s leading auto and home insurer by market share, provides policyholders with the assurance that they are dealing with a financially sound and reliable company.
This is particularly true for anyone who has had their insurance sold to another insurer after their previous company went bankrupt.
State Farm provides national renters insurance at competitive prices with flexible policy options.
Discounts are offered for multipolicy policies, as well as discounts for adding a home security system.
Because of its financial strength and reliability to pay claims, this insurer has received an A++ rating from AM Best and an AA rating from S&P Global Ratings.
State Farm renters insurance covers a broad range of losses and pays loss of use if the property is rendered uninhabitable after a loss.
However, it excludes property damage, flooding-related water damage, and damage caused by landslides, earthquakes, deterioration, settling, and animal activity.
You can also buy additional coverage, such as pet medical insurance and identity restoration.
Because of its extensive availability, convenience when receiving a quote, and financial soundness, State Farm ranks as the best company for renters insurance overall.
Pros and Cons
- Get fast quotes online.
- Discounts for multiple policies are available.
- Policies are customizable
- Nationwide coverage
- Discounts vary by state.
2. Lemonade — Best for Customized Coverage
Lemonade is an online insurance provider that operates on an innovative business model.
It deducts a fixed percentage of all renter’s insurance premiums to cover its operating costs and then pays out covered claims with the remainder.
At the end of the year, any funds left over are given to a charity selected by policyholders.
If you’re looking for an affordable renters insurance policy, Lemonade is a great option.
Personal property, personal liability, and loss of usage are all covered under its basic policy.
To optimize savings, you can adjust your limits and deductibles and add scheduled personal property coverage for high-value items.
Renters can save money on their insurance by paying the whole annual payment in advance and installing safety devices in their homes.
Pros and Cons
- Rates are lower than those offered by competing insurers.
- Some claims are paid immediately.
- Claims can be submitted with a video recording using the mobile app.
- If your belongings are lost or stolen, you will be paid enough to replace them with new ones.
- No replacement cost options
- Unavailable in 22 states
3. Amica Mutual — Best Customer Experience
According to the National Association of Insurance Commissioners, Amica stands out for receiving few customer complaints in terms of size, offering renters insurance in every state except Alaska and Hawaii.
It also has a user-friendly website where renters can get quotes, pay premiums, and submit and track claims at any time.
Extra coverage for jewelry, electronics, and other valuables can be added to a renters policy.
You can also choose replacement cost coverage, which offers you enough money to replace your belongings if they are destroyed or stolen, rather than only reimbursing you for their current (depreciated) worth.
Discounts are available to customers who pay their bills automatically, register for paperless billing, combine auto and renters insurance, stay with their insurer for at least two years, or go three years without making a claim.
Pros and Cons
- The cost of a policy starts at $4 per week.
- After two years, there is a loyalty policy discount.
- When you bundle extra lines, you can save up to 18%.
- If you’ve gone three years without filing a claim, you’ll get a discount on your premium.
- Service is not available in AK and HI
- In certain states, discounts are not available.
4. Metlife — Best For Flexible Terms
MetLife is another well-known company that offers renters insurance.
Basic insurance covers the cost of repairing or replacing personal property up to the actual monetary value.
Additional coverage of up to $15,000 is available for specialty items such as musical instruments, electronics, sports equipment, and luxury items.
MetLife renters insurance is available in all 50 states, with liability coverage ranging from $25,000 to $500,000.
Certain businesses and membership groups provide discounts that might help you save money on premiums.
Multipolicy discounts can also help you save. MetLife has customer service available 24/7, so you can get help any time.
You’ll need to contact a MetLife agent to learn about all coverage options if you want a complete quote.
Quotes can be obtained online, but only for basic coverage.
Pros and Cons
- Protection against identity theft
- Coverage for cash replacement
- Specialized coverage packages for electronics and high-end items are available.
- Flexible payment plans
- There is no coverage for loss of use.
- Only offers quotes over the phone.
5. Nationwide — Best Renters Insurance For Add-Ons
Nationwide is distinguished by its comprehensive basic renter’s insurance policy, which covers construction additions, modifications, or installations in your house, as well as credit card protection against fraudulent transactions up to the set coverage level.
This policy also includes typical protection like extra living costs and medical payments to others.
People who are claim-free, have several Nationwide policies or have smoke detectors and other security devices installed in their houses are eligible for a basic set of discounts from Nationwide.
Optional add-ons can be added to Nationwide’s basic coverage to make it more customized.
Aside from this, Nationwide offers other plans, such as car and flood insurance, that can be combined with renters insurance for extra savings and protection.
Pros and Cons
- To minimize premiums, a variety of discounts are available.
- Coverage for collectibles and high-value items is simple to add on.
- Basic plans cover stolen credit cards.
- Additional Living Expenses (ALE) coverage for up to 24 months
- Unavailable in some states
- The cheapest plan costs roughly $20 per month.
6. Country Financial — Best Premium Renters Insurance
Country Financial is a great option if you live in one of the 19 states that the company serves.
According to the NAIC, it gets significantly fewer consumer complaints than one would expect from a company of its size.
Country Financial provides generous limits for renters who want a little more coverage.
It provides up to $1 million in liability insurance and up to $25,000 in medical compensation to people harmed on your property if you are sued.
If you have valuable items like engagement rings or musical instruments, you can also add additional coverage.
You can save money by combining your renter’s policy with another Country’s Financial insurance (such as homeowner insurance) or by not making a claim for at least five years.
Pros and Cons
- Generous limits
- Excellent customer reviews
- Multi-policy discounts are available
- Extra coverage available
- Costs may be higher than competitors
- Only available in 19 states
7. American Family Insurance — Best Value
Renters can get reasonable coverage from American Family Insurance that covers their personal belongings, medical expenses, liabilities, replacement costs for stolen items, and hotel accommodations if they are unable to stay in their rental house due to a covered occurrence.
Medical insurance for pets, identity theft protection, and coverage for a home office or home business space are all available as add-on coverage options.
Multipolicy discounts, smart home discounts, and autopay savings are just a few of the ways to save money on renters insurance.
Bundling your renter’s insurance with your car insurance might save you up to 15%, which is equal to what other providers offer in terms of discounts.
Reduced deductible coverage can help you save money on renters insurance by lowering your deductible as long as you keep your policy active.
American Family Insurance wins the best value because the decreasing deductible adds value to an already fair cost while still qualifying for other discounts.
Pros and Cons
- 24/7 customer service and claims support
- Get a quote online
- Standard insurance includes coverage for identity theft.
- Multiple discount options
- Only available in 19 states
- A high rate of NAIC complaints
8. Allstate — Best For Discounts
Allstate is one of the major auto insurance companies in the United States, with the second-largest policy market share.
Allstate provides comprehensive renters insurance coverage for personal property, liabilities, medical bills and expenses, and loss of use as a reputed insurance company.
The company offers discounts of up to 25% off normal rates to customers over the age of 55.
However, policyholders must not be actively looking for a full-time job to be eligible.
Users can get rates online and customize their plans according to the level of coverage, the payout limit of the insurer, and the deductible amount.
You may personalize your coverage and see how your costs would vary if you choose different options.
Additionally, using the Allstate mobile app, Allstate provides a Home Inventory Guide and a Digital Locker feature to assist speed up any claims.
Pros and Cons
- When combined with auto insurance, policies start at $4 per week.
- There are many discount options available.
- For claims and customer service, there is a website chat feature.
- Identity theft restoration add-on
- There aren’t many policy details available online.
- Requires employment information
9. Farmers — Best For Affordable Renters Insurance
According to J.D. Power, Farmers have a higher claim satisfaction rate than the national average.
The company provides standard renters insurance coverage, including discounts for installing home security equipment and being a nonsmoker.
Personal liability, personal property, personal property replacement costs, medical payments, identity theft, and extra living expenses are all covered.
Renters’ policies can easily be combined with other types of insurance, such as car, umbrella, and life.
You can get an online quote and, if you have a covered loss, you can also make a claim.
Farmers has an A+ rating from AM Best, indicating its financial soundness and reliability.
If you have concerns about your insurance or need help filing a claim, customer support is available seven days a week.
In addition, claims assistance is available 24/7.
Pros and Cons
- Highly rated for claims satisfaction
- Request a quote or submit a claim online.
- 24/7 customer support
- The availability of discounts varies by state.
- Not as widely available as other companies
10. Young Alfred — Best Online Insurance Agency
Young Alfred is an insurance agency and comparison platform, not an insurance company.
Young Alfred compares your risk profile to a billion or more data points and provides you with customized online estimates from many top-rated renters insurance carriers after you answer a few simple questions.
While this kind of service is not new — there are hundreds, if not thousands, of insurance comparison websites on the internet — Young Alfred is unique in three ways:
It offers a free risk assessment that explains the danger of common risks in the area you wish to insure, allowing you to choose which optional policies are appropriate for you.
It does not share or sell your personal information with other parties.
It only works with companies rated A- or better by A.M. Best and Demotech, two financial rating firms.
Pros and Cons
- Quotes from over 40 leading insurance companies
- 24/7 online availability
- Don’t sell your personal information to other parties.
- A large part of their profits goes to a charity chosen by insurers.
- Only specific plans from insurance providers are available to policyholders.
- Once the insurance provider completes the underwriting procedure, prices may change.
|Company||Best For||Price||Best Feature||Rating|
|State Farm||Overall||N/A||Nationwide coverage||4/5|
|Lemonade||Customized Coverage||$5 a month||Low rate||4.2/5|
|Amica Mutual||Customer Experience||$4 a week||Additional discounts||4.3/5|
|Metlife||Flexible Terms||N/A||Protection against identity theft||3.8/5|
|Nationwide||Add-Ons||$20 a month||Living Expenses (ALE) coverage||4/5|
Renters insurance is an easy way to provide protection for your personal property.
There are many renters insurance companies out there that will be happy to ensure you.
While no company is perfect, these insurers all have great reputations for service and upholding their promises.
If you need renters insurance, we recommend going with one of the top 10 best renters insurance companies Of 2022.
What is renters insurance?
Renters insurance is a policy that provides coverage for your belongings in the event they are damaged, stolen, or otherwise injured by something other than a covered peril.
Renters insurance also provides liability coverage for injuries to people on your property, and damage you cause to other people’s property.
What is a renters policy?
A standard renters policy typically includes the following: Coverage for personal belongings from any cause of loss except those specifically excluded in the policy, such as flood or earthquake; Personal liability for injuries that happen on the policyholder’s property, such as from a faulty staircase; and Additional living expenses if your home is damaged and you have to live elsewhere.
What are the expected costs of renters insurance?
If you own a lot of items or have more expensive items in your home, expect to pay a higher premium.
The average renter’s insurance cost is $188 per year.
This number can vary depending on the location and value of your belongings, as well as whether you need additional coverage options such as personal liability protection.
Amit Gupta is the founder of National Planning Cycles, a company that helps startups, individuals, and small businesses with their financial planning. He has a vast amount of experience in the finance sector, having managed Google Play accounts for some of the world’s most successful unicorns. Amit is an expert in his field, and he uses his knowledge to help others achieve their individual goals.