Renters insurance is something that can protect you when you rent an apartment or house, but many renters don’t have it. According to an Assurant survey, 45% of renters do not have renters insurance coverage, despite its affordability. 1 Average renter’s insurance premiums range from $ 15 per month to about $ 30 per month, depending on location and other factors. 2 Renters insurance can cover you against theft, fire, or potential liability, like your dog biting a neighbor.
We evaluated 5 companies to find the best renters insurance providers. We consider pricing, coverage standards and limits, customer service, and claims processing to find the best companies.
Below you’ll find renters insurance deals available from our advertising partners, followed by our comprehensive and detailed list of the best renters insurance companies we’ve found.
Top 5 Renters Insurance Providers of 2021
1 State Farm
State Farm offers renters insurance coverage nationwide at affordable rates with customizable policy options. Discounts are available for multiple policies, as are discounts for installing a home security system. This insurer has an A+ rating from AM Best and an AA rating from S&P Global Ratings, thanks to its financial strength and ability to pay claims.
State Farm renters insurance covers a wide range of losses and provides for loss of use if the property is uninhabitable after a loss. However, it excludes damage to the property itself, water damage caused by floods, and damage related to earthquakes, landslides, settlements, decay, and animal activity. You also have the option to purchase additional coverage, including pet health insurance and identity restoration.
Coverage, prices, and details vary in some states, as do discount rates.
Why We Chose It: State Farm wins as the best overall renters insurance company due to its wide availability, ease of use to get a quote, and financial stability.
Metlife is another nationally recognized name that offers renters insurance coverage. Basic policies include coverage to repair or replace property, up to actual cash value. Additional coverage is available if you want to insure special items, such as electronics, musical instruments, luxury items, and sports equipment, for amounts up to $ 15,000.
MetLife renters insurance is available in all 50 states and standard policies include $ 25,000 to $ 500,000 in liability coverage. Discounts are available through certain employers and member organizations, which can save you money on premiums. You can also save through multi-policy discounts.
MetLife offers customer service support 24 hours a day, seven days a week. For a complete quote, you will need to contact a MetLife agent for all coverage options. Online quotes are available, but only for basic coverage.
Why We Picked It: MetLife deserves second place because it has nearly the same coverage inclusions as State Farm and member organization discounts are available.
3. American Family Insurance
American Family Insurance offers affordable renters coverage that includes your personal property, medical bills, liability, replacement costs for stolen items, and hotel stays if you are unable to stay in your rental home due to a covered event. Additional coverage is available for pet health insurance, identity theft protection, and may also include coverage for a home office or home business space.
There are several ways to get discounted renters insurance coverage, including multi-policy discounts, smart home discounts, and automatic payment discounts. Combining it with your auto insurance could save you up to 15% on your renter’s insurance policy, which is comparable to what other companies offer in terms of discounts. Lowering your deductible coverage can lower your deductible as long as you keep your policy, which is another way to save money on renters insurance.
Why We Chose It: American Family Insurance gets the nod for best value because the decreasing deductible adds value to an already reasonable rate, while also being eligible for other discounts.
Farmers score better than average for claim satisfaction, according to J.D. Power. The company offers standard renters insurance policies, with discounts for installing home security systems and being a none-smoker. Coverage includes personal liability, personal property, personal property replacement costs, medical payments, identity theft, and additional living expenses. Policyholders can easily bundle renters’ policies with auto, general, life, and other insurance.
You can get a quote online and you can also file a claim online if you experience a covered loss. Farmers has an A, excellent rating with AM Best, a sign of its financial strength and operational capacity. Customer service is available seven days a week if you have questions about your policy or need help filing a claim. In addition, the claims service is available 24 hours a day, 7 days a week.
Why We Chose It: Farmers wins its category for offering a wide range of coverages, including renters insurance, so you can make it a one-stop shop for insurance. For example, you can cover yourself as a tenant, as well as insure motorcycles, vehicles, pets, electronic devices, and even your identity.
Nationwide offers basic renters insurance that covers personal property, loss of use, personal liability, third-party medical payments, building additions and alterations, and unauthorized credit card charges. You can also add coverage for valuables and collectibles, earthquakes, water damage, and protection against theft of personal belongings that are stored in a vehicle, trailer, or boat.
Discounts are available if you have multiple insurance policies with Nationwide or if the home has protective devices, such as smoke alarms or an anti-theft system. You can also get a discount for keeping your policy claim-free. One added benefit is the On Your Side Review, which allows you to get a personalized review of your insurance to ensure that you have the right coverage and are getting all possible discounts.
Why We Chose It: Nationwide wins its category because it has an excellent add-on package for covering high-value items such as collectibles.