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Best renters insurance companies in 2024

Updated Feb 12, 2024
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More than a third of American households rent the home they live in, according to data from the U.S. Census Bureau. Some renters can't afford to buy, while others may prefer not to worry about maintenance and other responsibilities that come with homeownership. Regardless of why you choose to rent, most insurance experts recommend considering renters insurance as an affordable way to financially protect yourself and your possessions. Standard renters insurance policies cover personal belongings, liability and additional living expenses, but many of the best companies also offer competitive pricing and added services.

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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Quick Facts
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$382/year
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Two Thirds
2 out of 3 homes
are underinsured
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1 out of every 20
insured homes makes a claim each year
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need insurance before getting a mortgage
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Do I need renters insurance?

If you are a renter, your landlord or property management company may require you to carry renters insurance. And even if they don’t, it might be a good idea to purchase a policy. The good news is that renters insurance is significantly cheaper than home insurance. On average, it costs around $180 per year or $15 a month, according to the Insurance Information Institute (Triple-I).

In addition to providing coverage for your personal belongings, renters insurance also offers coverage for incidents that affect your guests. Perhaps a guest slips at your residence, sustaining an injury. In this case, renters insurance could help pay for their medical costs. If the injury results in legal action, renters insurance could also help pay legal fees. Insurers also commonly offer coverage for relocation and food if your rental becomes temporarily uninhabitable due to a covered claim.

Add-ons are generally available for your renters insurance policy, as well, to help provide more robust coverage. For example, if you need extra coverage for your jewelry or other high-value items, you may be able to add coverage on top of standard renters insurance.

Best renters insurance companies

Bankrate researched dozens of insurers to identify some of the best renters insurance companies available. The following companies have high customer satisfaction ratings per J.D. Power, a leading third-party source for industry research, and have received “Excellent” or “Superior” ratings from AM Best. Having a positive rating from AM Best indicates that an insurance company has historically been able to meet ongoing financial obligations like operating costs and claims. Additionally, the companies below either include additional protections or offer them as add-ons to your renters policy, such as pet insurance and flood coverage.

Company J.D. Power rating AM Best rating
Allstate 835/1,000 A+ (Superior)
Erie 881/1,000 A+ (Superior)
Liberty Mutual 848/1,000 A (Excellent)
Lemonade* 854/1,000 Not rated
Nationwide 852/1,000 A+ (Superior)
State Farm 844/1,000 A++ (Superior)
The Hartford 942/1,000 A+ (Superior)
USAA** 894/1,000 A++ (Superior)

*Not rated by AM Best, but rated A (Exceptional) by Demotech for financial stability

**Not officially ranked by J.D. Power due to eligibility restrictions

Allstate

Best for discount opportunities

Allstate tied with USAA for Best Home Insurance Company Overall in the 2024 Bankrate Awards. Although the Bankrate Awards focus on homeowners insurance rather than renters, many of the same homeowners features also translate to the company’s renters insurance product. For instance, Allstate won partly thanks to its highly-rated mobile app and wide network of brick-and-mortar agencies.  Additionally, Allstate offers even more savings opportunities with its multiple policy discount, 55 and retired discount and Easy Pay discount for scheduled monthly payments. However, Allstate received a middle-of-the-road rank in J.D. Power’s 2023 U.S. Home Insurance Study for renters insurance customer satisfaction. While the score is not significantly lower than the industry average, customers seeking exceptional customer service may want to carefully weigh how the carrier stacks against other options.

PROS

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    Access to other policy types for a multiple policy discount

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    Easy-to-use mobile app and online web portal for policy management

CONS

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    Slightly lower J.D. Power score than the other companies on this list

Erie

Best for regional coverage with robust options

Erie Insurance has a stellar reputation built upon affordable rates and an easy-to-navigate claims service. Erie offers considerable discounts on bundles, additional living expenses if you need to find a temporary place to live and the option for extra coverage for things like identity recovery and your more expensive personal items. Unfortunately, Erie only offers renters insurance in roughly a fifth of the U.S., but it could be an excellent choice if you live in one of the areas it services. States covered are Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, Wisconsin and the District of Columbia.

PROS

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    Ability to work with a local insurance agent

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    If requesting a quote seven days from policy start date, renters insurance could qualify for an additional discount

CONS

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    Limited state availability compared to other national carriers

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    Limited online process for getting quotes and filing claims

Liberty Mutual

Best for renters on a budget

Liberty Mutual could be a great choice for renters on a tight budget. The company advertises that its policies start at just $5 per month. Although the coverage options available are fairly basic, you might be able to add replacement cost coverage for your belongings, as well as jewelry coverage or earthquake coverage. However, Liberty Mutual does have a higher-than-average complaint index with the National Association of Insurance Commissioners (NAIC). A score of 1.00 represents a baseline number of complaints. Liberty Mutual’s overall score is 2.59, indicating that the NAIC receives more than two and a half times as many complaints for the company than average.

PROS

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    Option to add replacement cost, meaning personal belongings will be replaced without factoring in depreciation

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    With blanket jewelry protection, renters have one set amount to cover their jewelry with no need for appraisal or deductible after a covered loss

CONS

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    High NAIC score indicates Liberty Mutual receives more complaints than other similar-sized carriers

Lemonade

Best for digital policy management

Lemonade is another 2024 Bankrate Award winner for Best Digital Home Insurance Company. Lemonade terms itself as “insurance for the 21st century.” Its mobile app, powered by Maya, its artificial intelligence bot, helps renters get a quote, manage their policy and file a claim all in one place. Renters who want an insurance company focused on global causes will appreciate that a portion of leftover premiums is donated to many different causes like the Malala Fund, the Trevor Project and March for Our Lives. However, the all-digital experience means renters won’t be able to have in-person customer service. Additionally, Lemonade renters insurance is only available in 28 states and Washington, D.C.

PROS

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    Simple mobile app interface for all your insurance needs

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    Policies can be started in 90 seconds and claims paid out in as little as three minutes, according to Lemonade

CONS

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    Renters insurance is only available in 28 states and Washington, D.C.

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    Lemonade car insurance is only available in a few states, making it difficult for renters to qualify for a multiple policy discount

Nationwide

Best for customer service experience

If you’re looking for world-class customer service, then Nationwide might be worth checking out. Out of all the renters insurance companies that J.D. Power officially ranked in 2023, Nationwide placed fourth. Although Nationwide might be a little more expensive than average (the company states that its renters policies start at $20 a month), the added expense could be worth it to the right shopper. Additionally, Nationwide offers a Brand New Belongings endorsement, which could help you replace your items for their replacement value rather than actual cash value (which takes into consideration depreciation).

PROS

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    May get a bundling discount for purchasing renters and auto

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    Optional coverage add-ons could make for a robust renters policy

CONS

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    May be more expensive than average

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    Customer service is not 24/7

State Farm

Best for local offices

State Farm offers renters insurance in every state throughout the U.S., making it a great option for renters in underserved rural areas or areas. But it’s not just State Farm’s wide availability that may make it a good option. The company also has exceptional ratings from companies like J.D. Power and AM Best, which could make it a safe bet for your renters policy. Although State Farm doesn’t offer nearly as many discounts as some of the other providers we’ve chosen, you might lower your premium if you insure your car with State Farm or if you have security devices installed in your apartment.

PROS

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    Excellent customer satisfaction and financial strength ratings from third-party agencies

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    Knowledgeable local agents to help you with your insurance journey

CONS

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    Fewer discount opportunities compared to other carriers

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    Limited options for add-ons

The Hartford

Best for policyholder perks

To qualify for The Hartford, you must be a member of AARP — and to be a member of AARP, you must be 50 or older. However, AARP members get exclusive access to a long list of discounts and perks as well as access to The Hartford renters insurance. The Hartford policyholders could save on hotels, gas, plane tickets, cell phone plans and more. The carrier’s New for Old protection also comes standard in its renters policies, which offers replacement cost for your items if they are damaged or destroyed in a covered loss. Additionally, The Hartford may give you a discount on your renters policy simply for living in a gated community.

PROS

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    Flood coverage is standard on renters insurance policy

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    If moving or deployed overseas, personal belongings would be insured with overseas coverage

CONS

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    Not available to the general public

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    Can only do business over the phone or online, no local offices

USAA

Best for military-centric coverage

USAA tied for Best Home Insurance Company Overall in the 2024 Bankrate Awards, partly due to its high J.D. Power scores and nationwide availability. The company has a stellar reputation among consumers and the insurance industry, and it offers renters insurance policies geared toward military families. The basic policy includes coverage for personal property, personal liability, medical payments and additional living expenses. Flood coverage is also included in standard USAA renters insurance policies, which is notable considering that flood insurance typically has to be purchased separately.

However, USAA is not available for everyone, which could be considered a major drawback of the company. Only military members, veterans and qualifying family members may be eligible for coverage. Unless you fit one of these categories, you will not be able to purchase a USAA policy.

PROS

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    May get a bundling discount for purchasing renters and auto

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    Optional coverage-add on could help make for a robust renters policy

CONS

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    Must meet eligibility criteria to qualify for coverage

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    Customer service is not 24/7

How to compare renters insurance companies

With so many renters insurance companies on the market, how do you choose which provider is right for your needs? Finding the best renters insurance policy will depend largely on your particular living situation and coverage preferences. Before searching for a provider, you’ll likely want to evaluate your circumstances and consider what your main priorities are when it comes to a rental insurance company.

For example, if you run a business or keep business-related items in your home, you may find that an add-on for extended coverage or business personal property is necessary. This may cause you to look for a provider that specializes in renters insurance for business personal property.

Additionally, it may be helpful to review third-party reviews from companies like J.D. Power and AM Best. J.D. Power runs numerous studies each year, including evaluating renters insurance companies. Scores are out of 1,000 points and evaluate customer satisfaction based on a number of factors. AM Best rates the financial strength of insurance companies based on their historical ability to meet financial obligations and pay claims. This measure may be comforting when predicting how future claims are likely to be handled, especially if a company is inundated with numerous claims at once.

Once you have identified a handful of companies that could meet your needs, you can start requesting quotes. This can often be done online or by phone, or you could contact a local agency. Getting quotes from several different insurance carriers allows you to compare premiums, coverage options, discounts and policy features.

Additional renters insurance comparison considerations

Like any insurance policy, renters insurance is not one-size-fits-all. No two rental circumstances are the same, and neither will the insurance for them be. When choosing a renters insurance company and personalizing your policy, you may want to consider:

  • The value of your belongings: To help ensure you do not over- or under-insure your belongings, you could create a home inventory. This exercise could help you estimate the total value of your belongings so that you choose an appropriate personal property coverage amount.
  • If you have any high-value items: Possessions like fine jewelry, collectibles, fine art, guns or antiques often have set coverage limits included within a policy. For example, without alterations to a policy, you might only have $1,000 in coverage for jewelry, regardless of how much personal property you buy. Scheduling your high-value possessions can provide more accurate and broader coverage.
  • If you have a pet: You might not consider your pet when you buy renters insurance, but you should. While many pets are covered for liability, some dog breeds and exotic animals are often excluded. If you have one of these animals, you probably want to look for a company that will extend liability insurance to it. That way, if your pet injures someone, your insurance can step in to help pay for the bills.
  • How often friends and family visit: If you like to host events at your home, or often host large parties of people, having this in mind could help you determine the right amount of liability insurance for your needs.
  • What company insures your vehicle: Many car insurance companies also offer renters insurance. When you bundle your policies together, you could see significant savings. Plus, there’s the added convenience of having all your insurance policies in one place.

If you aren’t sure where to start in your search for renters insurance, sitting down with a licensed insurance agent can be helpful. An agent can listen to your needs, circumstances and concerns and help recommend companies, coverage types and policy features that fit your situation.

What does renters insurance cover?

Renters insurance typically covers damage to your personal items, additional living expenses and situations where a guest is injured. These things are generally not covered by your landlord’s insurance policy. Similar to homeowners insurance policies, covered perils generally include fire, theft, falling objects, items stored outside of your rental and medical coverage for guests.

  • Personal property: Coverage for your personal property is not included in your landlord’s insurance for rentals. Purchasing renters insurance allows you to protect items like your laptop, clothing and furniture. Even if your personal property is stored away from your rental, coverage generally extends up to a certain limit to anywhere your personal property is kept.
  • Living expenses: If your rental becomes uninhabitable due to a covered loss like a fire, renters insurance helps cover the resulting costs from having to stay outside your home while it is being repaired. This could include fees for hotels, food and other necessary costs.
  • Medical payments and liability: If a guest gets injured within your rental property, guest medical protection is available to help pay for potential medical bills resulting from the accident, regardless of fault. If fault is placed and a guest issues a lawsuit for the injury, liability protection also serves to help with legal fees, medical expenses, payments for pain and suffering and lost wages.

Depending on the common risks where you live, you may want to consider add-ons and additional coverage options where available. You may choose to add earthquake coverage if you live in a state more prone to those damages, for example. Other factors to consider when choosing a policy are the replacement cost of your most valuable items.

Frequently asked questions

Written by
Cate Deventer
Former Writer & Editor, Insurance
Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent.
Edited by Editor, Insurance
Reviewed by Senior wealth advisor at Versant Capital Management