10 Best Renters Insurance Companies

Renter’s insurance is a type of property insurance for tenants who rent property. Renter’s insurance covers multiple acts, including theft or damage to your belongings. It is important to get renter’s insurance because whatever insurance your landlord has does not apply to you. Many landlords will not rent a property if you do not have renter’s insurance.

Many companies offer different rental insurance plans, each with their own costs and benefits. Plans typically fall under two categories, replacement costs or actual cash value (ACV). Replacement cost plans are more expensive, but guarantees a larger payout, so you can replace the lost or damaged item. ACV plans provide payment based on the current value of the item. Some insurance providers allow you to purchase hybrid plans. These are modified ACV plans, where you can designate one or two valuable items which are covered as though you had a replacement cost policy. These items are sometimes referred to as floaters.

State Farm

State Farm is one of the largest insurance providers. They consistently rank high in customer satisfaction, offering customizable policies with multiple discounts available. You can also get an immediate insurance quote after building your own policy online. In addition to basic renter’s insurance, there are additional options for pet insurance and identity restoration. The cost and discounts greatly vary based on location. On average, the plans cost between $12 to $20 a month, before applying discounts.

MetLife

MetLife is an excellent insurance provider if you want a hybrid plan. MetLife allows you to cover specialty items up to $15,000. There are several discounts available. If you have multiple insurance plans through MetLife, you receive the largest discounts. Certain employers and member clubs also provide MetLife discounts. MetLife provides customer support 24/7. If you want a quote, you must speak with a MetLife agent in person or over the phone. MetLife is a little more expensive than State Farm, with plans starting around $15 a month.

American Family Insurance

American Family Insurance is one of the most affordable plans for renter’s insurance. Despite the low cost, it also offers extensive coverage. In addition to replacing lost or stolen items, the insurance covers medical bills and liability, and even provides hotel costs if you are unable to stay in the property after it is damaged. There are only two add on plans. One covers pet costs while the other insures jewelry up to $1,500. American Family Insurance has limited discount options, but the available discounts are generous. If you use American Family Insurance for your car insurance, you get a 15 percent discount. There is also a discount available for setting up auto pay. The average plan costs under $15 each month.

Nationwide

At a glance, Nationwide offers average renter’s insurance plan. Nationwide has a few easy to claim discounts, such as reduced prices if you have smoke detectors and other protective devices installed on the property. What sets it apart from other insurance providers is their identify theft protection. The basic plan offers coverage for unauthorized charges to your credit or debit card. Another unique protection is covering any changes you make to the property. Nationwide renter’s insurance costs on average $20 a month.

Allstate

Allstate offers multiple renter’s insurance policies, allowing you to customize your plan to ensure all your items are covered. What sets Allstate apart from other insurance providers is the unique discounts. While Allstate has many of the standard discounts you normally see from insurance providers, there are special savings available to retired seniors. You must be at least 55 years old to qualify. With these discounts, you can save up to 25 percent on your insurance rates. The base cost is $15, but many customers end up paying less than $10 after discounts.

Farmers Insurance

Farmers is another insurance provider highly praised for their customer service. The plans include many small discounts, such as adding a home security system or being a non-smoker. There are also additional plans to cover medical costs and identify theft. There are large discounts available if you bundle your insurance, with the largest discounts applying if you also have auto, personal and life insurance from Farmers. The plans typically cost $17 a month.

Liberty Mutual

In terms of customization, it is hard to find a better insurance provider than Liberty Mutual. If you have multiple items you want special policies for, liberty mutual lets you create individual coverage for each item. It is also one of the easiest providers to make claims with. The entire process can be complicated online. There are also generous discounts available if you bundle your insurance coverage. Because the plans are so customizable, the price greatly varies, starting as low as $5 and rarely exceeding $12.

Travelers

If you do not want to speak with an agent or visit an office in-person to get insurance, Travelers is an excellent provider. You can sign up for insurance and get a quote using the traveler website. You can also make a claim online and track your payment. Travelers does not have as many discounts as other providers, but many of the standard safety policies net you some savings. Plans cost between $17 to $22 each month.

Amica

Amica is one of the smaller renter insurance providers, but it is available in almost every state, except for Alaska and Hawaii. Amica is another insurance provider that primarily operates online. There are multiple add-ons available, allowing you to insure expensive items like jewelry and electronics. Amica mostly provides replacement costs plans, but there are some ACV options. Amica plans are quite inexpensive, on average costing between $5 to $10 each month.

Lemonade

Lemonade is one of the newest renter insurance providers. Since it was launched, it has become one of the quickest insurance providers to issue claims. This is because of their Giveback program. With this program, Lemonade takes a set amount out of each payment and puts it into a fund to pay out insurance claims shortly after they are filed. Any leftover funds at the end of the year are donated to charity. As of writing, Lemonade is not available in all states. Prices vary greatly based on location, starting as low as $5 in some areas, while increasing to $15 in others.