Best renters insurance companies of November 2023
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BLUEPRINT
Updated 4:28 p.m. UTC Nov. 7, 2023
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Allstate has the best renters insurance, based on our analysis of renters insurance rates and consumer complaints.
Editor’s Note: This article contains updated information from a previously published story
The best renters insurance companies of 2023
- Allstate: Cheapest renters insurance
- Nationwide: Good for customer satisfaction
- State Farm: Good for rates for high personal property limits
- Country Financial: Best for renters insurance upgrades
- Westfield: Best for bundling home and auto
- Chubb: Best for renters insurance discounts
- American Family: Best for families
Why trust our insurance experts
Our team of experts evaluates hundreds of insurance products and analyzes thousands of data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 830 rates reviewed
- 96 coverage details evaluated
- 5 levels of fact-checking
Lemonade
Best renters insurance of 2023
Allstate
Nationwide
State Farm
Country Financial
Westfield
Chubb
American Family
Compare the best renters insurance of 2023
| Renters insurance company | Monthly cost of renters insurance | Our rating | Complaint Level | LEARN MORE | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Allstate | $9 | 5 stars | Very low | Compare Rates | Compare rates offered by participating partners | |||||||
| Nationwide | $10 | 5 stars | Very low | Compare Rates | Compare rates offered by participating partners | |||||||
| State Farm | $10 | 4.5 stars | Very low | Compare Rates | Compare rates offered by participating partners | |||||||
| Country Financial | $12 | 4.5 stars | Very low | Compare Rates | Compare rates offered by participating partners | |||||||
| Westfield | $13 | 4.5 stars | Very low | Compare Rates | Compare rates offered by participating partners | |||||||
| Chubb | $10 | 4 stars | Very low | Compare Rates | Compare rates offered by participating partners | |||||||
| American Family | $13 | 4 stars | Very low | Compare Rates | Compare rates offered by participating partners | |||||||
| Farmers | $14 | 3.5 stars | Very low | Compare Rates | Compare rates offered by participating partners | |||||||
| Erie | $17 | 3 stars | Very low | Compare Rates | Compare rates offered by participating partners | |||||||
| Travelers | $30 | 2.5 stars | Very low | Compare Rates | Compare rates offered by participating partners | |||||||
| USAA | $16 | 2.5 stars | Very low | Compare Rates | Compare rates offered by participating partners | |||||||
| Progressive | $18 | 2.5 stars | Low | Compare Rates | Compare rates offered by participating partners | |||||||
| The average monthly renters insurance cost is based on $15,000 personal property coverage, $100,000 in liability coverage and $1,000 for medical payments. Source: Quadrant Information Services. | ||||||||||||
Methodology
Our insurance experts collected data on 166 renters insurance companies. The factors we scored out of a possible 100 points include the following.
Rates: 50 points. We analyzed renters insurance rates from Quadrant Information Services. The average rates are based on policies with personal property coverage of $15,000, $30,000 and $50,000.
Complaints: 50 points. We collected complaint data from the National Association of Insurance Commissioners, which shows the volume of renters insurance consumer complaints against each company. When a consumer lodges a complaint to their state’s department of insurance — often about an insurance company’s claims process, delays, denials or settlements — these complaints are logged.
Why some companies didn’t make the cut
Insurance companies with rates significantly higher than the national average, or with a substantial number of customer complaints, did not make the cut for this rating. Renters insurance companies that are only available in a few states were also not included.
How to compare renters insurance companies
To compare the best renters insurance companies, you should get quotes from several companies. When getting quotes, be sure to use the same coverage and deductible amounts to make sure you’re getting an apples-to-apples comparison.
In addition to comparing rates, looking at customer complaint levels can give you a better idea of how satisfied customers are. We factor customer complaint levels into our analysis of the best renters insurance companies.
What does renters insurance cover?
Unlike home insurance, renters insurance does not include dwelling coverage to protect the structure of the house. This is because the landlord owns the property, so you have no financial responsibility when it comes to the building structure.
Here are the main types of coverage in a standard renters insurance policy.
Personal property coverage
Personal property coverage covers your belongings, furniture, clothing, electronics and other personal items if any are stolen or damaged by a covered problem, like smoke, fire or vandalism.
When you buy renters insurance, you’ll choose a policy limit for personal property, such as $30,000. This is the maximum amount your insurance company will pay if your belongings are stolen or damaged.
Standard renters insurance usually reimburses you for your belongings’ actual cash value (ACV), meaning depreciation is factored into the claim payout. However, most of the best renters insurance companies offer a replacement cost coverage upgrade, so you can get reimbursed at today’s prices for your items.
Renters insurance covers damage from these causes.
- Fire and lightning strikes.
- Windstorm and hail.
- Explosions.
- Riots.
- Aircraft.
- Vehicles.
- Smoke.
- Vandalism.
- Theft.
- Falling objects.
- Weight of snow, ice and sleet.
- Accidental overflow or discharge of water and/or steam.
- Accidental and sudden tearing, cracking, burning or bulging.
- Freezing.
- Accidental and sudden damage from short-circuiting.
- Volcanic eruptions.
Loss of use coverage
Also known as additional living expenses (ALE), loss of use coverage applies when the property you rent becomes uninhabitable because of a problem covered by your policy.
ALE can pay for hotels, meals and other approved expenses such as laundry service and pet boarding. Loss of use coverage is based on a percentage of your personal property coverage limit, like 40%.
Liability coverage
Liability insurance pays for someone else’s medical expenses if you’re responsible for their injury, like if your dog gets loose at the park and bites someone and they need medical attention. It can also pay for your legal fees and settlements if you get sued over the matter.
And, if you damage someone else’s property, such as accidentally hitting a golf ball through your neighbor’s window, liability insurance can help pay the repair bills.
You can typically get up to $300,000 in liability coverage, but limits can vary by company.
Medical payments to others coverage
This type of coverage pays for smaller medical expenses if someone is injured in your rental property, regardless of who was at fault. You can typically get up to $5,000 in this type of coverage.
Optional renters insurance coverage
Renters insurance doesn’t cover all types of loss or may limit coverage for certain belongings, but many insurers provide riders that you can add to your policy for extra coverage. These vary among insurers, but common offerings include:
- Replacement cost coverage: Most basic renters insurance policies use actual cash value, meaning they factor in the depreciation of personal property before issuing a payout. With replacement cost coverage, you can replace lost or damaged items with new ones of similar quality and value.
- Water backup coverage: Renters insurance covers some water-related issues, but issues with sewers and sump pumps are not covered. Taking out water backup coverage as an add-on to your policy covers repairing your personal property if any is damaged due to sump pump, sewage, or drainage backups.
- Scheduled property coverage: Jewelry and high value items are typically capped at a certain limit for theft, such as $1,500 for jewelry. Scheduled property coverage ups this limit so you get paid what items are worth if they’re stolen.
- Identity theft: If your identity is stolen through vandalism or cybercrimes, an identity theft rider helps with legal fees, lost wages and other expenses related to restoring your identity and credit.
What renters insurance doesn't cover
As with any type of insurance policy, there are some things renters insurance will not cover. Exclusions to renters insurance include:
- Earthquakes and sinkholes.
- Floods.
- Mold.
- Roommate’s belongings.
- Pest damage, including extermination services.
- Pet damage (to your belongings).
- Physical structure of the house or building (landlord insurance covers this since it’s the landlord’s property).
- Listing rental on home share apps like Airbnb (you’ll need short-term rental insurance), or subleasing it.
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How much does renters insurance cost per year?
The average cost of renters insurance with $30,000 in personal property coverage is only $19 a month, according to our analysis of rates. Here’s the average annual cost of renters insurance by company and by coverage amount.
| Renters insurance company | $15,000 personal property coverage | $30,000 personal property coverage | $50,000 personal property coverage | LEARN MORE | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Allstate | $106 | $149 | $210 | Compare Rates | ||||||||
| Chubb | $114 | $178 | $276 | Compare Rates | ||||||||
| State Farm | $122 | $160 | $209 | Compare Rates | ||||||||
| Nationwide | $126 | $165 | $216 | Compare Rates | ||||||||
| Country Financial | $150 | $178 | $230 | Compare Rates | ||||||||
| American Family | $152 | $195 | $249 | Compare Rates | ||||||||
| Westfield | $159 | $186 | $221 | Compare Rates | ||||||||
| Farmers | $166 | $218 | $294 | Compare Rates | ||||||||
| USAA | $193 | $253 | $319 | Compare Rates | ||||||||
| Erie | $204 | $302 | $414 | Compare Rates | ||||||||
| Progressive | $217 | $274 | $357 | Compare Rates | ||||||||
| Travelers | $363 | $464 | $669 | Compare Rates | ||||||||
| AVERAGE | $173 | $227 | $305 | Compare Rates | ||||||||
| The average annual renters insurance cost is based on the personal property coverage amounts listed, $100,000 in liability coverage and $1,000 for medical payments. Source: Quadrant Information Services. | ||||||||||||
Factors that impact the cost of renters insurance
When calculating your renters insurance rates, insurers consider several factors, including:
- Your location. If you live in an area with a high home break-in rate or an area that sees frequent natural disasters, you may see higher rates.
- Your rental property’s build materials and age. Newer buildings are typically built with upgraded materials and are lower risk to insure.
- Your credit score. If you have poor credit, you’ll likely pay more for renters insurance.
- Proximity to fire services. If you live close to a fire station or hydrant, you may see lower rates.
- Safety features. If you have a burglar or fire alarm, insurers may reward you with a discount.
- Coverage amounts. The higher your coverage limits, the more you’ll likely pay for renters insurance.
- Claims history. If you’ve filed a renters insurance claim recently, your rates may go up.
- Your deductible. A deductible is the amount that is subtracted from your claim payout. So if you file a claim for $1,000 and your deductible is $500, the insurance company will reimburse you $500. The higher your deductible, the cheaper your rates will be, but the less you’ll get in a claim reimbursement.
Renters insurance discounts
There are several ways to save on renters insurance and many companies offer renters insurance discounts.
- Compare renters insurance companies and quotes. Shopping around and comparing rates can help you make sure you’re not missing out on a better deal elsewhere.
- Raise your deductible. The higher your deductible, the cheaper your renters insurance, but the less you’ll be reimbursed in the event of a covered claim.
- Ask about renters insurance discounts. Most major insurers offer discounts, such as a payment discount if you pay your premiums in one lump sum. You may also qualify for a loyalty discount if you stick with the same insurer for a certain amount of time.
- Install safety features. An easy way to score a renters insurance discount could be by installing a fire and/or burglar alarm.
- Bundle your car and renters insurance policy. If you buy renters insurance and another insurance policy — like car insurance — from the same company, you can typically get a bundling discount.
Should I bundle renters and car insurance?
You may want to consider bundling your renters insurance with your car insurance, at the same company.
Bundling discounts can lead to large savings. On average, you can save up to 14% on your premiums, according to our analysis. If you require insurance for other assets, including motorcycles, pets, boats or RVs, you may be able to bundle these policies with your renters insurance to secure additional discounts.
How to choose the best renters insurance company
Although many insurance companies provide coverage for renters, some companies charge higher rates and others only cover select states. If you want specific riders, you may need to shop around to find a company that offers them.
Here are some tips for selecting the best renters insurance.
- Consider how much coverage you need. Before taking out a renters insurance policy, tally the value of your belongings to make sure you don’t underinsure your personal property. Given that the average renter has approximately $30,000 in belongings, it’s a good idea to know how much coverage you need before starting the search.
- Get multiple quotes. The cost of renters insurance can vary widely by company and even across the same amounts of coverage, making it important to carefully review quotes before making a decision.
- Maximize discounts. Review available discounts from renters insurance companies to see where you can save money. If you own a car, you may be able to bundle your renters and car insurance policies. Some renters insurance companies also offer discounts for loyalty, setting up automatic payments or going a set amount of time without filing a claim.
- Consider useful riders. Not all renters insurance companies provide the same riders, so you may need to look around to find an option that meets your needs. One company may offer replacement cost coverage but not identity theft protection, so keep shopping until you find the right combination to meet your needs.
Who needs renters insurance?
Some landlords require their tenants to have renters insurance, but even if yours doesn’t, renters insurance is worth considering. It’s one of the cheapest insurance products out there, and it can help save you thousands of dollars in the event of theft, loss or damage.
How renters insurance can help
If you’re on the fence about whether to buy renters insurance, consider these scenarios where it might be beneficial.
- You own a pet. If your dog bites someone or ruins their belongings — even if the incident happens away from your rental — the liability coverage in your renters insurance can pay for the other party’s medical expenses or property repair bills. It can also cover your legal settlements and lawyer fees if you’re sued over the matter. Note that some renters insurance companies ban certain dog breeds from coverage. If that’s the case for your dog, you may want to look into pet liability insurance.
- You have a lot of personal belongings. Even if you don’t think the mass of your belongings is worth much, consider how much it would cost if you needed to replace each item. It’s a good idea to create a home inventory, or an itemized list of your belongings, along with an estimated value for each. This can give you an idea of how much personal property coverage you need.
- You travel a lot. Many renters insurance policies extend coverage of your personal belongings outside the home, up to a limited amount, such as 10% of your personal property coverage limit. Just keep in mind that a deductible is subtracted from your overall claim payout when it comes to property loss claims.
- You host friends. If a friend comes over for movie night and falls on a slippery floor, you could be responsible for their medical bills and, if they sue you, your own legal fees. Liability insurance can pay for the injured party’s medical expenses and your legal representation and settlements.
Renters insurance discounts
After an incident, be sure to collect as much information as possible before filing a claim with your renters insurance company.
- File a police report if your belongings were stolen or vandalized.
- Contact your renters insurance company to let them know you’ll be filing a claim.
- Take photos and videos of any damage.
- Report damages to your landlord.
- Read your lease before initiating temporary repairs.
- Keep receipts for any temporary repairs you make.
- Review your renters insurance policy for coverages, limits and your deductible.
- File a claim on your renters insurance company’s app or website, or contact the claims department to start the process.
Yes, renters insurance can pay to replace your belongings if they’re stolen — even if the items are stolen away from your house, such as while you’re traveling — up to a certain coverage limit.
However, renters insurance often has “special limits” for the theft of certain categories of high-value items.
Here are some examples:
-
- Firearms: $2,500 maximum for theft of firearms or related equipment.
-
- Silverware, goldware and platinumware: $2,500 maximum for theft.
-
- Jewelry, watches, fur and precious metals: $1,500 maximum for theft.
These limits are typically set for entire collections, meaning it’s $2,500 for your entire firearm collection, not per firearm.
If you have high-value items like jewelry, you may need to buy additional coverage to make sure their value is fully insured in the event of theft.
Renters insurance typically doesn’t cover roommates. Your roommate may need to purchase their own renters insurance policy to financially protect their belongings and liability. Your landlord may even require each roommate to take out their own policy.
Depending on the renters insurance company, you may be able to add your roommate to your renters insurance policy as a “named insured.” If their name is on the policy, make sure you increase your coverage limits so you’ll be reimbursed for the value of both of your belongings in the event of a claim
No federal or state law requires renters to take out a rental insurance policy, but it’s not uncommon for landlords to require renters insurance as a stipulation of the lease.
Even if your landlord doesn’t require renters insurance, taking out a policy can provide peace of mind and potentially save you money in the event of an expensive loss.
Renters insurance can be a good investment at an affordable cost.
For an average renters insurance cost of $19 a month, you get:
- $30,000 in personal property coverage (with a $2,000 deductible). Your belongings will be financially protected in the event they’re stolen, damaged or destroyed by a covered problem in your policy, like a fire, break-in or windstorm.
- $100,000 in liability coverage. This pays for other people’s medical expenses and your legal fees if you’re responsible for someone else’s bodily injury or damage to their property. Without liability coverage, if you’re at fault for an incident — like your dog bites someone at the park — and you can’t pay their medical bills, your assets could be at risk if you’re taken to court over the matter.
It depends on the renters insurance company. While a standard renters insurance policy will cover liability related to dog bites or property damage up to policy limits, some companies exclude large-breed dogs or those with aggressive behavior tendencies.
Because requirements vary from company to company, it’s best to ask about any exclusions or restrictions when shopping for renters insurance.
If you have homeowners insurance and your child lives temporarily away from home, your policy may extend coverage to them.
Check with your insurance company to make sure your student is listed as insured on your home insurance policy and their belongings are covered while they are living in a dorm or off-campus.
When buying renters insurance, you should select coverage amounts that will provide you with adequate financial protection. You’ll need to consider the following:
- Personal property coverage limit. You can typically get $15,000, $30,000 or $50,000 in personal property coverage. It’s a good idea to make a home inventory and itemize your belongings with receipts to get a feel for the total value of your possessions. If you want to be reimbursed at today’s prices for your belongings, look for a renters insurance company that offers a replacement cost coverage upgrade.
- The total value of your assets. You can typically get $100,000 to $300,000 in liability coverage. If your assets exceed that amount, they’re at risk if you’re sued for an incident where you’re at fault. You’ll want enough liability coverage to financially protect your assets. If your assets exceed $300,000, you may want to consider a renters insurance company that offers umbrella insurance to supplement your liability coverage.
- How much you can pay if you’re displaced from your house. Loss of use coverage pays for temporary additional living expenses if your rental property is uninhabitable after a covered disaster. Depending on the insurance company, your loss of use limit may be set at a percentage of your personal property coverage limit, like 30% or 40%. If you want more coverage, consider looking for an insurer that offers an adjustable limit.
The most common amounts of renters insurance coverage are:
- Personal property coverage: $15,000, $30,000 or $50,000.
- Loss of use coverage: A flat amount, such as $3,000, or a percentage of your personal property coverage limit, such as 40%.
- Liability coverage: $100,000 to $300,000.
- Medical payments to others coverage: $1,000 to $5,000.
Ultimately, renters insurance coverage limits vary by company.
Yes, your landlord can require you to carry renters insurance for the duration of your lease as part of your lease agreement.
Renters insurance is a type of property insurance that provides financial protection for your:
- Personal property, if your belongings are stolen or damaged because of a problem listed in your policy, like a fire.
- Liability, if you are responsible for accidental property damage or injury to others, such as your dog biting someone at the dog park.
- Additional living expenses, if your rental is being repaired for damage caused by a problem covered by your policy and you need to live elsewhere for a period.
The average cost of renters insurance with $30,000 in personal property coverage is only $19 a month, according to our analysis of rates.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
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