- Renters insurance is a must because it covers you for property loss, damage and injury
- The best renters insurance companies are making it easy to sign up completely online
- Many insurance companies offer discounts if you have more than one insurance policy with them, such as auto or life
The growing number of people who prefer renting to owning a home is a trend with no signs of slowing down. If you’re one of these millions, you may be required to add renters insurance from your property management company or landlord.
Even if it’s not required, you should consider adding it to protect your belongings. It’s affordable and if you happen to experience theft or a disaster, such as a pipe bursting or a fire, you’ll be covered for your belongings.
Is it worth it to have renters insurance?
Absolutely. According to one statistic, 88 percent of burglaries are residential. Renters insurance takes care of the obvious, such as stolen items from a break-in, but did you know it also covers unexpected incidents such as valuables stolen from your vehicle?
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You can typically get covered under good renters insurance for things like:
- Smoke damage
- Water damage
- Visitor injuries
What is the average renters insurance policy per month?
Think about how much you pay for your Netflix or Spotify subscription and you can get renters insurance for around the same price.
When you compare this cost to having to replace your couch, electronics, jewelry and other items you own, it adds up. Even though your stuff is just stuff, having it easily recovered with renters insurance is a good thing.
There are dozens of options for good renters insurance, so which is the best one for you? It really depends on how much you’d like to be covered for, and what is important to you in a company, such as 24/7 access to customer service.
If you’ve been on the hunt for a reputable company, here are 12 of the best renters insurance companies you should consider.
1. State Farm
Source: State Farm
State Farm is known for being a market leader for insurance and its renters insurance is affordable and comprehensive. State Farm does a great job of unmasking the mystery of what renters insurance includes and what kind of coverage you should get. The company is highly ranked and reviewed for customer service and speedy claim recovery.
It also has a dynamic mobile app called Pocket Agent which lets you easily file a claim and if you have auto insurance with them, quickly call for roadside assistance.
As with many insurance companies, you may be able to bundle your State Farm auto insurance with renters insurance for a small discount.
Known for its little green gecko with a British accent, Geico is a great option for renters insurance. It offers a personal property calculator so you can see how much coverage you need from renters insurance.
Geico has a robust mobile app that allows you to store your insurance cards and receive custom reminders and alerts for your policies. You can also easily pay your bills from the app.
You may also be eligible to receive discounts if you have auto insurance with them, along with a home security system and smoke alarm.
If you’re a techie, you may like Allstate. Its online quote estimating, customer service and policy management tools and apps are top-notch. Allstate Mobile lets you easily pay bills, start claims and review your coverage.
If you have auto insurance through Allstate, you could add renters insurance for as little as $4 a month.
While including a lot of extra protection, like standard water damage coverage, Allstate also lets you trim your policy to save money, such as the option to exclude off-premises theft protection, which can save about 22 percent.
Jetty, an online financial service company, specializes in insurance offerings for both residents and property managers.
It is known for easy-to-understand, affordable policies that are tailored to meet “whatever life throws at you,” such as shattered iPhones and broken laptops.
The company offers affordable policies that are competitive and cover things like:
- Medical payments
It also offers additional valuable add-ons such as:
- Security deposit coverage
- Coverage for your lease guarantor requirements
- Airbnb Host Theft Protection
Jetty can even help if you need someone to cosign your lease.
Lemonade is an app-based company that specializes in homeowners and rental insurance, primarily targeted at young renters and urban-dwellers.
Lemonade is known for its quick and automated quote and sign-up system. Download the app, sign up and receive a quote in about 90 seconds. You don’t even have to speak with an agent. You can complete everything from the app.
The website is simple and easy to use, with an in-depth guide on what renters insurance covers.
Lemonade also has a Giveback program which allows you to choose a non-profit that will receive a portion of unclaimed money at year’s end.
USAA is only available to veterans, active military or a military dependent or relative. The company is highly ranked and is known for its amazing customer service.
According to its website, you can get covered for as little as $12 a month.
If you qualify, you’ll enjoy highly-competitive prices and benefits that are not typically offered from other companies, which include:
- No coverage limits for valuable items such as TVs and computers
- Being able to include coverage for disasters such as floods, earthquakes, wind and lightning. (Disaster coverage is usually absent from policies offered from other companies.)
- Lost or damaged military uniforms without deductible and coverage of possessions while deployed
While all companies cover the stuff inside your apartment, MetLife also covers the outside areas, including storage sheds, carports and garages and dog houses. It also has coverage for damage caused by tornadoes, hail, fire, theft, vandalism and more.
Customer service is available 24/7, which may be an important factor since an emergency or disaster can happen at any time.
But be sure that MetLife coverage is available in your area because not all of its agents handle rental insurance.
8. Liberty Mutual
Source: Liberty Mutual
If you’re in the market for a large selection of different options, Liberty Mutual may be your best bet. The standard policy covers you for up to a certain amount for things like:
- Damage to clothing, electronics and other valuables
- Injury or property damage to others
Liberty also extends several other discounts if you bundle your insurance. It awards policyholders who don’t file a claim for five years with a special discount.
9. Nationwide Mutual Insurance
From the major providers, Nationwide’s rental policy is the most customizable, as well as best for extended coverages. The company also provides an easy-to-use online quote calculator.
The company also offers multi-policy discounts, which may help you save money.
10. Farmers Insurance Group
Source: Farmers Insurance Group
Farmers Insurance Group makes it easy to understand what kind of coverage you need by providing real-life scenarios on its website and how renters insurance could help. Examples include:
- An accidental fire that was started because you left one of your candles unattended
- A nightmare neighbor is suing you for a pot that blew off your balcony and injured him
Farmers offers discounts for those in specific professions, including dentists, nurses, teachers, police officers, firefighters and doctors.
If you have multiple policies, don’t smoke and have a smoke alarm or security system installed you may also qualify for a discount.
Source: Travelers Insurance
Armed with an A++ Best Rating from A.M. Best Company, competitive prices relative to solid coverage and zero monthly fees, Travelers Insurance is one to consider in your search.
It offers the basics like property loss, damage and liability protection. Travelers also understands that sometimes renters make improvements to their units. Under a renters policy, you may apply up to 10 percent of your personal property coverage to repair or replace improvements that you made, if it was damaged (and qualifies as a loss under your policy).
Travelers has discounts for having multiple policies, security systems of fire protective devices, smart home technologies, loss-free history and more. The discounts will vary, based on where you reside and your eligibility.
12. American Family Insurance
Source: American Family Insurance
Rated highly by J.D. Power & Associates, American Family Insurance offers low rates with minimal hassle and few customer service complaints.
American Family’s policies aren’t all that different from the other big companies, but do offer some very interesting options that renters will find very useful, such as identity theft protection and extended coverage for a home office in your apartment.
It has 24/7 customer support and a MyAmFam app you can download on your smartphone.
Make sure to check to see if American Family Insurance operates in your state because it is not nationwide.
Just because you reside in a rental doesn’t mean you don’t have a home full of valuables.
Electronics, clothing, furniture and more are all in danger of loss in a catastrophic event or accident. While your landlord’s insurance covers the building, you’re responsible for insuring your apartment’s personal contents, as well as liability from visitors and guests.
The best renters insurance companies have similar basic options for coverage. The differentiators may boil down to price, discounts, customer service and how easy it is to file a claim.
Shop around, get a free quote and take advantage of discounts for renters insurance. Then, narrow down your search to the company that best fits your needs. Prepare with any questions you may have and give customer service a call.
The information contained in this article is for educational purposes only and does not, and is not intended to, constitute legal or financial advice. Readers are encouraged to seek professional financial or legal advice as they may deem it necessary.