The Best Renters Insurance Companies of June 2022


Whether you’re renting a studio apartment or an entire single-family home, renters insurance covers what your landlord’s policy does not. If a fire destroys your rented home, renters insurance could cover your personal belongings and valuables. If someone sues you for injuries on your property, renters insurance will make sure you’re covered.

Renters insurance policies are available from a variety of insurers. The average renter’s insurance policy costs between $15 and $20 per month. You could get additional savings by bundling your renters insurance policy with car insurance or other types of insurance.

Insider gathered data from several renters insurance companies based on customer service and premium prices where available. We base our sample quotes on data for two people renting a two-bedroom, one-bath, single-family with no pets in Philadelphia. 

Our top picks for the best renters insurance are below:

The best renters insurance companies of 2022

Data sourced from Insurify

*J.D. Power Customer satisfaction survey 2021

**Because USAA is only available to military and veterans it was not included, but if it were it would have ranked #1

State Farm — Best for cheapest renters insurance 


JD Power Customer Satisfaction Rating


#2


AM Best Financial Strength Rating


A++ (Superior)


JD Power Customer Satisfaction Rating


#2


AM Best Financial Strength Rating


A++ (Superior)

More Information

  • Affordable renters insurance with national coverage

State Farm is an established insurance company that receives high marks for customer and claims satisfaction.

State Farm renters insurance features and discounts

  • Multi-line discount — Get a discount for bundling your renters and auto policy.
  • Home alert protection discount — Receive a discount for installing a smoke detector, fire alarm, burglar alarm, or other home safety devices.
  • Inflation coverage — This coverage is included in your policy and is meant to factor in inflation and adjust your coverage accordingly.

State Farm renters insurance quotes

According to the Insurance Information Institute, the average renters insurance cost $174 per year or $14.50 per month. According to Insurify, State Farm is priced at $10 a month which is significantly more affordable than the national average. However, your renters insurance will be based on a number of factors like where you live. 

Read our State Farm insurance review here.

Visit State Farm’s renter insurance website to learn more.

Lemonade — Best renters insurance overall


JD Power Customer Satisfaction Rating


No. 1


AM Best Financial Strength Rating


N/A


JD Power Customer Satisfaction Rating


No. 1


AM Best Financial Strength Rating


N/A

Pros

  • Easy online quoting and purchasing
  • Ranked #1 in customer satisfaction
  • B-corp status with corporate focus on giving back to charities chosen by customers

Cons

  • Only available in 28 states
  • No bundling discounts — Lemonade only offers home and renters insurance

Read Our Review
Read Our Review A looong arrow, pointing right

More Information

  • Easy to use online platform
  • Affordable renters insurance
  • Certified B-Corp

Lemonade is an easy-to-use digital platform provider that offers affordable coverage. Lemonade isn’t available in all states, but it has good ratings for customer service where available. 

Lemonade renters insurance features and discounts

  • Multi-policy discount — Get a discount for bundling insurance products.
  • No installment fee for annual pay users — You are not charged an installment fee when you enroll in the annual payment plan. (Only offered in select states). 

Lemonade renters insurance quotes

According to the Insurance Information Institute, the average renters insurance cost $174 per year or $14.50 per month. According to Insurify, Lemonade starts at $5 a month which is significantly more affordable than the national average. However, your renters insurance will be based on a number of factors like where you live. 

Read our Lemonade insurance review here.

Visit Lemonade’s renters insurance website to learn more.

Erie insurance — Best for discount opportunities


JD Power Customer Satisfaction Rating


N/A


AM Best Financial Strength Rating


A+ (Superior)


JD Power Customer Satisfaction Rating


N/A


AM Best Financial Strength Rating


A+ (Superior)

More Information

  • Offers unit safety discount, advance quote discount, and discounts based on your age.

Erie only operates in 12 states plus Washington, D.C. It won’t make sense for everyone, but it does have a reputation for good customer service and claims satisfaction in the regions where it does operate. Erie Insurance is known for its low prices across the board, however, it also offers a number of discounts to curtail your premiums even further. 

Erie renters insurance discounts 

  • Multi-policy discount —  Get a discount if you bundle multiple Erie Insurance policies.
  • Safety discounts — Receive a discount for installing an alarm or sprinkler system. 
  • Advanced quote discount — Get a discount for obtaining a quote seven days before the start of your renters policy. 
  • Age of insured discount —  Get a discount based on your age. 

Erie renters insurance quotes

According to the Insurance Information Institute, the average renters insurance cost $174 per year or $14.50 per month. According to Insurify, Erie starts at $15 a month which is on par with the national average. However, your renters insurance will be based on a number of factors like where you live. 

Read our Erie Insurance review here.

Visit Erie’s renters insurance website to learn more.

Allstate — Best for senior renters


JD Power Customer Satisfaction Rating


#5


AM Best Financial Strength Rating


A+ (Superior)


JD Power Customer Satisfaction Rating


#5


AM Best Financial Strength Rating


A+ (Superior)

More Information

  • Starts at $4 a month when bundled with an auto policy.

Allstate is a national carrier that ranks well for customer service, but its insurance premiums aren’t always the cheapest. However, Allstate has a discount that allows renters who are 55 years or older to enjoy 25% of their premiums. 

Allstate renters insurance discounts 

  • Multi-policy discount —  Get a discount if you bundle multiple Allstate policies.
  • 55 and retired discount — Receive a 25% off your premiums if you’re 55 years or older.
  • Easy pay plan discount — Get a discount for enrolling in automatic payments. 

Allstate renters insurance quotes

According to the Insurance Information Institute, the average renters insurance cost $174 per year or $14.50 per month. According to Insurify, Allstate starts at $15 a month which is on par with the national average. However, your renters insurance will be based on a number of factors like where you live. 

Read our Erie Insurance review here.

Read our Allstate insurance review here.

Visit Allstate’s renters insurance website to learn more.

Farmers — Best for business professionals 


JD Power Customer Satisfaction Rating


#6


AM Best Financial Strength Rating


A (Excellent)


JD Power Customer Satisfaction Rating


#6


AM Best Financial Strength Rating


A (Excellent)

More Information

  • Discounts for home safety and being a nonsmoker

Farmers takes the sixth spot in J.D. Power’s renters insurance customer satisfaction survey.  You may qualify for a discount if you are a business professional such as a doctor, nurse, engineer, dentist, teacher, police officer, or firefighter.  You can obtain a quote by speaking to a Farmers insurance representative.

Farmers renters insurance features and discounts

  • Multi-policy discount —  Get a discount if you bundle multiple Farmers Insurance policies.
  • Non-smoker discount: Households that have been smoke-free for at least two consecutive years may qualify for a discount.
  • Have a security system or fire alarm: Qualify for discounts when you install an approved electronic security system or fire alarm.

Read our Farmers Insurance review here.

Visit Farmers renters insurance website to learn more.


JD Power Customer Satisfaction Rating


N/A


AM Best Financial Strength Rating


A++ (Superior)


JD Power Customer Satisfaction Rating


N/A


AM Best Financial Strength Rating


A++ (Superior)

More Information

  • Renters insurance for military and veterans
  • Save up to 10% when you bundle your renters and auto policy.
  • Includes flood coverage and earthquake coverage.

If you’re in the military or a veteran, USAA is an option worth considering. Its life insurance is the only product open to non-military customers.

USAA renters insurance features and discounts

  • Multi-policy discount —  Get a discount if you bundle multiple Farmers Insurance policies.
  • Claims-free — Receive a discount for remaining claims free. 
  • Home safety discount — Get a discount for installing home security devices such as a burglary alarm.

USAA renters insurance quotes

According to the Insurance Information Institute, the average renters insurance cost $174 per year or $14.50 per month. According to Insurify, USAA is priced at $10 a month which is significantly more affordable than the national average. However, your renters insurance will be based on a number of factors like where you live. 

Read our USAA insurance review here.

Visit USAA’s renters insurance website to learn more.

The best renters insurance based on customer satisfaction

How much people like their renters insurance providers may factor into your decision. According to a J.D. Power survey, these are the top renters insurance companies in the US, based on customer rankings:

Average annual premium for renters insurance by state

Like homeowners insurance and car insurance, the cost of renters insurance will vary by state. Where you live will play a significant role in the amount you pay in premiums.

Here’s the average annual premium for renters insurance by state, according to the Insurance Information Institute.

How did we choose the best renters insurance companies?

The best renters insurance company offers the most coverage at the most affordable cost. We also look for providers that have a good reputation for customer service.

Insider compiled data from different renters insurance companies based on customer service and premium prices. From there, we determined the top five. Insider obtained sample quotes for renters insurance for a two-bedroom, one-bath home with a


smoke detector

and no pets with two occupants in Philadelphia, Pennsylvania, to determine how much policies typically cost.

Customer satisfaction was also considered a factor. In J.D. Power’s renters insurance survey, almost all companies take the top spots for customer satisfaction.

Frequently asked questions

What does renters insurance cover?

Renters insurance protects your personal property from fire, storm, or theft. There are two primary elements of coverage: personal property coverage and personal liability coverage. Your landlord’s insurance will cover the building and structure.

Personal property coverage replaces your items if they are lost, damaged, or stolen. Specialty jewelry, fine art, and high-valued electronics may require additional coverage at an extra purchase. Personal liability coverage protects you from financial hardship if someone sues you for damages that occur on your property. A basic renters policy has a liability limit of $100,000 but you can increase it with an endorsement or purchase an umbrella policy. 

Renters insurance also offers „loss of use“ coverage if your unit becomes unlivable due to damages. 

How much is renters insurance?

According to data from the Insurance Information Institute, the average renters insurance policy cost $180 per year in 2017, or about $15 per month. 

The amount you’ll pay for renters insurance can vary based on several factors: the location, your credit score, the amount of coverage you’re looking for and whether you have a dog. 

Renters insurance is generally pretty affordable, and can sometimes be bundled with other policies for better rates. If you already have


car insurance

, it might pay to get a quote from your current insurer including renters insurance to see if it offers a discount. 

What does renters insurance cover?

Your landlord might have an insurance policy on your rented home, but it probably won’t cover everything. For instance, your landlord’s policy won’t cover you or your things if anything happens to your building, or if you’re facing a lawsuit from someone hurt on your property. Renters insurance doesn’t cover any structural damage that happens to your home, however. 

There are two main parts of coverage to a renters insurance policy: personal property coverage and personal liability coverage. It also provides „loss of use“ coverage if your rental becomes unlivable due to damage.

Personal property coverage

If a fire burns down your rented home, for example, your landlord’s insurance policy will help to rebuild it. But, it won’t help you, the tenant, replace or repair your items. That’s what renters insurance is for. 

Renters insurance can help to replace or pay for your personal property that you bring into the home if something unexpected happens to it, from fires to theft. If your items are stolen or damaged, you could get help with the cost of replacing those items from your renters insurance policy. 

Sometimes, renters insurance will also cover property left in vehicles or other items that could be stolen. Some renters insurance policies also cover identity theft protection. 

Personal liability protection

Personal liability protection from your renters insurance policy could help protect you if someone sues you for injuries that happened in your rental or if your pet bites someone. Depending on your coverage, it could help cover you up to a certain dollar amount. 

How can I find the best cheap renters insurance?

To be sure that you’re getting the best price for your renters insurance coverage, you’ll want to shop around and get quotes from several different insurers. Compare the quotes, and look for the most coverage types and limits. Then, look for the lowest premiums that fit your budget. 

If you don’t want to visit renters insurance sites individually, you can use a free tool like the one offered by Policygenius to compare quotes from multiple companies in one place. 

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