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.