Looking for the best renters insurance companies in 2024? We’ve got you!
Renters insurance is an important type of insurance that protects your personal property and belongings in the event of damage or theft.
Having renters insurance can provide peace of mind and financial protection for renters.
When looking for renters insurance, you’ll want an affordable policy from a reputable company with sufficient coverage limits.
The best renters insurance companies offer comprehensive policies, good customer service, and excellent value.
15 Best Renters Insurance Companies In 2024
To help you find the right renters insurance, here are the 15 best renters insurance companies for 2024:
1. State Farm: Best Overall Renters Insurance Company
State Farm is one of the largest and most popular insurance companies in the U.S. They offer renters insurance policies in all 50 states.
Highlights:
- A+ rating from A.M. Best
- Discount bundles are available when you combine policies
- Robust mobile app to manage your policy
- Optional earthquake coverage and identity theft protection
- Large network of local agents across the U.S.
State Farm has an excellent reputation for customer service and processing claims quickly.
Their renters insurance rates are competitive while still providing strong coverage. State Farm is a great choice for renters insurance.
2. Lemonade: Best For Fast Digital Claims
Lemonade is an online insurance provider known for fast digital claims handling. They leverage AI bots to process claims quickly.
Highlights:
- Claims are processed in as little as 3 seconds
- Policies start at around $5 per month
- Coverage extras like laptop protection and identity theft
- Gives back unused premiums to charities chosen by customers
Lemonade is a good option for a fully digital renters insurance policy with lightning-fast claims service. The availability is limited to certain states currently.
3. Amica Mutual: Best For High Customer Satisfaction
Amica Mutual is the top-rated insurer by J.D. Power for customer satisfaction. They offer renters policies nationwide.
Highlights:
- A+ rating from A.M. Best
- Award-winning customer service
- Option for replacement cost coverage on personal property
- Coverage for water backups
- Discounts for bundling policies
Amica has earned an excellent reputation over its 100+ years in business by prioritizing customer satisfaction. Their renters insurance rates are very competitive as well.
4. USAA: Best For Military Families
USAA provides renters insurance to military members and their families. They offer highly rated insurance products.
Highlights:
- Only for active/former military and their families
- Competitive rates and policy discounts
- Coverage for deployed military personnel
- Excellent financial strength rating
USAA is the first choice for renters insurance for those that qualify for membership. Their policy options, rates, and customer service cater specifically to military families.
5. Nationwide: Best Company for Add-On Coverages
Nationwide stands out for its broad range of add-on coverages available. You can customize your renters policy.
Highlights:
- Coverage options for identity theft, earthquake, flood, equipment breakdown
- Bundling discounts available
- Competitive rates and 24/7 claims service
- Covered property includes sheds, gazebos, fences
Whether you want coverage for a prized jewelry collection or a work-from-home business, Nationwide likely has an add-on option for your needs. They make it easy to tailor your renters insurance policy.
6. Allstate: Best For High Liability Limits
Allstate offers renters insurance with excellent liability coverage. You can get up to $500,000 in personal liability coverage.
Highlights:
- Established national insurer with strong financial backing
- Standard policies go up to $100,000 in personal property coverage
- Optional protection for identity theft and stolen cell phones
- Can bundle renters with auto and other policies
- Good choice for roommates due to liability limits
Allstate is a household name in insurance and provides renters policies with some of the highest liability limits. They also offer broad personal property coverage options.
7. GEICO: Best Discount Opportunities
GEICO offers renters insurance policies with a wide range of discounts to help you save.
Highlights:
- Numerous discount opportunities to lower your rate
- Policies start around $10 per month
- Well-rated mobile app and claims process
- Optional identity theft protection and cyberbullying coverage
As one of the largest insurers in the U.S., GEICO provides very competitively priced renters insurance.
The many discounts for new customers, bundling policies, security systems, and more make GEICO policies very affordable.
8. Hippo: Best For Fast Online Quotes
Hippo makes getting renters insurance quotes fast and easy. You can get covered in under 60 seconds online.
Highlights:
- Quote and bind policies entirely online in under 60 seconds
- Policies start around $5 per month
- Smart home tech can help reduce rates
- Coverage includes stolen cell phones and identity theft
Hippo’s fully digital insurance platform uses intelligent algorithms to provide ultra-low-effort quoting and binding.
Ideal for renters wanting a fast and streamlined getting insured process.
9. Liberty Mutual: Best For Customizing Coverages
Liberty Mutual offers highly customizable renters insurance policies. You can fine-tune coverage options.
Highlights:
- Create custom packages of coverages
- Option for replacement cost coverage on personal property
- Coverage extras like identity theft monitoring, water backups, equipment breakdown
- Discounts when bundling with other policies
Liberty Mutual allows you to fully customize your renters insurance policy above their standard offerings.
You can add many types of optional coverages. Great for specialized insurance needs.
10. Travelers: Best For High-Value Homes
Travelers provide specialized renters insurance policies ideal for those with high-value homes and possessions.
Highlights:
- Coverage for fine art, antiques, jewelry, furs, musical instruments
- Flood and earthquake coverage options
- Can cover homes over $100,000 in personal property value
- Dedicated claim specialists and legal counsel
Travelers offer robust coverage options not found at standard insurance providers.
Ideal for renters with especially high-value possessions needing specialized protection.
11. Farmers: Best For Bundling Insurance Policies
Farmers make bundling renters insurance with auto and other policies easy and affordable.
Highlights:
- Big bundling discounts for adding renters to auto insurance
- Broad policy customization options
- Proven history of financial strength and servicing claims
- Access to local agents and Farmers’ award-winning mobile app
Consider getting Farmers renters insurance when you also need auto insurance for maximum savings.
Farmers make the process simple and offer some of the best bundling discounts.
12. American Family: Best Local Agent Support
American Family stands out for their personalized service through local agents. These experts can tailor coverage.
Highlights:
- Local agents provide personalized service and advice
- Option to add coverage for identity theft, equipment breakdown, water backups
- Competitive rates with bundling discounts
- Highly rated mobile app and claims handling
American Family agents get to know you to recommend the right renters policy options. Their friendly expertise makes getting insured a breeze.
13. Safeco: Best For Quick Coverage
Safeco lets you get fast renters insurance quotes online and quickly bundle policies.
Highlights:
- Start a quote online and get covered 24/7
- Policies from around $10 per month
- Discounts for bundling with auto insurance
- Guaranteed replacement cost coverage
- Excellent claims handling ratings
Safeco makes it simple to get fast renters insurance quotes and instant coverage online around the clock. They also offer competitive bundled policy rates.
14. Allianz: Best For High-Value Belongings
Allianz specializes in high-value renters insurance, covering expensive collections, art, wine, and jewelry.
Highlights:
- Robust coverage for high-end jewelry, art, wine, furs, music equipment
- Coverage for at-home businesses
- Water backup coverage and identity theft services
- Mobile app with AI claims assistant
Allianz caters specifically to renters with expensive belongings needing specialized protection.
Their high-value renters insurance covers what a standard policy may not.
15. State Auto: Best For Low Rates
State Auto offers some of the lowest cost renters insurance rates on average.
Highlights:
- Rates as low as $5 per month
- Policies start with $15,000 in personal property coverage
- Optional coverages for identity theft, water backups, earthquake
- Easy online quotes and policy management
State Auto keeps costs low but still provides solid renters insurance coverage. Ideal if you want reliable basic protection at budget-friendly pricing.
Key Factors When Choosing Renters Insurance
When picking renters insurance, you’ll want to consider a few key factors:
1. Coverage Limits
Make sure your personal property and liability coverage limits are sufficient. Evaluate the replacement value of possessions. Go with higher limits if you have expensive belongings.
2. Add-On Coverages
Consider extra coverage like earthquakes, flood, identity theft, or equipment breakdown if you want more complete protection.
3. Discounts
Look for ways to save with bundling, security systems, multi-policy, and other discounts to get the lowest rate.
4. Financial Strength
Verify the company is financially strong and reliable when paying claims by checking independent ratings.
5. Customer Service
An insurer with great customer service will make the claims process smoother. Look for positive customer reviews.
How Much Renters Insurance Do You Need?
Typical renters insurance coverage amounts recommended include:
- $15,000 to $25,000 in personal property coverage: Covers your belongings and furniture. Increase limits if you own expensive items.
- $100,000 to $300,000 in personal liability coverage: Protects you if someone is injured in your rental. Higher limits are better for those wanting more liability protection.
- Replacement cost coverage: Pays to replace belongings at current prices rather than just their depreciated value. This is important to cover your possessions fully.
Conclusion: Is Renters Insurance Worth It?
Renters insurance is usually very affordable but provides valuable protection. Average renters insurance costs range from $15 to $30 per month based on your location, coverage limits, and insurer.
While you hope never to need it, renters insurance can help reduce financial stress if you have to file a claim. It’s there to cover you in case of unexpected disasters and theft.
Given the relatively low monthly price, renters insurance is worth considering for most renters. It can give you peace of mind knowing you have protection against costly losses.
When comparing renters insurance policies, evaluate coverage limits, pricing, reputation, and customer service.
We hope this list of the 15 best renters insurance companies for 2024 makes it easier to find the right renters policy.
Getting insured can give you financial security and the ability to enjoy your home without worry.
