10 Best Renters Insurance of 2023

If you live in a rental property — whether a condo, single-family home or duplex — renters insurance could be a smart investment. For as little as $15 a month, a renters policy can protect your personal belongings against theft or damage, plus cover you against lawsuits and losses that make your home unlivable.

Keep scrolling to learn more about renters insurance and read about some of the best renters insurance companies on the market.

Our Top Picks for Best Renters Insurance

• Amica Mutual – Best for Customer Service
• Lemonade – Best Claims Process
• State Farm – Best for Customizable Coverage
• Erie Insurance – Best for Comprehensive Coverage
• Nationwide – Best Home Improvements Coverage
• Young Alfred– Best Online Insurance Agency
• Allstate – Best for Renters Who Work from Home

Best Renters Insurance Reviews

Why we chose it: If above-average customer service is a priority, Amica has one of the best reputations for customer care in the insurance industry. It received the highest possible customer satisfaction rating in the latest J.D. Power Home Insurance Study and, according to the data analytics company, has one of the highest customer retention rates for clients who transition from homeowners to renters insurance policies.

Additionally, Amica has an impressively low number of complaints filed against its homeowners insurance segment with the NAIC, a further indicator of customer satisfaction.

Coverage

Amica’s renters policies include replacement cost coverage for personal property, water backup and sump pump coverage, limited special computer equipment coverage (which pays for losses due to power surges, water damage or heat warping) and up to your coverage limit in identity fraud expenses coverage.

Discounts

With Amica, you can get discounts for:

• Going paperless (up to 2%)
• Signing up for automatic payments (another 2%)
• Paying in full (up to 6%)
• Bundling auto insurance with a renters policy
• Being claim-free for the past five years.

As with most insurance companies, discounts may vary by state.

Quote process

Amica quoted us a rate of $23 per month for the following coverage:

• Personal property – $20,000 with a $500 deductible
• Personal liability coverage – $300,000
• Medical payments to others – $2,000
• Loss of use – $6,000

Our quote was for a three-bedroom single family rental home in Columbus, Ohio and $20,000 worth of personal property. Note that your rate may be different depending on your home and area. However, it’s notable that this was the highest quote we received for the property mentioned above.

Additionally, you must call an agent if you want to purchase a policy from Amica, which could be inconvenient for some renters. Finally, if you live in an apartment building with 100 units or more, it may be best to call an agent to see if you qualify for coverage.

Why we chose it: Lemonade has one of the easiest claims processes out of any company we have reviewed. To file a claim, customers simply need to hit the claim button on the Lemonade app and record a video of the loss. If you have entered your bank account information, your payment will be directly deposited into your account once the claim is approved. According to Lemonade, most simple property claims can be paid almost instantly.

Coverage

With Lemonade you can purchase anywhere from $10,000 to $250,000 in personal property coverage, and up to $6,000 in separate coverage for portable electronics such as phones, tablets, laptops and headphones. You also get $100,000 in personal liability, up to $200,000 in loss of use coverage and up to $5,000 in medical payments to others.

Additional coverage is also available for items such as jewelry, fine art, bikes, cameras and musical instruments. Water backup coverage, which other companies include in their base policies, is offered as an add-on for 84 cents per month. Renters who own pets may also add landlord property damage coverage for 50 cents per month. Lastly, there is additional coverage available for appliance or equipment breakdown for just $2 a month, and it will cover items such as your TV and phone.

Discounts

With Lemonade you can get a discount on your renters policy if you:

• Have protective devices in your home (deadbolts, burglar alarms, smoke detectors)
• Bundle your renters insurance policy with other lemonade products (like pet insurance)
• Pay annually

Quote process

Lemonade quoted us $16.59 for the following coverage:

• Personal property coverage – $20,000 with a $500 deductible
• Portable electronics – $5,000
• Personal liability coverage – $100,000
• Medical payments to others – $5,000
• Loss of use – $20,000

Note that while this rate is competitive, it can increase substantially if you add other valuables such as art, instruments and electronic equipment. If you own a $3,000 electric bike, for example, you could expect to pay an additional $15 a month.

Why we chose it: Out of the companies we researched, State Farm consistently quoted us some of the lowest renters insurance premiums. Additionally, it covers items for which other renters insurance companies typically charge extra, including jewelry, business personal property and firearms.

If you’re a small business owner who keeps equipment at home or plans to use your rental for other purposes — like childcare or a subletting side hustle — State Farm offers highly customizable coverage through a host of insurance riders.

HIGHLIGHTS

Coverage

With State Farm, you can choose between $2,000 and $110,000 in personal property coverage, between $100,000 and $1 million in personal liability coverage, and between $1,000 and $10,000 in medical payments to others — higher than what other insurers offer. You can also get an earthquake endorsement (which has a separate deductible) and coverage against identity theft and fraud for a few extra dollars a month.

Beyond standard coverage, State Farm’s renters insurance policies may also cover damage to the property of others, credit card/bank card forgery, jewelry and furs, silverware and goldware, business personal property and firearms. Of course, you can increase coverage limits on any of these options for an added cost.

The following add-on policy options are available if you purchase your policy through an agent:

• In-home adult daycare liability
• In-home childcare liability
• Off-premise structures
• Personal injury
• Rented personal property
• Special event
• Home rental

Discounts

State Farm customers can get a discount on their renters insurance when they:

• Combine auto and renters insurance (you could save over $9 per month)

• Have smoke detectors, a fire alarm or a home monitoring system
• Have no claims in their insurance record

Quote process

State Farm quoted us $12.16 a month for the following coverage:

• Personal property – $20,000
• Personal liability – $100,000
• Medical payments to others – $1,000
• Credit card/bank card forgery – $1,000
• Damage to property of others – $1,000
• Loss of use – $8,000
• Jewelry and furs – $1,000 (included)
• Silverware and goldware – $2,500 (included)
• Business personal property – $1,500 (included)
• Firearms and accessories – $2,500 (included)

While this was one of the most affordable renters insurance quotes we received, we found some discrepancies between the online quote tool and the PDF quote our agent later sent us. For example, loss of use coverage was not listed among the types of coverage included in the online quote. We encourage you to speak directly with an agent to learn what your policy covers.

Why we chose it: In 2021, Erie received some of the highest customer satisfaction ratings for both auto and homeowners insurance. The company offers worldwide personal property coverage and sells three coverage tiers for renters insurance with increasing claims limits and some unusual benefits.

Depending on your state, you could get home sharing coverage (for those who rent all or part of their home), higher policy limits and additional coverage options like criminal defense cost reimbursement, identity recovery, underground service line protection and equipment breakdown.

Coverage

Erie allows you to choose between a policy that covers comprehensive perils or named perils and choose either replacement cost coverage or actual cash value for your personal property.

Beyond standard coverage, you may purchase higher limits and additional protection through three coverage bundles:

• Advantage – Adds identity recovery coverage and increased limits for stolen or lost items including jewelry, silverware and firearms.
• Plus – Provides coverage for other structures, increased additional living expenses, loss assessment coverage, and the option to waive your deductible for losses of over $50,000.

• Select – Includes all the benefits of Advantage and Plus but with higher coverage limits and up to $25,000 in criminal defense cost coverage.

Depending on your state you may also be able to add sewer and drain backup coverage, home-sharing coverage, earthquake coverage or flood insurance.

Discounts

Erie offers discounts for the following:

• Having multiple policies
• Having safety devices like fire alarms and extinguishers in the rental unit
• Applying for a quote in advance

Quote process

Erie quoted us $17.42 per month for the following coverage:

• Personal property coverage – $20,000 and a $500 deductible
• Personal liability coverage – $100,000 per incident
• Medical payments to others – $5,000 per person
• Loss of use coverage – for up to 12 months

To get a renters insurance quote from Erie, you must contact an agent in your area. Some local agents may be willing to offer you a quote via email, yet we recommend calling the agent directly if you want to further customize your policy.

We found that bundling auto with renters insurance from Erie was a little more expensive than with other companies, yet coverage limits were also higher. Of course, actual rates will depend on your personal details.

Why we chose it: Nationwide is the only renters insurance company on this list that allows customers to add coverage for building additions and alterations. If you’re a renter who has invested in home improvements — including cabinets, carpets, fixtures and lighting — Nationwide’s base policy may be for you.

Coverage

With Nationwide, you can get between $15,000 and just under $200,000 in personal property coverage. Personal liability coverage can range from $100,000 up to $1 million, while personal injury liability is optional and can go up to $100,000. Coverage for medical payments to others can range from $1,000 to $5,000, which is standard for the industry. Unlike with other companies, loss of use coverage will depend on the actual loss sustained.

If you want extended protection for your dwelling, Nationwide offers coverage for building additions and alterations, which includes carpets, fixtures, cabinets and more. You may also pair this coverage with extended limits of liability for damage due to biological deterioration (think molds, fungi and wet and dry rot).

Other add-on coverage options through Nationwide include:

• Personal property replacement cost for brand new belongings
• Inflation protection
• Coverage for building additions and alterations
• Personal injury liability
• Loss assessment coverage
• Additional coverage for tools
• Water backup coverage
• Identity theft protection

Coverage also includes special limits of liability for the following items:

• Money and securities
• Watercraft and trailers
• Jewelry, furs and silverware
• Firearms
• Business property (on and off-premises)
• Fire department service charges
• Credit cards
• Freezer food spoilage
• Removal of fallen trees after a covered claim

Discounts

Like other renters insurance companies, Nationwide offers discounts to those who:

• Bundle renters and car insurance
• Are claim-free
• Have protective devices in the home, such as fire and burglar alarms

Quote process

Our renters insurance quote amounted to $17.41 per month for the following coverage:

• Personal property – $20,000 (with inflation protection) and a $500 deductible
• Personal liability coverage – $100,000
• Personal injury liability – $100,000
• Loss of use – Based on actual loss
• Coverage for building additions and alterations – $20,000 (default)

While this quote was in the higher end of the price spectrum, the policy covered several items for which other insurance companies charge extra. We also appreciated the fact that Nationwide offers six property deductible options starting at $500, many more than other competitors.

Why we chose it: Buying insurance through an agency can help you comparison shop to get the lowest possible rate — but without doing all the legwork. Some of Young Alfred’s partners include Progressive, Nationwide, Safeco, Travelers, Foremost, Lemonade and Hippo.

Unlike other online insurance marketplaces and agencies, Young Alfred doesn’t sell customer information and only partners with insurers that have at least an A- financial strength rating from AM Best or Demotech. Moreover, all policies issued by Young Alfred are serviced in-house, so you get end-to-end customer service from a company that guarantees no spam, phone calls or sales pitches.

Coverage

Young Alfred offers standard coverage options for renters insurance, including personal property coverage, loss of use, liability and medical payments to others. Your policy may also include a predetermined limit of personal property replacement cost coverage.

Discounts

Discounts will vary by insurance company. Generally, most renters insurance providers offer the following:

• Safety equipment discount
• Multi-policy or bundled policy discount
• Claim-free discount

Quote process

Young Alfred quoted us a rate of $12.92 per month for the following coverage:

• Personal – $60,000
• Loss of use – $18,000
• Liability – $100,000
• Medical payments to others – $1,000
• Personal property replacement cost – $60,000

Again, we selected a $500 deductible for this quote. The process was simple and quick, and we weren’t required to provide a phone number to get an estimate. We did, however, request a more detailed quote via email but never received one.

Why we chose it: While all major insurers selling multiple types of policies will offer bundling discounts, we found Allstate’s renters-plus-auto insurance bundle to be amongst the most affordable, particularly for those who drive safely and infrequently.

If you’re a renter who works from home and keeps your mileage under 9,000 miles per year, bundling your renters policy with Allstate’s pay-per-mile car insurance program could help you save anywhere from 20% to over 70% per year.

Coverage

With Allstate you can purchase anywhere between $15,000 and $200,000 in personal property coverage. You can also get between $100,000 and $500,000 in personal liability protection, while coverage for medical payments to others ranges between $1,000 and $5,000. We were not offered loss of use coverage.

Add-on policy options include identity theft protection for around $40 per year and umbrella insurance.

Discounts

With Allstate you can save on renters insurance with the following discounts:

• Signing up for automatic payments (save up to $5)
• Bundling renters insurance with auto insurance

If you opt to bundle your renters insurance policy with auto, you can qualify for additional discounts by:

• Signing up for automatic payments (save up to $30)
• Signing up to receive electronic documents (save up to $20)
• Purchasing a policy at least 7 days before the coverage start date (save up to $50)
• Signing up for the Drivewise program (save up to $40)

Another way to save with car insurance is to sign up for the Mile-wise pay-per-mile program, which allows you to pay based on the number of miles you drive each year.

Quote process

We were quoted $14 a month for the following coverage:

• Personal property protection – $20,000 with a $500 deductible
• Liability protection – $100,000 per occurrence
• Guest medical protection – $1,000 per person

Renters may customize their policy manually or choose between three coverage tiers (basic, standard and enhanced) with increasing claims limits. As with State Farm, we found that Allstate’s online quote tool did not list loss of use coverage in the policy details.

Other companies we considered

Geico

Geico is one of the most well-known insurance companies in the United States, and the second largest auto insurer in the country after State Farm. The company provides low-cost coverage for you and your belongings from things like fire, water damage, theft and vandalism, windstorms, smoke damage and visitor injuries.

Policyholders’ covered belongings include electronics and appliances, furniture and extra expenses if property is uninhabitable due to a covered loss, among others. Geico even provides special coverage at an additional cost for special items like jewelry.

Assurant

Assurant focuses specifically on renters insurance, offering a variety of coverage options based on your coverage needs and budget. The list of covered events covered by Assurant’s renters insurance is among the most varied in the nation, protecting against riots, cracked heating systems and volcanic eruptions.

The company also offers liability-only insurance with the sole purpose of meeting your particular lease requirement, although it’s only available in Assurant’s partner communities and does not cover your belongings.

USAA

The United Services Automobile Association (USAA) has over 100 years of experience providing insurance to people who have served in the United States Armed Forces and their families. Unlike most renters insurance policies, USAA’s standard policy includes flood damage without the need for extra coverage. The company also does not require you to pay extra for earthquake coverage and provides coverage for those deployed overseas with overseas insurance.

Renters insurance guide

Main things to know before choosing a renter insurance company

Since most renters insurance companies offer similar coverage and rates, each company’s financial stability and customer service reputation is an essential factor to consider. Most reputable insurance companies also offer free quotes and it’s a good idea to compare those from multiple companies you’re considering.

How much does renters insurance cost?

Renters insurance is among the most affordable types of insurance you can purchase. In fact, according to the National Association of Insurance Commissioners (NAIC), the average cost of renters insurance is between $15 and $30 a month — that’s $180 to $360 a year. However, actual premium amounts will depend on the size and location of your rental property, the value of your belongings and the level of coverage you select, among others.

For example, we found that renters insurance rates in densely populated states like California, New York and Washington, D.C. can be twice as high as those for renters in less populous states. And pricing may also vary greatly depending on your exact location within a state.

To determine your rate, most insurers will take into account the following:

• Your proximity to the coast

• Likelihood of inclement weather, fires and flooding in your area

• Local crime rates

• Your proximity to fire stations and other emergency services

• The estimated cost of your valuable items, including jewelry and electronics

• Whether your home is equipped with fire alarms and extinguishers, an automatic sprinkler system, deadbolts and a burglar alarm

How We Found the Best Renters Insurance Companies

We evaluated the best renters insurance companies in the market based on the following factors:

• J.D. Power 2021 U.S. Home Insurance Study – We took into account average customer satisfaction ratings for renters insurance based on the latest J.D. Power study. This research takes into account how happy homeowners and renters insurance customers are with each company’s policy offering, pricing, billing process and policy information, and claims process.
• AM Best Financial Strength Rating (FSR) – Financial strength rating matters for one key reason: you want to do business with an insurer that can pay out in the event you need to file a claim. For our top picks, you took into account a company’s financial stability as evidenced by their AM Best FSR, which is specific to the insurance industry.
• Complaints filed with the National Association of Insurance Commissioners (NAIC) – The NAIC collects customer complaint data for different insurance segments, from health to auto and home. We compared each company’s complaint index for homeowners insurance with the national median, taking into account which companies received above or below the national average number of complaints, which is 1.0.

Summary of the Best Renters Insurance Companies

• Amica Mutual– Best for Customer Service
• Lemonade– Best Claims Process
• State Farm – Best for Customizable Coverage
• Erie Insurance– Best for Comprehensive Coverage
• Nationwide – Best Home Improvements Coverage
• Young Alfred– Best Online Insurance Agency
• Allstate – Best for Renters Who Work from Home

Money Research Collective’s editorial team solely created this content. Opinions are their own, but compensation and in-depth research determine where and how companies may appear. Many featured companies advertise with us. How we make money.

This story was originally published April 25, 2022 at 12:21 PM.