Find the Best Renters Insurance Companies
Compare Reviews for Top Renters Insurance Companies
Lemonade Renters Insurance
Offers basic renters insurance at super-low rates. No-frills insurance means fewer features like live customer support. Zero Everything option for zero deductible. Users can file claims through a mobile app.
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Assurant Renters Insurance
Read 252 Reviews
Nationwide renters insurance with supplemental coverage options available. Offers dry rot, fungi, pet, earthquake and other specialized protection. You can choose your own deductible.
|GEICO Renters Insurance||Read 66 Reviews|
GEICO is known for its low-cost insurance options as well as its line of commercials featuring a talking gecko. It offers a variety of comprehensive renters, homeowners and auto insurance policies throughout the United States.
|Liberty Mutual Renters Insurance||Read 27 Reviews|
Liberty Mutual offers low-cost renters' insurance to people living in the U.S. It's the third largest property and casualty insurance company in the U.S. and offers auto and homeowners insurance in addition to renters insurance.
|Progressive Renters Insurance||Read 33 Reviews|
Progressive is one of the most well-known insurance companies in the United States. It offers a rate comparison tool for various insurances on its website and offers renters comprehensive property damage coverage.
Read 24 Reviews
Works with the multifamily housing market. Works with clients to find the right policy fit for their needs. Ensures a quick purchasing process by creating an optimal online experience.
|Travelers Renters Insurance|
Read 13 Reviews
Travelers Insurance is one of the largest insurance companies in the United States, currently employing over 30,000 people. It prides itself on its commitment to using scientific data to inform its policies and procedures.
|Farmers Renters Insurance|
Read 39 Reviews
Farmers Insurance is proud of the fact that it first opened its doors just prior to the Great Depression and is still going strong today. It offers a variety of insurance policies, including comprehensive renters' insurance.
|Esurance Renters Insurance|
Read 14 Reviews
Esurance is an online insurance marketplace affiliated with Allstate. It offers a range of services online, including free renters' insurance quotes as well as the ability to file a claim, and allows users to comparison shop.
|PEMCO Renters Insurance|
Read 7 Reviews
PEMCO is a mutual insurance company, which means it's owned by consumers. It was originally created to provide insurance coverage to public school teachers. It offers lowcost renters' insurance throughout the Northwestern U.S.
What to know about renters insurance
Replacement cost versus actual cash value
This is one of the most important features of a renters insurance policy. Policies come in two flavors: one that covers the value of your personal possessions minus depreciation, or one that covers the replacement cost of items.
- Replacement cost: This type of policy is meant to provide the policyholder with enough money to replace the lost, damaged or stolen item based on its value when it was new.
- Actual cash value: Actual cash value takes into account depreciation and pays less for used items that experience wear and tear.
- Cost comparison: Actual cash value policies will usually have lower premiums to compensate for coverage that pays out less for lost, damaged or stolen property.
Additional living expenses
In the event of an accident or damage to your apartment or rental home, some renters policies provide money for additional living expenses to compensate for the unexpected costs incurred if the situation forces you to live elsewhere, temporarily.
- Hotel reimbursement: Some policies will cover the cost of a hotel stay while your home is being repaired or cleaned.
- Meal reimbursement: Meals are often covered during the time you are forced to be out of your home.
- Additional living expenses limits: Many policies do have maximum dollar limits, time limits or other rules that may apply. Be sure to understand these limits.
Liability protection is generally included in your standard renters insurance policy, in addition to coverage for personal possessions. Liability protects policyholders - and their assets - from lawsuits if someone is injured in their home or if policyholders are accused of property damage. The coverage typically includes payment to defend policyholders in court and for damages awarded by the court.
- Accidents in your home: This protects the renter in the case that a guest, repair or cleaning person or other visitor is injured while in a rental and file a lawsuit against the renter and their assets. Many renters policies also include no-fault medical coverage, which pay for health care when someone gets hurt in the policyholder’s home - with the goal being to avoid a lawsuit.
- Injury caused by pets: If a visitor is bitten by a renter’s dog, liability coverage will help protect the policyholder. However, not all dog breeds are covered and it is essential to check.
- Cost vs. coverage: Although most renters policies include liability coverage, the amount provided might not be high enough for some individuals. One option is to increase the liability limits on your renters insurance, and another is to purchase a separate umbrella liability policy, which is relatively inexpensive and could kick in with millions of additional coverage on top of primary coverage.
Also known as worldwide coverage, this type of coverage will provide replacement money for belongings lost outside of the rental. There may be limitations on what circumstances are covered, so it is important to read the policy carefully.
- Off-premises damage: This type of coverage includes situations such as a bike stored in an apartment building’s basement that sustains water damage due to broken pipes.
- Vandalism and theft: Personal items stolen from a vehicle may be covered under a renters insurance policy.
- Lost luggage: Some renters insurance policies will cover items lost due to airline baggage problems.
Company stability and reputation
A policy is only as good as the company that issues it. Potential policyholders should pay attention to customer reviews on independent review sites and conduct Internet research on a company's reputation and rating. Calling into an insurer’s customer service line may give potential customers a feel for how they will be treated if they purchase a policy.
- Customer reviews: Online review sites are a great place to learn about how a company treats its customers. Be sure to read a variety of both positive and negative reviews to get a balanced picture.
- Claims process: Customer service should be able to explain the insurance company’s claims process. A simple and clear claims process will make life easier should a disaster occur.
- Company history and/or projects: The company website will likely have information on the history of the company, as well as any community or charity projects in which it is involved.
Cost is usually the ultimate factor when choosing an insurance policy. There are many ways to work with a company to keep costs low, while still receiving the desired coverage.
- Multi-policy discounts: Many companies who offer auto or life insurance will also offer renters insurance and a multi-policy discount for holding more than one policy with the same company.
- Discounts: There are a plethora of other discounts available, - for instance, for homes with smoke detectors and security systems, for paying premiums in one lump sum, for seniors and for individuals with good credit - and consumers should always ask a prospective insurer about which discounts they may be eligible for.
- Exclusions and limits: It’s important to know what you’re paying for, and if paying a little more might be worth it. Renters insurance usually covers a wide range of disasters, but a policy may exclude some, like flood or earthquake. If that’s the case, decide whether paying more for an additional policy is worth it. Likewise, if you own valuables such as jewelry, high-end electronics or firearms, a renters policy’s limits might not be high enough. A separate “floater” policy might be needed to protect these items.
- Location: Of course, the cost of a policy always depends on the value of the items being covered, but location also plays a role in the final cost. In some large cities, renters policies may cost more than in smaller cities.
What are different types of renters insurance?
A renter's personal property is not generally covered by a landlord's policy. Renters personal property insurance can cover the actual cash value of the property, which factors in depreciation, or the full cost to replace the item.
Liability coverage helps protect renters should an accident or injury occur to someone else while they are in the rental unit. This can include slip and fall accidents, dog bites and other injuries.
Additional living expenses
Also known as loss of use coverage, additional living expenses will cover the cost of relocation should policyholders be forced to leave their home due to a disaster. It can also cover hotel and meal expenses during the relocation. However, not all situations are covered and limits may apply.
Who needs renters insurance?
Renters with personal property
While younger renters may not think they have much to insure, property does add up quickly. In today's world, many choose to rent rather than own, making personal property renters insurance very important for a larger segment of the population.
Renters with high risk
Certain locations and structures put some renters in a high-risk category. Rentals in flood zones and high crime areas are considered high risk, as are rentals that are far away from fire stations. Renters who find themselves in these situations may need high-risk renters insurance.
Renters who sublet
Renters insurance policies may not cover those who sublet a rental unit, especially if they do so on a regular basis. Some policies have provisions for roommates and others who live in the home at the same time, but not for those who sublet.
Those in the U.S. military often have special needs regarding insurance terms and payment options due to deployments, for instance.
Renters looking for an online experience
Some companies are better than others when it comes to technology. Renters who are looking to obtain and manage their renters insurance online will want to look for tech-savvy companies.
Who are the best renters insurance companies near me?
Local renters insurance companies can help you identify and customize your coverage for common hazards in your city. We compared renters insurance companies across the U.S. so you can find companies to help protect your home.
- Fort Myers
- Green Bay
- Kansas City
- Las Vegas
- Los Angeles
- San Antonio
- San Diego
- West Palm Beach
Renters insurance FAQ
- How much is renters insurance per month for an apartment?
- The average cost of renters insurance is about $17 per month. The cost of renters insurance depends on factors including:
- Where you live
- The amount of coverage you buy
- Whether you purchase actual cash value or replacement cost personal property coverage
- The deductible
- Your insurance and credit history
- What discounts you’re eligible for
- Is it worth getting renters insurance?
- Yes, renters insurance is worth the cost. For around $17 per month, a renter can get coverage for personal possessions, liability and additional living expenses.
- Can I buy renters insurance online?
- Yes, most companies offer renters insurance online.
- What does renters insurance cover?
- Renters insurance covers liability in the event you damage someone else’s property or are responsible for an injury to someone else. It also covers repair or replacement of your personal possessions in case they are damaged by a covered peril, such as:
- Water damage due to freezing plumbing
Renters insurance also pays for additional living expenses if your home is damaged by a covered event and you’re unable to live in it.
- What options are there for renters insurance?
- With renters insurance, you will decide how much coverage you want for:
- Personal property: Renters insurance will cover the cost to repair or replace your personal property within the coverage limit.
- Liability: If you are responsible for an injury to someone else or damage their property, renters insurance will pay for medical bills or property repairs.
- Additional living expenses: If a covered event renders your home uninhabitable, renters insurance will cover the cost of a hotel stay and restaurant visits.
You will also have the option to purchase scheduled property coverage for high-value items and coverage for property loss due to an earthquake or flooding.
- Do you need insurance for an apartment?
- Some apartment managers and leasing companies require you to show proof of renters insurance before you sign a lease. Even if it isn’t required, we recommend you purchase a policy.
- What will renters insurance not cover?
- There are a few things renters insurance won’t cover, such as:
- Property loss due to certain natural disasters, such as flooding or an earthquake
- Property damage caused by pests
- Damage to a physical building
- Claims that exceed coverage limits
Every policy is different, so read your contract carefully and ask questions if necessary. If many cases, if your policy doesn’t cover everything you need, you can purchase add-on protection.
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Compare Reviews for Top Renters Insurance Companies
|Policygenius Renters Insurance||Read 5 Reviews|
PolicyGenius has been helping consumers compare renters insurance quotes since 2014. Though not an insurance provider, PolicyGenius allows you to field multiple offers from providers to find the right plan at the price you want.
|State Farm Renters Insurance||Read Reviews|
Renters insurance provider. Covers your personal belongings. Save by bundling policies. Personalized coverage plans. Easy online quotes.
|Rural Mutual Renters Insurance||Read Author Review|
Rural Mutual provides renters insurance exclusively to people who are renting farms or other housing in Wisconsin. It is a local company and has been named one of the top 50 insurance companies in the U.S. by the Ward Group.
Information in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use.
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