What are the best renters insurance companies in America?
If you’re a renter, you may think you don’t need insurance because you’re not a homeowner.
However, while a landlord’s policy may cover the building itself, it is not going to include all of your personal belongings, meaning should the worst happen, you could be left with nothing if you don’t have insurance.
Fortunately, there is no shortage of renters insurance companies, and today we’ve ranked the best in America.
The Best Renters Insurance Companies In America
Each of these insurance companies has been ranked based on what they are best for, overall customer satisfaction, and types of policies offered so that you can find the best one for your rental.
Here’s our list of the 10 best renters insurance companies in America:
10. Auto-Owners
Best For: Small Budgets
Because America is far from being one of the cheapest countries to live in worldwide, most renters are looking to stick to a budget when it comes to choosing an insurance company.
Auto-Owners is one of the most affordable renters insurance companies and they are represented in 26 states through a network of 48,000 licensed agents.
They have a large array of discounts, including ones for paying on time, paying for the whole year at once, going paperless, bundling home and auto insurance, and having fire extinguishers, smoke detectors, and fire extinguishers in your rental.
You can also choose coverage adds-ons that are incredibly useful, such as insurance to cover food lost during a power outage, damage from water, and waterbed liability coverage provided your rental allows them.
Pros:
- Lots of discounts
- A lower premium than many other renters insurance companies
- Worldwide coverage
Cons:
- No online quote tools
- Only available in 26 states
Bottom Line:
If you are fortunate enough to live in one of the states where Auto-Owners operate, we definitely recommend checking them out if you’re looking for affordable renters insurance.
While you will have to call and speak to an agent, this will give you a chance to ask more questions and decide further if this renters insurance company is the best one for you.
9. Farmers
Best For: Discounts & Convenience
If you need more than just renters insurance, Farmers is going to be your one-stop-shop for all the policies you could ever need.
Along with offering insurance for renters, Farmers also offers auto insurance, condo insurance, life insurance, pet insurance, and more.
They also provide a lot of discounts, including some for installing a security system and being a non-smoker.
A typical renters insurance policy with Farmers will include personal property coverage, personal liability coverage, coverage for medical payments, and replacement cost coverage for personal property.
Because they offer so much coverage and so many different types of insurance, it can be worth getting a quote with them, just to see how much you could save if you’re going to be bundling policies.
Pros:
- Discounts for bundling
- Lots of policies to choose from
- Easy to get a quote online
Cons:
- It can be more expensive than other renters insurance companies
- Discounts can vary between states
Bottom Line:
Farmers may be on the more expensive side overall, but because it offers so many different types of insurance, it can be a solid company to go with if you know you need multiple policies you’d like to bundle together.
We do recommend speaking with an agent if you have any questions about location-specific discounts so that you can get the best deal possible, and hopefully save some money.
8. Allstate
Best For: Digital Access
Allstate is surprisingly the best renters insurance company for digital access, and we really love the two apps that it offers to its customers.
Not only is Allstate Mobile a well-designed app that you can use to pay your bill, file a claim, and review all of your coverage, but they also have Digital Locker, which gives you the ability to upload photos of your personal property in case you ever need to file a claim on it.
This means that even should the worst happen, your collection of the most valuable Funko Pop vinyls will be covered and easily accessible on Digital Locker.
Additionally, Allstate is another renters insurance company that also offers other types of policies, giving you the ability to bundle things together for a discount.
If you’re over the age of 55, you can even get up to 25% off on your premiums so long as you are retired and not seeking full-time employment.
Similarly, when bundled with an auto insurance policy, a renters insurance policy can cost as little as $4 a month, which is a decent bargain overall.
Pros:
- Lots of discounts
- Good for retirees
- Fantastic digital access
Cons:
- Requires you to submit employment information
- Premiums can be high without discounts or bundling
Bottom Line:
If having access to a reliable mobile app and the Digital Locker for your personal belongings is something you want, Allstate is a company to consider, especially if you’re a retiree or are planning on bundling multiple insurance types.
Although you will need to submit your employment information, it can help you get a better rate, so it’s ultimately a minor downside that can give you a chance to save more money overall.
7. Nationwide
Best For: Customization & Add-Ons
Along with being one of the best car insurance providers in America, Nationwide has the most room for customization and a load of add-ons that you can choose to get the most out of your renters’ insurance policy.
If you already have a policy with Nationwide, you can easily bundle renters into your current policy, and if you’re moving from another company, you can also combine policies in order to receive a discount.
Renter’s also have the option to add numerous additional coverage options such as protections for jewelry and personal possessions in storage.
Nationwide likewise offers car, travel, and pet insurance, all of which can give you a discount if you opt to purchase them alongside your renter’s coverage.
While their app isn’t as impressive as Allstate’s, it is still decent and gives customers an easy way to manage their account information and review their information.
Pros:
- Multiple-policy bundling options
- Quick online quote process
- Lots of customization
Cons:
- The mobile app is geared more toward auto insurance
- Even with discounts, policies can be more expensive than some other options
Bottom Line:
Nationwide has a lot of customization options to help you get the exact coverage you need.
With a renters insurance policy from Nationwide, you can add on coverage for the things you need most, such as stored items or jewelry, and you can even bundle everything together for a decent discount.
Although it is not the most affordable option overall, the protection that it offers is definitely some of the most comprehensive.
6. Progressive
Best For: Bundling with Car Insurance
Progressive is the most well-known for its car insurance policies, but you can stand to save a lot of money if you bundle it with renters insurance.
If you already have car insurance with Progressive, or you want to sign up for it, you can add renters insurance to your account and save up to 12% on your premiums through their bundling program, which you may have heard of in one of their many nationwide commercials.
Additionally, further discounts can be applied for going paperless, getting a quote in advance, or living in a gated community.
That said, even just bundling auto and renters, without taking advantage of any other discounts, averages a cost of just $100 per month, which isn’t bad considering everything you’re getting.
Pros:
- Lots of bundling potential and discounts
- Low monthly payments
- Available in all 50 states
Cons:
- Policies require a down payment for the first month
- It can be more pricey if you’re not bundling
Bottom Line:
Progressive has great renters insurance policies at a decent price, provided you are also bundling them with something else, like an auto policy.
While they do require a down payment for the first month, overall the savings can be quite significant if you take advantage of multi-policy discounts.
5. Erie
Best For: Customer Satisfaction
Unlike some of the biggest banks in the world, Erie Insurance operates in only a handful of states, which is really a shame because it has a really high customer satisfaction rate.
Available in only 12 states, Erie has been around since 1925, and despite being relatively unknown when compared to names like Progressive and Allstate, it routinely ranks extraordinarily high in customer satisfaction.
While there is no online tool to buy a policy, you can speak to an agent over the phone to get started and to learn about their set of bundling options and discounts.
Although having to call someone on the phone may sound old-school, it is well worth it for the comprehensive coverage that this company can provide and to learn about different ways you can save money.
Despite having comprehensive policy options, Erie is one of the most affordable renters insurance companies and we definitely wish that it was available in all 50 states, because then it would definitely be our pick for the best budget insurance option.
Pros:
- Ranked No. 2 in customer satisfaction out of all insurance companies of 2022
- Affordable policies
- Bundling options
Cons:
- Only available in 12 states
- Must speak with an agent to purchase a renters insurance policy
Bottom Line:
A lot of the best renters insurance companies have fantastic policies, but some can lack customer satisfaction despite this.
Erie is able to deliver both quality policies and phenomenal customer satisfaction without sacrificing affordability, which is really something unique.
We highly recommend looking into Erie if you live in one of the 12 states it operates in because they are definitely well worth it.
4. American Family
Best For: Value & Cover
If your collection of the best-selling albums of all time is lost to water damage due to a busted pipe at 2 am, American Family has a support team ready to take your call.
Similar to Erie, American Family has a high customer satisfaction rate, but they also boast round-the-clock support and an online claims system that you can use to easily and quickly file a claim when something goes wrong.
They also have the easy-to-use MyAmFam app, which makes it easy to connect with support agents and view your existing policies.
Furthermore, all standard renters insurance policies come with identity theft protection, which can help give you additional peace of mind when it comes to digital safety.
American Family renters insurance policies also include replacement cost coverage, money for a hotel stay if you’re unable to stay in your rental, and medical payment coverage.
You can even choose to add optional benefits such as medical insurance for pets or special coverage for your home office space.
To make things even more affordable, you can bundle your renters insurance policy with your auto insurance to save up to an additional 15%.
This insurance company can really give you the most bang for your buck and it has the potential to save you quite a bit of money if you take advantage of the right discounts and bundles.
Pros:
- 24/7 support
- Bundling options
- Identity theft protection is included
Cons:
- Limited to 19 states
Bottom Line:
In terms of overall value, American Family renters insurance has the potential to give you the most for the least amount of cost.
The major downside is that, like Erie, American Family only covers a limited number of states, which leaves a lot of people unable to take advantage of their policies.
However, count yourself extremely lucky if you do live in one of the states they operate in because they are certainly one of the best companies for renters insurance coverage that you can find.
3. Lemonade
Best For: Fast Coverage
If you have just moved into a new place and need renters insurance coverage quickly, Lemonade is going to be your best bet, and they sell policies in 28 states.
To get a quote from lemonade, all you need to do is download the app, get a quote, and pay to begin coverage immediately.
This instant and quick process makes this insurance company extremely popular with younger renters, and it also helps that Lemonade is routinely one of the cheapest options on the market.
If you ever need to file a claim, Lemonade reports that about 30% of all claims they get can be handled instantly through their app, with some people even receiving payment in just a couple of seconds.
Not only does Lemonade stand to save you money, but it can save a lot of time so that you can stay laser-focused on your goals and worry less about protecting your belongings.
To make things even sweeter, you can choose to have a portion of your monthly payments donated to a charity of your choice, which we think is pretty damn cool.
Pros:
- Fast sign up process
- Instant coverage
- Option to donate to charities
Cons:
- Only available in 28 states
- It may not be for people who want to have a live agent
Bottom Line:
Lemonade is a whole new take on insurance and you can get a renters insurance quote in minutes with coverage kicking in as soon as you pay.
While it is limited to only 28 states, its standard renters insurance policy is just as comprehensive as some of the largest insurance firms, and it can definitely be worth getting a quick quote just to see how much you can save.
2. State Farm
Best For: Affordable Premiums
State Farm is our pick for having the most affordable renters insurance premiums, and anyone can get a policy since they operate in all 50 states.
Those interested in signing up with this company can get a quote online, by phone, or by speaking with a local agent, and you also have the option of bundling your renters insurance with a large range of other policies.
State Farm offers auto, life, pet, and umbrella insurance options, which you bundle with your renters policy for a pretty nice discount.
That said, some of these discounts do vary by state, but since their rates are already fairly low, even customers without discounts can save money in the long run.
Furthermore, they have a remarkably high customer satisfaction rating and an A++ rating from the National Association of Insurance Commissioners.
Pros:
- Low premiums and affordability
- Customizable plans
- Instant quotes
Cons:
- Discounts vary between states
Bottom Line:
State Farm is a nationally recognized insurance provider but its rates are some of the lowest in the business and that is why we had to give them the number 2 spot.
They boast numerous coverage options that can be customized to ensure you get exactly what you need without having to pay for extras that you’re never going to use.
1. USAA
Best For: Military and Military Families
USAA is available in all 50 states and it is especially available to members of the military and their families.
The cost of renters insurance with USAA is almost always lower than the national average and its coverage options extend to things that many other standard policies leave out.
For example, USAA policies cover replacement costs and protection against perils — like floods and earthquakes — which most other companies require you to add on separately.
There is also deductible-free coverage for lost military uniforms, which you’re definitely not going to find with other companies.
While it doesn’t cover roommates, if you currently are an active military member, veteran, or the immediate family member of someone who is, USAA is one of the best renters insurance providers to cater to your specific needs.
Pros:
- Nationwide availability
- All policies cover perils
- Low prices
Cons:
- Policies limited to military members and their families
- You may need to call to get your quote
Bottom Line:
Military members and their families have unique needs that USAA understands and they have built their company around serving those who serve the country.
If you are or were in the armed forces, we definitely recommend this company for your renters insurance, both for their affordability and ability to serve the needs of military families.
Summary
We hope you found our list of the best renters insurance companies in America helpful!
If you are a renter and currently don’t have insurance, we highly recommend you look into the companies we have chosen for this list.
While we certainly hope that you will never need to file a claim, it’s always best to be prepared!
Here’s a quick recap of the 10 best renters insurance companies in America:
- USAA
- State Farm
- Lemonade
- American Family
- Erie
- Progressive
- Nationwide
- Allstate
- Farmers
- Auto-Owners
