Best Renters Insurance Companies Of August 2024 (2024)

Table of Contents
Lemonade How We Found the Best Renters Insurance Companies (Methodology) Best for Price State Farm Great for Combining Renters and Auto Insurance Westfield BEST FOR FAMILIES American Family Best for Discounts Auto-Owners Best for Military USAA Best for Renters with Poor Credit Allstate BEST FOR EXPANDED COVERAGE Country Financial Great for Add-on Coverage Nationwide Summary: Best Renters Insurance Companies of 2024 How To Find the Best Renters Insurance Create a Home Inventory What Could You Lose in a Lawsuit? Go With Replacement Cost Coverage Schedule Your Jewelry and Other High-Value Items Ask for Discounts Compare Renters Insurance Quotes How Much Does Renters Insurance Cost? Renters Insurance Costs by Company Renters Insurance Costs by State What Does Renters Insurance Cover? Personal Property Coverage Liability Insurance Medical Payments to Others Additional Living Expenses Does Renters Insurance Cover Roommates? Lemonade What’s Not Covered by Renters Insurance? Optional Renters Insurance Coverage Is Renters Insurance Worth It? How to Get a Renters Insurance Quote Online Complaints Against Renters Insurance Companies Other Insurance Companies to Consider Best Renters Insurance Frequently Asked Questions What is renters insurance? Do I need renters insurance? Can a landlord require renters insurance? Should I bundle renters and car Insurance? What is the average cost of renters insurance per month? Does renters insurance include loss of use? Does renters insurance cover theft? How do I file a renters insurance claim? Do college students need renters insurance? FAQs References

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

We found that State Farm and Westfield are the best renters insurance companies, earning 5 out of 5 stars in our analysis. American Family, Auto-Owners and USAA are also among our top picks.

According to our analysis, the best renters insurance companies of August 2024 are:

  • State FarmBest for Price
  • WestfieldGreat for Combining Auto Insurance
  • American FamilyBest for Families
  • Auto-OwnersBest for Discounts
  • USAABest for Military
  • AllstateBest for Renters with Poor Credit
  • Country FinancialBest for Expanded Coverage
  • NationwideGreat for Add-on Coverage

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Best Renters Insurance Companies Of August 2024 (1)

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Best Renters Insurance Companies Of August 2024 (2)

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How We Found the Best Renters Insurance Companies (Methodology)

We analyzed complaints and the costs for different coverage levels from 12 insurers to help you find the best renters insurance companies.

To identify the best renters insurance companies, we evaluated each company based on the following.

Renter insurance rates (80% of score): We scored each company’s renters insurance rates based on national averages for policies with $15,000, $30,000, $50,000, $75,000, $100,000 and $200,000 worth of personal property coverage. Source: Quadrant Information Services.

Complaints (20% of score): We used complaints about home insurance (which includes renters insurance) upheld by state insurance departments. Most home/renters insurance complaints center on claims, including unsatisfactory settlements, delays and handling of the claim. Source: National Association of Insurance Commissioners.

Why you can trust Forbes Advisor

Best for Price

State Farm

Best Renters Insurance Companies Of August 2024 (4)

5.0

Best Renters Insurance Companies Of August 2024 (5)

Our ratings take into account renters insurance rates, coverage options and discounts. All ratings are determined solely by our editorial team.

Average renters insurance cost for $15,000 of coverage

$102 a year

Complaint level

Very low

Availability

Nationwide

$102 a year

Very low

Nationwide

Editor's Take

State Farm has very affordable renters insurance costs across the board for the various personal property limits we evaluated. Excellent prices and a very low level of complaints give renters a reason to consider State Farm.

More: State Farm Renters Insurance Review

Pros & Cons

  • State Farm renters insurance rates were the cheapest among the companies we analyzed for personal property coverage limits of $15,000 up to $200,000.
  • Competitive rates for renters with poor credit.
  • Offers optional coverage for cyber attacks, cyber extortion, identity restoration and more.
  • Sells earthquake insurance for renters.
  • Not many renters insurance discounts are available to help save money.

States Available In

State Farm offers renters insurance in all 50 states and Washington, D.C.

Why it’s the best

Our analysis found that State Farm has the best price for renters insurance for all of the personal property coverage limits we evaluated, from $15,000 up to $200,000, based on the companies in our analysis. It is the only company with average rates of under $200 annually for $75,000 worth of coverage.

More about State Farm renters insurance: read our full review

Great for Combining Renters and Auto Insurance

Westfield

Best Renters Insurance Companies Of August 2024 (8)

5.0

Best Renters Insurance Companies Of August 2024 (9)

Our ratings take into account renters insurance rates, coverage options and discounts. All ratings are determined solely by our editorial team.

Average renters insurance cost for $15,000 of coverage

$136 a year

Complaint level

Very low

Availability

10 states, mainly in the Midwest

$136 a year

Very low

10 states, mainly in the Midwest

Editor's Take

Westfield has competitive renters insurance rates and a very low complaint level. It also offers an easy way to combine auto and renters policies: Its Wespak policy allows you to save time and potentially money by combining auto and renters insurance under one policy with one bill and one deductible.

Related: Westfield Home Insurance Review

Pros & Cons

  • Very reasonable renters insurance rates, especially for $75,000, $100,000 or $200,000 worth of personal property coverage.
  • Has a very low level of consumer complaints made about it to state insurance departments.
  • Westfield renters insurance is only available in 10 states.
  • Not many discounts available for renters.

States Available In

Westfield offers renters insurance in these 10 states:

  • Illinois
  • Indiana
  • Iowa
  • Kentucky
  • Michigan
  • Minnesota
  • Ohio
  • Pennsylvania
  • Tennessee
  • West Virginia

Why it’s the best

We found that Westfield is best for customers who want to buy both renters and auto insurance because its Westpak package lets you combine renters and auto insurance into one bill, one deductible and one policy. Westfield also has competitive rates, particularly for personal property coverage of $75,000 and higher, and a low level of complaints to state departments of insurance.

BEST FOR FAMILIES

American Family

4.5

Best Renters Insurance Companies Of August 2024 (13)

Our ratings take into account renters insurance rates, coverage options and discounts. All ratings are determined solely by our editorial team.

Learn More

$154 a year

Very low

19 states

Editor's Take

American Family has competitive renters insurance costs and a very low level of complaints made against it. It offers a good number of coverage options and discounts as well.

More: American Family Renters Insurance Review

Pros & Cons

  • Young adults—ages 18 to 30—who are children of American Family customers can qualify for a “generational discount” to save on renters insurance.
  • Offers a variety of handy optional coverage types, such equipment breakdown, sewer backup and flash flood insurance.
  • Has a good variety of discounts, such as price breaks for loyalty, paying by automatic funds transfer and having smart home systems (like Ring video doorbell).
  • Only available in 19 states.
  • Its personal liability coverage has a $25,000 limit applied to dangerous dogs and exotic animals.

States available In

American Family sells renters insurance in 19 states:

  • Arizona
  • Colorado
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Minnesota
  • Missouri
  • Nebraska
  • Nevada
  • North Dakota
  • Ohio
  • Oregon
  • South Dakota
  • Utah
  • Washington
  • Wisconsin

Why it’s the best

We like American Family for its generational discount, which gives lower rates to young adults who are children of American Family customers. The company also offers competitive rates with a very low level of complaints made to state departments of insurance.

More about American Family renters insurance: read our full review

Best for Discounts

Auto-Owners

Best Renters Insurance Companies Of August 2024 (16)

4.5

Best Renters Insurance Companies Of August 2024 (17)

Our ratings take into account renters insurance rates, coverage options and discounts. All ratings are determined solely by our editorial team.

Average renters insurance cost for $15,000 of coverage

$113 a year

Complaint level

Very low

Availability

26 states

$113 a year

Very low

26 states

Editor's Take

Auto-Owners Insurance has a very low level of complaints against it and competitive renters insurance rates for some personal property coverage levels.

More: Auto-Owners Renters Insurance Review

Pros & Cons

  • A wide variety of discounts are available to renters with Auto-Owners, such as ones for having multiple policies, going paperless and having protective devices in your rental—including deadbolt locks, smoke detectors and fire extinguishers.
  • Low-cost renters insurance for $15,000 a year of personal property coverage.
  • Auto-Owners’ optional Renters Plus package provides insurance for issues like food spoilage from power outages and water backup of sewer or drains.
  • Renters insurance rate for $200,000 of personal property coverage is on the high side compared to top competitors.
  • Rates for renters with lower credit scores are fairly high.

States Available In

Auto-Owners sells renters insurance in 26 states:

  • Alabama
  • Arizona
  • Arkansas
  • Colorado
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Minnesota
  • Missouri
  • Nebraska
  • North Carolina
  • North Dakota
  • Ohio
  • Pennsylvania
  • South Carolina
  • South Dakota
  • Tennessee
  • Utah
  • Virginia
  • Wisconsin

Why it’s the best

We were impressed by Auto-Owners’ range of discounts for renters, from going paperless to bundling coverage with other policies—such as auto insurance or life insurance—and for having protective devices in your home such as deadbolts or fire extinguishers.

More about Auto-Owners renters insurance: read our full review

Best for Military

USAA

Best Renters Insurance Companies Of August 2024 (20)

4.5

Best Renters Insurance Companies Of August 2024 (21)

Our ratings take into account renters insurance rates, coverage options and discounts. All ratings are determined solely by our editorial team.

Average renters insurance cost for $15,000 of coverage

$116 a year

Complaint level

Very low

Availability

Nationwide

$116 a year

Very low

Nationwide

Editor's Take

If you’re in the military or from a military family, you likely already know about USAA insurance. It offers competitive renters insurance rates to service people. Those who are eligible should consider USAA insurance.

More: USAA Renters Insurance Review

Pros & Cons

  • Offers various discounts for military members, such as for living on base or being enrolled in a service academy or military college.
  • Has a very low complaints level of complaints, which indicates quality customer service.
  • USAA’s optional technology coverage covers common accidents your electronics may suffer—such as damage from drops or spills—or if you lose your phone.
  • Available only to active military personnel and veterans and their families.
  • Renters insurance rates are higher than average for those with poor credit scores.

States Available In

USAA sells renters insurance in all 50 states and Washington, D.C.

Why it’s the best

Our analysis found that USAA consistently offers competitive rates for a wide variety of coverage limits, with especially affordable pricing for $15,000 in personal property. USAA also has discounts explicitly geared toward service members, such as those who are on active duty or are living on base. USAA sells its renters insurance exclusively to military members, veterans and their families.

More about USAA renters insurance: read our full review

Best for Renters with Poor Credit

Allstate

Best Renters Insurance Companies Of August 2024 (24)

4.0

Best Renters Insurance Companies Of August 2024 (25)

Our ratings take into account renters insurance rates, coverage options and discounts. All ratings are determined solely by our editorial team.

Average renters insurance cost for $15,000 of coverage

$109 a year

Complaint level

Very low

Availability

Nationwide

$109 a year

Nationwide

Editor's Take

Allstate has decent rates for some renters insurance limits and a very low level of complaints made about it to state insurance departments, making it worth checking out.

More: Allstate Renters Insurance Review

Pros & Cons

  • Offers the cheapest rates for renters with poor credit among the companies we evaluated.
  • Has cheap renters insurance for $15,000 of personal property.
  • Offers building improvements coverage for renters. This provides coverage for when you have made building upgrades to your rental and they are damaged by an incident covered by the policy.
  • Doesn’t offer many extra coverage options.
  • Has only a few discounts available for renters.
  • Rates for higher levels of renters insurance coverage are more expensive than most competitors.

States Available In

Allstate sells renters insurance in all 50 states and Washington, D.C.

Why it’s the best

Our analysis found that Allstate has the cheapest average renters insurance rates for those with poor credit ($15 a month) for $30,000 in personal property coverage. You could potentially save more than $100 a year by choosing Allstate compared to many of its competitors.

More about Allstate renters insurance:read our full review

BEST FOR EXPANDED COVERAGE

Country Financial

Best Renters Insurance Companies Of August 2024 (28)

4.0

Best Renters Insurance Companies Of August 2024 (29)

Our ratings take into account renters insurance rates, coverage options and discounts. All ratings are determined solely by our editorial team.

Average renters insurance cost for $15,000 of coverage

$174 a year

Complaint level

Very low

Availability

19 states

$174 a year

Very low

19 states

Editor's Take

Country Financial’s renters insurance rates are higher than most competitors in our analysis, but its expanded coverage and optional add-ons are a reason to comparison shop with Country—if it’s available in your state.

More: Country Financial Renters Insurance Review

Pros & Cons

  • Offers a Premier option that provides coverage for power surge damage to appliances, antique breakage and damage from spilled paint.
  • Provides a “welcome” discount to new customers that lasts for three years.
  • Has a very low level of complaints made about it to state insurance departments.
  • Country Financial is only available in 19 states.
  • Costs for all levels of renters insurance we analyzed are on the high side.

States available In

Country Financial sells renters insurance in 19 states:

  • Alabama
  • Alaska
  • Arizona
  • Colorado
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Minnesota
  • Missouri
  • Nevada
  • North Dakota
  • Oklahoma
  • Oregon
  • Tennessee
  • Washington
  • Wisconsin

Why it’s the best

We picked Country Financial for its superb expanded coverage. The company’s Premier policy provides enhanced coverage for power surge damage to appliances, as well as antique breakage and damage from spilled paint.

You can also purchase optional coverage for sump pump failure and sewer or drain backups.

More about Country Financial renters insurance: read our full review

Great for Add-on Coverage

Nationwide

Best Renters Insurance Companies Of August 2024 (32)

4.0

Best Renters Insurance Companies Of August 2024 (33)

Our ratings take into account renters insurance rates, coverage options and discounts. All ratings are determined solely by our editorial team.

Average renters insurance cost for $15,000 of coverage

$129 a year

Complaint level

Very low

Availability

43 states

and Washington, D.C.

$129 a year

Very low

43 states

and Washington, D.C.

Editor's Take

Nationwide has competitive renters insurance rates for various limits of personal property. It also has good rates for renters with poor credit.

More: Nationwide Renters Insurance Review

Pros & Cons

  • Offers a decent number of add-on coverage options, such as identity theft coverage, water backup and sump pump overflow coverage, a “brand new belongings” endorsement to replace your damaged items with new items and “protection boost” that raises your coverage on property located outside your residence.
  • Has a low level of complaints made about it to state insurance departments.
  • Renters can get a discount for having protective devices such as smoke detectors, fire alarms, burglar alarms or other devices.
  • Doesn’t have many discounts available to renters.

States available In

Nationwide sells renters insurance in Washington, D.C., and 43 states. It is not available in Alaska, Florida, Hawaii, Louisiana, Massachusetts, New Jersey or New Mexico.

Why it’s the best

We found that Nationwide offers a variety of optional coverage selections that are helpful for any renter. You can add coverage that covers water backup or overflow/discharge from a sump pump and coverage that pays up to $25,000 if you’re a victim of identity theft. There’s also coverage that pays (up to your chosen limit) unauthorized credit card or bank card transactions and forged checks.

You can also add on coverage that pays for brand-new belongings (instead of reimbursing you a depreciated amount) when your items are severely damaged or stolen.

There’s also coverage that “boosts” protection for your personal property stored off your premises. Normally limits are lowered for property that is away from your residence but protection boost coverage extends higher limits to items kept elsewhere, like a storage facility. Or if you’re moving to a new residence this covers you for up to 60 days from the time you begin your move.

More about Nationwide renters insurance: read our full review

Summary: Best Renters Insurance Companies of 2024

CompanyCompany - LogoForbes Advisor RatingForbes Advisor RatingAverage renters insurance cost for $15,000 in coverageComplaint levelLearn More CTA textLearn more CTA below textLEARN MORE
State FarmBest Renters Insurance Companies Of August 2024 (36)5.0Best Renters Insurance Companies Of August 2024 (37)$9 a monthVery lowLearn More
WestfieldBest Renters Insurance Companies Of August 2024 (38)5.0Best Renters Insurance Companies Of August 2024 (39)$11 a monthVery lowLearn More
American FamilyBest Renters Insurance Companies Of August 2024 (40)4.5Best Renters Insurance Companies Of August 2024 (41)$13 a monthVery lowLearn More
Auto OwnersBest Renters Insurance Companies Of August 2024 (42)4.5Best Renters Insurance Companies Of August 2024 (43)$9 a monthVery lowLearn More
USAA*Best Renters Insurance Companies Of August 2024 (44)4.5Best Renters Insurance Companies Of August 2024 (45)$10 a monthVery lowLearn More
AllstateBest Renters Insurance Companies Of August 2024 (46)4.0Best Renters Insurance Companies Of August 2024 (47)$9 a monthVery lowLearn More
Country FinancialBest Renters Insurance Companies Of August 2024 (48)4.0Best Renters Insurance Companies Of August 2024 (49)$15 a monthVery lowLearn More
NationwideBest Renters Insurance Companies Of August 2024 (50)4.0Best Renters Insurance Companies Of August 2024 (51)$11 a monthLowLearn More

*USAA is available only to the military, veterans and their families.

Ask an expert

How To Find the Best Renters Insurance

Best Renters Insurance Companies Of August 2024 (52)

Jason Metz

Insurance Lead Editor

Best Renters Insurance Companies Of August 2024 (53)

Amy Danise

Insurance Managing Editor

Best Renters Insurance Companies Of August 2024 (54)

Michelle Megna

Insurance Lead Editor

Best Renters Insurance Companies Of August 2024 (55)

Ashlee Valentine

Insurance Editor

Best Renters Insurance Companies Of August 2024 (56)

Les Masterson

Insurance Editor

Best Renters Insurance Companies Of August 2024 (57)

Penny Gusner

Insurance Senior Writer

Create a Home Inventory

I suggest you create a home inventory to figure out how much renters insurance you need for your personal property. It can be as simple as creating one with a pen and paper, a spreadsheet, or photos and video on your smartphone. You’ll then use your home inventory as the baseline to set your personal property coverage.

Jason Metz

Insurance Lead Editor

What Could You Lose in a Lawsuit?

Figuring out how much liability coverage you need can be confusing. That’s why I recommend buying enough liability insurance to cover what could be taken from you in a lawsuit. You’ll want to take assets like bank accounts, real estate and vehicles into account. If you need even more liability insurance, you can also buy an umbrella insurance policy.

Amy Danise

Insurance Managing Editor

Go With Replacement Cost Coverage

I would go with replacement cost coverage over actual cash value coverage. That’s because replacement cost coverage doesn’t take depreciation into account and pays to replace your damaged or stolen items with new items. But ACV pays only the value of your damaged or stolen items, minus depreciation. Replacement cost coverage is more expensive than ACV, but it’s much better coverage.

Michelle Megna

Insurance Lead Editor

Schedule Your Jewelry and Other High-Value Items

I’d encourage you to schedule high-value items like jewelry. That’s because renters insurance policies have “special limits” for stolen jewelry, such as $1,500. That won’t go very far if a thief swipes your $5,000 engagement ring. Scheduling personal property like artwork, collectibles and musical instruments covers your items for their full value.

Ashlee Valentine

Insurance Editor

Ask for Discounts

I think it’s worth asking your insurance agent if the company offers discounts for having a protective device (like smoke alarms and fire alarms), being claims-free or multi-policy discounts, such as bundling auto and renters insurance.

Les Masterson

Insurance Editor

Compare Renters Insurance Quotes

I recommend you compare renters insurance quotes from multiple insurers to find the best price. Make sure you request quotes for the same amount of coverage so you can accurately compare renters insurance policies.

Penny Gusner

Insurance Senior Writer

How Much Does Renters Insurance Cost?

Renters insurance costs an average of $143 a year for a policy with $15,000 of personal property coverage, according to our analysis of top companies. That comes out to around $12 a month.

  • The average cost of renters insurance is $186 a year for a policy with $30,000 of personal property coverage, according to our research. The average monthly cost is $16.
  • For double the personal property coverage—$30,000 compared to $15,000—you’d pay only a little more, around $4 more a month.

Renters insurance is an inexpensive way to protect your belongings and get valuable liability insurance. Renters insurance costs are often very similar among companies.

Renters Insurance Costs by Company

Company Average annual renters insurance cost for $15,000 of personal property coverage Average annual renters insurance cost for $30,000 of personal property coverage Average annual renters insurance cost for $50,000 of personal property coverage

Allstate

$109

$153

$215

American Family

$154

$189

$231

Auto-Owners

$113

$147

$196

Country Financial

$174

$201

$253

Nationwide

$129

$163

$207

State Farm

$102

$121

$153

USAA*

$116

$155

$196

Westfield

$136

$156

$183

Source: Quadrant Information Services. Rates include $100,000 in liability coverage and $1,000 in medical payments coverage.
*USAA renters insurance is available only to the military, veterans and their families.

Renters Insurance Costs by State

Renters insurance rates vary by state. North Carolina ($92 per year), Wyoming ($92 per year) and Iowa ($93 per year) have the cheapest renters insurance costs for $15,000 worth of personal property coverage.

Renters in Rhode Island ($345 per year), Louisiana ($298 per year) and Georgia ($287) pay the most expensive rates for renters insurance.

State Average annual renters insurance cost Average monthly renters insurance cost

Alabama

$185

$15

Alaska

$126

$11

Arizona

$147

$12

Arkansas

$190

$16

California

$188

$16

Colorado

$145

$12

Connecticut

$160

$13

Delaware

$112

$9

Florida

$134

$11

Georgia

$287

$24

Hawaii

$130

$11

Idaho

$114

$10

Illinois

$153

$13

Indiana

$136

$11

Iowa

$93

$8

Kansas

$150

$13

Kentucky

$140

$12

Louisiana

$298

$25

Maine

$124

$10

Maryland

$154

$13

Massachusetts

$185

$15

Michigan

$246

$21

Minnesota

$131

$11

Mississippi

$199

$17

Missouri

$139

$12

Montana

$134

$11

Nebraska

$152

$13

Nevada

$137

$11

New Hampshire

$110

$9

New Jersey

$112

$9

New Mexico

$126

$11

New York

$222

$18

North Carolina

$92

$8

North Dakota

$99

$8

Ohio

$126

$10

Oklahoma

$153

$13

Oregon

$132

$11

Pennsylvania

$160

$13

Rhode Island

$345

$29

South Carolina

$151

$13

South Dakota

$98

$8

Tennessee

$143

$12

Texas

$172

$14

Utah

$107

$9

Vermont

$119

$10

Virginia

$122

$10

Washington

$169

$14

West Virginia

$118

$10

Wisconsin

$98

$8

Wyoming

$92

$8

Source: Quadrant Information Services. Averages are based on $15,000 in personal property coverage.

What Does Renters Insurance Cover?

Renters insurance covers more than just your possessions. A policy will include other valuable coverage that’s sometimes overlooked, like liability insurance.

Personal Property Coverage

This covers your personal property, including items such as:

  • Furniture
  • Jewelry
  • Rugs
  • Clothing
  • Dishes
  • Pots and pans
  • Electronics

Renters insurance covers damage from problems such as:

  • Theft
  • Fire
  • Smoke
  • Vandalism
  • Falling objects
  • Explosions
  • Weight of snow and ice

You’ll select a policy limit for personal property, which is the maximum amount your insurance company will pay if your personal belongings are damaged or stolen. For example, you might choose $30,000 in coverage.

You’ll typically have a choice between replacement cost coverage and actual cash value (ACV). Replacement cost coverage is more expensive but it provides better coverage because it doesn’t take depreciation into account. For example, if you bought a laptop for $2,000 three years ago and it’s stolen, replacement cost would pay to replace the laptop at today’s retail prices (minus a deductible). ACV would pay only the depreciated value of the laptop.

Some items have “special limits” or sub-limits for certain types of losses. For example, a policy might limit stolen jewelry coverage to $1,000. That would be insufficient for a ring worth $5,000, for example.

If you need more coverage for high-value items, you can “schedule” them so you get paid what they’re worth if they’re stolen.

Liability Insurance

Many people think of renters insurance only in terms of coverage for property such as furniture. But renters insurance also gives you important liability protection. Liability insurance kicks in when you’re sued for injuries or property damage to someone else. This coverage also pays for your legal defense.

So if someone falls in your apartment—or your dog bites someone—and you get sued, you can tap your renters liability coverage.

A typical liability coverage amount within a renters insurance policy is $100,000 but for the best renters insurance you can increase that amount.

Medical Payments to Others

Medical payments coverage is typically included in a renters insurance policy and pays for smaller medical bills no matter who was at fault. For example, if a guest slips in your home and suffers a small injury, this could pay out regardless of fault. Coverage amounts are small and usually start at $1,000.

Additional Living Expenses

If you can’t live in your apartment because of a problem covered by the policy, additional living expenses coverage can pay for hotel bills, restaurant meals and other extra costs, like pet boarding fees. Remember to save all your receipts in order to make a claim.

This coverage is also called “loss of use.”

Does Renters Insurance Cover Roommates?

You can share renters insurance with roommates if your insurance company and state allow it. You’ll need to list your roommate’s name as an insured on your renters insurance policy.

Many renters insurance companies require roommates to have their own policies. That means your roommate won’t be covered under your policy if their belongings are stolen or destroyed by a problem such as a fire.

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Lemonade

Best Renters Insurance Companies Of August 2024 (64)

Average renters insurance cost

$14

a month

Availability

28 states + DC

Best Renters Insurance Companies Of August 2024 (65)

Learn More Best Renters Insurance Companies Of August 2024 (66)

On Lemonade's Website

$14

a month

28 states + DC

What’s Not Covered by Renters Insurance?

Renters insurance doesn’t typically cover:

  • The physical building where you live. The landlord’s insurance covers the structure and common areas, such as hallways.
  • Incidents that happen in common areas, such as a guest slipping on an icy sidewalk. That would fall under the landlord’s liability insurance.
  • Your roommate’s possessions
  • Vehicle damage or car theft. That’s covered by car insurance.
  • Damage caused by insects or pets
  • Floods
  • Earthquakes
  • Mudslides

Optional Renters Insurance Coverage

You can often add more protections onto a renters insurance policy, including:

  • Replacement cost coverage: Replacement cost coverage reimburses you for new, similar items if your belongings are damaged or stolen. The other option is actual cash value coverage, which reimburses you for the damaged property minus depreciation.
  • Scheduled personal property: Scheduled personal property is an add-on that provides higher coverage amounts for high-value items like jewelry and artwork.
  • Water backup: A renters policy may let you add coverage to help with issues concerning sewer and drain backups.
  • Personal cyber insurance. Personal cyber insurance pays for expenses if you are the victim of a cyber attack or identity theft.
  • Flood insurance. Disastrous floods are on the increase and can wipe away what you own. Whether it’s a flood from a hurricane or torrential rain, renters across the country can be affected by flooding. Flood insurance for renters is available from FEMA and can start at $100 a year.
  • Earthquake damage. Earthquake insurance for renters will cover damage to personal property in the event of an earthquake.

Is Renters Insurance Worth It?

Renters insurance can be worth it and is an affordable way to cover personal belongings, and don’t forget about its liability insurance and coverage for additional living expenses.

Here are common scenarios that renters insurance can cover:

  • Your personal belongings are destroyed. In a worst case scenario, like a fire, renters insurance will pay to replace your stuff. It’s a good idea to buy “replacement cost coverage” with your renters policy, so you’re reimbursed for buying new items, not the depreciated value of what you lost.
  • Your personal belongings are stolen. Renters insurance covers items stolen inside and outside your home. For example, if someone steals your luggage from a hotel room, that’s covered.
  • You own high-value items. If you own expensive items such as jewelry, art or musical instruments, renters insurance can pay to replace them if they are stolen or damaged by a problem covered by your policy. You may need to “schedule” certain types of items if your policy has sub-limits. For example, a renters insurance policy might have a $1,000 limit for stolen jewelry.
  • Someone gets hurt while visiting your home. Accidents happen. If someone gets hurt in your home and you’re legally liable, renters insurance will cover medical bills, legal costs and judgments.
  • You have a dog. If your dog bites someone—whether inside your apartment or away from home—you could suffer a major financial setback without renters insurance. Liability coverage within renters insurance can cover lawsuits like this.
  • You need money to live elsewhere if your apartment is being repaired. Coverage for additional living expenses pays extra costs such as hotel bills and restaurant meals if you can’t live at home because of a problem covered by the policy. For example, if you have to live in a hotel after a fire, you can get reimbursed.

How to Get a Renters Insurance Quote Online

It’s simple to get renters insurance online. You can even do it from your couch and without talking to a human. Insurance company websites generally offer free quotes online.

You may want to have basic information handy, such as how much coverage you want for your belongings, and how much liability insurance you need.

When shopping for renters insurance, don’t make decisions based solely on price. Instead, use additional metrics like customer service and consumer reviews.

Complaints Against Renters Insurance Companies

Complaints collected nationwide against renters insurance companies expose problem areas for some insurers. The National Association of Insurance Commissioners calculates a complaint ratio for each company that reflects the number of complaints in relation to each insurer’s size of business.

Among the companies we analyzed, all have complaint levels that are below the national average.

Best Renters Insurance Companies Of August 2024 (67)

Other Insurance Companies to Consider

If you’re unsure of which renters insurance company to choose, see Forbes Advisor’s renters insurance company reviews:

  • Allstate
  • American Family
  • Auto-Owners
  • Chubb
  • Country Financial
  • Erie
  • Farmers
  • Lemonade
  • Nationwide
  • Progressive
  • State Farm
  • Travelers
  • USAA

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Best Renters Insurance Frequently Asked Questions

What is renters insurance?

Renters insurance is a type of insurance that is specifically designed to meet the needs of tenants.

Renters can’t rely on a landlord’s insurance, which covers the building but not your belongings. Without renters insurance, you’d have to pay to replace all your possessions if a fire, tornado or other disaster rips through the building.

Renters insurance not only covers your personal belongings, but it also includes liability coverage and insurance for additional living expenses. Plus, coverage for guest medical payments can pay out for small injuries to guests (such as up to $1,000) no matter who’s responsible for the injury. While renters often focus on insuring their belongings, these other coverage types can prove just as valuable.

Do I need renters insurance?

Renters insurance isn’t legally required, but a landlord might require it. Even if your landlord doesn’t mandate coverage, renters insurance can be a wise financial decision.

Related: Do you need Renters Insurance?

Can a landlord require renters insurance?

Some landlords are requiring that tenants purchase renters insurance in order to avoid potential liability claims from renters due to damaged property from problems such as fire. Theft is another reason a landlord may require renters insurance for tenants.

Landlords who require renters insurance often do so by including a clause in the lease. For example, a lease might state that the renter must provide proof of renters insurance within 14 days of the first day of the lease.

Should I bundle renters and car Insurance?

You can often land a discount bybundling auto and renters insurance, and you’ll typically have the convenience of managing both policies from a single account. But bundling renters andcar insuranceisn’t necessarily the best move. You might find better prices by purchasing your car insurance and renters insurance from different companies. That’s why it’s a good idea to compare renters and car insurance quotes. And bundling won’t be the best fit if the insurer doesn’t sell the coverage you want. For example, not all auto insurers offeraccident forgiveness coverage.

What is the average cost of renters insurance per month?

The average renters insurance cost is $12 a month for $15,000 in coverage for belongings, according to Forbes Advisor’s analysis.

Does renters insurance include loss of use?

Renters insurance policies include loss of use, also known as additional living expenses coverage. If you can’t live in your apartment because of damage covered by the policy (such as a fire or tornado), this coverage pays for a hotel room and other extra costs.

Does renters insurance cover theft?

Renters insurance covers theft of personal belongings both inside and outside your home. A renters insurance will only pay up to your policy limits you have chosen. For example, if you have $20,000 worth of coverage, it will only pay up to that amount. You can buy higher policy limits.

Renters insurance has what are called “special limits” for certain types of items. For example, your policy might only cover $1,000 for stolen jewelry. That won’t cut it for expensive items such as a valuable watch. You can “schedule” valuable items, which provides extra coverage.

How do I file a renters insurance claim?

Filing a renters insurance claim is a straightforward process, but there are a couple of things you need to do before notifying your insurance company.

First, contact your landlord to let them know of any situation. If the problem is theft, file a police report. You’ll need a police report for a theft claim. Then, contact your insurance company or agent, but make sure you notify the company promptly.

The insurer will want to know as much as possible, including the cause of the damage or loss, what’s been damaged or lost, and whether you need to pay for temporary housing. It’s also wise to take photos of the damage. The insurance company may send an adjuster to review the damage and loss.

The renters insurance company will then decide how much you’re owed. You can appeal a decision if you feel that you should get more.

Do college students need renters insurance?

Renters insurance can be a wise decision if a college student lives off campus, such as an apartment, and who owns expensive items. If the student lives on campus, such as a dorm, parent’s homeowners insurance will likely cover their personal property.

If your college student lives in a dorm, find out if your home insurance policy has a limit on coverage for personal property in your child’s dorm, such as 10%—which is generally more than sufficient. For example, if you have a $100,000 personal property limit, your child’s belongings in a dorm room will be covered up to $10,000.

Best Renters Insurance Companies Of August 2024 (2024)

FAQs

What companies have the best renters insurance? ›

Compare the Best Renters Insurance Companies of 2024
CompanySample Monthly CostAM Best Rating
USAA » 4.0 U.S. News RatingN/AA++
Lemonade » 3.9 U.S. News Rating$15.09NR
American Family » 3.9 U.S. News Rating$30.49A
Erie Insurance » 3.8 U.S. News Rating$23.00A+
2 more rows

Who is most likely to purchase renters insurance? ›

Explanation: A tenant is most likely to purchase renter's insurance. Renter's insurance is a type of insurance policy that provides coverage for a tenant's personal belongings and liability in case of accidents or damages.

Is Lemonade or assurant better? ›

Lemonade has basic coverage but fewer extra features. Both companies offer various add-ons. Assurant lets you add extra benefits like coverage for pet damage to your own belongings, water sewer backup, identity fraud and earthquake damage to your possessions.

How often should you shop around for renters insurance? ›

For most people, shopping around for renters insurance once a year, around renewal time, is the best way to ensure you continue to get the best coverage at the best price.

How much is renters insurance ok? ›

The average cost of renters insurance is about $15 to $20 per month1. However, what you end up paying depends on a number of factors.

Is renters insurance really worth? ›

Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected loss, renters insurance may be worthwhile.

How much renters insurance do most apartments require? ›

According to the Investopedia article mentioned above, most renters insurance policies cover personal items, living expenses, and liability insurance (typically from $100,000 to $300,000 in damages).

What are the most common claims for renters insurance? ›

Things like theft, fire, vandalism, some types of water damage (such as from burst pipes), a windstorm, and so on. (These are what's known as 'named perils' in insurance speak.)

Is Lemonade a legit insurance company? ›

We at the Guides Home Team found that Lemonade stands out as one of the best homeowners insurance companies in the industry for its unique claim-filing process that uses a mobile app with artificial intelligence (AI) technology to process information and make payouts to homeowners seamlessly and hassle-free.

Why is lemonade insurance so cheap? ›

Lemonade's use of AI and machine learning means it has lower overheads and can offer rates as low as $25/month. But that doesn't mean we've forgotten how important a human touch is. While AI Maya expertly handles our basic customer inquiries, we know the value of personalized interactions.

Why is lemonade insurance so popular? ›

We created Lemonade as a purpose-built, technology-first, vertically-integrated and legacy-free insurance carrier. Insurance brands are some of the least loved and least trusted, and we came to understand that the cause is structural: every dollar your insurer pays you is a dollar less for their profits.

What is Lemonade renters insurance am best rating? ›

While Lemonade does not have a financial strength rating from credit agency AM Best, it received a financial stability rating of A (Exceptional) from financial analysis firm Demotech.

Why is my renters insurance so high? ›

The Cost of Renters Insurance by Location

Insurers look closely at the property crime rate in your area, which affects your likelihood of filing a claim for stolen property. Your risk of natural disasters, such as tornadoes or hurricanes, also affects your cost of coverage.

How should a person decide how much coverage she needs when selecting renters insurance? ›

Bottom line: Choose your coverage amount based on how much stuff you have and how much it would cost to replace them. Btw, if you need coverage for your big-ticket items, such as your jewelry or fine art, you'll want to look into our Extra Coverage (also known as scheduled personal property coverage).

Which of the following is covered by renter's insurance? ›

Renters insurance covers personal property, personal liability, medical payments and additional living expenses or loss of use, up to the limits of your policy.

What is the average cost of renters insurance in Washington state? ›

How much does renters insurance cost in Washington? In Washington, renters pay an average of $118 per year or $10 per month for a policy with $20,000 in personal property limits, $100,000 in liability coverage and a deductible of $500. Your actual rates may vary between $82 and $171 based on the insurer you choose.

What is the average cost of renters insurance in New Jersey? ›

The average cost of renters insurance in New Jersey is $15 per month, or $184 per year.

What is the cheapest renters insurance? ›

Based on our national cost data, State Farm offers the lowest overall premiums for renters insurance at around $10.50 per month. State Farm also performed well in our other rating categories, such as customer support availability, available communication channels and brand authority.

What is the average cost of renters insurance in California? ›

The Cost of Renters Insurance in California

According to data collected by Quadrant Information Services in 2023, renters insurance costs $187 per year or $15.58 per month on average in the state of California.

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