Best renters insurance companies in 2024

Do I need renters insurance?

In your rental agreement, your landlord or property management company might have specified that you are required to get renters insurance, a type of coverage primarily designed to financially protect you — not your landlord — in the event of loss or damage to your personal belongings. Renters insurance costs an average of $170 per year or $14 per month, according to the Insurance Information Institute.

In addition to providing coverage for your personal belongings, renters insurance also offers coverage for incidents that affect your guests. Imagine a guest slips at your residence, sustaining an injury. In this case, if you are found negligent for their injuries, renters insurance could help pay for their medical costs. If the injury results in legal action, renters insurance could also help pay legal fees. Additionally, insurers commonly offer coverage for relocation and food if your rental becomes temporarily uninhabitable due to a covered claim.

Even if your lease agreement does not require renters insurance, most insurance professionals recommend that you have it. If your apartment is burglarized, for instance, you could be stuck paying for new items completely out of pocket. The cost is relatively low considering the amount of financial protection you receive from a renters insurance policy.

Best renters insurance companies

Bankrate researched dozens of insurers to identify our picks for the best renters insurance companies available. The following companies have high customer satisfaction ratings per J.D. Power, a leading third-party source for industry research, and have received “Excellent” or “Superior” ratings from AM Best. Having a positive rating from AM Best indicates that an insurance company has historically been able to meet ongoing financial obligations like operating costs and claims. Additionally, the companies below either include additional protections or offer them as add-ons to your renters policy, such as pet insurance and flood coverage.

Allstate

BEST FOR: Discount opportunities

Allstate tied with USAA for Best Home Insurance Company Overall in the 2024 Bankrate Awards. Although the Bankrate Awards focus on homeowners insurance rather than renters, many of the same homeowners features also translate to the company’s renters insurance product. For instance, Allstate won partly thanks to its highly-rated mobile app and wide network of brick-and-mortar agencies. Additionally, Allstate offers even more savings opportunities with its multiple policy discount, 55 and retired discount and Easy Pay discount for scheduled monthly payments. However, Allstate received a middle-of-the-road rank in J.D. Power’s 2023 U.S. Home Insurance Study for renters insurance customer satisfaction. While the score is not significantly lower than the industry average, customers seeking exceptional customer service may want to carefully weigh how the carrier stacks against other options.

Learn more: Allstate Insurance review

Erie

BEST FOR: Regional coverage with robust options

Erie Insurance has a stellar reputation built upon affordable rates and an easy-to-navigate claims service. In fact, it was ranked first in the J.D Power Study for renters satisfaction. Erie offers considerable discounts on bundles, additional living expenses if you need to find a temporary place to live and the option for extra coverage for things like identity recovery and your more expensive personal items. Unfortunately, Erie only offers renters insurance in roughly a fifth of the U.S., but it could be an excellent choice if you live in one of the areas it services. States covered are Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, Wisconsin and the District of Columbia.

Learn more: Erie Insurance review

Liberty Mutual

BEST FOR: Renters on a budget

Liberty Mutual could be a great choice for renters on a tight budget. The company advertises that its policies start at just $5 per month. Although the coverage options available are fairly basic, you might be able to add replacement cost coverage for your belongings, as well as jewelry coverage or earthquake coverage. However, Liberty Mutual has had  a higher-than-average complaint index score with the National Association of Insurance Commissioners (NAIC) for the past three years. A consistently high complaint trend indicates that customers are unhappy with the company’s service. But, it was ranked above average by J.D. Power. To get a better idea on Liberty Mutual’s renters insurance, you may want to speak to a neighbor, coworker or friend who currently has a policy.

Learn more: Liberty Mutual Insurance review

Lemonade

BEST FOR: Digital policy management

Lemonade is another 2024 Bankrate Award winner for Best Digital Home Insurance Company. Lemonade terms itself as “insurance for the 21st century.” Its mobile app, powered by Maya, its artificial intelligence bot, helps renters get a quote, manage their policy and file a claim all in one place. Renters who want an insurance company focused on global causes will appreciate that a portion of leftover premiums is donated to many different causes like the Malala Fund, the Trevor Project and March for Our Lives. However, the all-digital experience means renters won’t be able to have in-person customer service. Additionally, Lemonade renters insurance is only available in 28 states and Washington, D.C.

Learn more: Lemonade Insurance review

Nationwide

BEST FOR: Customer service experience

If you’re looking for world-class customer service, then Nationwide might be worth checking out. Out of all the renters insurance companies that J.D. Power officially ranked in 2023, Nationwide placed fourth. Although Nationwide might be a little more expensive than average (the company states that its renters policies start at $20 a month), the added expense could be worth it to the right shopper. Additionally, Nationwide offers a Brand New Belongings endorsement, which could help you replace your items for their replacement value rather than actual cash value (which takes into consideration depreciation).

Learn more: Nationwide Insurance review

State Farm

BEST FOR: Local offices

State Farm offers renters insurance throughout the U.S., making it a great option for renters in underserved rural areas or areas. But it’s not just State Farm’s wide availability that may make it a good option. The company also has exceptional ratings from companies like J.D. Power and AM Best, which could make it a safe bet for your renters policy. Although State Farm doesn’t offer nearly as many discounts as some of the other providers we’ve chosen, you might lower your premium if you insure your car with State Farm or if you have security devices installed in your apartment.

Learn more: State Farm Insurance review

The Hartford

BEST FOR: Policyholder perks

To qualify for The Hartford, you must be a member of AARP — and despite common belief, you do not need to be age 50 or older to qualify for membership. However, AARP members get exclusive access to a long list of discounts and perks as well as access to The Hartford renters insurance. The Hartford policyholders could save on hotels, gas, plane tickets, cell phone plans and more. The carrier’s New for Old protection also comes standard in its renters policies, which offers replacement cost for your items if they are damaged or destroyed in a covered loss. Additionally, The Hartford may give you a discount on your renters policy simply for living in a gated community.

Learn more: The Hartford Insurance review

USAA

BEST FOR: Military-centric coverage

USAA tied for Best Home Insurance Company Overall in the 2024 Bankrate Awards, partly due to its high J.D. Power scores and nationwide availability. The company has a stellar reputation among consumers and the insurance industry, and it offers renters insurance policies geared toward military families. The basic policy includes coverage for personal property, personal liability, medical payments and additional living expenses. Flood coverage is also included in standard USAA renters insurance policies, which is notable considering that flood insurance typically has to be purchased separately.

However, USAA is not available for everyone, which could be considered a major drawback of the company. Only military members, veterans and qualifying family members may be eligible for coverage. Unless you fit one of these categories, you will not be able to purchase a USAA policy.

Learn more: USAA Insurance review

How to compare renters insurance companies

With so many renters insurance companies on the market, how do you choose which provider is right for your needs? Deciding which renters insurance is best for you will depend largely on your particular living situation and coverage preferences. Our insurance editorial team has put together some easy-to-follow steps to aid with the process.

1. Make a list of potential providers. A great way to find the right policy is to identify which providers you think could be a good fit. If you own a car, consider getting a quote from your car insurance insurance provider (if it offers renters insurance). That way, you could earn a bundling discount. It also helps to think about what is most important to you — do you prefer to handle your policy via a mobile app or in person? Is having 24/7 customer service important to you? Asking yourself questions like these can help you hone in on the best renters insurance companies for your needs.
2. Have your information on hand. Once you know where you want to get quotes from, take a moment to gather your personal information. Typically, to get a renters insurance quote you will need to provide your address, type of property you are renting and what kind of safety features are on your property (fire extinguishers, security cameras, etc.). Having all of this information ready to go can help speed up the quote collection process.
3. Compare quotes. Once you have all of your personal information ready, you can start requesting quotes. Be sure that you’re entering the same coverage limits and other information so you can make an apples-to-apples comparison.
4. Review coverage offerings. While price is an important factor in finding a renters insurance policy, it’s not the only thing to consider. Review your quotes to make sure the coverage limits are what you need, especially as some landlords require their tenants to have a policy with a certain liability limit.

Additional renters insurance comparison considerations

Like any insurance policy, renters insurance is not one-size-fits-all. Every renter has different needs, budgets and priorities. When choosing a renters insurance company and personalizing your policy, you may want to consider:

• The value of your belongings: To help ensure you do not over- or under-insure your belongings, you could create a home inventory. This exercise could help you estimate the total value of your belongings so that you choose an appropriate personal property coverage amount.
• If you have any high-value items: Possessions like fine jewelry, collectibles, fine art, guns or antiques often have set coverage limits included within a policy. For example, without alterations to a policy, you might only have $1,000 in coverage for jewelry, regardless of how much personal property you buy. Scheduling your high-value possessions can provide more accurate and broader coverage.
• If you have a pet: You might not consider your pet when you buy renters insurance, but you should. While many pets are covered for liability, some dog breeds and exotic animals are often excluded. If you have one of these animals, you probably want to look for a company that will extend liability insurance to it. That way, if your pet injures someone, your insurance can step in to help pay for the bills.
• How often friends and family visit: If you like to host events at your home, or often host large parties of people, keeping this in mind could help you determine the right amount of liability insurance for your needs.
• What company insures your vehicle: Many car insurance companies also offer renters insurance. When you bundle your policies together, you could see significant savings. Plus, there’s the added convenience of having all your insurance policies in one place.

If you aren’t sure where to start in your search for renters insurance, sitting down with a licensed insurance agent can be helpful. An agent can listen to your needs, circumstances and concerns and help recommend companies, coverage types and policy features that fit your situation.

What does renters insurance cover?

Renters insurance typically covers damage to your personal items, additional living expenses and situations where a guest is injured. These things are generally not covered by your landlord’s insurance policy. Similar to homeowners insurance policies, covered perils generally include fire, theft, falling objects, items stored outside of your rental and medical coverage for guests.

• Personal property: Coverage for your personal property is not included in your landlord’s insurance for rentals. Purchasing renters insurance allows you to protect items like your laptop, clothing and furniture. Even if your personal property is stored away from your rental, coverage generally extends up to a certain limit to anywhere your personal property is kept.
• Additional living expenses: If your rental becomes uninhabitable due to a covered loss like a fire, renters insurance helps cover the resulting costs from having to stay outside your home while it is being repaired. This could include fees for hotels, food and other necessary costs.
• Medical payments and liability: If a guest gets injured within your rental property, guest medical protection is available to help pay for potential medical bills resulting from the accident, regardless of fault. If you are found negligent for someone’s injuries and they issue a lawsuit for the injury, liability insurance also can help with legal fees, medical expenses, payments for pain and suffering and lost wages.

Depending on the common risks where you live, you may want to consider add-ons and additional coverage options where available. You may choose to add earthquake coverage if you live in a state more prone to those damages, for example. Other factors to consider when choosing a policy are the replacement costs of your most valuable items. Flood insurance is another common policy renters purchase alongside their coverage, since it can financially protect your personal property if it is damaged in a flood.

Frequently asked questions