10 Companies Providing the Best Renters Insurance

renter's insurance

Renters insurance can protect you when renting a home or apartment. However, many renters do not get such a policy. According to an Assurant Survey, 45 percent of tenants lack renter’s insurance coverage even though it is affordable. On average, renter’s insurance premiums cost $15 to $30 per month based on location and other factors. As a renter, this type of insurance can protect you against fire, theft, or potential liabilities such as your dog biting a neighbor. According to Business Insider, if someone sues you for a dog bite, renters’ insurance can help you to avoid a long court case or make payments to satisfy civil judgments. Below is a list of 10 companies that provide the best renters insurance. We considered coverage standards and limits, price, claims processing, and customer service to rank them. The insurance firms included here represent the best combination of ease of use, coverage, and price.

10. USSA

According to Value Penguin, USSA is the best insurance company for people in the military. The insurer offers military-friendly coverages and excellent customer service. For instance, it provides deductible-free coverage for people who lose their military uniforms. USSA also provides cost-effective renter’s policies, including replacement expense coverage and protection against earthquakes and floods. Many renters’ insurance policies do not include coverage for these perils.

Pros

  • It has gained high customer satisfaction ratings.
  • Offers investing and banking products in addition to insurance
  • It offers policies nationwide

Cons

  • Only available to veterans, military, and their families.

9. Allstate

This is an insurance giant, and it offers the premier online experience. It was established in 1931 in Illinois and has almost a century of expertise in insuring homes, vehicles, and other property. Tenants insured by this company have access to two main apps, Digital Locker and Allstate Mobile. Allstate Mobile allows customers to file claims, pay bills and review coverage information. Digital locker provides a way for customers to store photos of their personal belongings if they need to make claims.

Pros

  • Offers 24/7 customer service
  • Has strong ratings from J.D. Power
  • It offers extensive discounts

Cons

  • Its premiums are higher than those of its competitors.
  • Has poor to average ratings from some customers in some subregions and states.

8. Erie Insurance

This insurance company provides liability and personal property coverage for tenants in covered states. It also offers coverage for living expenses. It does not offer insurance in many states. It is available in Washington DC, Wisconsin, West Virginia, Virginia, Tennessee, Pennsylvania, Ohio, North Carolina, New York, Maryland, Kentucky, Indiana, and Illinois. Erie Insurance provides outstanding customer service for customers who need answers about their policies or need to file a claim. It offers cost-effective policies for most budgets.

Pros

  • Excellent customer service
  • Has a high rating from J.D. Power
  • Offers multi-policy discounts

Cons

  • Limited availability

7. Liberty Mutual

This insurance firm makes it easier for its customers to file claims online with a systematic process in its portal that requests incident photos and details. It also provides cost-effective rates for renter insurance. Customers get discounts when they bundle coverage or go for five years without filing a claim. Standard policies include coverage for personal property, liability, additional living expenses, and medical payments. The customers who need more than that can add coverage for damage resulting from earthquakes, jewelry, and replacement expenses for personal property. Liberty Mutual operates all over the U.S.A and customers can file claims 24/7 online or use the insurer’s mobile app.

Pros

  • It is easy to file claims online.
  • Customers can obtain discounts if they bundle coverage.
  • Customers can file claims within ten minutes or less.
  • It offers affordable customized insurance for as low as 5 dollars a month.

Cons

  • The availability of discounts varies from one state to another

6. Toggle

For people who run side hustles or businesses, Toggle can help in protecting their business and personal property. According to Get Toggle, renters insurance policies come in 3 subscription categories: Premium, Standard, and Basic. This firm’s renter’s insurance provides coverage for customers wherever they are. Therefore, people who travel for work or run businesses from their homes can get coverage for events like losing their laptops in airports or getting mugged as they travel. Customers can also add coverage for identity theft or pets. Every year, customers are covered and do not file claims, Toggle reduces their deductible to help them save money during claims. Toggle has the most comprehensive coverage for digital nomads and people who work from home. People who run a side hustle or home business can ensure that possessions such as cameras, computers, and other business supplies or equipment are covered.

Pros

  • Offers coverage for business equipment
  • Customers can make policy changes online easily

Cons

  • Is only available in 25 states

5. Nationwide

This insurer provides basic insurance that covers loss of use, personal property, building alterations or additions, medical payments to other people, personal liability, and unauthorized credit card charges. Renters may also add coverage for collectibles and valuables, water damage, earthquakes, and theft protection for personal possessions stored in watercraft or vehicle trailers. Discounts are available for people who have several insurance policies with Nationwide for those who live in homes with protective devices like burglar systems or smoke alarms. Tenants can also obtain a discount for keeping their policies claim-free. This insurer also offers an On Your Side Review. This feature enables tenants to get a personalized review of their insurance to ensure they have the appropriate coverage and obtain every possible discount.

Pros

  • It offers many discounts that can minimize premiums
  • Basic policies include coverage for stolen credit cards.
  • Tenants can add coverage for high-value items and collectibles.

Cons

  • The most cost-effective option costs about $20 per month.

4. Farmers

J.D Power gives Farmers insurance a better than average rating for claims satisfaction. The firm provides standard renters insurance policies with discounted prices for being non-smokers and for installing home security systems. Coverage includes personal property, personal liability, medical payments, replacement expenses for personal property, and additional living expenses. Customers can bundle renters’ policies with life, umbrella, and auto insurance, among other policies. Tenants can get an online quote, and they can also file a claim online when they experience a covered loss. AM Best has given Farmers an A rating, and this is a sign of its operating ability and financial strength. It offers customer service seven days a week. In addition, it provides claims service 24/7.

Pros

  • It offers many kinds of coverage.
  • Has a high rating for claims satisfaction.
  • Offers online quotes and the opportunity to file claims online.

Cons

  • Availability of discounts varies from one state to another.

3. American Family Insurance

This insurer provides cost-effective coverage for renters and it includes a tenant’s liability, medical bills, personal property, replacement expenses for stolen possessions, and accommodation expenses if a tenant is unable to stay in a rental house due to a covered event. It also provides add-on coverage for identity theft protection, pet medical insurance, home business space, and home office. In the opinion of Investopedia, you can get discounted tenants insurance coverage from American Family Insurance in multiple ways, including smart home discounts, multi-policy discounts, and autopay discounts. Bundling renter’s insurance from this insurer with car insurance can save customers 15 percent on their renter’s insurance policy. This is almost the same as what other firms provide in terms of discounts. Diminishing deductible coverage can reduce customers’ deductibles as long as they maintain their policy. This is another way for tenants to reduce the expense of renter’s insurance.

Pros

  • Consumers can get quotes online
  • Many discount options are available

Cons

  • J.D Power gave the company a slightly below average rating

2. MetLife

This is a well-recognized insurance company that provides renters insurance. Basic policies include coverage to replace and repair the property, up to the entire value of the property. Additional coverage is also available for tenants who would like to insure specialty items like musical instruments, electronics, sports equipment, and luxury items for up to $15,000. The company offers renters insurance in all fifty states. Standard policies provide liability coverage of $25,000 to $500,000. Discounts are available through certain membership organizations and employers, enabling tenants to save money on premiums. Multi-policy discounts are also available, and they allow tenants to save money. MetLife provides customer service 24/7. It also offers online quotes for basic coverage. MetLife has almost the same coverage inclusions as State Firm and offers member organization discounts.

Pros

  • It offers flexible payment plans
  • Excellent customer support
  • Each policy includes identity protection services

Cons

  • Standard policies do not include loss of use

1. State Farm

This insurance firm offers renters insurance all over the United States at cost-effective rates with customizable policy options. State Farm also provides multi-policy discounts and discounts for installing home security systems. AM Best gave this insurer an A-plus rating because it is financially sound and able to pay claims. Its renter’s insurance provides coverage for many losses and offers loss of use if a property becomes uninhabitable after a loss. Yet it excludes damages to the property itself, damage related to landslides, earthquakes, animal activity, deterioration, and water damage resulting from flooding. Tenants can also choose to buy add-on coverage, including indemnity restoration and pet medical insurance.

Pros

  • It offers instant online quotes
  • The policies can be customized
  • It offers multi-policy discounts
  • National presence

Cons

  • Deals differ from one state to the other.

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