Best Renters Insurance Companies for 2021
Shopping for renters insurance can be confusing. We've done the research on over a dozen of the best renters insurance companies to bring you our top 5 picks.
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January 2021
Best Renters Insurance Companies
We've done the research to bring you our top 5 renters insurance picks.
Advertiser Disclosure: If you click on links in this post, we may earn a commission.
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Protects Personal Property
PRO RENTERS INSURANCE TIP: Renters insurance doesn't just cover the replacement of your belongings, but also protects you if someone gets hurt on your property. Limits usually start at $100,000.
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If you don't have renter's insurance, then it's important that you obtain a few quotes based on where you live and your current situation.
You shop around until you find the renter's insurance policy for your needs.
When you pay for renter's insurance, you can sleep at night knowing that you're protected. A renter's insurance policy protects your finances and your valuables.
Your renter's insurance policy protects your personal belongings, your personal liability and it gives you a place to stay if you can't live in your unit.
Your renter's insurance policy will cover your personal possessions in the event of theft or covered damage so that you don't have to worry about replacing every item.
Your policy will also protect you when it comes to personal liability so that you don't have to pay out-of-pocket if someone were to try to sue you after falling at your place.
Finally, your insurance policy will provide you a place to stay along with money for additional expenses in the event that you can't live in your unit due to a protected issue.
The best part of a renter's insurance policy is that you can customize it to fit your current budget so that you don't have to stress about the cost.
You can pay $5/month for a basic plan or you can spend $25/month for comprehensive coverage.
You can also usually bundle your renter's insurance with auto insurance to save money.
How We Score?
Our editors have researched over a dozen renters insurance companies, scoring them in four categories: price, customer service, policy options, and financial strength.
#1 - Lemonade Renters Insurance
Studenomics Score: 4.6 Out of 5 Stars
Lemonade is the first renters insurance company of its kind. The company has quick and affordable policies that are as transparent as an insurance policy can be.
Lemonade uses 20% of your fees to cover operating costs and the rest of the money goes towards covering claims. The leftover money is donated to a charity of your choosing.
You don’t have to worry about getting hassle over claims as the company doesn’t profit from denying claims.
You can sign up for Lemonade renters insurance in minutes and file a claim even faster. You can do everything from the mobile app so that you never have to spend hours on the phone trying to reach someone.
Pros & Cons of Lemonade:
Here are some of the main advantages and disadvantages of renters insurance through Lemonade.
What are the Pros?
What are the Cons?
Scoring Lemonade by Category:
#2 - State Farm Renters Insurance
Studenomics Score: 4.5 Out of 5 Stars
State Farm is an established company that has become a household name offering insurance nationwide since 1922.
With a company that has the financial ratings (A++ from A.M Best) of State Farm, you don’t have to worry about claims being paid out.
State Farm offers extensive coverage (starting at $20,000 for personal property) on policies that can be easily customized so that you find the ideal policy for your situation all across the country.
You can also bundle your insurance with State Farm so that you can save money and simplify your life.
Pros & Cons of State Farm:
Here are some of the main advantages and disadvantages of renters insurance through Lemonade.
What are the Pros?
What are the Cons?
Scoring State Farm by Category:
#3 - Progressive Renters Insurance
Studenomics Score: 4.3 Out of 5 Stars
Progressive has been offering insurance products since 1937 and has become a well-known company for auto and renters insurance.
Progressive has a helpful mobile app and simple claims process so that you don’t have to feel overwhelmed.
You can find many discounts with Progressive to help you save money on your insurance. You can bundle your insurance or look for payment discounts to help you save a few bucks.
You can also find optional coverage (everything from computers to medical) to help you sleep at night knowing that you have the protection that you need.
Pros & Cons of Progressive:
Here are some of the main advantages and disadvantages of renters insurance through Lemonade.
What are the Pros?
What are the Cons?
Scoring Progressive by Category:
#4 - Assurant Renters Insurance
Studenomics Score: 4.3 Out of 5 Stars
Assurant renters insurance offers coverage that you won’t find with any other insurance company. The flexible policies allow you to customize your renters insurance to your unique situation and budget.
You have extra coverage for pets and you even get unemployment protection in the event that you should lose your job.
You can also add your roommate to your policy at no extra cost. This alone can save you some decent money.
Assurant also offers low deductibles ($100 and $250) that you won’t find anywhere else which could be a lifesaver if you do have to file a claim one day.
Pros & Cons of Assurant:
Here are some of the main advantages and disadvantages of renters insurance through Lemonade.
What are the Pros?
What are the Cons?
Scoring Assurant by Category:
Best Renters Insurance Company Reviews
What Is New With Renters Insurance in 2021?
A lot has changed with renters insurance since this article was originally published. Many people are now working from home and spending more time at home than ever before.
What does this mean for renters insurance?
Since you're working from home, you likely upgrade your home office or you finally bought a desk so that you're not working from the couch anymore.
You may have upgraded your home, done some renovations around the place, or just bought new furniture to feel more comfortable.
You now have more belongings and it's important that you cover these items with renters insurance. You don't want to be stuck trying to replace that new couch if it were to get damaged.
There's also a good chance that being at home more means that there's a higher chance of an accident (kitchen fire or flooding from the unit above).
It's important that you go over your renters insurance policy (more on this if you scroll down) to ensure that you have the adequate coverage to protect all of your belongings.
What Is Renters Insurance and Why Do I Need It?
Renter’s insurance is financial protection for you, your personal liability and your personal belongings.
Your renters insurance policy will pay for your belongings in the event of a covered loss (theft or damage). You could have everything replaced in the event of a home burglary or some sort of a fire that ruins your entire place.
Your landlord’s insurance only covers the structure of the unit. You need your own insurance to protect yourself and your valuables (everything that you worked so hard for).
Your renters insurance will also protect you financially when it comes to your personal liability.
Something as simple as a friend getting hurt while preparing dinner at your place could set you back thousands of dollars in medical and legal fees.
The few dollars per month that you spend on a renters insurance policy will protect you in the future when you need it the most. Toggle renters insurance is a great place to consider when looking to protect ones assets.
We know that you don’t want to think of the worst case scenario, but we never know what life will throw at us. You don’t want an innocent kitchen fire to ruin you financially when all of your belongings are damaged and you have to cover the fees of damaging other units.
Check out our full article on what is renters insurance and why you need it.What Does Renters Insurance Cover?
Now that you know what renter’s insurance is and why you need it, it’s time to see what renters insurance covers.
Many people are confused about what’s actually covered by their renter’s insurance policy. They're not even sure if it's worth it.
A recent study published on CNBC showed that most customers with renters insurance didn’t even realize what was covered by their policy...
Check out our entire guide on if you’re looking for a detailed look.“The survey found that 81% of respondents with insurance didn’t know that a rug ruined by an overflowing toilet is covered, while 84% were unaware that a guest tripping and breaking ankle in their apartment is also covered. In addition, 57% didn’t know renters insurance will cover temporary housing if a home becomes uninhabitable due to a fire in a neighbor’s apartment.”
What does renters insurance cover?
There are three main areas that renters insurance covers:
1) Your personal property
This refers to everything that you own. Your renters insurance policy will replace your valuable possessions in the event of damages, theft, or vandalism. Your valuables range from everything from a laptop to your favorite pair of jeans.
Fun fact: your personal items are also often covered in a storage unit or when you travel. Your laptop could be replaced if it gets stolen out of a suitcase while you’re on vacation. Roost Renters Insurance has a great customer service app that will save you time on a claim.
2) Your personal liability
Your renters insurance policy will cover you in the event that you should get sued or have to deal with any legal issues due to a covered situation.
What’s an example of personal liability? A friend could trip over a wire while at your place and get injured. Your renters insurance policy would cover their medical expenses and any legal fees if they decide to sue you.
3) Your loss of use
If you can’t live in your unit due to a covered loss, you’ll be put up in a hotel where your meals are covered.
So let’s say an accidental cooking fire or a home burglary make it impossible for you to stay in your own home. Your renters insurance policy would put you up in a hotel and cover the costs of your meals along with additional incurred expenses.
Check out our entire guide on what renters insurance covers if you’re looking for a detailed look.
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How Much Is Renters Insurance?
This is the first question that we normally get when we start sharing resources about the topic.
Most renters think that renters insurance is either too expensive or they shouldn’t bother with it since they don’t own enough to make it worth it.
This is why we’ve done a deep dive to share everything you could want to know about the cost of renters insurance.
How much is renters insurance per month? In an interesting note, there were many misconceptions about how much renters insurance costs.
We obtained quotes and looked through research to find the average cost of renters insurance around the nation.
According to the research, the average cost of renters insurance is $16/month.
Aptly names, Epremium renters insurance is available only online and has some the cheapest renters insurance rates in town!
You can even find a renters insurance policy at $5/monthy depending on where you live and what your situation is.
This leads to an obvious question about the average cost of renter’s insurance.
How much should I pay for renters insurance?
Most people just don’t know what is a good price for renters insurance and they assume that it may cost more than it does.
You can easily find a renters insurance policy that fits your budget and lifestyle.
How much does 100k renters insurance cost?
This is also another common question. The good news is that a standard renters insurance policy includes $100,000 worth of personal liability to protect you.
What this means is that your valuables and your personal liability can be covered for less than the average price of take-out.
How to Save Money on Renters Insurance
Did you know that there are many ways that you can save money on renters insurance?
You don’t have to spend a fortune on insuring yourself and your valuables. You can even reduce the rate of a renter’s insurance policy with a few tips.
How can you save money on renter’s insurance? Here are our pro tips...
Increase the security of your home.
Did you know that installing approved security devices could help you save money on renters insurance?
If you improve the security of your home, you’ll find lower rates.
When you look for renters insurance quotes, you’re going to be asked about the safety of your home. You'll be asked about fire alarms, deadbolt locks, and even about how far you are from a fire station.
Choose a higher deductible.
If you increase your deductible (what you pay out of pocket for a claim), you’ll reduce your monthly premium.
Take actual cash value for a lower insurance premium.
If you take the actual cash value then you’ll be reimbursed for losses based on the current value of your belongings with depreciation factored in.
Work on your credit score.
What’s your credit score like? If you can improve your credit score (make payments on time or pay down some debt), you’ll be deemed more reliable and will get a lower rate on your renters insurance policy.
Dog obedience training.
Has your dog been trained? Insurance companies worry about pets because your pet can bite a guest who will then turn around and sue you. The insurance company would then have to worry about medical bills
The average cost of renters insurance will go down when you apply these tips.
Get a Renters Insurance Quote Online & Buy Today
Rates as low as $5 to $12 per month.
How to Get Renters Insurance
How do you get renters insurance? The trick is to obtain a few quotes before you choose a renters insurance company.
Here’s how to get renters insurance in a few easy steps:
- Take an inventory of your possessions.You want to ensure that everything is covered.
- Think about how much personal liability you would feel comfortable with.
- Get a few quotes about your situation (where you live, who you live with, and so on).
The good thing about renter’s insurance is that you can customize your policy to match your situation. You may need additional protection based on where you live and what you own.
You can read up more on how to get renters insurance.Here's How Much Renters Insurance You Need
It’s may be confusing to figure out how much renters insurance that you need if you’re new to this process. Luckily, we have you covered.
Here’s how much renters insurance you need:
Tip #1: Take a look at what you own and factor this into your personal property coverage.
Are your possessions worth $10,000? Are your valuables worth $20,000?
You want your renter’s insurance to cover everything in the event of a fire or some sort of disaster. You don’t want to be stuck trying to pay to replace your valuables in an already stressful situation.
Tip #2: Be realistic with your living situation.
If you’re planning on throwing many parties, then you’re going to want more personal liability protection.
If you live in a community prone to flooding or an area that you don’t deem to be safe, you’re going to want to make modifications to your policy.
Tip #3: Find a renter’s insurance policy that fits your budget.
The good news is that you can customize most insurance policies to match your budget and situation.
Here’s a quick summary of how much renters insurance you need:
- Calculate the value of your personal property.
- Think about how much liability you want.
- Find a policy that fits your budget based on a monthly premium and deductible that you can afford.
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Where to Get Cheap Renters Insurance
Are you looking for cheap renters insurance? Are you worried about breaking the bank with insurance when you already have enough expenses?
Since we often get questions about what is a good price for renters insurance, we wanted to show you how to find cheap renters insurance.
Here’s how you can get cheap renters insurance…
- Look around for a few quotes.
- Consider reducing your coverage if you’re on a tight budget.
- Think about increasing your deductible.
- Bundle your auto insurance and renters insurance.
Here’s an interesting tidbit from an aforementioned article linked in here: Hawaii is the least expensive state for renters insurance while Florida is the most expensive state.
This page should point you in the right direction when it comes to renter’s insurance. This small monthly investment could save you thousands of dollars in the future.