Advertiser Disclosure
Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card companies and banks from which receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. does not include all banks, credit card companies or all available credit card offers, although best efforts are made to include a comprehensive list of offers regardless of compensation. Advertiser partners include American Express, Chase, U.S. Bank, and Barclaycard, among others.

11 Best Renters Insurance Companies for 2024

Think you don’t need a renters insurance policy unless you’re older, well-off, and have expensive furniture or art collections?

If so, you’ve bought into one of the myths about renters insurance. And without basic personal liability coverage for your property, you’re playing fast and loose with your financial future.

Peace of mind is priceless, and it costs less than you may think to protect yourself from potential financial ruin. Fortunately, there are plenty of cheap renters insurance coverage policies to choose from.

11 Best Renters Insurance Companies for May 2024

These are the best renters’ insurance companies on the market. But no two insurers are alike, so before choosing a policy, carefully consider each company’s relative strengths and weaknesses, not just their insurance rates.

Pay special attention to feedback from third-party rating agencies, such as A.M. Best and J.D. Power. Their word matters more than a thousand anonymous customer reviews.

1. Amica: Best Overall

  • AM Best rating: A+
  • State availability: All states except Hawaii
  • Complaint volume: 42 in the last 12 months

Amica delivers reasonably priced, customer-friendly renters insurance with a smile. Policies start under $4 per week, although your actual premium will vary based on where you live, your coverage, and any optional add-ons you choose.

Amica has a rapid application process, putting a policy together within minutes, and if you combine policies such as auto, life, or umbrella policies, they offer a 15% discount. 

To top it off, Amica offers a loyalty discount once you’ve been with ANY insurance company for at least two years, showing continuity in coverage. They also offer a claim-free discount if you haven’t had any claims for three years.


  • Low premiums
  • Loyalty discount
  • Rapid application process


  • Fewer discounts than some competitors
  • Costs extra for replacement cost coverage of personal belongings

Get Your Quote

2. Erie Insurance: Best Bundle Discount

  • AM Best rating: A+
  • State availability: Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and Wisconsin
  • Complaint volume: 73 in the last 12 months

Erie Insurance is renowned for deeply discounted policy bundles. Combine your renter’s policy with auto, life, car, or other policies, and you could qualify for premium discounts of up to 25%.

Erie Insurance has over 13,000 independent agents and ranked second overall in customer satisfaction in J.D. Power’s 2020 home insurance study.

They currently have over 6,000 active home, auto, and business insurance policies.


  • Many coverage options
  • Opportunities for discounts
  • Customization options available


  • No online quotes
  • Limited state availability

Get Your Quote

3. Lemonade: Best Online Application Process

  • AM Best rating: A
  • State availability: 28 states
  • Complaint volume: 173 in the last 12 months

Lemonade is a lean, nimble renters and home insurance provider with a speedy onboarding process and an all-online policy application workflow that makes it easy to get renters insurance and get on with your life.

Lemonade brags that the typical application takes just 90 seconds to complete, an order of magnitude faster than most competitors.

Lemonade renter’s insurance policies start at $5 per month, and they have one of the fastest claim processes in the industry. Their AI program can have you approved for insurance within 90 seconds, and they pay claims at record speed.


  • Pays claims fast
  • Low-cost policies
  • Includes unique coverage, like water damage of your belongings


  • Not available everywhere
  • A lot of customer complaints

Get Your Quote

4. State Farm: Best Local Agent Network

  • AM Best rating: A++
  • State availability: Nationwide
  • Complaint volume: 1,699 in the last 12 months

State Farm is one of the largest U.S. insurers, period, and boasts the largest local agent network of any renters insurance company on this list: nearly 19,000 total.

You don’t have to work with a State Farm agent to open or manage a renters insurance policy, but it’s nice to know you can turn to a live person in your community when needed.

State Farm rental insurance policies offer add-ons like earthquake and flood coverage and scheduled personal property protection for valuable items.

You can save up to 17% when bundling renter and auto insurance, and even offer inflation coverage to keep your policy costing the same even during times of high inflation.


  • Available nationwide
  • Offers inflation coverage
  • Offers many coverage options


  • Must go through an agent
  • Large number of complaints

Get Your Quote

5. Country Financial: Best Option for Discounts

  • AM Best rating: A+
  • State availability: 20 states
  • Complaint volume: 37 in the last 12 months

Country Financial offers Basic or Premier coverage to give you options with your renter’s insurance. Basic coverage is the most popular, covering damage from fire, theft, vandalism, wind, and frozen pipe damage.

The premium policy covers things like power surges and spilled paint damage in addition to the standard coverage.

Country Financial also includes options for actual cash value or replacement cost coverage to protect you financially if you must replace expensive items since costs usually increase.

They also offer coverage for high-value items and even floods. You could get discounts if you bundle auto or life insurance with your renter’s insurance, go five years without a claim, are a good payer for three years, or remain loyal to Country Financial.


  • Low complaint volume
  • Many discount options
  • Many options for coverage


  • No online quote option
  • Not available everywhere

Get Your Quote

6. American Family: Best for Customized Policies

  • AM Best rating: A
  • State availability: 19 states
  • Complaint volume: 91 in the last 12 months

American Family offers basic renter’s insurance with the option for many add-ons to have a customized policy. Their renter’s insurance covers personal property, personal liability, and additional living expenses when disaster strikes. The American Family add-ons are not something many companies offer, including coverage for pets, travel, a home business, sewer back-up, identity protection, and credit monitoring, to name a few.

Like many companies on our list, American Family also offers exceptional discounts, including loyalty, paperless, autopay, and full-pay discounts.


  • Ways to save money
  • Online quotes available
  • Unique opportunities for add-on coverage


  • Not available everywhere
  • Add-ons can make your rental insurance costly

Get Your Quote

7. USAA: Best for Military Families

  • AM Best rating: A++
  • State availability: Nationwide
  • Complaint volume: 1,710 in the last 12 months

USAA offers renters insurance for as little as 33 cents per day for military personnel and their families.

They consistently win awards for their exceptional customer service and state that their claims process is seamless. Renter’s insurance from USAA travels with you, covering your belongings wherever you go. 

A unique feature USAA offers is its automatic replacement cost coverage, replacing damaged items without any depreciation deductions.

USAA offers many opportunities for discounts, including bundled discounts, up to a 20% discount if you go claim-free for three years, a 28% discount if you live on base, and up to 45% if you’re enrolled in a U.S. military service academy. 


  • Affordable premiums
  • Includes flood damage
  • Offers significant discounts for military families


  • Must be a USAA member
  • Doesn’t cover all water damage

Get Your Quote

8. Allstate: Best for Policy Add-Ons

  • AM Best rating: A+
  • State availability: Nationwide
  • Complaint volume: 1,641 in the last 12 months

Allstate is a full-service insurer that’s often mentioned in the same breath as State Farm.

While State Farm’s local agent network is a bit bigger, Allstate has some unique coverage options including identity theft restoration coverage and umbrella insurance, which is crucial for pet owners in multi-tenant buildings.

When you bundle renter’s insurance with Allstate auto insurance, you can get it for as little as $4 per month.

The coverage also includes guest medical for anyone injured on your property and additional living expenses if you must live somewhere else while your home is repaired.


  • Covers guest injuries
  • Offers bundled package pricing
  • Includes identity theft restoration coverage and umbrella insurance


  • Low customer satisfaction ratings
  • Coverage may cost more than other insurance companies

Get Your Quote

9. Nationwide: Best for Actual Cash Value Replacement Coverage

  • AM Best rating: A+
  • State availability: 47 states
  • Complaint volume: 95 in the last 12 months

Nationwide’s standard renter’s insurance coverages go beyond many competitors. It covers theft, natural disasters, bodily injury, and water backup damage, as a few examples.

It also includes credit card coverage, providing financial protection for unauthorized debit or credit card transactions.

Nationwide also has an optional replacement cost add-on called Brand New Belongings. If you’re willing to pay modestly higher premiums, Nationwide promises to reimburse you at the estimated cost of buying new replacements for stolen or damaged items — rather than their current cash value, as is more common.

This coverage is likely to pay for itself after a single burglary or covered loss.


  • Customizable options
  • Online quotes available
  • Includes earthquake coverage


  • Not available in all states
  • Not transparent about its discounts

Get Your Quote

10. Farmers Insurance: Best for Professional Discounts

  • AM Best rating: A
  • State availability: Nationwide
  • Complaint volume: Not available

Farmers Insurance is one of the few renters’ insurance companies that advertise premium discounts for certain types of public servants, including firefighters and teachers. These discounts vary by location and may not be available in all areas, but they’re a nice leg up for hardworking, often underpaid renters.

Other discounts Farmers Insurance offers include a smoke-free household discount (after two years), bundled discounts, and discounts for security or fire alarms. They also offer the option to add personal article floaters, which are add-on policies for any personal belongings worth over $500.


  • Online quote capabilities
  • Many ways to get discounts
  • Discounts for public service professionals


  • Not all discounts are available nationwide
  • Premiums can be higher than other companies

Get Your Quote

11. Policygenius: Best Online Renters Insurance Broker

  • AM Best rating: n/a
  • State availability: Nationwide
  • Complaint volume: 8 in the last 12 months

The quote aggregator Policygenius doesn’t issue its own policies, but it’s worth including on this list.

Policygenius walks you through the policy-building process, helping you save time by selecting from a range of coverages, deductibles, and add-ons and receiving quotes from multiple providers.

You’ll get a slew of renters insurance offers in an easy-to-understand format, making it painless to select the most cost-effective policy without sifting through emails or spending hours on the phone.


  • Is free to use
  • Provides options for customized policies
  • Makes shopping for renter’s insurance easy


  • Doesn’t issue its own policies
  • You may have to work with an agent in person or on the phone

Get Your Quote


We use several important metrics to evaluate renters insurance companies. We pay special attention to metrics relevant to companies’ likelihood of paying out claims, policyholders’ range of choices and relative cost, and the overall customer experience.

Financial Strength Rating

A third-party financial strength rating measures how likely an insurer is to pay out on claims based on financial reserves and other factors. We use ratings from highly regarded independent rating agencies that impartially assess insurers.

Customer Satisfaction Rating

We also use third-party customer satisfaction ratings that use customer surveys and other data to determine how well companies treat their customers (on average). While your experience could vary, a high customer satisfaction rating should provide some assurance that your insurer will treat you well.

Coverage Options

Renters insurance isn’t as complicated as other types of insurance, but it takes different forms and may involve riders (add-ons) that affect policy cost and coverage. And while insurers with more coverage options aren’t necessarily better than more narrowly tailored competitors, we prefer those capable of meeting a wide range of customer needs.

Relative Cost

Renters insurance is not as expensive as homeowners insurance, on average. It’s also not as expensive as many first-time applicants fear.

Still, premiums do vary by insurer and policy. We aim to find insurers that offer better overall value for policyholders’ money — not necessarily the absolute lowest cost but a favorable balance between pricing, coverage, and claims.

Application Process

Applying for property insurance shouldn’t be an ordeal. While most renters’ insurance companies now process applications online, the duration and complexity of the experience vary widely. We prefer companies that make applying for renters insurance and adding or dialing back coverage as easy as possible.

Claims Process

When you file a legitimate claim, you have every right to expect your insurance company to process, approve, and pay it quickly. Unfortunately, this isn’t the norm. We pay close attention to customer-reported claims issues and third-party evaluations of insurers’ claim processes to ensure that we’re recommending companies that actually make good on their promises.


You have questions about renters insurance. We have answers.

How Much Does Renters Insurance Cost?

Not as much as you might think. Your actual monthly or annual premium depends on factors including:

  • The policy’s dollar value (the maximum it’ll cover)
  • The policy’s deductible (how much you have to pay out of pocket before coverage kicks in)
  • Whether you have any unusually valuable possessions, such as gold or diamond jewelry (these may require supplemental insurance)
  • Whether your policy covers items’ replacement cost value (RCV) or actual cash value (ACV) — the former being considerably more expensive

But a basic ACV policy with a relatively low coverage limit and relatively high deductible is likely to be very affordable — maybe as little as $10 or $20 per month. That’s not much more than the cost of your favorite streaming subscription.

What Does Renters Insurance Cover?

Renters insurance policies provide three broad types of coverage:

  • Contents coverage, which reimburses you for possessions lost or damaged by covered perils
  • Liability coverage, which defrays the cost of lawsuits brought by people injured or sickened in your rental
  • Loss of use coverage, which helps pay for temporary housing if your rental unit becomes uninhabitable due to a covered event

Renter’s insurance policies use one of two lenses to determine whether to cover particular events: “named perils” and “all-risk” policies. 

The former limits coverage to events specifically named in the policy, while the latter covers claims related to any event except those specifically excluded in the policy. “Named perils” policies have lower average premiums than “all-risk” policies. 

What’s the Difference Between RCV and ACV?

Renter’s insurance policies use two different scales to calculate payouts: replacement cost value (RCV) and actual cash value (ACV). 

An RCV policy calculates replacement cost based on current market value for an acceptable replacement. In other words, RCV pays enough for a brand-new replacement. 

An ACV policy accounts for depreciation. It pays what the insurer thinks you’d get for an item if you sold it used. For older items, that’s far less than RCV.

Because they promise higher payouts, RCV policies have higher premiums than ACV policies. If you have a lot of relatively new possessions, an ACV policy could still provide a decent payout while fitting better into your budget.

Who Needs Renter’s Insurance?

Anyone who rents a property needs renter’s insurance unless you are not worried about losing your personal belongings. Landlord insurance doesn’t cover personal property. For example, if there is storm damage and the water leaks into the house, damaging your electronics, the landlord’s policy wouldn’t cover it, but the renter’s insurance would.

Renter’s insurance also protects your belongings away from home. Wherever you go, you are protected, and some policies may even go as far as protecting your identity or credit should a hacker steal your identity or use your credit cards.

What is Usually Not Covered by Renter’s Insurance?

Most renter’s insurance policies don’t cover damage from earthquakes, floods, or landslides. They also may exclude pest infestation or assets that exceed the basic coverage value. Fortunately, most insurance companies offer add-ons to provide coverage for these events to ensure you have the coverage you need.

Why Did my Renter’s Insurance Go Up?

Renter’s insurance, like any policy’s premiums, will increase each year with inflation. However, other factors may affect your premiums, such as filing a claim, allowing coverage to lapse, or adding valuable assets to the policy. 

Shop around for policies annually to see if you can find lower rates rather than staying with the same company each year unless you are with a company that offers a decent loyalty discount.

How to Choose the Best Renters Insurance Company

When evaluating renters insurance companies, consider how they address your specific coverage needs as a renter. Ask questions like:

  • Does the insurer offer policies with contents coverage, liability coverage, and loss of use coverage? Compare the policies to what you need to be covered. Consider whether you only need coverage for your personal belongings or want something more robust, like guest coverage or identity theft protection.
  • Do payouts use the replacement cost value (RCV) or actual cash value (ACV) scale? If a policy pays actual cash value, you’ll receive a depreciated value for any items considered lost or damaged. This may not be enough to replace them at today’s prices, so compare the cost of RCV vs. ACV to be sure.
  • Do policies cover “all-risk” or “named perils” only? Pay close attention to any exclusions in the “all-risk” policy or decide if a “named perils” policy is robust enough to cover you in any circumstances you may experience.
  • Can you add supplemental coverage for valuable items directly to the insurer’s policies? Any items you own worth over $500 may need supplemental coverage, but not all companies offer it, so be sure you have enough coverage for what you own.
  • What other riders or modifications are available? Most renter’s insurance policies offer riders or add-ons you can use to customize a policy to ensure it fits your needs.

When evaluating renters insurance companies, consider how they address your specific coverage needs as a renter. Ask questions like:

You should also assess factors like financial strength ratings and customer satisfaction ratings. Even if an insurer appears to tick all the boxes, it’s not much good if they’re not able to pay out on a future claim.

Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he's not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

2 Types of Insurance You Definitely Need & Others You Could Go Without

We all need some kinds of insurance, but not everyone needs every type of insurance. What insurance should you always maintain to protect yourself from an emergency, and which can you skip? Read on to learn about the types of insurance to consider for your circumstances.

Read Now