Best Renters Insurance in 2024 (Check Out the Top 10 Companies)

Top Pick for Renters: Erie

1,814 reviews

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4.3

Table of Contents

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Company Facts

Average Monthly Rate For Good Drivers

$9/mo

A.M. Best Rating

A+

Complaint Level

Low

» Erie Renters Insurance Review

1,814 reviews

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Best Coverages for Renters: State Farm

17,760 reviews

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4.1

Company Facts

Average Monthly Rate For Good Drivers

$11/mo

A.M. Best Rating

B

Complaint Level

Low

Pros & Cons

• One of the largest insurance companies in the US
• High levels of customer satisfaction
• Affordable rates for people with a speeding ticket or an accident on their record
• Wide variety of discounts available
• Rideshare insurance

• High rates for drivers with poor credit scores
• No gap coverage
• Options like new vehicle replacement, vanishing deductibles, and accident forgiveness are not available

» State Farm Renters Insurance Review

17,760 reviews

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Best Options for Renters: Am Fam

2,180 reviews

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4.0

Company Facts

Average Monthly Rate For Good Drivers

$12/mo

A.M. Best Rating

A

Complaint Level

Low

Pros & Cons

• Customer Service
• Coverage Options
• Discounts

• Digital Tools
• Policy Terms
• Claims Satisfaction

» American Family Renters Insurance Review

2,180 reviews

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Erie, State Farm, and American Family offer the best renters insurance coverage. Erie takes the top spot for customer service and affordability, with average rates starting at just $9 monthly.

Plenty of renters insurance companies have competitive rates and customizable plans that fit your lifestyle. With the right policy, you can relax, knowing your possessions are safe and sound.

Our Top 10 Company Picks: Best Renters Insurance

Company	Rank	Bundling Discount	A.M. Best	Best For	Jump to Pros/Cons
	#1	25%	A+	Customer Service	Erie
	#2	17%	B	Customizable Coverage	State Farm
	#3	25%	A	Comprehensive Options	American Family
	#4	20%	A+	Broad Coverage	Nationwide
	#5	25%	A	Flexible Plans	Liberty Mutual
	#6	10%	A+	Digital Tools	Progressive
	#7	25%	A+	Strong Discounts	Allstate
	#8	13%	A++	Financial Stability	Travelers
	#9	20%	A	Reliable Service	Farmers
	#10	25%	A++	Cheap Rates	Geico

Your landlord’s insurance won’t cover your personal items, so buy renters insurance to protect what you own. Use this expert guide to explore your coverage options and discover how easy it is to find the right renters insurance for your home and belongings.

Enter your ZIP code  to compare renters insurance premiums from highly-rated insurers in your area.

#1 – Erie: Top Overall Pick

Pros

• High Customer Satisfaction: Erie’s reputation for customer service and claims support are big selling points for many renters, making it a solid choice.
• Affordable Rates: Erie is a budget-friendly choice for renters insurance with competitive pricing starting at $9/month. See our Erie review for a quote comparison.
• Comprehensive Coverage Options: Erie renters insurance add-ons include flood, earthquake, and sewer and drain backup coverage.

Cons

• Limited Availability: Erie isn’t available in every state, so if you’re in an area it doesn’t serve, you might have to look elsewhere for renters insurance.
• Basic Digital Tools: Its online management features for renters insurance need improvement. Digital management may feel lacking.

#2 – State Farm: Best for Customizable Coverage

Pros

• Customizable Coverage: State Farm lets you tailor your renters insurance policy with add-ons for identity theft and forgery coverage, debris removal, and more.
• Reliable Customer Support: Its dependable service helps with any renters insurance questions or claims. Check our State Farm review for more.
• Multiple Discount Opportunities:  State Farm has a variety of discounts that can help lower your renters insurance price.

Cons

• Fewer Local Agents:  Fewer local agents may be available depending on where you live, impacting how personalized your renters insurance service.
• Lower Financial Ratings: State Farm renters insurance has a “B” rating from A.M. Best, which is lower than other companies on this list.

#3 – American Family: Best for Comprehensive Coverage

Pros

• Extensive Insurance Options: American Family offers a broad selection of renters insurance plans, so you can find something that perfectly suits your needs.
• Prompt Claims Process: Its efficient claims handling ensures you won’t be left waiting for help when you need assistance with your renters insurance.
• Flexible Payment Plans: Check out our American Family review for flexible renters insurance payment options.

Cons

• Geographic Limitations: American Family doesn’t operate in every state, which may limit your renters insurance options if you’re in an area they don’t serve.
• Pricing Variability: AmFam rates for renters insurance can vary by location, which might make budgeting a bit tricky.

#4 – Nationwide: Best for Broad Coverage

Pros

• Wide-Ranging Coverage: Nationwide offers a complete renters insurance policy that covers your belongings, liability and additional living expenses.
• Intuitive Online Experience: Its user-friendly website and mobile app simplify managing your renters insurance and filing claims. Read our Nationwide review for details.
• Strong Financial Ratings: Nationwide has a strong reputation for financial stability—you can trust them to get your renters insurance claim right.

Cons

• Customer Service Concerns: Some customers have had mixed experiences with claims support, which can be frustrating when you need help with renters insurance.
• Fewer Discounts for Renters: Nationwide only offers three discounts on renters insurance policies.

#5 – Liberty Mutual: Best for Flexible Plans

Pros

• Versatile Insurance Plans: Liberty Mutual offers several renters insurance products, so you can find a plan that fits your lifestyle and needs.
• Substantial Discount Offers: It offers many discounts, including bundling options, to help you save on renters insurance premiums.
• Robust Liability Protection: Liberty Mutual renters insurance includes strong liability coverage to protect you from accidents. See our Liberty Mutual review for more.

Cons

• Complex Policy Structures: With so many renters insurance options, choosing the right one can feel overwhelming.
• Service Response Times: Some customers have noted longer wait times for assistance, which can be a downside when seeking quick support for renters insurance.

#6 – Progressive: Best Digital Tools

Pros

• Advanced Digital Tools: The modern online features offered by Progressive make it easy to manage your renters insurance policy and to file claims. See our Progressive review for details.
• Cost-Effective Plans: Its competitive rates make finding renters insurance that fits your budget easy without sacrificing quality.
• Convenient Mobile Application: Managing your renters insurance and claims is handled through the Progressive app that lets you do them both seamlessly.

Cons

• Limited Customization Options: Some tenants may want more flexibility in coverage options compared to other providers.
• Inconsistent Customer Feedback: While many have positive experiences, mixed reviews about customer service may worry some renters insurance clients.

#7 – Allstate: Best Renters Insurance Discounts

Pros

• Generous Discounts: Allstate offers a range of discounts that make saving on renters insurance easier and help keep costs down.
• Solid Financial Reliability: Allstate renters insurance is a trusted option if you live in a high-risk area and anticipate filing claims.
• Efficient Claims Support: Allstate is known for excellent rental insurance claims support. Get details in our Allstate review.

Cons

• Higher Base Premiums: Allstate’s renters insurance rates can be higher, which may not suit budget-conscious customers.
• Limited Agent Availability: Finding local agents for personalized renters insurance service can be challenging, depending on your location.

#8 – Travelers: Best for Financial Stability

Pros

• Solid Financial Backing: Travelers’ A++ financial stability makes its renters insurance a reliable choice for handling claims.
• Diverse Policy Selections: It offers flexible renters insurance options to match your needs. Our Travelers review has the complete list.
• Positive Customer Interactions: Many renters insurance customers have had positive experiences.

Cons

• Inconsistent Claims Experiences: Renters insurance customers in certain states have struggled with the claims process, leading to frustration at an already difficult time.
• Moderate Discount Availability: Travelers provides fewer renters insurance discounts than other companies, which may affect affordability.

#9 – Farmers: Best for Reliable Service

Pros

• Dependable Customer Service: Farmers has a reputation for dependable support, instilling confidence in your renters insurance experience.
• Good Claims Handling: Farmers has a reputation for responsive renters insurance claims handling and customer service. Learn more about this in our Farmers review.
• Tailored Policy Options: Renters insurance coverage can be tailored to your needs so you’ll only end up paying for what’s actually needed.

Cons

• Variable Pricing Structures: Farmers renters insurance rates can vary by location and claims history, which may not appeal to everyone.
• Limited Digital Features: Its online tools for renters insurance aren’t as advanced as some competitors, making management a bit less convenient.

#10 – Geico: Best for Cheap Rates

Pros

• Budget-Conscious Options: Specializing in low-cost products, Geico is well-known for its low-budget renters insurance, starting at $8/month.
• Simple Claims Process: Geico claims are easy to navigate for renters. Check out our Geico review for full ratings.
• Vital Online Resources: Geico offers excellent digital tools for renters’ policies, a plus for tech-savvy renters.

Cons

• Fewer Customization Options: Geico for renters may not offer as many coverage customization choices, which could be a downside.
• Average Support Experience: Some renters have reported average experiences with customer service, which might not meet your expectations.

Finding the Best Renters Insurance Without Overspending

Monthly renters insurance costs differ by provider and coverage levels, which means renters have some flexibility when it comes to choosing the best rental insurance. Use this table to compare renters insurance rates by company:

Renters Insurance Monthly Rates by Provider & Policy Limits

Insurance Company	$30,000 Policy	$50,000 Policy	$70,000 Policy
	$10	$14	$18
	$12	$16	$21
	$9	$13	$17
	$11	$15	$19
	$8	$12	$16
	$10	$15	$20
	$9	$13	$17
	$10	$14	$18
	$11	$16	$22
	$12	$17	$23

Geico offers the cheapest renters insurance, starting at $8/month for a $30,000 policy and going up to $16/month for $70,000 coverage. Erie and Nationwide offer $9 monthly for a policy of $30,000 and up to $17 monthly for $70,000 coverage.

As you weigh your options and decide how much insurance to buy, don’t forget to factor in important details like the renters insurance deductible, which can affect your out-of-pocket costs during a claim.

Higher deductibles will lower your monthly renters insurance rates, but you’ll be responsible for paying more out of pocket after a claim. Take your time to explore the coverage that makes sense for you before you buy to guarantee you’re getting the best renters insurance coverage.

What to Consider When Choosing Renters Insurance Coverage

Keep in mind the following few factors that can affect your coverage and prices when looking for the best renters insurance company:

• Premiums: Remember to shop around and compare rates from different providers to find competitive pricing that offers solid coverage. You don’t want to skimp on protection to save a few bucks.
• Customer Service: In the second step, read reviews from customers. You’ll want to pick a company with a reputation for friendly service and fast claims handling because, when you need assistance, you don’t want a hassle.
• Policy Limits: Lastly, check the policy limits for your personal property and liability coverage. You want to ensure enough protection for your belongings and potential liabilities.

Comparing these factors by company will help you find the right renters insurance policy to fit your lifestyle. If you aren’t sure which of these top companies is near you, enter your ZIP code  to find cheap renters insurance in your city.

Whether you want renters insurance or the best home insurance for short-term rentals, it’s all about getting the coverage you need while feeling good about your choice. After all, the suitable policy gives you peace of mind, knowing you’re prepared for whatever life throws your way.

Cheap Renters Insurance Discounts from Top Providers

As you look into renters insurance options, remember these handy discounts. They can help you save while protecting your home with the right policy.

Best Renters Insurance Discounts From Top Providers

Insurance Company	Available Discounts
	Bundling, Claim-Free, Safety Devices, Retiree , Easy Pay Plan
	Bundling, Smart Home, Auto-Pay, Paperless Billing, Claims-Free
	Bundling, Safety Devices, Claims-Free
	Bundling, Safety Devices, Claims-Free, Home Upgrades, E-Policy
	Bundling, Smoke Alarms, Sprinkler System, Security System, Claims-Free
	Bundling, Safety devices, Claims-Free, Early Shopper, Online Purchase
	Bundling, Protective Devices, Claims-Free, Automatic Payments, Loyalty
	Bundling, Quote in Advance, Paperless Billing, Claims-Free, Safety Devices
	Bundling, Home Alert Protection, Higher Deductibles, Loyalty
	Bundling, Protective Devices, Green Home, Loss-Free

Renters insurance discounts aren’t as competitive as those companies offer to homeowners, and there aren’t as many of them. However, American Family and Allstate offer more savings for renters than other providers on our list. Uniquely, Allstate offers exclusive discounts to older and retired renters, making it one of the best home insurance companies for seniors.

Best Renters Insurance by State and Lifestyle

Finding the best renters insurance in California is simple with providers like Erie and State Farm, offering affordable coverage for risks like earthquakes. For the best renters insurance in Florida, companies like Allstate and Progressive tailor policies for hurricane protection.

If you’re looking for the best renters insurance for apartments, Nationwide and Liberty Mutual offer customizable plans to suit your living situation.

In Texas, the best renters insurance in Texas comes from Farmers and Geico, known for handling weather-related risks. College students can find the best renters insurance for college students with budget-friendly options from Lemonade and Progressive.

Meanwhile, the best renters insurance in Georgia includes top providers like American Family and State Farm, offering coverage for theft, fire, and liability. Compare plans to find the right fit for your needs.

State Farm allows renters to tailor coverage to their specific needs, and American Family offers robust coverage for those seeking comprehensive protection. If you’re considering owning a home, see how these providers compare to the best home insurance companies for first-time buyers.

Don’t let expensive insurance rates hold you back. Enter your ZIP code  and shop for affordable premiums from the top companies.