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Renters insurance is something that can protect you when renting an apartment or home, yet many renters go without it. According to an Assurant survey, 45% of renters don't have renters insurance coverage, despite its affordability. Average renters insurance premiums range from about $15 per month to about $30 per month, depending on location and other factors. Renters insurance can cover you against theft, fire, or potential liabilities, such as your dog biting a neighbor.
We evaluated 12 companies to find the best renters insurance providers. We considered price, coverage standards and limits, customer service, and claims processing to find the best companies.
Below you'll find renters insurance offers available from our advertising partners, followed by our complete in-depth list of the best renters insurance companies we've found.
The 8 Best Renters Insurance Providers of 2023
- Best Overall: State Farm
- Runner-Up, Best Overall: MetLife
- Best Value: American Family Insurance
- Best One-Stop Insurance Shopping: Farmers
- Best for Collectibles: Nationwide
- Best for Home-Based Businesses: Toggle
- Easiest Claim Filing Service: Liberty Mutual
- Best Customer Service: Erie Insurance
Best Overall : State Farm
Get quotes online instantly
Policies are customizable
Multi-policy discounts are available
Discounts can vary from state to state
State Farm offers nationwide renters insurance coverage at affordable rates with customizable policy options. Multipolicy discounts are available, as are discounts for installing a home security system. This insurer has an A++ rating from AM Best, thanks to its financial soundness and ability to pay claims.
State Farm's renters insurance covers a wide range of losses and provides loss of use if the property is uninhabitable after a loss. However, it excludes damages to the property itself, water damage caused by flooding, and damage related to earthquakes, landslides, settling, deterioration, and animal activity. You also have the option to purchase add-on coverage, including pet medical insurance and identity restoration.
Coverage, pricing, and details vary in some states, as can discount rates.
Why We Chose It: State Farm wins as the best company for renters insurance overall because of its widespread availability, ease of use when obtaining a quote, and financial stability.
Runner-Up, Best Overall : MetLife
Identity Protection Services are included with each policy
Outstanding customer service
Flexible payment plans
Loss of use is not included in standard policies
MetLife is another nationally recognized name that offers renters insurance coverage. Basic policies include coverage to repair or replace property, up to the actual cash value. Additional coverage is available if you'd like to insure specialty items, such as electronics, musical instruments, luxury items, and sports equipment, for amounts up to $15,000.
Renters insurance from MetLife is available in all 50 states, and standard policies include $25,000 to $500,000 in liability coverage. Discounts are available through certain employers and membership organizations, which can save you money on premiums. You also can save through multipolicy discounts.
MetLife offers customer service support 24 hours a day, seven days a week. If you'd like to get a complete quote, you'll need to get in touch with a MetLife agent to learn about all the coverage options. Online quotes are available, but only for basic coverage.
Why We Chose It: MetLife is deserving of the runner-up spot because it has nearly the same coverage inclusions as State Farm and has member organization discounts available.
Best Value : American Family Insurance
Get a quote online
Multiple discount options
Slightly below average rating from J.D. Power in 2021
American Family Insurance offers affordable coverage for renters that includes your personal property, medical bills, liability, replacement costs for stolen items, and hotel stays if you're unable to stay in your rental home because of a covered event. Add-on coverage is available for medical insurance for pets, identity theft protection, and you also can include coverage for a home office or home business space.
There are multiple ways to get discounted renters insurance coverage, including multipolicy discounts, smart home discounts, and autopay discounts. Bundling with your auto insurance could save you up to 15% on your renters insurance policy, which is comparable to what other companies offer in terms of discounts. Diminishing deductible coverage can reduce your deductible as long as you maintain your policy, which is another way to save money on renters insurance.
Why We Chose It: American Family Insurance gets the nod for best value because the diminishing deductible adds value to an already reasonable rate, while also being eligible for other discounts.
Best One-Stop Insurance Shopping : Farmers
Highly rated for claims satisfaction
Get a quote or file a claim online
Discount availability varies from state to state
Farmers rates better than average for claims satisfaction, according to J.D. Power. The company offers standard renters insurance policies, with discounts for installing home security systems and being a non-smoker. Coverage includes personal liability, personal property, replacement costs for personal property, medical payments, identity theft, and additional living expenses. Policyholders easily can bundle renters policies with auto, umbrella, life insurance, and others.
You can get a quote online and you also can file a claim online if you experience a covered loss. Farmers has a B++ rating with AM Best, a signal of its financial strength and operating ability.
Customer service is available seven days a week if you have questions about your policy or need help with making a claim. Additionally, claims service is available 24/7.
Why We Chose It: Farmers wins its category for offering a wide range of coverages, including renters insurance, so you can make it a one-stop shop for insurance. For example, you can cover yourself as a renter as well as insuring motorcycles, vehicles, pets, electronics, and even your identity.
Best for Collectibles : Nationwide
Multiple discounts are available to reduce premiums
Basic policies include stolen credit card coverage
Easy add-on coverage for collectibles and high-value items
The least expensive option is around $20 a month
Nationwide offers basic renters insurance that covers personal property, loss of use, personal liability, medical payments to others, building additions and alterations, and unauthorized credit card charges. You also can add coverage for valuables and collectibles, earthquakes, water damage, and theft protection for personal belongings that are stored in a vehicle, trailer, or watercraft.
Discounts are available if you have multiple insurance policies with Nationwide or if the home has protective devices, such as smoke alarms or a burglar system. You also can get a discount for keeping your policy claim-free. One added benefit is the On Your Side Review, which allows you to get a personalized review of your insurance to ensure that you have the right coverage and are getting all possible discounts.
Why We Chose It: Nationwide wins its category because it has an excellent add-on package for covering high-value items such as collectibles.
Best for Home-Based Businesses : Toggle
Easily make policy changes online
Protect your business equipment
Available in only 26 states
If you run a business or side hustle, Toggle can help protect your personal and business property. Renters insurance policies are available in three subscription categories: Basic, Standard, and Premium.
Toggle's renters insurance covers you where you are so if you're a digital nomad who travels for work or you run a business from your living room, you can be protected against covered events such as losing your laptop in an airport or getting mugged while traveling. You can even add coverage for your pets or identity theft. Each year you're covered and don't file a claim, Toggle will reduce your deductible to help you save money during a claim.
Why We Chose It: Toggle wins its category for having the most comprehensive coverage for home-based business owners and digital nomads. If you're running a home business or side gig, you want to make sure things like computers, cameras, or other business equipment and supplies are protected.
Easiest Claim Filing Service : Liberty Mutual
Easy online claims filing
Get discounts when you bundle coverage
Get customized insurance for as low as $5 per month
Discount availability varies from state to state
Liberty Mutual is an insurance company focusing on the process of delivering its promise by making it simple to file a claim online with a step-by-step process in its portal that asks for incident details and photos. It also offers affordable rates for renters insurance, with discounts available when you bundle coverage or when you go five years without a claim. Standard policies include liability coverage, personal property, medical payments, and additional living expenses.
If you need more than that, you can add coverage for personal property replacement costs, jewelry, or damage caused by earthquakes. Quotes are available online, and the company operates in all 50 states so you can get covered no matter where you rent. Claims filing is available 24/7 online or via the Liberty Mutual mobile app, and it takes just five to 10 minutes to get your claim started, expediting how fast you get a check.
Why We Chose It: Liberty Mutual won its category because of how easy it is to file a claim if your property is damaged or stolen. Claims can be filed within 10 minutes or less.
Best Customer Service : Erie Insurance
Highly rated by J.D. Power in their renters insurance category
Erie Insurance offers personal property and liability coverage for renters in covered states, as well as living expenses coverage. While Erie Insurance doesn't offer as much in geographic range (available in Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, Wisconsin, and Washington, D.C.), it does offer excellent customer service if you need to file a claim or have questions about your policy.
Discounts are available when you combine policies with Erie, and there are more than 13,000 agents available to help. Policies tend to be affordable for most budgets. Contact an agent to get a quote and discuss which coverage is right for you.
Why We Chose It: Erie's customer service goes above and beyond, shown by their strong score from J.D. Power for customer satisfaction for renters insurance.
What Is Renters Insurance?
Renters insurance covers you, not your landlord. Your landlord may have insurance that covers the property you're renting, but it doesn't extend to your personal possessions. For example, if someone were to break into your apartment and steal your valuables, renters insurance would cover the cost of replacing those items rather than requiring you to replace them out of pocket. If you're sued for something like your dog biting a neighbor, renters insurance could help you avoid a lengthy court case or having to make payments to satisfy a civil judgment. Some states base insurance rates for renters on credit history, though not all do. Here's an overview of what renters insurance covers.
|Coverage Type||What It Covers|
|Liability||Protects you against lawsuits related to bodily injury or property damage that you or your family members cause to other people.|
|Personal Property||Protects your personal property against theft, fire, smoke damage, lightning, vandalism, explosion, windstorms, water damage, and other events listed in your policy.|
|Medical Payments||Pays for medical expenses related to a bodily injury that occurs at your rental property.|
|Loss of Use||Covers you for any basic living expenses you have to pay out of pocket associated with a loss of use of the rental unit due to events covered in your policy.|
What Does Renters Insurance Typically Include?
Most policies include at least $100,000 in liability coverage and $10,000 to $15,000 in personal property coverage, though some policies allow you to purchase up to $300,000 in liability coverage. The limits for medical coverage may be lower, at $1,000 to $5,000, as these cover friends and family visiting your property. Your personal property coverage can include things like computers, jewelry, antiques, collectibles, books, clothing, and other possessions. Getting a quote from multiple renters insurance providers can give you an idea of what baseline coverage is available.
What Does Renters Insurance Typically Exclude?
Higher-value items may not be covered in full by a renters insurance policy. Jewelry, for example, may be covered only up to certain maximum limits (i.e. $1,500). You may be able to purchase a separate rider that would allow you to increase coverage limits. There also may be limitations regarding pets. For instance, your policy may exclude certain dog breeds deemed dangerous or aggressive. Certain natural disasters, such as earthquakes or floods, also may be excluded from your coverage. Renters insurance doesn't cover vehicles, though it will cover bicycles.
What Are the Expected Costs of Renters Insurance?
The average cost of renters insurance premiums is between $15 and $30 per month. Prices may increase based on how much liability or personal property coverage you choose to include. Doubling liability doesn't affect premium costs the same way that doubling personal property protection does.
Is Paying for Renters Insurance Worth It?
Renters insurance can protect you against financial losses with a relatively small monthly or annual premium cost. While filing a claim may be a rarity, you may be able to bundle your renters insurance policy with your car insurance to reduce the cost even more. Note that when reviewing policies, it's helpful to be familiar with insurance jargon such as replacement cost and actual cash value to better understand the extent of your coverage. Replacement cost is the cost to replace an item, while actual cash value is the replacement cost less any depreciation since you purchased it.
How Do You File a Claim?
If you need to file a renters insurance claim, there are certain steps you'll need to take. Here's a quick checklist of what your insurance company may expect:
- A copy of a police report if you're filing a claim in connection to theft or vandalism
- A detailed list of items that were lost or damaged
- Photo or video documentation of the items, if possible
- Records of any living expenses you may incur if you're unable to stay in the rental unit
You will need to use your insurance carrier's online claims form or obtain a claims form directly from the carrier to process any claim.
How We Chose the Best Rental Insurance Companies
We evaluated a total of 12 rental insurance providers for this review, comparing them based on pricing, customer service, coverage options, and limitations, and the ease of filing a claim. The companies included here represent the best combination of cost, ease of use, coverage, and customer support.
Assurant. "Most Renters Uncertain of Who’s Responsible for Theft, Property Damage or Injury."
National Association of Insurance Commissioners. "For Rent: Protecting Your Belongings With Renters Insurance."
AM Best. “AM Best Affirms Credit Ratings of State Farm Mutual Automobile Insurance Company and Most of Its Subsidiaries.”
J.D. Power. "2021 U.S. Home Insurance Study | J.D. Power."
AM Best. "The Farmers Fire Insurance Company."