Updated Jan 12, 2023
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Renters insurance protects tenants and their personal belongings from loss, destruction, or damage caused by unforeseen incidents like fires, water damage, burglary, vandalism, and more.
House Method evaluated more than 50 top-rated renters insurance companies across the United States, hand-picking providers with superior financial strength ratings, affordable premiums, and competitive coverage.
Here are the nine best renters insurance companies of 2023.
We collected averages from each company’s website to provide the following comparison figures:
|Company||Average Monthly Premium||Average Annual Premium||AM Best Rating*||J.D. Power Score †||House Method Rating|
|Lemonade||$12||$144||Not rated||853||3.7 out of 5|
|Geico||$14||$168||A++||Not rated||4.5 out of 5|
|Liberty Mutual||$14||$168||A||834||4.5 out of 5|
|Amica||$13||$156||A+||849||4.5 out of 5|
|Nationwide||$14||$168||A+||859||4.2 out of 5|
|Travelers||$15||$180||A++||801||4 out of 5|
|State Farm||$15||$180||A++||836||3.9 out of 5|
|Allstate||$16||$192||A+||837||3.6 out of 5|
|USAA||$12||$145||A++||886||3.5 out of 5|
Lemonade is the superior renters insurance option for tenants seeking quick coverage. We scored Lemonade with 3.7 out of 5 stars, primarily for its prompt claim turnaround times, quality coverage options, and easy-to-navigate online experience. Though the company lost some points for not being accredited by the Better Business Bureau (BBB), we feel confident recommending it.
As the first fully digital renters insurance provider, Lemonade’s artificial intelligence-powered (AI) business model has allowed it to shave down its claims payout time to as little as three seconds.
Though Lemonade’s most basic renters insurance starts at just $5 per month, your premium will depend on your ZIP code, the level of coverage you select, and whether you opt for any plan add-ons.
We generated a sample renters insurance quote for an alias tenant in Raleigh, N.C. Our sample profile selected a single residency in a local apartment complex with no pets. Based on these specifications, Lemonade quoted our tenant basic coverage for $16.34 per month or $196 per year.
Get a quote: For a free quote from Lemonade, fill out this online form.
Renters who prefer live interaction with a real insurance agent will find responsive, solutions-oriented assistance through Geico. House Method scored Geico with 4.5 out of 5 for its broad access to customer care via live chat, phone, email, or mobile app.
It’s worth noting that third-party agencies administer Geico’s renters insurance policies. Tenants who enroll for coverage aren’t through Geico allowed to choose the company they’re matched with. Additionally, Geico policyholders are responsible for filing claims with their third-party provider, which can make getting in touch with the right customer service department a bit more complicated.
Geico’s website states that its standard renters insurance plans start at $12 monthly. House Method’s research team generated a sample estimate for a tenant residing in a one-bedroom apartment in Raleigh, N.C. We were quoted $28.39 per month or $170.29 per year for basic renters insurance coverage.
Get a quote: For a free quote from Geico, fill out this online form.
Despite its large industry presence, Liberty Mutual offers some of the most affordable renters insurance rates. In addition to already competitively low pricing, Liberty Mutual offers exclusive discounts for new and long-time policyholders.
Liberty Mutual’s below-average pricing does seem to come at the expense of quality customer service. We discovered low customer ratings for prompt customer service and short wait times when reviewing feedback on verified platforms, including Trustpilot and the BBB.
On its website, Liberty Mutual says its premiums for renters insurance start at just $5 per month. We generated a custom quote for a hypothetical tenant living in a one-bedroom apartment in Raleigh, N.C. Selecting only the recommended coverage options, Liberty Mutual quoted us coverage for $14.50 per month or $174 per year.
Get a quote: For a free quote from Liberty Mutual, fill out this online form.
Renters insurance through Amica includes fairly run-of-the-mill coverage items like personal property coverage, personal liability coverage, and loss of use coverage. Amica, however, sets itself apart from other insurers with several specialty discounts for renters, including:
Amica states its average premium for standard renters insurance costs around $13 per month. We ran a quote for a single tenant occupying a one-bedroom apartment in Raleigh, N.C. Based on these specifications, Amica quoted us coverage for $18 per month or $205 per year.
Get a quote: For a free quote from Amica, fill out this online form.
As one of the biggest insurance companies in the United States, Nationwide offers comprehensive renters insurance to an impressive customer base of nearly 9.2 million. Nationwide made our list of top-rated renters insurance companies specifically for its unique coverage items and optional policy riders.
Unlike many competing providers, Nationwide’s standard policies include coverage for stolen credit cards and building alterations. As for add-ons, Nationwide policyholders can add the following to their plan:
The average cost of renters insurance through Nationwide is $14 per month. For a more personalized point of view, we generated a quote for a single tenant occupying a one-bedroom apartment in Raleigh, N.C. Nationwide calculated a monthly estimate of $19.83 per month or $238 per year.
Get a quote: For a free quote from Nationwide, fill out this online form.
With 160 years of industry experience, Travelers is one of the oldest multi-line insurers on the market. Travelers’ expertise in the renters insurance category is reflected in its spread of coverage options and made-to-order policy features.
At sign-up, tenants can personalize their deductible, medical payment, liability, and loss-of-use coverage preferences. Policyholders can also add a la carte riders for replacement cost coverage and protection for big-ticket belongings like jewelry, electronics, collectibles, etc.
According to its website, standard renters insurance coverage through Travelers costs an average of $15 per month. Travelers quoted a premium of $17.83 per month or $214 per year for a single tenant occupying a one-bedroom apartment in Raleigh, N.C. Travelers offers 15 discounts, some of which include bundling incentives, loss-free discounts, protective device discounts, and a green home discount.
Get a quote: For a free quote from Travelers, fill out this online form.
State Farm is our top recommendation for robust personal property coverage for tenants. We scored State Farm 3.9 out of 5, earned specifically for having no annual coverage limits on personal property or loss-of-use claims and for its generous spread of policy add-ons.
When signing up, renters can tack on an endorsement for replacement cost coverage, which covers the entire cost to replace personal belongings lost to an eligible scenario.
State Farm advertises renters insurance policies as low as $7 per month. We generated a sample estimate for a renters policy at a one-bedroom apartment in Raleigh, N.C., and were quoted $13.07 per month or $156.84 per year.
Get a quote: For a free quote from State Farm, fill out this online form.
As a household name in the insurance sector, Allstate’s renters insurance stands up to its strong industry reputation. House Method rated Allstate 3.6 out of 5 for its versatile policy options and generous spread of optional coverage add-ons.
Beyond standard inclusions, policyholders can add several extra endorsements to their plan, including coverage for:
A standard renters insurance policy through Allstate starts at just $4 per month. For a more accurate picture of what the average renter might pay, we requested a sample quote for a single tenant occupying a one-bedroom apartment in Raleigh, N.C. Allstate estimated a premium of $12 per month or $143 per year for the Basic policy. Allstate’s Standard plan level would cost $14 per month or $26 for its Enhanced variation.
Get a quote: For a free quote from Allstate, fill out this online form.
Exclusively available to active-duty military, veterans, and their immediate family members, USAA is a great option for any tenants occupying military dorms, barracks, or rental property on base.
USAA’s renters insurance includes basic personal property and liability protections plus a few bonus features like flood and earthquake insurance coverage. USAA also throws in up to 28% off for active-duty military members.
Renters insurance through USAA starts at $10 per month, but premiums are subject to change based on your plan customizations, residence type, and location, among other factors.
For a single tenant residing in a one-bedroom apartment in Raleigh, N.C., USAA estimated a monthly premium of $16.32 per month or $196 per year. Additional discounts include 10% when you bundle with auto, up to 20% when you don’t file any claims for three years, 5% off for homes with protective devices and alarms, and up to 45% for policyholders who reside at a U.S. Military Service Academy.
Basic renters insurance is split into three primary types of coverage: personal property, personal liability protection, and additional living expenses/loss of use.
Personal property coverage includes furniture, clothing, electronics, and other household items and will pay to replace them if they’re even stolen or damaged by a covered risk. Personal property coverage typically doesn’t extend to more valuable items such as jewelry, collectibles, antiques, etc. You’ll need to purchase an additional policy endorsement to secure protection for high-value items like these.
Liability protection offers coverage for potential legal fees or medical bills if a guest is injured on the rental property or if you accidentally cause damage to someone else’s property.
Included under standard liability protection is coverage for personal injury to others. Remember that this injury coverage only extends to third parties, whether a delivery person or a guest staying with you. Liability protection will not cover personal injuries to you, the policyholder. If you have roommates listed on the same policy, they also can’t use coverage benefits to cover medical expenses arising from personal injury.
Loss of use/additional living expense (ALE) coverage will help offset costs if the property you’re renting becomes uninhabitable due to a covered peril, like a house fire or excessive water damage. This coverage clause will help with hotel fees and other living expenses until you can return to the rental property or relocate.
Technically, you only need renters insurance if your landlord, property management company, or complex requires it in your leasing agreement. Renters insurance isn’t legally required in any state.
Still, anyone who rents a home for an extended period, whether an apartment or a single-family house, should consider getting renters insurance as a form of financial protection, even if it is not required by law.
If you’re living off campus, your landlord might require renters insurance in the terms and conditions of your lease. Keep in mind that you won’t be able to take advantage of your roommate’s renters insurance coverage unless your name is listed on it.
If you’re living on campus, you probably won’t need renters insurance for your dorm. Your family’s homeowners insurance policy should often cover all your belongings, including clothes, laptops, and other personal belongings.
In addition to how you customize your coverage, the cost of your renters insurance policy will depend on a handful of identifying details about you, such as your geographic location. Here is an overview of how average premiums vary from state to state:
|State||Average Annual Premium||Average Monthly Premium|
|District of Columbia (Washington, D.C.)||$158||$13|
|House Method Rating||3.7 out of 5||4.5 out of 5||3.9 out of 5||3.6 out of 10|
|AM Best Score*||Not rated||A++||A++||A+|
* AM Best scores are accurate as of December 2022.
To find out what sort of documentation you’ll need to provide to file a claim, visit the website of your renters insurance provider. Any supporting evidence of covered losses, including photos and videos, can be uploaded and submitted through your designated claims portal. More complex claims might require assistance from an agent.
When filing your claim, be as specific as possible about the cause of the loss or damage. If this is your first time filing a claim with your provider, have a copy of your contract on hand, as you’ll likely be asked to provide identifying details like your policy number.
Choosing the right renters insurance is not as complicated as it looks. Here’s how to get started.
The amount of coverage you purchase should be enough to cover all your personal belongings in the event of unexpected loss. Some providers, like Geico, offer personal property calculators to help you determine the monetary value of all items within your home. Most standard policy frameworks automatically include personal property coverage, liability coverage, and loss-of-use coverage. Consider any available coverage add-ons if you’re interested in taking your renters insurance policy to the next level.
Property insurance, whether it be renters or homeowners, is typically categorized into two types: Replacement cost value (RCV) or actual cash value (ACV). Replacement cost value describes the cost of replacing an item with a brand-new version at its current retail price. So, if your flatscreen TV is stolen during a break-in, replacement cost value guarantees the latest brand and model of the same TV.
Actual cash value describes the estimated price of the item, considering how much it has depreciated in value over time. For a policyholder with an ACV policy, should their flatscreen TV get stolen, they’ll be compensated for the value of that specific TV.
The key differentiator between these two policy types is that though RCV may pay more in the event of a cover peril, it also costs more in premiums. ACV may not pay as much when you need to file a claim, but it’s the more affordable option monthly.
The best way to weigh your options as you compare different renters insurance options is to generate a handful of quotes with several top-rated providers. Terms and conditions will vary between insurers, so make sure you’re also paying attention to the fine print and not just premiums.
We also recommend skimmer customer feedback from current policyholders on public review platforms like Trustpilot, the BBB, Google Reviews, etc. The best way to predict your future experience with any company is through the eyes of customers who are already enrolled in service. Watch out for review trends regarding unreasonable claim denial, delays in investigation, poor communication, or failed payouts.
The majority of reputable renters insurance companies offer multiple discounts for new and returning policyholders, often including:
Nearly all companies offering renters insurance are multi-line providers. For that reason, they’ll offer a bundling incentive when you opt to purchase property coverage and auto insurance from the same insurer. In addition to securing coverage at a discounted rate, bundling your renters and auto insurance can make policy management easier, with all your coverage details saved in one place.
Renters insurance can be easily purchased online through any provider’s main website. If you need additional guidance while navigating different coverage options, you can purchase a policy through a live customer service representative.
Click below to be connected with one of our top renters insurance providers.
More often than not, landlords require tenants to be covered by a renters insurance policy before even signing the lease. Having coverage in place reduces the likelihood of you or your landlord having to cover any damages to the property out-of-pocket. Beyond that, whether renters insurance is worth it is really up to you and your living situation. If you’re renting a property in a neighborhood with high crime rates or strong seasonal weather changes, it’s probably worth the small monthly fee.
Renters insurance does cover theft. Should any personal belongings be stolen from either inside or outside of the rental property, your policy will cover up to your specified personal property coverage limit for the missing items.
A deductible is a set amount of money you’ll be required to contribute out of pocket toward your first claim before your renters insurance provider will step in to cover the rest. Nearly all insurers give their policyholders several deductible amounts to choose from at sign-up and renewal. The higher the deductible you select, the lower your monthly premiums and vice versa.
Though exclusions vary from one provider to the next, most renters insurance companies will not cover the following:
Rental insurance is almost always a good idea, whether your landlord requires it or not. At an average of $15 per month, a standard renters insurance policy can cover you for up to $30,000 in personal property coverage and $100,000 in personal liability coverage.
Renters insurance covers your personal belongings from damage or total loss due to covered scenarios such as fire, theft, water damage, etc. Aside from personal property coverage, a standard renters insurance policy also offers liability protection against potential medical and legal expenses should someone become injured while visiting the property. It also covers you for any repair costs that may arise should you ever be at fault for property damage to someone else’s home.
To ensure that all content published on House Method is rooted in objectivity, editorial integrity, and strategic data collection, we’ve crafted a proprietary composite rating system specifically for our renters insurance category to vet each provider featured across the segment effectively.
Our review standards follow a conventional 10-point scale to measure a company’s insurance product for five overarching criteria points as listed below. From there, those numeric totals are translated into star ratings, partial and whole-star increments, between one and five.
Here are the five major categories that frame our independent review process and their maximum point values:
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