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Finding the best renters insurance is an affordable way to protect your belongings from damage or theft. To help you do that, MoneyGeek analyzed several factors — including customer service scores, financial stability metrics, discounts and premiums — across all 50 states and hundreds of cities to determine which renters insurance companies are best for consumers.

These overall rankings provide a good starting point for finding high-quality renters insurance. Additionally, MoneyGeek researched the best companies for specific types of renters, whether you’re looking for a cheap quote or the best customer service.

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Which Companies Have the Best Renters Insurance Overall in 2021?

The best renters insurance policies are from affordable providers offering high levels of customer service. Based on MoneyGeek’s analysis, State Farm tops the list of best renters insurance companies, followed closely by Allstate.

Keep in mind MoneyGeek’s methodology focuses on widely available insurers, so you may be able to find better rates from local or regional insurance companies. Also, USAA — which is only available to current and former military members and their families — has strong scores in all categories. It’s always important to shop around and compare personalized renters insurance quotes from at least three insurance companies.


1

State FarmScore: 91

4.7/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability


State Farm earned high marks from J.D. Power for customer service, financial strength and affordability, making it the best choice in the bunch. State Farm is particularly well-suited to those who work from home, as it is easy to increase coverage limits for business-related personal property.

2

AllstateScore: 90

4.7/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability


Allstate is a very close second to State Farm when looking at rankings from J.D. Power and AM Best for customer service and financial strength. In fact, when looking solely at pricing, it takes first place for the best cheap renters insurance. Allstate also provides policyholders with online tools to keep track of their personal property and make an informed decision when buying a policy.

3

FarmersScore: 88

4.4/5

Affordability

4.6/5

User Satisfaction

4/5

Financial Stability


Farmers takes the top spot for customer satisfaction but drops slightly regarding affordability. Those looking for unique features won’t find a Farmers policy very appealing, as it only offers the core renters insurance coverages most insurers provide. Of the group featured here, Farmers ranks last for financial strength from AM Best.

4

TravelersScore: 87

4.4/5

Affordability

3.9/5

User Satisfaction

5/5

Financial Stability


If you’re looking for a stable company that can deliver, Travelers receives perfect scores from AM Best. However, it ranks last in this group for customer service, and it’s not the most affordable insurer either.

5

MetLifeScore: 85

4.3/5

Affordability

4/5

User Satisfaction

4.5/5

Financial Stability


MetLife is firmly in the middle of the pack, with good, but not great, scores for customer service, financial strength and affordability. MetLife doesn’t offer online renters insurance quotes, so be prepared to call an agent if you want to compare prices.

6

NationwideScore: 74

3/5

Affordability

4.3/5

User Satisfaction

4.5/5

Financial Stability


While Nationwide earns good scores for customer service and financial strength, it ranks last for affordability, meaning you could pay higher rates. However, if you’re eligible for some of the company’s many discounts, you could get an affordable premium with Nationwide.

Review of the Best Renters Insurance Providers for Your Needs

When shopping for renters insurance, finding the best company for you may depend on the exact coverage you need or your eligibility for discounts. While the top two best renters insurance companies listed here are excellent choices for any renter, MoneyGeek also ranked companies based on the type of renter they suit best. All costs are for a basic policy with $20,000 coverage for personal property, $100,000 in liability coverage and a $500 deductible.

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THE BEST RENTERS INSURANCE COMPANIES BY CATEGORY

Best for Most People: State Farm
Runner-up: Allstate
Best for Customer Satisfaction: Farmers
Best for Quick Coverage: Lemonade
Best for Shopping on the Phone: American Family
Best for Discounts: Nationwide
Best for Military Families: USAA

Best Renters Insurance Overall: State Farm

State Farm

State Farm received top marks from MoneyGeek for its balance of affordability, customer service and financial stability.

  • Speed: 5–10 minutes to get a quote online
  • Cost: $127 per year
  • Additional coverage: When getting an online quote, it's easy to increase coverage for specific items like computers, jewelry, silverware and firearms. You can also add identity theft protection. State Farm offers earthquake damage coverage — not always an option with renters insurance — and extensive cyber-attack and identity theft coverage for an additional $25 per year.
  • Reputation: State Farm scored 4 out of 5 stars for user satisfaction with MoneyGeek, based on the most recent rating from J.D. Power, a global marketing research company.

Best Renters Insurance Runner-up and Cheapest Big Insurer: Allstate

Allstate

Allstate is known for its handy online features, such as the “What’s Your Stuff Worth?” function to value your belongings and the Digital Locker app that lets you create a photo log of your possessions. Allstate was the cheapest widely available insurer in MoneyGeek’s analysis.

  • Speed: 5–10 minutes for an online quote
  • Cost: $119 per year
  • Additional coverage: Allstate doesn’t offer any unique additional coverages, but it does give you the option to take coverages away for even more savings. For instance, you can save a few dollars a month by waiving coverage for the theft of your property away from home.
  • Reputation: MoneyGeek gives Allstate a user satisfaction score of 4 out of 5 based on J.D. Power data.

Best for Customer Satisfaction: Farmers

Farmers

Farmers ranks as MoneyGeek’s top widely available company for customer service experience. It’s also quick and easy to get an online quote, making buying renters insurance with Farmers a smooth process.

  • Speed: You can get an online quote in five minutes
  • Cost: $156 per year
  • Additional coverage: Farmers renters insurance policies don’t have many bells and whistles, but like many other providers, you can add identity theft protection for a few dollars per month.
  • Reputation: Farmers received the highest customer satisfaction score of any renters insurance company in our analysis.

Best for Quick Coverage: Lemonade

Lemonade

Available online only in 27 states and the District of Columbia, Lemonade is known for paying claims quickly. It’s also easy to get a quote. Unfortunately, Lemonade has a poor service reputation compared to some of the other companies in our study.

  • Speed: The website states it takes only 90 seconds to get insured, so quotes should take just a few minutes.
  • Cost: $84 per year
  • Additional coverage: You can pay a higher premium for a policy with no deductible, add extra coverage to protect your personal belongings worldwide or add coverage for jewelry worth $1,500 or more. As an added bonus, anytime Lemonade has leftover premiums not used to pay claims, they will donate them to a charity of your choice.
  • Reputation: Based on customer complaint data submitted with the National Association of Insurance Commissioners, Lemonade earned a user satisfaction score of 3.5 out of 5, making it one of the lowest-rated insurers in our study.

Best for Buying a Policy on the Phone: American Family

American Family

American Family offers competitive rates and decent customer service for renters insurance, but you’ll have to get quotes the old-fashioned way. You can't get a quote on their website, so you'll have to talk to an American Family representative to get basic information about premiums and conditions.

  • Speed: It took about 30 minutes to get a basic quote over the phone, including 10 minutes on hold, for a call placed during normal business hours. This initial conversation is with a call center rep, who can refer you to an agent for more detailed information.
  • Cost: $129 per year
  • Additional coverage: American Family offers equipment breakdown coverage, which is not available with all renters insurance companies. This will cover you if your appliances or home systems are damaged due to mechanical, electrical or pressure system breakdowns.
  • Reputation: American Family receives 4.2 out of 5 for user satisfaction, putting it in the middle of the pack of the companies in this study.

Best for Discounts: Nationwide

Nationwide

Nationwide makes a selling point of its discounts, which include up to 20% off if you bundle car insurance with renters insurance, up to 15% off if your home has qualifying smoke, fire and burglar alarms and up to 20% off if your policy has no claims for a period of time. However, Nationwide is one of the most expensive companies before discounts, so if you don’t qualify for savings, you’ll be paying extra.

  • Speed: 5–10 minutes for an online quote
  • Cost: $331 per year
  • Additional coverage: Nationwide customers can add earthquake coverage, so renters in earthquake-prone areas should look into their policies. You can also add water backup coverage to protect against damages caused by backed-up sewers or drains.
  • Reputation: Nationwide has one of the best customer service reputations outside of Farmers and USAA, receiving a user satisfaction score of 4.4 out of 5.

Best for Military Members and Their Families: USAA

USAA

Renters insurance from USAA is much more comprehensive than what most other insurance companies offer, and it’s the cheapest insurer, excluding Lemonade. But is only available to active military members, veterans and their families.

  • Cost: $117 per year
  • Additional coverage: Unlike most renters insurance policies, USAA offers moving and storage, flood, earthquake and identity theft coverage as part of a standard renters insurance policy.
  • Reputation: USAA received the highest customer feedback rating of any company and a perfect user satisfaction score.

Best Renters Insurance Companies by State

Location is one of the key factors the best renters insurance companies use to determine your rates. Therefore, it’s important to determine which companies are the best and cheapest in your particular state or city. MoneyGeek created rankings for the best company in each state based on cost, customer service and financial stability.

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Renters Insurance Coverage Basics

When shopping for renters insurance, knowing the best renters insurance companies is a great first step. However, it’s also important to understand what a policy doesn’t cover, what a policy’s deductible is and the difference between replacement cost and actual cash value.

Key Takeaways

financialPlanning

What Renters Insurance Doesn’t Cover: Most renters insurance policies do not cover damage due to floods or earthquakes. They also won’t cover your roommate’s belongings or property damage due to pests or rodents.

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Deductibles: This is the amount you pay when you file a claim. When comparing policies, check to see if the deductible is the same for each policy.

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Replacement Cost Value vs. Actual Cash Value: With replacement cost, your insurance coverage will pay the full amount to replace your personal property with a new item of similar style and quality. With actual cash value, your coverage only pays the depreciated value of your used personal property.

Learn More About Renters Insurance

FAQ About the Best Renters Insurance

If you still have questions about the best renters insurance, the following answers to some frequently asked questions should help you better understand renters insurance.


Which company has the best renters insurance product?This is an icon

Based on MoneyGeek’s criteria, State Farm offers the best renters insurance for most consumers. It combines affordability, customer service and financial stability to give renters the best value. However, if you’re an eligible military service member, USAA is an outstanding choice.

What are the key factors to consider when shopping for the best renters insurance coverage?This is an icon

When reviewing the best renters insurance companies, look for a company with low rates, good customer service and fast claim resolution. You can find the lowest rates by comparing multiple insurers online

Which company has the best renters insurance rates?This is an icon

Based on MoneyGeek’s methodology, Allstate offers the best renters insurance rates among widely available insurers. However, if you’re eligible for USAA or live in a state where you can purchase Lemonade renters insurance, both often offer even cheaper rates.

Expert Insight on Comparing Renters Insurance Quotes

MoneyGeek spoke with industry leaders to provide expert insight on shopping for the best renters insurance. They shared these tips to help you find the right policy for your needs.

  1. What advice would you give tenants on finding affordable renters insurance with the best renters insurance companies?

    Because insurance prices vary from company to company, consumers should shop around before selecting a product. It’s usually recommended to get at least three price quotes. But price alone shouldn’t be the determining factor. Talk to friends and family members about their satisfaction with insurance claims.

    You want to make sure your company will handle any claims fairly and efficiently. Also, you may be able to save money by purchasing a policy with a higher deductible. Just make sure you understand that the price of the deductible is what you will pay for each claim you file.

    Many insurance companies offer discounts if you have a smoke detector, alarm system or multiple policies with them, such as auto. Ask your agent or insurer if any of these discounts apply while you are shopping for coverage. Also, typically, the higher the deductible, the lower the premium, so consider increasing your deductible as a way to reduce your premium.

  2. What are the key factors to consider when shopping for the best renters insurance coverage?

    While we all try to save money, you shouldn’t let price alone determine what coverage you purchase. That’s why it’s important to talk with people who have filed claims to find out their experiences. Notice how you are treated by the staff. You’ll want good customer service in the event of a disaster, so if you don’t like the service on the front end, you may want to consider another company.

    Reputation is very important. Your state insurance department may have complaint data about companies in your state. You may want to review what customers have reported in your state before you make a decision.

    When shopping for renters insurance coverage, there are three main areas of coverage to consider. First, it is important to estimate the value of all your personal property, like your electronics, furniture, clothes, jewelry, appliances and outdoor items, like grills and patio furniture, to ensure you purchase coverage limits high enough to cover all your belongings in the event of a loss where you have to replace everything at the same time. Additionally, some valuable items like jewelry, electronics or firearms may have a cap on how much will be paid for these items. If you own items that might exceed the caps, you may need to purchase a rider or floater, which adds additional coverage to the policy for certain valuables.

    Two other important coverages under the policy are additional living expenses, such as the cost of food or staying in a hotel if you have to temporarily relocate while the landlord makes repairs following a covered loss, as well as protection against situations where you may be found personally liable for medical or legal fees (i.e., a dog bite, you cause a fire that spreads to a neighboring unit or damage your child causes). Aside from a dollar limit, additional living expense coverage will sometimes specify a time limit for coverage provided while the home is uninhabitable, such as 12 months or 24 months. If you live in an area that is prone to large-scale disasters where you could be at risk of being out of your home longer, this may be an important difference in coverage.

    Finally, another consideration when shopping for renters coverage is protection for your personal belongings when outside of the home, such as when kept in a storage unit or while you are traveling. Most policies may provide some limited coverage, often up to 10% of your coverage limit, but may vary by company.

  3. What factors should tenants consider when choosing between coverage with replacement cost value versus actual cash value?

    Actual cash value will pay to replace possessions minus an amount for depreciation, based on age and use. Replacement cost will pay the actual cost of replacing possessions. Replacement cost coverage is usually about 10% more than actual cash value insurance, so it can be well worth the cost.

    For actual cash value coverage, depreciation is taken into account, so the amount you are paid in the event of a claim depends on the age or condition of the item and can result in a substantially lower payment if, for example, you own older furniture or electronics. Alternatively, replacement cost coverage will pay to replace personal items with new, comparable versions. Replacement cost coverage is highly recommended and, while available as an endorsement for a higher premium, is often well worth the extra money. You should carefully consider the options and decide what is best for you.


Scott Holeman
Scott HolemanDirector of Media Relations at Insurance Information Institute
Karen Collins
Karen CollinsAssistant Vice President, Personal Lines

Methodology

MoneyGeek, in partnership with data from Quadrant Corp, JD Power and AM Best, analyzed a dozen of the most reputable renters insurance companies to determine which companies were best. The ranking score calculation used 20% weighting for financial stability, 30% for customer service and 50% for affordability for each company.

About the Author


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A long-time freelance writer, Karon Warren has covered finance, insurance, healthcare, business, travel and other topics for such outlets as Lending Tree, Student Loan Hero, Healthgrades, USA Today and others.