The Best Renters Insurance for 2024: Affordable Rates & Great Customer Service

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Updated: May 22, 2024

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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 2024?

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.


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 a scoring system for the best company in each state based on cost, customer service and financial stability.

Based on this system, State Farm ranks as the best renters insurance company in most of the country (22 states). Allstate is the runner-up as the best option in 11 states. But eight other insurance companies rank as the best renters insurance option in at least one state. This analysis excludes USAA, but if you're eligible for a policy, it ranks as the best company for renters insurance in 27 states.

Find your state below and follow the link to learn more about the best and cheapest renters insurance companies where you live.

Best Renters Insurance Company by State - Excluding USAA

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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Best for Most People: State Farm
Runner-up (and cheapest): 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

The best renters insurance company provides great service at a good price. But it should also be a company most renters can buy from. State Farm's combination of affordability, customer experience and availability across the country makes it our top pick.


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

Allstate offers the cheapest renters insurance in the country on average. But it doesn't sacrifice service quality to get you a low rate.


Best for Customer Satisfaction: Farmers

Farmers offers relatively affordable renters insurance and it has some of the highest customer service ratings in the industry.


Best for Quick Coverage: Lemonade

Lemonade is rapidly expanding its availability across the country. No other insurer makes it easier to quickly secure a renters insurance policy.


Best for Buying a Policy on the Phone: American Family

American Family, also called AmFam, is a regional insurance company that's not available anywhere. But if you're looking to shop on the phone and talk to a customer service representative, they offer the best experience.


Best for Discounts: Nationwide

An initial renters insurance quote with Nationwide may be expensive, but you should see how cheap of a quote you can get when you apply all its discounts.


Best for Military Members and Their Families: USAA

If it weren't restricted to military service members and their families, USAA would rate as the best renters insurance in the country.


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 renters insurance covers, what it doesn't doesn’t cover, what a policy’s deductible is and the difference between replacement cost and actual cash value.


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?
What are the key factors to consider when shopping for the best renters insurance coverage?
Which company has the best renters insurance rates?


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 Karon Warren

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Karon Warren is a professional journalist who has covered personal finance, health insurance, home insurance, car insurance, mortgages, banking and more for two decades.

Karon earned her bachelor of arts degree in journalism from the University of Southern Mississippi. She is also a member of the American Society of Journalists and Authors. Karon uses her journalist skills to create in-depth, well-researched finance stories that educate people so they can make informed financial decisions that best serve their financial goals.