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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 Farm
Score:91

4.7/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability

More About State Farm

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
Allstate
Score:90

4.7/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability

More About Allstate

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
Farmers
Score:88

4.4/5

Affordability

4.6/5

User Satisfaction

4/5

Financial Stability

More About Farmers

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
Travelers
Score:87

4.4/5

Affordability

3.9/5

User Satisfaction

5/5

Financial Stability

More About Travelers

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
MetLife
Score:85

4.3/5

Affordability

4/5

User Satisfaction

4.5/5

Financial Stability

More About MetLife

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
Nationwide
Score:74

3/5

Affordability

4.3/5

User Satisfaction

4.5/5

Financial Stability

More About Nationwide

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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  • State
    Company
  • Alabama
    USAA
  • Alaska
    Allstate
  • Arizona
    USAA
  • Arkansas
    USAA
  • California
    USAA
  • Colorado
    Allstate
  • Connecticut
    USAA
  • Delaware
    State Farm
  • District Of Columbia
    USAA
  • Florida
    Travelers
  • Georgia
    USAA
  • Hawaii
    State Farm
  • Idaho
    USAA
  • Illinois
    USAA
  • Indiana
    USAA
  • Iowa
    State Farm
  • Kansas
    State Farm
  • Kentucky
    USAA
  • Louisiana
    State Farm
  • Maine
    USAA
  • Maryland
    USAA
  • Massachusetts
    State Farm
  • Michigan
    USAA
  • Minnesota
    State Farm
  • Mississippi
    USAA
  • Missouri
    USAA
  • Montana
    Allstate
  • Nebraska
    USAA
  • Nevada
    USAA
  • New Hampshire
    USAA
  • New Jersey
    USAA
  • New Mexico
    State Farm
  • New York
    Lemonade
  • North Carolina
    USAA
  • North Dakota
    MetLife
  • Ohio
    USAA
  • Oklahoma
    USAA
  • Oregon
    MetLife
  • Pennsylvania
    USAA
  • Rhode Island
    Amica Mutual
  • South Carolina
    State Farm
  • South Dakota
    Allstate
  • Tennessee
    USAA
  • Texas
    USAA
  • Utah
    Allstate
  • Vermont
    Vermont Mutual Insurance
  • Virginia
    Allstate
  • Washington
    Allstate
  • West Virginia
    Allstate
  • Wisconsin
    Allstate
  • Wyoming
    USAA

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?
  2. What are the key factors to consider when shopping for the best renters insurance coverage?
  3. What factors should tenants consider when choosing between coverage with replacement cost value versus actual cash value?

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


expert-profile

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.