Best Renters Insurance Companies

Renters insurance can help to protect your property in case something happens to your apartment. Like homeowner’s insurance, renters insurance covers damage to your property from covered perils, as well as living expenses like hotel bills if you’re unable to remain in your apartment.

Unlike homeowners insurance, renters insurance doesn’t cover the actual structure - that’s the responsibility of your landlord. Instead, renters insurance only covers items that are inside the structure, like furniture or clothing. We’ll cover how renters insurance works, the best renters insurance companies to choose from, and what you should look for when selecting a policy.

Best renters insurance companies of 2022

If you’re looking for a rental insurance policy for your new apartment, there are a variety of options to choose from. Whether you’re looking for a company with a quick and easy application process and sleek mobile app, discounts for bundling policies, expanded coverage options, or robust customer support, we’ve included our top picks for renters insurance policies.

Lemonade

A renters insurance policy from Lemonade can start as low as $5 per month, making it one of the most affordable insurance policies available. Lemonade also features a quick and easy application process that can be completed in just a few minutes. Renters insurance policies from Lemonade cover all your belongings, as well as liability coverage and some medical expenses. It’s easy to file a claim online or in the app, and Lemonade even donates a certain percentage of proceeds to charitable causes.

Pros:

• Affordable cost
• Easy application and claims process
• Mobile app

Cons

• Not the best fit for customers who prioritize working directly with an agent
• Fewer discount options than some other insurers
• Not available in all states

Geico

Geico is another top insurance provider that offers affordable renters insurance policies. One of the best features about purchasing renters insurance with Geico is that you have the opportunity to bundle and save with other policies, like car insurance. Keep in mind that, while your renters insurance policy is secured by Geico, the company actually works with a network of affiliates to provide your policy.

Pros:

• Discounts for bundling
• Affordable policies
• Reputable insurer

Cons:

• Policies provided through network of affiliate insurers
• No choice of which affiliate you’ll be matched with

USAA

USAA is one of the top names in insurance, offering affordable, flexible renters insurance policies for customers. Only members of the armed services, veterans, and their families are eligible. Standard USAA insurance policies include flood coverage, and also feature replacement cost coverage, which gives renters the funds they need to purchase new personal possessions if they’re lost or damaged. For those who are deployed or move abroad, possessions are covered with overseas insurance.

Pros:

• Comes with flood insurance
• Overseas insurance
• Good customer services

Cons:

• Only available to military members and their families

Nationwide

Nationwide offers renters insurance policies with flexible coverage options at an affordable price. In addition to typical renters insurance coverage, Nationwide also offers optional renters insurance coverage for theft in a motor vehicle, earthquakes, and water backup. Customers can earn discounts for bundling multiple policies, and can manage their policy and claims entirely online.

Pros:

• Additional coverage options available
• Discounts for bundling
• Manage policies and claims online

Cons:

• More expensive than some other providers
• Must work with an agent

Erie

If you’re looking to protect your belongings with a simple, affordable renters insurance policy, then Erie is a good fit. Based in Pennsylvania, this insurer offers insurance policies to customers in the mid-Atlantic region. Customers have the option to bundle their renters and auto insurance policies, and Erie has over 13,000 agents ready to help.

Pros:

• Discounts for bundling
• Good customer support
• Extra coverage options

Cons:

• Limited availability

Is renters insurance worth it?

Renters insurance may seem like an unnecessary extra monthly expense, but it’s usually worth it. This is because a renters insurance policy can help to protect you from financial risk in case anything happens to your belongings or your apartment. Some of the things that renters insurance cover include:

• Personal property coverage: Personal property coverage covers your personal property if it’s damaged by a covered peril or stolen.
• Personal liability coverage: Personal liability coverage protects you against risk if someone were to get injured while visiting you.
• Loss of use coverage: If your apartment is damaged and you’re no longer able to live in it, your renters insurance policy will cover a portion of your hotel bills or other related costs.
• Other coverage: Some rental insurance policies even offer additional types of optional coverage, like coverage for earthquakes or valuable personal possessions.

Rental insurance policies often come with specific perils that they protect against. While perils are often the same across multiple different insurers, you should always check with your insurance policy to make sure that a particular peril is covered. Examples of perils include:

• Vandalism
• Theft
• Explosions
• Riots
• Fire
• Lightning
• Windstorms
• Hail
• Smoke damage

There are a few things that most rental insurance policies don’t cover. Unless otherwise stated in your policy, or unless you buy specific add-on coverage, most rental insurance policies won’t cover floods or earthquakes. Some offer separate add-on coverage that can be purchased in these instances. In most cases, renters will have to buy a separate flood insurance policy if they want to protect their possessions from damage in the case of a flood.

While renters insurance may not seem like the most necessary expense upfront, it can save you a lot of money if anything happens to your property. For example, if your laptop is stolen from your home, your renters insurance policy could reimburse you for the cost of purchasing a new one. Similarly, if your apartment building burns down and you don’t have a place to stay, your rental insurance policy could cover the cost of a hotel bill.

Some people might choose to go without renters insurance, but it can often prove beneficial in the long run. This is especially true since renters insurance policies cover your possessions wherever you, not just in your own home. So if, for example, your laptop is stolen from a coffee shop or your wallet is taken when visiting a friend, renters insurance could still help.

Like many other types of insurance, the point of a renters insurance policy is to protect against risk—it’s something that you’ll be glad you have if anything ever happens to your possessions or your apartment.

How to compare renters insurance policies

Not all renters insurance policies are created equal. When comparing policies, there are a few factors you should consider. These include:

• Availability: First and foremost, you’ll need to work with an insurance policy that offers renters insurance in your area. While some insurance companies operate in all 50 states, others only operate in certain regional areas.
• Price: Price is one of the most important factors to compare when shopping around for a renters insurance policy. Renters insurance is typically less expensive than other types of insurance policies, such as auto insurance, but that doesn’t mean that the difference of a few dollars won’t add up over time. As long as the insurer meets all of your other requirements, you should look for a policy with the lowest possible cost.
• Financial stability: Financial stability is another factor to consider when comparing insurers. The more financially stable a company is, the more likely they are to be able to pay out if you have to file a claim. Most established insurance companies are very financially stable.
• Application process: Different insurance companies may have different requirements when it comes to the application process. Some allow customers to apply entirely online in just a few minutes, while others require that customers work with an agent. Which one is right for you depends on your own personal preference and comfort with technology.
• Claims process: When comparing insurance companies, you should also review how their claims process works. You should look for a company that makes it easy and painless to submit claims when necessary. Positive customer reviews can be another indication that the claims process is smooth.
• Customer service: Customer service is another factor worth considering when evaluating insurance companies against one another. Look for an insurer with good reviews and 24/7 support availability.

When comparing renters insurance policies, it’s important to get personalized quotes from different companies with the same coverage amounts. This can help to make sure that you’re accurately comparing policies in order to find the one that best meets your needs.

How to choose the best renters insurance for you

While it can be tempting to just get a policy from the first insurer you come across and stick with it, there are a few things you should consider when choosing a policy, including:

• Bundling discounts: Many insurance companies offer significant discounts for customers who bundle policies. Most commonly this means bundling your renters or homeowners insurance with your auto insurance policy, but some companies let you bundle life insurance or even pet insurance policies as well. If you’re already happy with your auto insurance provider, you should consider purchasing a renters insurance policy from them if they offer it at a reasonable price.
• The value of your possessions: In order to make sure that you purchase an adequate amount of coverage, it’s a good idea to take stock of your possessions. You should make a list of everything you own in your apartment, along with its approximate value, in order to figure out how much personal property coverage you should purchase.
• Your personal preferences: Price is one important factor when it comes to purchasing renters insurance, but it’s not the only one. You should also factor in your personal preference when it comes to things like that application process, whether or not you need to work with an agent, and whether you can file claims and manage your policy online or through an app.
• Your budget: Ultimately, many renters are looking for a simple, affordable policy that protects against risk in the event that anything were to happen to their apartment. Looking for the most affordable policy makes sense in most cases.

What are the cheapest renters insurance companies?

The cheapest renters insurance companies for you ultimately depend on a variety of factors, including where you live, how much coverage you opt for, and more. In our survey, Lemonade has the cheapest initial rate, starting at $5. But in order to determine which insurance company offers the lowest rates for you, be sure to get personalized quotes from multiple different providers. Otherwise you won’t be comparing apples to apples when it comes to your renters insurance policy.

Should I bundle renters and car insurance?

In many cases, it can be a good deal to bundle your car insurance policy and your renters insurance policy. If you already like your car insurance provider and are considering purchasing a new renters insurance policy, you should get a personalized quote from your car insurance company to see how it stacks up. Most insurers offer discounts for customers who bundle policies, so even if the policy isn’t cheaper up front, it could be the most affordable option after discounts are applied.

That said, bundling car insurance and renters insurance isn’t always the best option. Since the most affordable insurance companies vary depending on where you live as well as personal factors, it may end up being a better deal to purchase two separate insurance policies from two separate insurance companies.

FAQ

What does renters insurance cover?

At its most basic, renters insurance has three main types of coverage: personal property coverage, which covers your belongings; liability coverage, which protects you if someone is injured while visiting; and loss of use coverage, which covers bills like hotel stays if you’re unable to stay in your apartment after a covered peril. Renters insurance typically covers perils including fire, lightning, theft, vandalism, windstorms, hail, and more.

How much does renters insurance cost?

The cost of a renters insurance policy can vary depending on where you live and how much coverage you need. The higher your coverage limits, the more you’ll have to pay for a renters insurance policy. If you live in an area with a high rate of disasters or theft, you may also need to pay more. In general, renters insurance policies are relatively affordable, with costs ranging from about $5 to $20 per month.

Does renters insurance cover theft?

Yes, most renters insurance policies cover theft both inside and outside of your home. The policy will reimburse you up to your coverage limit. For example, if your $1,000 laptop is stolen and you have a coverage limit of $10,000, you could receive up to $1,000 from your insurance company to replace your laptop. If your $20,000 piece of art is stolen and you have a coverage limit of $10,000, you could receive up to $10,000 from your insurer. In order for your renters insurance claim to be successful after you’ve experienced a theft, you may need to file a police report. It’s also a good idea to keep receipts for valuable possessions so that you can prove their worth in case they’re stolen.

How do you file a renters insurance claim?

There are a few steps to take in order to file a renters insurance claim. Before you get in touch with your insurance company, you should first document your loss. If your property has been damaged by a fire, for example, you can take pictures of the damaged possessions. Depending on the situation, you may want to file a police report to share with your insurance company. You should also gather any relevant documents, like receipts.

Next, you’ll need to get in touch with your insurance company. Depending on your insurer, you may be able to get in touch with them online or through a mobile app, or you may need to call your insurance agent. They may ask you to submit proof of damage like photos or videos.