The Best Renters Insurance Companies (2024)
Explore our comprehensive guide to the best renters insurance companies.
The best renters insurance companies
Even if you don’t own your home, disaster can still strike. Protecting your belongings and assets with insurance is a great way to ease the financial burden and protect your belongings in the event of a loss.
The Zebra has compiled a list of the top renters insurance companies to help you make an informed decision on your next provider. Read on to find the best companies based on average premiums, reviews, coverage options and more.
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Top renters insurance companies at a glance:
One of America's most popular insurance companies, Allstate earns strong third-party ratings across the board. Allstate offers standard renters coverages and a list of endorsement opportunities. But with policies starting at $31 per month, it is one of the more expensive companies on this list. Renters with complex coverage needs and the budget to cover higher premiums should consider Allstate.
American Family earns positive reviews from AM Best and J.D. Power but falls short when it comes to customer satisfaction. It does offer additional coverages and several discounts to help lower your rate from the slightly above-average $24 per month.
Online information for renters insurance policies from Farmers is limited, but it offers standard coverages along with options to add personal article floaters. Discounts are available as well. Similar to AmFam, Farmers is well-regarded by J.D. Power and AM Best but receives a higher than the average number of customer complaints.
For one of the larger companies on this list, its rankings by third-party organizations are lackluster — and with $24 per month policy premiums, it’s likely you could find similar coverage for less with another company. However, with Liberty Mutual, you can manage your renters policy from their mobile app — a feature not always available to renters policyholders with other companies. Applicants can also choose from a list of add-ons and discounts to further customize their coverage.
Lemonade is highly rated by The Zebra because of its tech-forward approach, competitive pricing and simple processes. Claims filing and applying for a policy are made easy with the company’s use of artificial intelligence bots. This technology also allows for quick claims processing. But with only basic coverage packages and no discount opportunities, applicants with more complex needs may look elsewhere. If you are a renter with basic insurance needs, on a budget and enjoy working in the digital world, Lemonade is for you.
Nationwide is a solid choice for your renters insurance coverage if you already have coverage through them for another line of insurance. With the multi-policy discount, other discount opportunities, and average rates typically costing $20 per month, Nationwide renters policies can fulfill most renters needs at a decent price.
With Progressive's poor J.D. Power scores and average rates on the more expensive side, customers with basic insurance needs who value positive customer service can find this elsewhere. Progressive does offer additional coverage options and a handful of discounts, so it might be worth looking into if endorsements are on your list of must-haves.
State Farm renters policies average rates are competitive compared to other companies of similar size on this list. With available add-ons and plenty of discounts, many types of renters can be happy with State Farm’s coverage.
A solid contender for renters policies, Travelers coverage suite, add-ons, discounts and pricing makes it an attractive package for any renter. Its long history and positive third-party scores also keep customers at ease when filing claims and dealing with customer service.
A consistent winner in the insurance industry because of its low prices, USAA is no different when it comes to its renters product. With excellent ratings across the board and one of the most affordable average rates on this list, USAA is a great option for those who qualify.
Top renters insurance companies
There are a lot of factors that determine which insurance carrier might be right for your unique renters insurance needs, and ratings from reputable third-party organizations like J.D. Power, AM Best and the NAIC offer important insights into a company’s financial standing, number of customer complaints and customer satisfaction.
These organizations typically rank insurance companies’ auto and homeowners products, but their scores are generally applicable to companies as a whole and to other insurance lines like renters.
See below for these organizations' ratings for top renters insurance companies.
Renters insurance companies ranked by cost
One of the most important factors in choosing a renters policy is the cost per month. Renters insurance is significantly less expensive than homeowners and typically costs around $188 per year. The cost of renters insurance primarily depends on the value of the property being insured. In order to provide a rate estimate, we used a personal property limit of $50,000 from popular companies in the U.S.
| Insurance company | Average Yearly Renters Insurance Premium | Monthly Rate |
|---|---|---|
| Allstate | $372 | $31 |
| American Family | $289 | $24 |
| Farmers | $246 | $20 |
| Liberty Mutual | $285 | $24 |
| Nationwide | $253 | $21 |
| Progressive | $305 | $25 |
| State Farm | $179 | $15 |
| Travelers | $217 | $18 |
| USAA | $186 | $15 |
The Zebra’s renters insurance data methodology
The renters insurance rates published in this guide are based on The Zebra’s annual analysis of average renters insurance premiums in every U.S. ZIP code. This data comes to us from Quadrant Information Services, which sources the latest approved rate filings across carriers in each state from S&P Global. Quadrant then uses an internal QA process to validate the information and build reports before the data is queried and analyzed by The Zebra.
These rates are based on a sample user profile: a single 30-year-old renter with an HO-4 renters policy living in a 1,000-square-foot apartment and carrying these coverage limits:
- $50,000 for personal property
- $100,000 for personal liability
- $5,000 for loss of use
- $1,000 for medical payments
- $500 deductible
To provide insight to renters on how specific personal factors (like age, location and coverage level) can affect your premium, this base profile is then adjusted for different factors commonly used by insurance companies. For more information, see our full data methodology.
Though exact rates have not been calculated from Lemonade, the popular renters insurance company advertises rates starting at just $5 per month.Â
How to find the best renters insurance company for you
Like with any insurance product, the best way to determine the right insurance company for you starts with taking a comprehensive look at your coverage needs, budget and other insurable items.
While the process can be overwhelming, it can be made easier with The Zebra’s expert tips on how to prioritize your needs and organize other factors to consider.
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Coverage options
A typical renters policy will cover personal property, liability, additional living expenses and medical payments. These elements make up the core of a renters policy and will be included in every insurance company’s package, no matter which carrier you choose.
If you require additional protection, it’s important to understand which coverages you need and whether the insurance company you’re considering offers these endorsements.
Common renters insurance endorsements
Bundling
One of the most popular discounts in the insurance world is the multi-policy discount, meaning that you are eligible for discounts on your coverage if you have more than one insurance line through the same company. Many of the companies on this list offer several other insurance products that you may consider switching to in order to get the bundling discount.
However, keep in mind that even with a bundling discount, your rate could be better elsewhere; some insurance providers are just more expensive than others, even if your risk profile remains unchanged. Shopping and comparing quotes before the end of every policy period is one of the best ways to secure the cheapest rates. Don't be afraid to switch companies — if you receive a better quote from Company B midway through your policy with Company A, paying the initial cancellation fee could be worth the future savings.
Discounts
The discounts offered by most insurance companies tend to be quite small, and the range of discounts also varies widely by company. But this doesn't mean they're not worth inquiring about.
Common renters insurance discounts
- Multi-policy
- Pay in full
- Paperless
- Senior discount
- Claims-free
See more information on common renters insurance discounts.Â
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About The Zebra
The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.
- The Zebra’s insurance content is written and reviewed for accuracy by licensed insurance agents.
- The Zebra’s insurance editorial content is not subject to review or alteration by insurance companies or partners.
- The Zebra’s editorial team operates independently of the company’s partnerships and commercialization interests, publishing unbiased information for consumer benefit.
- The auto insurance rates published on The Zebra’s pages are based on a comprehensive analysis of car insurance pricing data, evaluating more than 83 million insurance rates from across the United States.