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Many renters might be surprised to learn that their landlord’s insurance doesn’t cover their personal belongings. If you rent an apartment or home, you’ll need to purchase a separate renters insurance policy if you want protection for your things.
Renters insurance, also known as tenant insurance, can protect you and your personal items from a covered loss. For an average of $19 per month for a policy with $30,000 in personal property coverage and $100,000 in personal liability coverage, you gain peace of mind that you and your stuff have the proper protection.
Insurify researched the best renters insurance companies to help you find the best fit for your needs.
5 best renters insurance companies of 2024
If you rent your home and want to make sure you have the proper coverage, it’s important to find the best company for your needs. Luckily, you have many great insurers to choose from.
Check out Insurify’s top five picks for the best renters insurance companies.
Erie: Best for low rates
Erie offers a range of renters insurance options at competitive rates, including personal property coverage, loss of use, personal liability coverage, and medical expenses coverage. It also has a wide selection of add-ons, including sewer and drain backup coverage, home-sharing coverage, earthquake insurance, and flood damage coverage.
Allstate: Best for retirees
If you’re a retiree age 55 or older, you can save up to 25% on renters insurance with Allstate. The company also offers a range of other policy discounts, including a multi-policy discount and a windstorm-mitigation discount for Florida residents.
With Allstate, you can also save by bundling renters insurance with car, home, condo, motorcycle, off-road vehicle, or term life insurance.
USAA: Best for military members
United Services Automobile Association (USAA) renters insurance comes with standard coverage, including personal property and liability insurance, as well as insurance specifically designed for military members, like military gear and uniform coverage. When you purchase renters insurance with USAA, you and your belongings have protection no matter where your military service takes you.
USAA also offers a range of other coverage types, including identity theft, explosions and riot damage, and damage from an aircraft.
Auto-Owners: Best for discounts
If you want to save on renters insurance, Auto-Owners offers a wide variety of discounts, including multi-policy, green discounts, protective device discounts, hurricane and wind mitigation discounts, and more. You can also find all the standard renters insurance products, including personal property, personal liability, medical liability for others, and additional living expenses coverage.
State Farm: Best for inflation coverage
State Farm is the largest insurer in the U.S. by market share and has a history dating back to 1922.1 The company offers standard renters insurance policies that include personal belonging, liability, and loss of use coverage. It also provides inflation coverage, which automatically increases your insurance coverage as the cost of living changes.
What renters insurance covers
While your landlord might have insurance to protect the structure you’re living in, their insurance won’t cover your stuff. Renters coverage typically includes the following types of insurance policies:2
What renters insurance doesn’t cover
When selecting a renters insurance policy, make sure you read the fine print to understand which accidents and incidents the policy doesn’t cover.
Certain disasters: Similar to a standard homeowners insurance policy, renters policies won’t cover damage due to flooding or earthquakes. You’ll have to look into additional coverage for these disasters.
Damage to the structure: Rental insurance is meant to cover you and your belongings. It’s generally up to the homeowner to purchase insurance to cover the actual structure of the building.
Your roommate’s stuff: If you have a roommate, your renter’s insurance policy usually won’t cover their belongings. In most cases, they’ll have to purchase their own policy if they want coverage.
Wear and tear: Like home insurance, renters insurance typically won’t cover general wear and tear. For instance, your renters policy wouldn’t cover you if you have a slow leak that goes unfixed and causes water damage.
Average cost of renters insurance by state
The average cost of renters insurance for $30,000 in property coverage and $100,000 in liability coverage ranges from $5 per month in Alaska to $34 per month in Louisiana, Insurify data shows.
The national average for these coverage levels is $19 per month, or $228 per year. Compared to the average homeowners premium of $2,377 per year for $300,000 in dwelling coverage and a $1,000 deductible, this is a small price to pay for peace of mind and safety.
The following table provides the average cost for renters insurance in each state for policies with $30,000 in personal property coverage and $100,000 in personal liability coverage.
What to consider when choosing a renters insurance policy
When you’re shopping around for the top renters insurance companies, consider the following factors:
Renters insurance costs: When shopping for insurance, cost is always an important factor. If you’re looking for cheap renters insurance, you’re in luck. The average cost of renters insurance is $19 per month. A number of factors influence your individual rate, like your ZIP code, the age and condition of your rental property, how much coverage you need, and the value of your possessions.
Coverage options: Most standard renters insurance policies offer some combination of personal belonging coverage, personal liability, medical payments, and additional living expenses. You can compare companies and look at their add-on coverage options, which might include valuable items coverage, equipment breakdown coverage, or earthquake insurance.
Ease of filing a claim: If you’re in a situation where you have to file a claim, you want an insurance company that makes the process as quick and easy as possible. You can check out resources like the J.D. Power U.S. Property Claims Satisfaction Study to get a sense of which companies are doing a good job.
Customer reviews: Check third-party review sites to see what current and past customers have to say about the rental insurance company. Look for common complaints or red flags.