Does your landlord require renters insurance? Even if they don’t, most policies are affordable and can save you a small fortune if an accident happens.
Your landlord’s insurance covers repairs to the property structure like the roof or a broken water pipe. But your landlord may not pay to replace your possessions or a visitor’s medical bills if you’re at fault.
The best renters insurance companies typically offer coverage for less than $20 per month. This budget-friendly insurance can be affordable even if you live on a small income.
Continue reading to find the best and right renters insurance company to fit your needs.
In This Article
Best Renters Insurance Companies
It’s important to know what renters insurance covers when comparing rates. Barebones policies can cost as little as $5 per month. But more extensive coverage limits command a higher monthly premium.
Your renters insurance quote may cover these items:
- Personal property: Replacement costs for your qualified possessions
- Medical bills: Medical costs if you’re at-fault for an on-property injury
- Temporary living costs: Lodging costs if your dwelling is uninhabitable
Lemonade is one of the best “insurtech” renters insurance companies. This online-only insurance company uses artificial intelligence instead of an agent to calculate your quote. The digital approach it takes reduces operating expenses for Lemonade and can save you money.
You may pay as little as $5 with a Lemonade renters insurance policy. A $5 monthly policy is one of the cheapest rates you will find.
Lemonade states you can obtain coverage in 90 seconds. You can receive claim payment within three minutes of submitting a claim to Lemonade’s automated claim review process. These are some of the quickest processing times in the insurance industry.
Another reason to like Lemonade is for its Give Back program. You can select a charitable cause, and Lemonade donates up to 40% of unclaimed money to charity. For example, Lemonade donated $631,540 to charities in 2019.
One downside of Lemonade is that policies are only available in approximately 25 states. Entering your state of residence to get a quote is the quickest way to see if you qualify.
Lemonade only offers renters and homeowners insurance, so you won’t be able to bundle your other insurance products. Some providers offer a multi-policy discount if you also get car insurance and life insurance, for instance.
Why We Like Lemonade
- Monthly policies start at $5
- Quick claim processing times
- Donates unclaimed money to charity
Do you already have renters insurance but unsure if you’re overpaying? Gabi doesn’t issue renters insurance but partners with insurance providers in all 50 states.
Even if you don’t have renters insurance yet, Gabi can help you find a policy.
You can compare rates from multiple renters insurance companies with a single search. Start by uploading a digital copy of your current insurance policy. Note that it’s free to compare prices, but it can take up to 48 hours to see your options.
While it can take up to two days to see your search results, the wait can still save you time. For instance, Gabi finds your best options while you continue living your daily routine.
It’s possible to compare rates for car insurance and umbrella insurance on Gabi too.
Why We Like Gabi
- Compare rates for multiple lenders with one search
- No obligation to switch policies
- Licensed in all 50 U.S. states
Allstate can be a good option if you want to bundle renters insurance with your other products. Having auto and renters insurance from Allstate gives you a discount. You can also get term life insurance at Allstate to keep all your policies with one company.
Allstate gives you a 5% monthly discount when you enroll in auto-pay. Being at least 55 years also qualified for a discount.
You can get an insurance quote online or speak with your local agent. One advantage of using a full-service agency like Allstate is the advanced online tools.
Allstate has a digital locker that lets you save pictures of your belongings in the Allstate app. This tool allows you to estimate the value of your items accurately, so you choose the proper coverage amount. Also, having your pictures in one place makes it easy to file a claim.
Why We Like Allstate
- Can qualify for several discounts
- Digital Locker app itemizes your covered possessions
- Available in many communities
Military families are familiar with the insurance and banking benefits that USAA provides. You can be a dependent of a servicemember and qualify for membership.
USAA renters insurance policies start at $10 per month, and all policies include flood and earthquake coverage. These coverage features are optional with many other insurance companies.
Plus, your policy even covers your items in storage while you move to a new home.
It’s possible to get a policy that covers your personal things and medical liability but not temporary living costs. You can also choose a policy that covers either liability or personal items.
Why We Like USAA
- Flood and earthquake coverage is standard
- Covers item in storage while you move
- Policies start at $10 per month
- Multi-policy discounts
Another popular discount insurance company is Geico. Their iconic green lizard mascot has been helping many people save money on car insurance. You can also get renters insurance for $12 or more per month.
Geico routinely receives high satisfaction marks from their loyal customer base. It’s worth considering Geico as you can bundle your car insurance to get a multi-policy discount.
It’s possible to add optional riders to protect your high-value items. A rider you may appreciate getting is replacement value (instead of the actual cash value). Replacement value coverage costs more per month, but you can get a larger claim if your belongings get ruined.
Why We Like Geico
- Renters insurance policies as low as $12 per month
- 24/7 customer service
- Multi-policy discounts
AARP can be a good renters insurance option if you’re age 50 or older. This organization partners with The Hartford to offer renters insurance. Bundling your car insurance lets you enjoy a multi-policy discount and helps make AARP membership worth it.
Policies are available in all 50 states but not the U.S. territories.
Other insurance products you can purchase with AARP partners include:
- Health insurance
- Medicare Advantage
- Pet insurance
- Life insurance
- RV insurance
- Auto and motorcycle insurance
Why We Like AARP
- Potential discounts for members at least 50 years old
- Available in all 50 states
MetLife offers a variety of insurance products, including renters insurance. You can get up to $15,000 in specialty items coverage to protect your high-value belongings. However, discount companies may not cover electronics, sports equipment or luxury items.
It’s even possible to get identity theft protection with your policy.
You should take the time to compare quotes with other rental insurance companies if you need to protect luxury items. The cost of policy add-ons can vary widely between providers.
Why We Like MetLife
- Car and renters insurance bundle discount
- Optional coverage for luxury items
- Identity theft protection plans available
Nationwide is another large insurance company with catchy TV commercial jingles. Renters insurance is one product you can get from them. You can complete the entire renters insurance quote process online. A local agent can also help if you want to open multiple policies.
Like other renters insurance companies, Nationwide offers discounts for having home security devices. Going multiple years without claims also reduces your monthly rate.
Optional policy add-ons you can buy include protecting valuables and earthquake coverage. Losses from sewer or drain backups is another add-on possibility.
While Nationwide is best-known for their insurance products, they also offer a high-yield online savings account. Axos Bank partners with Nationwide to provide FDIC-insured savings and checking accounts. These bank accounts don’t charge a monthly fee.
Why We Like Nationwide
- Multiple discounts available
- Available in most locations
- Local agent access
9. American Family Insurance
American Family Insurance can offer competitive rates on renters insurance. Your policy can cover up to $1,500 in luxury items. Plus, American Family covers the theft of your items when you travel.
Pet owners can buy add-on pet insurance to their renters policy too. This rider can cover pet-related expenses under qualifying conditions. It’s worth exploring this add-on if you don’t have a standalone pet insurance policy.
Also, it’s possible to get discounts on your renters insurance with auto-pay and smart home devices. Bundling can save 29% on your car insurance and 15% on your renters policy.
Another neat discount program is American Family’s “diminishing deductible.” Your deductible reduces each year you renew your renters insurance. You can get an upfront reduction too. So your deductible is lower if you need to file a renters insurance claim.
Why We Like American Family Insurance
- Policy deductible lowers each year you’re claim-free
- Auto-pay and multi-policy discounts
- Smart home discounts
- Pet insurance add-on
10. State Farm
It’s hard to ignore State Farm as they seem to have an agent in most small to large towns. Bundling renters insurance with your State Farm car insurance is one way to save money.
State Farm offers several discounts to your renters insurance policy. Of course, you can get discounts on your car insurance too. These discounts come as good news as State Farm can be pricier than other insurance companies.
It’s possible to open a policy online, but a local State Farm agent can help. State Farm also offers a robust insurance mobile app that makes it easy to file claims.
Besides, you may choose State Farm if you have a home-based business. State Farm won’t issue a policy for every business. However, State Farm may be more likely to issue coverage than other rental insurance companies.
Why We Like State Farm
- Can qualify for multiple discounts
- Robust mobile app
- Can purchase small business insurance
- Local agent access
Jetty may offer renters insurance to you if your landlord partners with Jetty. This possibility may exist if you live in an apartment or another multi-family property.
One unique add-on you may like includes bed bug protection. Your landlord may not normally cover pest control expenses, especially if the tenant brings the pests in.
Jetty offers other tools that can make it easier to pay rent. For example, you can get a reduced security deposit or find a legit co-signer. These two features can help you find a better place to live.
It’s also possible to get discounts on various retail brands. You can save money on everything from meal delivery kits to refinancing student loans.
Some partners offering discounts to Jetty customers include:
Maybe you use some of these brands already and can save more money. Jetty’s discounts can also help you discover new brands.
Why We Like Jetty
- Data-driven policy quotes
- Policy add-ons available
- Leasing partners may reduce your required security deposit
12. Erie Insurance
Erie Insurance is known for having good customer service if you must file a claim. You will need to work with a local agent to get a quote. Speaking with a local agent is a downside if you need renters insurance today–similar to needing no exam life insurance.
One potential benefit of using an agent is accurately calculating your insurance needs. To avoid overpaying, you should still know your target coverage limits beforehand.
While the application process can be slower with Erie, their rates are competitive. For instance, a standard policy costs approximately $15 per month. Erie offers few add-ons which help prevent you from buying expensive and unnecessary coverage.
Your policy quote mainly depends on where you live and your coverage limits. Opting for a $1,000 deductible instead of a $500 deductible can reduce your cost too.
As with many of the best renters insurance companies, if you combine your renters and auto insurance policies, you save cash each month.
Why We Like Erie Insurance
- Highly-rated customer service
- Local agent access
- Multiple insurance products and discounts are available
Renters insurance is an easy expense to overlook. Many tenants may have the false impression their landlord covers the cost of every accident and injury. The good news is renters insurance is budget-friendly, and the protection is worth a lot more than the monthly price.
Has renters insurance saved you money in damages or accidents? Are you going to bundle your policy to get a discount? Let us know by sharing a comment.