Reviews Report
- Auto-Owners is Reviews.com’s pick for best renters insurance, earning a 4.5 out 5 score.
- Liberty Mutual offers low-cost renters insurance starting at $5 per month.
- USAA offers the best renters insurance coverage for military personnel and their immediate family members.
If you rent a home or apartment, having renters insurance can come in handy. Some landlords even require tenants to purchase renters insurance before they can sign a lease. Anyone who rents can benefit from renters insurance, including students.
There are dozens of renters insurance companies on the market, so we did some research to find the best ones, using criteria like average premiums, coverage options, and discounts. See which companies made our list of the best renters insurance.
The 8 Best Renters Insurance Companies of 2021
- Auto-Owners: Best Renters Insurance for Discounts
- Amica: Best Renters Insurance for Claims Satisfaction
- Hartford: Best Renters Insurance for Optional Coverages
- Allstate: Best Renters Insurance for Retirees
- Erie: Best Renters Insurance for Customer Service
- Travelers: Best Renters Insurance for First-time Renters
- USAA: Best Renters Insurance for Military Members
- Liberty Mutual: Best Renters Insurance for Affordable Coverage
Compare the Best Renters Insurance of 2021
| Reviews.com Score Score is based on company’s customer experience, financial stability, and coverage options. | J.D. Power Overall Customer Satisfaction J.D. Power scores are based on surveys for customer satisfaction and product quality. | AM Best AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim. | Discounts | ||
|---|---|---|---|---|---|
| Pin Auto-Owners | 4.5 | N/A | A++ | 8 | |
| Pin Amica | 4.25 | N/A | A++ | 5 | |
| Pin The Hartford | 4.2 | 824 | A+ | 3 | |
| Pin Allstate | 4 | 841 | A+ | 2 | |
| Pin Erie | 3.8 | 865 | A+ | 2 | |
| Pin Travelers | 3.8 | 807 | A++ | 3 | |
| Pin USAA | 3.8 | 888 | A++ | 4 | |
| Pin Liberty Mutual | 3.8 | 831 | A | 5 |
Best for Discounts
Why we chose it
Why we chose it
Pros
- Excellent discounts
- Impressive financial strength ratings
- Good option for renters who prefer to work with an agent
Cons
- Can’t get a quote online
- Coverage isn’t sold in every state
- Add-on coverages are limited
Available Discounts
- Multi-policy
- Life multi-policy
- Payment history
- Paperless billing
- Protective devices
- Favorable loss history
- Pay in full
- Quote in advance
Add-on Coverage
- Renters Plus package (water backup, waterbed liability, glass deductible waiver, food spoilage)
- Personal property replacement cost coverage
More Auto-Owners Insurance Reviews
Best for Claim Satisfaction
Why we chose it
Why we chose it
Pros
- Impressive claim satisfaction rating from J.D. Power
- Renters Essentials® bundle available
- Several endorsements for customization
Cons
- Doesn’t offer many online tools or resources
- Not rated by J.D. Power for customer satisfaction
- Not available in Hawaii or Alaska
Available Discounts
- Loyalty
- Claim-free
- Paperless statements
- AutoPay
- Multi-policy
Add-on Coverage
- Personal property replacement cost coverage
- Scheduled personal property coverage
- Smart devices and computer coverage
- Identity fraud coverage
More Amica Insurance Reviews
Best for Optional Coverage
Why we chose it
Why we chose it
Pros
- Low-cost coverage for renters over 50
- Excellent add-on coverages
- Website has helpful information about purchasing renters insurance
Cons
- Must be an AARP member to get coverage
- Few discounts
- Have to pay extra for replacement cost coverage
Available Discounts
- Multi-policy
- 24-hour security system
- Policy renewal
Add-on Coverage
- ProtectorPLUS Zero Deductible Benefit
- Replacement cost coverage
- Valuable items blanket coverage
- Earthquake insurance
- Equipment breakdown coverage
- Water backup coverage
- Identity fraud coverage
- Assisted living care coverage
- Scheduled personal property coverage
More The Hartford Insurance Reviews
Best for Retirees
Why we chose it
Why we chose it
Pros
- Several endorsements available
- Savings for renters 55 and older and retired
- Online quotes available
Cons
- Very few discounts
- High number of customer complaints
- Replacement cost coverage isn’t standard
Available Discounts
- Multi-policy
- Retired renter
Add-on Coverage
- Scheduled personal property coverage
- Personal umbrella policy
- Flood insurance
- Identity theft coverage
More Allstate Insurance Reviews
Best for Customer Service
Why we chose it
Why we chose it
Pros
- Great customer satisfaction ratings
- Excellent financial strength
- Strong reputation and industry experience
Cons
- Not available nationwide
- No online quotes
- Few discounts and coverage options advertised
Available Discounts
- Multi-policy
- Protective devices
Add-on Coverage
- None advertised
More Erie Insurance Reviews
Best for First-time Renters
Why we chose it
Why we chose it
Pros
- Certain home improvements after a loss are covered
- Helpful FAQ section and online resources
- High financial strength rating
Cons
- Few endorsements offered
- Limited discount options
- Below-average customer satisfaction score
Available Discounts
- Multi-policy
- Loss-free
- Protective devices
Add-on Coverage
- Contents replacement cost coverage
- Valuable items coverage
More Travelers Insurance Reviews
Best for Military Members
Why we chose it
Why we chose it
Pros
- High customer satisfaction rating
- Excellent customer service
- Free flood and earthquake insurance included
- Policies come standard with contents replacement cost coverage
Cons
- Only available to military personnel
- Few discounts
- No optional coverages
Available Discounts
- Multi-policy
- Claims-free
- Home security system
- Military base
Add-on Coverage
- None advertised
More USAA Insurance Reviews
Best for Affordable Coverage
Why we chose it
Why we chose it
Pros
- Low-cost policies
- Good discounts for additional savings
- Policies are available nationwide
Cons
- Not the best third-party ratings
- Few optional coverages
- Coverage and discounts are not available in every state
Available Discounts
- Claim-free
- Early shopper
- Multi-policy
- AutoPay
- Online purchase
Add-on Coverage
- Blanket jewelry coverage
- Contents replacement cost coverage
- Earthquake coverage
More Liberty Mutual Insurance Reviews
The Average Cost of Renters Insurance
Renters insurance is a type of insurance that specifically covers individuals who rent a home or apartment. Renters insurance usually isn’t required, but some landlords request that tenants purchase renters insurance before moving into a property. Fortunately, renters insurance is one of the cheapest insurance policies you can get.
According to the Insurance Information Institute (III), the average cost of renters insurance is $179 per year, which breaks down to about $14 per month. But like all types of insurance, renters insurance premiums are customized for each individual. Your premium is based on personal factors like your state, ZIP code, credit score, claim history, the amount of coverage you buy, and your deductible.
Renters insurance is significantly cheaper than home insurance, mainly because renters insurance offers no protection for the building itself. Renters are only responsible for the individual unit. The landlord will have a separate policy that provides coverage for the structure of the building, much like regular home insurance.
What Renters Insurance Covers
Renters insurance offers comprehensive coverage for many of the most common perils that a renter can face. Here are some of the things that renters insurance will cover:
- Personal property coverage: Renters insurance provides coverage for your personal belongings, like clothing, furniture, and small appliances. It offers limited coverage for valuable items and electronics.
- Liability coverage: If someone gets injured in your apartment or you accidentally damage someone else’s property, renters insurance will cover it.
- Medical payments coverage: Medical payments coverage helps pay for medical expenses if someone gets injured at your home, even if you are not responsible.
- Additional living expense coverage: If your home gets damaged or destroyed in a covered peril and you have to move out, additional living expenses will pay for a hotel, restaurant meals, and parking.
Most renters insurance companies also offer optional coverages that you can purchase for an added fee. Common endorsements include flood insurance, contents replacement cost coverage, and identity theft coverage.
What renters insurance doesn’t cover
Before you buy or get renters insurance quotes, it’s good to know what your policy won’t cover. Here’s a list of perils that are typically not covered by a standard renters insurance policy:
- Flood damage
- Earthquake damage
- General wear and tear
- Pets and infestations
- Pet damage
- Your vehicle
- Your roommates’ belongings
- The structure of the building
How to Pick the Best Renters Insurance Company
There are dozens of insurance companies that sell renters insurance, but the best company for you might not be the best option for your friend, or even your roommate. Here are some things to keep in mind as you shop for and compare renters insurance:
Renters Insurance FAQ
Methodology
We evaluated renters insurance companies based on availability, customer satisfaction, financial stability, and coverage to determine Reviews.com score and create our best renters insurance reviews. To compare renters insurance companies with other providers across the board, we calculate each Reviews.com score based on the following:
- Coverage: The more options a renters insurance company has for insurance add-ons and coverages, the higher it scores in our methodology.
- Customer Experience: We reviewed the National Association of Insurance Commissioners’ National Complaint Index and compared each renters insurance company’s complaint rating.
- Customer Satisfaction: With J.D. Power’s 2020 Home Insurance Satisfaction Study, we assigned a score to each company based on the rating it received.
- Financial Stability: Reviews.com utilized AM Best ratings to assign a score based on each renters insurance company’s financial stability.
- Discounts: We scored each renters insurance carrier based on the number of discounts advertised on its website.
About the Authors
Elizabeth Rivelli is an insurance writer for Reviews.com. Over the last year, she has covered insurance providers, best policies, industry trends and more. Elizabeth has been featured in The Simple Dollar, Bankrate and Coverage.com, among others. She holds a bachelor's degree in Communication Studies from Northeastern University in Boston, MA. The Best Term Life Insurance Companies is Elizabeth’s favorite review on Reviews.com.
