Insurance can protect you when you rent an apartment or home, but many renters don’t. According to a survey by Assurant, despite affordability, 45% of renters do not have renters insurance. Average renters insurance premiums range from about $15 per month to about $30 per month, depending on location and other factors. Renters insurance can protect you from theft, fire, or potential liability claims, such as B. if your dog bites a neighbor. We evaluated 12 companies to find the best renters insurance provider. We consider price, coverage standards and limitations, customer service and claims processing to find the best company. Below are rental insurance deals from our advertising partners, followed by a full detailed list of the best rental insurance companies we’ve found.
The Best Renters Insurance Providers of 2022
BEST OVERALL
State Farm
Pros
- Get quotes online instantly
- Policies are customizable
- Multi-policy discounts are available
Cons
- Discounts can vary from state to state
State Farm offers nationwide renters insurance coverage at affordable rates with customizable policy options. Multipolicy discounts are available, as are discounts for installing a home security system. This insurer has an A++ rating from AM Best and an AA rating from S&P Global Ratings, thanks to its financial soundness and ability to pay claims.3
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State Farm’s renters insurance covers a wide range of losses and provides loss of use if the property is uninhabitable after a loss. However, it excludes damages to the property itself, water damage caused by flooding, and damage related to earthquakes, landslides, settling, deterioration, and animal activity. You also have the option to purchase add-on coverage, including pet medical insurance and identity restoration.
Coverage, pricing, and details vary in some states, as can discount rates.
Why We Chose It: State Farm wins as the best company for renters insurance overall because of its widespread availability, ease of use when obtaining a quote, and financial stability.
RUNNER-UP, BEST OVERALL
MetLife
Pros
- Identity Protection Services are included with each policy
- Outstanding customer service
- Flexible payment plans
Cons
- Loss of use is not included in standard policies
MetLife is another nationally recognized name that offers renters insurance coverage. Basic policies include coverage to repair or replace property, up to the actual cash value. Additional coverage is available if you’d like to insure specialty items, such as electronics, musical instruments, luxury items, and sports equipment, for amounts up to $15,000.
Renters insurance from MetLife is available in all 50 states, and standard policies include $25,000 to $500,000 in liability coverage. Discounts are available through certain employers and membership organizations, which can save you money on premiums. You also can save through multipolicy discounts.
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MetLife offers customer service support 24 hours a day, seven days a week. If you’d like to get a complete quote, you’ll need to get in touch with a MetLife agent to learn about all the coverage options. Online quotes are available, but only for basic coverage.
Why We Chose It: MetLife is deserving of the runner-up spot because it has nearly the same coverage inclusions as State Farm and has member organization discounts available.
BEST VALUE
American Family Insurance
Pros
- Get a quote online
- Multiple discount options
Cons
- Slightly below average rating from J.D. Power in 2021
American Family Insurance offers affordable coverage for renters that includes your personal property, medical bills, liability, replacement costs for stolen items, and hotel stays if you’re unable to stay in your rental home because of a covered event. Add-on coverage is available for medical insurance for pets, identity theft protection, and you also can include coverage for a home office or home business space.
There are multiple ways to get discounted renters insurance coverage, including multipolicy discounts, smart home discounts, and autopay discounts. Bundling with your auto insurance could save you up to 15% on your renters insurance policy, which is comparable to what other companies offer in terms of discounts. Diminishing deductible coverage can reduce your deductible as long as you maintain your policy, which is another way to save money on renters insurance.
Why We Chose It: American Family Insurance gets the nod for best value because the diminishing deductible adds value to an already reasonable rate, while also being eligible for other discounts.
