America is becoming a nation of renters.
As surprising as it may sound, home prices in more than 80% of the U.S. markets are outpacing wage growth, forcing a growing number of people to rent instead of buying a home. Research reveals that renting is more affordable in half of the counties across the U.S.
Do you rent an apartment? Planning to move into a new rental property? How would you protect your household items in the event of a theft or fire?
Well, your landlord’s insurance should cover it, right?
Wrong.
A landlord’s insurance offers protection to the property, along with some of its fittings and even major systems (A.C. systems). It doesn’t protect your belongings.
That’s where renters insurance comes in.
If this is the first time you’re renting an apartment, house, here is a comprehensive list of some of the most popular renter’s insurance providers in the country.
What is the Best Renters Insurance?
Here are our picks for the best renters insurance to sign up for this year.
1. Lemonade Renters Insurance.
Ideal for affordable insurance seekers
So, you just shifted to a new apartment, and after the deposit, advance rent, and shipping expenses, you have no money for renters insurance. Lemonade might just be the perfect option for you.
A peer-to-peer insurance provider, Lemonade is revolutionizing renters’ insurance market across multiple cities. All the insurance premiums are put together in a communal pot, which is then used for claim settlement. Any extra premiums go directly to the charity. And on top of these features, it costs only $5 a month for a basic renter protection policy.
Key features of Lemonade Insurance:
- Zero Everything: You can pay an additional premium to cover multiple small items. Zero Everything policy waves any deductibles applicable in a claim.
- Extra coverage: You can get additional coverage for your valuables by paying a slightly higher premium.
- Lemonade offers a smooth mobile experience. You can sign up, purchase a policy, and file claims within the app.
Pros of Lemonade Insurance
- Affordable renters insurance
- Straight-forward, transparent insurance policies
- Quick claim review and processing
Cons of Lemonade Insurance
- Limited coverage (20 states plus Washington, D.C.)
- Provides only homeowner and renter insurance, no bundled insurance products
2. Progressive Rental Insurance.
Ideal for renters seeking premium discounts & easy claims
Progressive is a leading insurance provider with a history of serving customers since 1937. Its rental insurance provides affordable cover for both homeowners and renters. Progressive offers a wide range of renters insurance products, including personal property, liability coverage, guest medical coverage, and living expense coverage.
You can get better discounts with Progressive’s bundle products, including both renter and car insurance. It offers additional rider add-ons for renters, including earthquake protection, sewer and drain coverage, and valuable item coverage.
Key features of Progressive rental insurance:
- Progressive offers a wide variety of discounts, including a multi-policy discount, paperless policy, gated community, pay in full, and single deductible benefit discounts.
- Progressive has a robust infrastructure which makes claim filing easy and quick.
Pros of Progressive rental insurance
- Offers sizeable discounts
- Ability to bundle multiple insurance policies
- Limited deductibles
Cons of Progressive rental insurance
- Requires personal information such as date of birth and social security number for quotes
- Monthly payments available in automatic withdrawal mode only
3. Erie Renters Insurance.
ideal for affordable insurance seekers and high-quality customer support
Erie Insurance ranks among the leading insurance providers in the U.S., especially recognized for its affordable premiums and excellent customer support services. Its renter insurance products provide conventional coverage. It operates through a network of agents, providing the essential human touch some people seek while purchasing renters insurance.
Key features of Erie Insurance:
- Erie Insurance offers a discount for bundling auto and renters insurance.
Pros of Erie Insurance
- Affordable policy
- High financial strength rating, A+
Cons of Erie Insurance
- No add-on riders
- Limited coverage (12 states plus Washington, D.C.)
- No mobile app, and limited online claims
4. State Farm Renters Insurance.
Ideal for tailor-made insurance seekers
If you’re looking for a renters insurance provider with a nationwide presence, comprehensive insurance coverage, and tailor-made policy, State Farm renters insurance is a good option. The insurer offers additional discounts for safety features, such as security systems and smoke detectors. State Farm providers add-on coverage options for renters, both residential and business renters.
Key features of State Farm renters insurance:
- You can create a custom renters insurance policy with State Farm’s add-on coverage options.
- State Farm offers a wide range of optional coverage, including additional liability, earthquake damage, incidental business liability, identity restoration, and additional business property cover.
- State Farm provides additional discounts to renters having safety features installed in their accommodation.
Pros of State Farm renters insurance
- Multi-policy discounts
- Receive insurance quote online
Cons of State Farm renters insurance
- Lower consumer rating
- Basic renters policy falls short on benefits, coverage
5. Allstate Renters Insurance.
Ideal for renters seeking discounts and additional liability protection
Allstate is another name that policyholders associate with trust when it comes to renters insurance. It offers competitive renter insurance coverage with standard protection. You can enhance your protection through various add-on coverage options and opt for an umbrella policy for additional liability protection.
Key features of Allstate renters insurance:
- Allstate offers multiple discounts, including veteran discount, old-age discount (55 years or older), no claim bonus discount, auto-withdraw payment discount, and bundle policy discounts.
- You can add an umbrella policy for additional personal liability protection.
- Allstate provides flood insurance for renters living in locations prone to floods.
Pros of Allstate renters insurance
- Water damage protection
- Higher per-item coverage
- Intuitive online assessment tool for premium prediction
Cons of Allstate renters insurance
- Some features may not be available in specific locations
- The premium may vary depending upon your location
6. Farmers Rental Insurance.
Ideal for renters seeking medical payment coverage and additional living expenses protection
Farmers Insurance gained recognition by offering affordable auto insurance to farmers during its initial period of operation, but as of now, the company provides a wide range of insurance products. Farmers renters insurance offers standard personal property and liability insurance, but it excels in providing additional living expenses and medical payment coverage in its basic policy. You can add replacement cost coverage and identity theft protection toy our policy.
Key features of Farmers Insurance:
- Unlike other insurers, Farmers Insurance leads its competition in offering additional living expenses and medical payment coverage in its policy.
Pros of Farmers Insurance
- Competitive standard insurance pricing
- Bundle discounts for multiple policies
- Ability to lower premiums with higher deductibles
Cons of Farmers Insurance
- Lacks features such as earthquake or flood coverage
- Higher premium for add-on coverage
- Relatively lower financial strength rating
7. Nationwide Renters Insurance.
Ideal for renters seeking additional cover for valuables
For renters prioritizing customizations and tailor-made policies without compromising with the standard features, Nationwide Renters insurance is an excellent choice. The standard policy offers protection to the contents of your home, personal liability protection, medical payments, building alteration coverage, and credit card coverage in the basic plan. You can extend the coverage for valuables with add-ons, along with other coverage options, such as earthquake, water backup, and theft extension.
Key features of Nationwide renters insurance:
- Nationwide offers credit card coverage in its basic policy, which is a big plus.
- You can extend the coverage for valuables with the Valuable Plus option.
- If your accommodation has safety features, such as smoke alarms, fire alarms, and security systems, Nationwide offers additional discounts.
Pros of Nationwide renters insurance
- Additional coverage for personal belongings
- Brand New Belongings add-on protection you’ll get additional payments for replacing your depreciated items with new ones
- Provides multiple discounts (no-claim bonus, protective device discount, and multi-policy discount)
Cons of Nationwide renters insurance
- Nationwide offers limited add-on coverage options
- Customer service quality is poor in comparison with other providers.
8. Travelers Renters Insurance.
Ideal for renters seeking additional liability protection
Travelers is an integral part of the American financial industry, servicing insurance policies since the 1800s. Travelers renters insurance standard policy offers personal property, personal liability, medical payments, and additional living expenses. The insurer provides higher coverage in specific categories such as loss-of-use coverage, which has a 20% higher coverage than other standard policies.
Key features of Travelers Renters insurance:
- Travelers offer higher loss-of-use coverage to their policyholders.
- The policyholder can use up to 10% of the personal property coverage to pay for any damages caused to repair or replacements done by the renter.
Pros of Travelers Renters insurance
- History of providing consistent service
- Bundle insurance policy discount
- Umbrella policy for additional liability protection
Cons of Travelers Renters insurance
- Higher premiums than competitors
- Limited add-on covers for natural disasters
- Falls short on customer service expectations
9. Liberty Mutual Renters Insurance.
Ideal for renters seeking premium discounts
Liberty Mutual is a prominent insurance provider in the U.S., fifth-largest. Its renters’ insurance policy is popularly known for offering excellent premium discounts. Liberty Mutual renters insurance standard policy offers personal property coverage, personal liability and medical payments, and additional living expenses. You can extend your cover with multiple add-ons, including blanket jewelry cover, earthquake damage protection, and personal property replacement cover.
Key features of Liberty Mutual renters insurance:
- Liberty Mutual offers a plethora of premium discounts, including policy bundle discount, smart home devices, and safety equipment discount, no-claim bonus, veteran discount, automatic payments discount, online policy discount, and electronic policy discount.
Pros of Liberty Mutual renters insurance
- Liberty Mutual excels in providing an online experience.
- Its discounts can make the policy affordable.
Cons of Liberty Mutual renters insurance
- No water damage protection in a standard policy
Bottom Line.
Renters insurance protects against unfortunate events.
Not only does it reduce your overall financial burden, but it ensures that you’re protected against any legal or property damages.
Choosing a renters policy depends on your personal choices, location, and budget.
However, we recommend selecting a competent insurer instead of going with the cheapest option.