Summary List PlacementTable of Contents: Masthead StickyThe best renters insurance companies of 2021
If you’re currently renting your home, renters insurance is coverage you should probably have — especially considering how little it costs.
Business Insider compiled data from different renters insurance companies based on customer service and premium prices where available. From there, we determined the best. For sample quotes we entered data for two people renting a two-bedroom, one-bath, single-family with no pets in Philadelphia.
Our top picks for the best renters insurance are below:
Sample quote
Customer rating*
Available in all 50 states?
1. State Farm renters insurance
$15.67
8
Yes
2. Lemonade renters insurance
$16.84
1
No, available in 28 states
3. Erie renters insurance
N/A
2
4. Allstate renters insurance
$23.00
4
Yes
5. Farmers renters insurance
$21.83
6
Yes
Best for military: USAA renters insurance
N/A
N/A
Yes, only to military members and family
*J.D. Power Customer satisfaction 2020
Whether you’re renting a studio apartment or an entire single-family home, renters insurance picks up where your landlord’s insurance policy leaves off. If a fire destroys your rented home, your renters insurance could help to replace your belongings. Similarly, if someone hurts themselves in your rented home and sues you, this coverage could help.
The average renters insurance policy costs between $15 and $20 per month, much cheaper than homeowners insurance. Renters insurance policies are available from a variety of insurers, and it might be smart to bundle it with car insurance or other types of insurance to get the best price on both policies.
If you’re searching for a new company for your renter’s insurance policy, know that many factors can change the price you’re quoted, including your credit score in some states, characteristics of the home you’re renting, and even whether you have a dog.
More on the best renters insurance companies of 2021
Here’s some more detail on our winners:
1. State Farm renters insurance
Pros:
The biggest provider of renters insurance in the US
Nationwide coverage
Lowest monthly rate
Ranked in top 10 for customer service
State Farm is the biggest provider of private renters insurance in the US. This company had some of the lowest renters insurance rates in Business Insider’s sample scenario, with a policy for a typical home in Philadelphia costing less than $16 per month.
State Farm’s renters insurance is a solid starting plan, covering the basics of the items you own, your expenses if something happens to your rented home, and liability.
Learn more about State Farm renters insurance »
2. Lemonade renters insurance
Pros:
Easy online quoting and purchasing
Ranked #1 in customer satisfaction
B-corp status with corporate focus on giving back to charities chosen by customers
Cons:
Only available in 28 states
No bundling discounts — Lemonade only offers home and renters insurance
Lemonade offers renters insurance policy purchasing and quotes online with a very smooth and easy online experience. If you want to work with …read more
Source:: Business Insider
