Best Renters Insurance Companies

If you rent an apartment or home, your landlord’s insurance doesn’t cover your personal belongings or your safety. Renters insurance is essential to protect your possessions, provide personal liability coverage, and cover additional living expenses if you’re displaced due to an insured loss.

Landlords often require renters insurance, which is generally affordable. To find a policy that meets your needs, check out the best renters insurance companies below.

Company	Best for	Max. liability coverage
Nationwide	Best overall	$1 million
Lemonade	Best for cheap coverage	$1 million
Farmers	Best for smoke-free renters	$500,000
The Hartford	Best for customer reviews	$500,000
Allstate	Best for discounts	$300,000

Best renters insurance companies

Choosing the right renters insurance can provide peace of mind, knowing your belongings are protected and you’re covered in case of unforeseen events. Our reviews focus on the top renters insurance companies, highlighting their strengths and coverage options to help you make an informed decision.

Whether you’re looking for the most comprehensive coverage, the best value, or specific perks, our detailed reviews will guide you to the best policy for your needs. Below, you’ll find our top picks for renters insurance, including their maximum liability coverage and what makes each one stand out.

• Best overall: Nationwide
• Best for cheap coverage: Lemonade
• Best for smoke-free renters coverage: Farmers
• Best customer reviews: The Hartford
• Best for discounts: Allstate

Nationwide

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Best overall

• Multi-policy, protective/security device, and claim-free discounts
• Not available in Massachusetts, New Jersey, Florida, Louisiana, New Mexico, Alaska, or Hawaii
• Several optional add-ons

Why it’s one of the best

Nationwide offers a wide variety of basic renters insurance coverages and add-ons, with several discounts available to help lower your premiums. Personal liability coverage goes up to $1 million, and the company earns high ratings from A.M. Best, Moody’s, and S&P.

Renters are reimbursed for the depreciated value upfront, but Nationwide will pay the difference once the item is replaced. Coverage includes personal belongings, loss of use, personal liability, medical payments, building additions/alterations, and credit card protection.

Discounts are available for having multiple policies, claims-free periods, and protective devices such as smoke detectors, fire alarms, and burglar alarms. Add-ons for high-value items, earthquake, extended theft, and water backup damage are also available.

Lemonade

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Best for cheap coverage

• Enroll in as little as 90 seconds
• Customize your policy for the coverage levels you need
• Claims can be approved in seconds
• Only available in 28 states (listed below)

Why it’s one of the best

Lemonade offers affordable renters insurance, with monthly plans starting at just $5. In addition to basic coverage, you can add coverage for jewelry, art, bikes, musical instruments, and more for an additional cost. Discounts are available if you have security or safety devices in your unit.

Lemonade provides coverage for personal property, portable electronics, personal liability, loss of use, and medical payments, with a maximum liability coverage of $1 million. Policy discounts include those for burglar alarms and fire alarms. Available add-ons cover items such as jewelry, fine art, bikes, cameras, musical instruments, and water backup.

Farmers

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Best for smoke-free renters coverage

• Multi-policy, Protective/security device, and smoke-free discounts
• Available in all 50 states
• Several add-ons available

Why it’s one of the best

Farmers renters insurance policies cover the basics, including personal property and loss of use coverage. Farmers offers various add-ons to protect your electronics, pets, or identity. Renters are initially reimbursed for the depreciated value of their items, but once the item is replaced, Farmers will pay the difference.

Non-smokers can benefit from a discount on their policies and other discounts for having a multi-policy, security system, or fire alarm. The coverage options include personal belongings, personal liability, and loss of use, with a maximum liability coverage of $500,000. Add-ons for identity theft, electronics, pet injuries, and high-value belongings are also available.

The Hartford

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Best customer reviews

• 4.7/5 star claims experience
• Available in all 50 states
• Company has been in business since 1810

Why it’s one of the best

Hartford offers basic renters insurance with various add-ons, including assisted living care, identity theft protection, equipment breakdown coverage, and more. A unique feature of Hartford’s policies is that it waives your deductible (up to $5,000) if you experience damages of $27,500 or more.

Coverage options include personal property, personal liability, medical payments, property damage to others, and loss of use, with a maximum liability coverage of $500,000. Discounts are available for multi-policy holders, security services, and policy renewals. Additional add-ons for valuable items, personal injury, earthquake, water backup, equipment breakdown, identity fraud, and assisted living care are also offered.

Allstate

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Best for discounts

• Multi-policy, smart home, autopay or pay-in-full, and claim-free discounts available
• Available in all 50 states
• Add-ons available

Why it’s one of the best

If you’re looking to minimize your premiums, Allstate is an excellent choice. The company offers several discounts for seniors, claim-free periods, and auto-payments. Allstate’s basic renters policy covers personal items, loss of use, and medical payments. You can add coverage for high-value belongings and identity theft protection.

With reimbursement options of actual value or replacement cost, Allstate provides a maximum liability coverage of $300,000. Discounts are available for multi-policy holders, safety and security devices, autopay, being 55 and retired, and maintaining claim-free periods. For added protection, optional add-ons include coverage for high-value property and identity restoration.

How does renters insurance work?

Renters insurance provides financial protection for your personal belongings and liability. It typically includes three main types of coverage:

• Personal property coverage: This covers the cost to repair or replace your belongings if they’re damaged, destroyed, or stolen due to covered events like fire, theft, or vandalism.
• Liability coverage: This protects you if someone is injured in your rental property or if you accidentally damage someone else’s property. It can help cover legal costs and medical bills.
• Additional living expenses (ALE): If your rental becomes uninhabitable due to a covered event, ALE covers the extra costs of living elsewhere temporarily, such as hotel bills and restaurant meals.

Renters insurance policies typically have coverage limits and deductibles, so it’s important to choose a policy that provides adequate protection for your belongings and fits your budget.

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How your state affects renters insurance

Who needs renters insurance?

Renters insurance doesn’t just help you replace your belongings in case of a fire; it also covers theft and other damage.

Even if you’re not worried about replacing your possessions, renters insurance covers you if you’re found liable for accidental damage to your rental unit or other units. For instance, if you forget to shut off the tap in the bath and it floods the unit below, renters insurance can help cover the repair costs.

Renters insurance can also cover liability if your pet bites someone or destroys property. It protects you from liability if someone is injured while visiting your home.

In some cases, landlords and apartment complexes may require renters insurance. Check with your landlord to see whether you need it and how much coverage is necessary. Renters insurance is often an inexpensive way to gain peace of mind and financial protection—even for college students. In case of a fire or break-in, you’ll have one less worry about how to pay to replace what you’ve lost.

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Impact of pets on renters insurance

Does renters insurance require an inspection?

Renters insurance is designed to cover damage to your belongings—not the property itself. Because of this, your rental property doesn’t need to be inspected before you can secure a renters insurance policy.

How can I choose the best renters insurance plan?

You should consider these factors before choosing an insurance policy.

• Premium: How much you’ll pay annually for coverage is likely a primary concern.
• Coverage: Determine what items are covered, the scenarios in which you can be reimbursed, and any useful add-on coverage options.
• Reimbursement type: Check whether you’ll be reimbursed for the replacement cost of your belongings or their depreciated value and whether you need to meet a deductible first.
• Customer reviews and ratings: Look at what past customers say about the insurer and how A.M. Best, the Better Business Bureau, and J.D. Power and Associates rate it.
• Service and convenience: Evaluate how easy it is to get an insurance quote, the accessibility of customer service, and the claims process.

Policies can vary by company, so get several online quotes when you apply for renters insurance.

What are the types of renters insurance?

When it comes to renters insurance, here are the most common types of coverage to choose from:

• Personal property: This coves damage, theft, or vandalism of your personal belongings in the rental unit, such as your clothes, electronics, and jewelry.
• Liability and medical payments: Liability coverage protects you if someone is injured on the property you’re renting. It can also pay for their medical treatment and your legal defense if you’re sued.
• Loss of use: If a natural disaster hits or something renders your rental property unusable, loss of use coverage can compensate you for alternative living expenses, such as hotel costs and meals.

Sometimes, you can also get specialized or extended coverage for collections, high-value jewelry, and outdoor vehicles, e.g., ATVs or snowmobiles.

How much does renters insurance cost?

The cost of renters insurance varies by company, but according to the Department of Financial Services of New York, a basic policy can cost $300 a year for around $50,000 worth of protection. Premiums are based on several factors, such as how much and what type of coverage you want, plus variables related to where you live that can increase or decrease the chance you’ll need to submit a claim.

What affects the costs?

The cost of renters insurance depends on many factors, including the coverages you select, your location, the deductible you choose, the age and condition of your property, and whether you want to be reimbursed for the replacement cost of your items or the actual depreciated value. Your number of belongings (and their value) will also influence your insurance premium.

Can you get cheap renters insurance?

You might be able to find cheap renters insurance. Because each insurance company uses different rules and risk calculations to determine a policy’s price, you’ll need to shop around and get quotes.

If you find a much cheaper policy than others, ensure you aren’t sacrificing coverage you may need. The best approach is to first identify the coverage you’ll need for your apartment or home and then compare a number of policies that can cover these needs. Doing this will ensure you find the cheapest policy for the necessary coverage.

What discounts are available?

Most insurance companies offer a number of discounts to policyholders, which can reduce their premiums.

With your renters insurance policy, you may be able to get a discount for:

• Having multiple policies with the insurer
• Having security devices and fire alarms on the property
• Setting up autopay
• Being a senior or retired
• Claim-free periods
• Paying your premium in full

Some insurance providers will also give non-smoking renters a discount, as it reduces the chance of fire and smoke damage in the home.

FAQ

What does renters insurance cover?

Renters insurance typically covers personal property, liability, and additional living expenses. It protects against theft, fire, and certain natural disasters, offering coverage for personal belongings, liability protection, and temporary housing costs if your rental becomes uninhabitable.

Is renters insurance required by law?

Renters insurance is not required by law, but many landlords and apartment complexes may require it as part of the lease agreement. Check with your landlord to see whether it’s necessary.

How much renters insurance do I need?

The amount of renters insurance you need depends on the value of your personal belongings and your liability risks. Take an inventory of your possessions, and consider coverage that equals or exceeds their total value.

How can I lower my renters insurance premiums?

You can lower your renters insurance premiums by bundling policies, installing safety and security devices, opting for a higher deductible, and maintaining a good credit score. Some insurers also offer discounts for nonsmokers or those with claim-free periods.

Does renters insurance cover roommates?

Renters insurance typically does not cover roommates unless they are named in the policy. Each roommate should have their own renters insurance policy to ensure adequate coverage.

Is renters insurance worth it?

Yes, renters insurance is worth it. It provides financial protection for your personal belongings, liability coverage, and additional living expenses in case of unexpected events like theft, fire, or natural disasters. Given its low cost, it offers valuable peace of mind and security.

Recap of the best renters insurance companies

Company	Best for	Max. liability coverage
Nationwide	Best overall	$1 million
Lemonade	Best for cheap coverage	$1 million
Farmers	Best for smoke-free renters	$500,000
The Hartford	Best for customer reviews	$500,000
Allstate	Best for discounts	$300,000