Best Renters Insurance Companies (2025)
Some of the best renters insurance companies include Erie, Allstate, and USAA.
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Written byJessica Martel
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Jessica is a freelance writer, professional researcher, and mother of two rambunctious little boys. She specializes in personal finance, women and money, and financial literacy. Jessica is fascinated by the psychology of money and what drives people to make important financial decisions. She holds a Masters of Science degree in Cognitive Research Psychology.
Jessica has been a contributor at Insurify since July 2023.
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Edited byAshley Cox
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7+ years in content creation and management
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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Many renters might be surprised to learn that their landlord’s insurance doesn’t cover their personal belongings. If you rent an apartment or home, you’ll need to purchase a separate renters insurance policy if you want protection for your things.
Renters insurance, also known as tenant insurance, can protect you and your personal items from a covered loss. For an average of $19 per month for a policy with $30,000 in personal property coverage and $100,000 in personal liability coverage, you gain peace of mind that you and your stuff have the proper protection.
Insurify researched the best renters insurance companies to help you find the best fit for your needs.
Quick Facts
The average cost of renters insurance for $30,000 in property coverage and $100,000 in liability coverage ranges from $5 per month in Alaska to $34 per month in Louisiana.
In most states, a landlord can require renters to have insurance.
Renters insurance typically won’t cover your roommate’s belongings.
5 best renters insurance companies of 2024
If you rent your home and want to make sure you have the proper coverage, it’s important to find the best company for your needs. Luckily, you have many great insurers to choose from.
Check out Insurify’s top five picks for the best renters insurance companies.
Erie: Best for low rates
Erie offers a range of renters insurance options at competitive rates, including personal property coverage, loss of use, personal liability coverage, and medical expenses coverage. It also has a wide selection of add-ons, including sewer and drain backup coverage, home-sharing coverage, earthquake insurance, and flood damage coverage.
Pros
24/7 customer support
Lowest average renters insurance cost of the companies Insurify researched
Several renters insurance discounts, including multi-policy, safety, and advance quote discounts
Cons
Multi-policy discounts not available in every state
Quotes not available online; must go through a local insurance agent
Available in only 12 states
Allstate: Best for retirees
If you’re a retiree age 55 or older, you can save up to 25% on renters insurance with Allstate. The company also offers a range of other policy discounts, including a multi-policy discount and a windstorm-mitigation discount for Florida residents.
With Allstate, you can also save by bundling renters insurance with car, home, condo, motorcycle, off-road vehicle, or term life insurance.
Pros
Renters insurance quotes available online
Wide range of bundling discounts
Retirees age 55 and older can save up to 25% on renters insurance
Cons
Fewer add-on insurance options than other insurers
Not the cheapest rates of the companies Insurify researched
Not as many renters insurance discounts as some other insurers
USAA: Best for military members
United Services Automobile Association (USAA) renters insurance comes with standard coverage, including personal property and liability insurance, as well as insurance specifically designed for military members, like military gear and uniform coverage. When you purchase renters insurance with USAA, you and your belongings have protection no matter where your military service takes you.
USAA also offers a range of other coverage types, including identity theft, explosions and riot damage, and damage from an aircraft.
Pros
24/7 customer service
Available add-on coverages to protect electronics from drops, spills, or loss
Flood and earthquake insurance is part of a standard policy
Cons
Only available to current and former military members and military families
Low customer ratings on the Better Business Bureau (BBB) website
Renters insurance policy doesn’t cover roommates
Auto-Owners: Best for discounts
If you want to save on renters insurance, Auto-Owners offers a wide variety of discounts, including multi-policy, green discounts, protective device discounts, hurricane and wind mitigation discounts, and more. You can also find all the standard renters insurance products, including personal property, personal liability, medical liability for others, and additional living expenses coverage.
Pros
Add-on insurance covers refrigerated products up to $750 total if you lose power
Optional personal property replacement cost add-on covers repair or replacement of your personal items without deducting for depreciation
Wide range of available discounts
Cons
Quotes not available online; must speak to an agent to get a policy
Not available in all U.S. states
Not the cheapest rates
State Farm: Best for inflation coverage
State Farm is the largest insurer in the U.S. by market share and has a history dating back to 1922.[1] The company offers standard renters insurance policies that include personal belonging, liability, and loss of use coverage. It also provides inflation coverage, which automatically increases your insurance coverage as the cost of living changes.
Pros
Can opt for a renters umbrella policy for more coverage
Identity restoration coverage and earthquake insurance available as optional add-ons
Large network of 19,000 agents
Cons
Online quotes not available in all states
Not the cheapest rates
Not as many discounts as other competitors
To determine the best renters insurance companies, Insurify’s editors compared several factors, including average monthly cost, coverage options, customer reviews, market share, and available discounts.
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What renters insurance covers
While your landlord might have insurance to protect the structure you’re living in, their insurance won’t cover your stuff. Renters coverage typically includes the following types of insurance policies:[2]
Personal property coverage
A standard renters policy will cover your personal belongings, including your clothing, furniture, electronics, musical instruments, and appliances, against damage from natural disasters named in your policy.
Liability coverage
Liability insurance protects you, a family member, or your pet if someone sues you for bodily injury or property damage. This insurance can help cover your legal fees. Renters liability policies typically start at $100,000 in coverage, but many experts recommend you have at least $300,000.
Additional living expenses (ALE) coverage
If a covered disaster damages or destroys your home and you need to live somewhere else, loss of use coverage will reimburse you for any temporary living expenses like hotel bills or restaurant bills.
Medical payments coverage
If someone injures themselves in your rental, medical payments coverage will help cover their medical bills.
What renters insurance doesn’t cover
When selecting a renters insurance policy, make sure you read the fine print to understand which accidents and incidents the policy doesn’t cover.
Certain disasters: Similar to a standard homeowners insurance policy, renters policies won’t cover damage due to flooding or earthquakes. You’ll have to look into additional coverage for these disasters.
Damage to the structure: Rental insurance is meant to cover you and your belongings. It’s generally up to the homeowner to purchase insurance to cover the actual structure of the building.
Your roommate’s stuff: If you have a roommate, your renter’s insurance policy usually won’t cover their belongings. In most cases, they’ll have to purchase their own policy if they want coverage.
Wear and tear: Like home insurance, renters insurance typically won’t cover general wear and tear. For instance, your renters policy wouldn’t cover you if you have a slow leak that goes unfixed and causes water damage.
Average cost of renters insurance by state
The average cost of renters insurance for $30,000 in property coverage and $100,000 in liability coverage ranges from $5 per month in Alaska to $34 per month in Louisiana, Insurify data shows.
The national average for these coverage levels is $19 per month, or $228 per year. Compared to the average homeowners premium of $2,377 per year for $300,000 in dwelling coverage and a $1,000 deductible, this is a small price to pay for peace of mind and safety.
The following table provides the average cost for renters insurance in each state for policies with $30,000 in personal property coverage and $100,000 in personal liability coverage.
State | Average Monthly Cost |
|---|---|
| Alabama | $18 |
| Alaska | $5 |
| Arizona | $18 |
| Arkansas | $23 |
| California | $19 |
| Colorado | $15 |
| Connecticut | $20 |
| Delaware | $14 |
| Florida | $18 |
| Georgia | $22 |
| Hawaii | $15 |
| Idaho | $15 |
| Illinois | $20 |
| Indiana | $18 |
| Iowa | $12 |
| Kansas | $15 |
| Kentucky | $18 |
| Louisiana | $34 |
| Maine | $15 |
| Maryland | $16 |
| Massachusetts | $19 |
| Michigan | $16 |
| Minnesota | $14 |
| Mississippi | $24 |
| Missouri | $19 |
| Montana | $19 |
| Nebraska | $19 |
| Nevada | $18 |
| New Hampshire | $14 |
| New Jersey | $15 |
| New Mexico | $18 |
| New York | $15 |
| North Carolina | $10 |
| North Dakota | $12 |
| Ohio | $16 |
| Oklahoma | $18 |
| Oregon | $16 |
| Pennsylvania | $12 |
| Rhode Island | $16 |
| South Carolina | $20 |
| South Dakota | $12 |
| Tennessee | $18 |
| Texas | $20 |
| Utah | $15 |
| Vermont | $12 |
| Virginia | $16 |
| Washington | $12 |
| Washington, D.C. | $13 |
| West Virginia | $19 |
| Wisconsin | $11 |
| Wyoming | $18 |
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What to consider when choosing a renters insurance policy
When you’re shopping around for the top renters insurance companies, consider the following factors:
Renters insurance costs: When shopping for insurance, cost is always an important factor. If you’re looking for cheap renters insurance, you’re in luck. The average cost of renters insurance is $19 per month. A number of factors influence your individual rate, like your ZIP code, the age and condition of your rental property, how much coverage you need, and the value of your possessions.
Coverage options: Most standard renters insurance policies offer some combination of personal belonging coverage, personal liability, medical payments, and additional living expenses. You can compare companies and look at their add-on coverage options, which might include valuable items coverage, equipment breakdown coverage, or earthquake insurance.
Ease of filing a claim: If you’re in a situation where you have to file a claim, you want an insurance company that makes the process as quick and easy as possible. You can check out resources like the J.D. Power U.S. Property Claims Satisfaction Study to get a sense of which companies are doing a good job.
Customer reviews: Check third-party review sites to see what current and past customers have to say about the rental insurance company. Look for common complaints or red flags.
Best renters insurance FAQs
If you’re looking for a renters insurance policy, this additional information can help you choose the best policy for your needs.
Is renters insurance worth it?
Only you can decide if renters insurance is worth it for your situation. The average national cost of renters insurance for $30,000 in personal property coverage and $100,000 in liability coverage is $19 per month.
This is a fraction of the average home insurance premium of $198 per month for a policy with $300,000 in dwelling coverage and a $1,000 deductible.
Can a landlord require renters insurance?
Typically, yes. A landlord can require you to have renters insurance to rent their property in most states. While it’s not a legal requirement to have renters insurance, your landlord can include it as a requirement in the rental agreement.
Do college students need renters insurance?
It depends. College students might need renters insurance depending on where they choose to live. College students who live in a dorm might not need renters insurance because they often have coverage through their parents’ homeowners policy. If the college student rents an apartment or house, the landlord will likely require renters insurance.
Does renters insurance cover theft?
Usually, yes. A standard renters insurance policy will typically cover your personal belongings against theft. You can check with your insurance company if your policy has coverage limits for high-value items, such as jewelry. Renters insurance will generally cover up to $1,500 for expensive items.
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Sources
- National Association of Insurance Commissioners. "2023 Top 25 Groups and Companies by Countrywide Premium."
- Insurance Information Institute. "Renters Insurance."
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Jessica Martel
Jessica is a freelance writer, professional researcher, and mother of two rambunctious little boys. She specializes in personal finance, women and money, and financial literacy. Jessica is fascinated by the psychology of money and what drives people to make important financial decisions. She holds a Masters of Science degree in Cognitive Research Psychology.
Jessica has been a contributor at Insurify since July 2023.
7+ years in content creation and management
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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