The Top 10 Renters Insurance Companies
We evaluated the top 10 companies with our proprietary process that weighted their quote speed, price, ratings, customer service, and overall experience. Please note that for the test data, we used a two-bedroom, one-bathroom apartment in Queens, NYC, with $100,000 liability, $25,000 personal property, $1,000 medical payment, and a $1,000 deductible. Quote times and prices reflect outcomes from the test data. Your time and cost may vary.
Lemonade —Best Overall
Lemonade styles itself as the new kid setting up shop on the block. It made history as the first insurtech company to rank number one and have the best rating by J.D. Power in the U.S. Home Insurance Study. Millennials love how the company sucks the sour out of the insurance process and makes the whole thing pretty sweet.
Quote: 2 minutes
Price: $9.67 per month
Ratings: J.D. Power Home Insurance Study ranked #1 overall with a score of 866 out of 1,000, A.M. Best not rated, Better Business Bureau (BBB) B+ and reviews 4.41 out of 5 stars
Pros
AI: Used for both the quoting and claims, so the process is fast, and it’s as easy as uploading a photo.
Mobile app and website: Grants one of the most intuitive and user-friendly experiences of all carriers.
Customer service: Has the highest actual customer reviews on the BBB for our listed top 10.
Give back: Turns your dollars into do-gooders by letting you select a charity to receive a part of the company’s profits, with over $1.1 million given in 2020.
Price: Boasts a base policy starting at $5 per month.
Cons
Availability: Limits coverage to the District of Columbia (D.C.) and the following 27 states: Arizona, Arkansas, California, Colorado, Connecticut, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, Washington, and Wisconsin.
Bundling: Restricts to renters insurance and pet insurance only because the company offers no auto insurance.
Financial rating: Not yet rated by A.M. Best but has reached A-rated (exceptional) with Demotech.
Allstate —Best for Discounts
Allstate wants you to know you’re in good hands. Customers across the U.S. give the insurance provider a thumbs up for all the discounts. From young techies to retirees, many will find savings right at their fingertips with Allstate.
Quote: 4 minutes
Price: $14 per month
Ratings: J.D. Power Home Insurance Study ranked #3 overall with a score of 841 out of 1,000, A.M. Best A+, Better Business Bureau A+ and reviews 1.2 out of 5 stars
Pros
Local Agent: Meet your agent face-to-face while many carriers go to phone sales agents only.
Bundling: Join your renters with your auto, motorcycle, off-road, or even life insurance.
Deals: Save up to 25 percent with 55 and retired discount, up to 20 percent with the claim-free discount, up to 15 percent with the safe home discount, and up to 5 percent with the easy pay automatic withdrawal discount.
Digital locker app: Create a home inventory with all your stuff so you’re ready before a claim happens.
Estimation tool: Figure out “what your stuff’s worth” with the handy visual slider.
Cons
American Family —Best for Optional Coverage
American Family (AmFam) insurance sits at the seventh spot for most homeowners and renters insurance policies in the nation. They do big numbers without ever making you feel like one. The company is large enough to serve you with 24/7 claims service but local enough to meet every member of your household face-to-face.
Quote: 4 minutes
Price: $27.37 per month (through partner site Homesite)
Ratings: J.D. Power Home Insurance Study ranked #4 overall with a score of 840 out of 1,000, A.M. Best A, Better Business Bureau A and reviews 1.05 out of 5 stars
Pros
Add-ons: Protect your home-based business, pets, or your even your next vacation.
Agent focus: Look your agent in the eye when signing up, and know exactly where to go for discounts, questions, and claims.
Bundle: Increase the discounts based on the types of insurance you select with policies for your car, boat, business, RV, or life.
Unique discounts: Get a generational discount if you’re 18 to 30 years old and your mom or dad has AmFam, plus you may qualify for a loyalty discount after a year with the company.
Calculator: Compute how much it takes to replace your stuff and select just the amount of coverage you need.
Cons:
Erie Insurance —Best for Customer Service
Erie Insurance puts customer service first as a regional company, with the #2 highest rank for satisfaction with J.D. Power. They only serve 12 states. Maybe it’s the small nature that lets them offer such superior customer service alongside super cheap policies.
Quote: You can’t do it online, so it took 10 to 15 minutes to track down an agent and get a quote over the phone.
Price: $12.33 per month
Ratings: J.D. Power Home Insurance Study ranked #2 overall with a score of 865 out of 1,000, A.M. Best A+, Better Business Bureau A+ and Reviews 1.59 out of 5 stars
Pros
Bundling: Keep your auto, renters, and life insurance with the same company for more savings.
Claims assistance: Think about a hand to guide you through every step of the claim with compassionate folks that make all the difference.
Independent agents: Go with one of Erie’s policies from its 13,000 professionals when they have the best deal, and let your agent check other companies when they don’t.
Cons
No online option: You’ll have to see or speak to an agent to get a quote.
Limited geography: Must live in the District of Columbia (D.C.) or one of the following 12 states for service: Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and Wisconsin.
Farmers —Best for Professionals
Farmers started helping the food growers of America in 1928, and now it plants its products to help families across the nation. The company rounds out the top five homeowners and renters insurance providers in the country. It’s an insurance company large enough to manage your claim 24/7 and small enough to help you cultivate a relationship with an agent right in your backyard.
Quote: 3 minutes
Price: $10.00 per month
Ratings: J.D. Power Home Insurance Study ranked #5 overall with a score of 839 out of 1,000, A.M. Best A, Better Business Bureau A+ and reviews 1.47 out of 5 stars
Pros
Bundling: Give all your business to Farmers to capitalize on discounts for auto, renters, life, and umbrella policies.
Local touch: Sign up online or reach out to an agent for personalized service.
Profession price: Work your way to a deal if you’re a dentist, doctor, engineer, firefighter, nurse, or police officer.
Smoke-free discount: Skip the cigarettes for two consecutive years as a household, and you qualify for this discount that’s unique to Farmers.
Interface: Get a quick quote with customizable coverages with the approachable, easy-to-use Farmers interface.
Cons
Limited range: Renters won’t be able to buy coverage in D.C. or in the following 10 states: Alaska, Delaware, Louisiana, Maine, Massachusetts, New Hampshire, North Carolina, Rhode Island, Vermont, and West Virginia.
Liberty Mutual —Best for Flexible Deductibles
Liberty Mutual brings the most experience to the table, with over 108 years serving policyholders. Its long-time reputation has caused even other big insurers like GEICO to partner with it for renters insurance (check our GEICO renters insurance review here ).
The company has its own flavor of agent and affinity matching to provide its target demographic with superior service. It holds the torch just like Lady Liberty, so you’re free to get every qualified discount.
Quote: 4 minutes
Price: $13.58 per month
Ratings: J.D. Power Home Insurance Study ranked #10 overall with a score of 825 out of 1,000, A.M. Best A, Better Business Bureau A+ and reviews 1.13 out of 5 stars
Pros
Bundling: Unlock the multi- policy discount when you add an auto, life, or umbrella policy to your renters insurance.
Choice: Contact an in-person agent, talk over the phone, or get set up online.
Flexible deductible: Choose from $250 to $7,500 to find the right amount for your budget.
Online purchase discount: Buy with your computer or smartphone and save money right off the top.
Cons
Nationwide —Best for Natural Disasters
Nationwide is on your side–– and has the eighth-strongest homeowners and renters insurance business in the country. The company will stand right next to you as you navigate your personal insurance, banking, investing, retirement, and business needs. Even though it serves the whole nation, it never abandons a small-town customer-first mentality.
Quote: 3 minutes
Price: $16.67 per month (estimated pricing based on Insurance Information Institute data)
Ratings: J.D. Power Home Insurance Study ranked #9 overall with a score of 831 out of 1,000, A.M. Best A+, Better Business Bureau A+ and reviews 1.18 out of 5 stars
Pros
Brand-new belongings: Get replacement cost standard for renters insurance.
Bundling: Unlock the multi- policy discount when you add an auto, life, or umbrella policy to your renters insurance.
Earthquake coverage: Shake things up with the right coverage if your state requires this protection.
Your way: Visit an in-person agent, talk over the phone, or buy online.
Cons
Progressive —Best for Auto First
Progressive shines as one of the top three auto insurance companies, and it bought American Strategic Insurance to serve its car-related customers. Flo joins millions of customers who desire to make insurance policies better and cheaper. They even offer a way to lower out-of-pocket costs when claims arise. Dive into our full review of Progressive here.
Quote: 2 minutes
Price: $18.18 per month
Ratings: J.D. Power Home Insurance Study ranked #8 overall with a score of 835 out of 1,000, A.M. Best A+, Better Business Bureau A+ and reviews 1.14 out of 5 stars
Pros
Bundling: Marry your auto and renters for an average of 12 percent savings on your car insurance.
Secured living discount: Reside in a gated community or other guarded area and receive special discounts.
Single deductible benefit: Pay only one deductible if both your car and renters policy have a related claim.
Cons
State Farm —Best for In-Person Agents
State Farm holds the current title for the undisputed champ as the leader for auto and home insurance policies in the U.S. Part of State Farm ‘s success comes from its aggressive campaign to get auto and home insurance bundled. When you get both from the company, you’re never too far from a low price—now that’s a good neighbor. Check out our in-depth State Farm renters review here.
Quote: 2 minutes
Price: $10.42 per month
Ratings: J.D. Power Home Insurance Study ranked #7 overall with a score of 836 out of 1,000, A.M. Best A++, Better Business Bureau A+ and reviews 1.32 out of 5 stars
Pros
Discount-heavy: Taste the savings as auto and renters make both better, like bread and butter.
Neighbors first: Choose from over 19,000 agents right next door to help you navigate your insurance needs.
One company: Deal with a single choice for your banking, business, insurance, investments, and retirement needs.
Highest rated: Enjoy the industry juggernaut as State Farm gets the highest possible rating for financial strength.
Cons
USAA —Best for Military Families
USAA would be number #1 for customer satisfaction with J.D. Power, but it only serves military members and their families, so it’s ranked by itself. The company grants membership to active, retired, and separated veterans with an “honorable” discharge. And the spouses, widows, widowers, un-remarried former spouses, and children of service members also qualify.
Quote: 10–15 minutes (estimated to prove eligibility and set up an account)
Price: as low as $10.00 per month for a basic policy (non-military quotes unavailable)
Ratings: J.D. Power Home Insurance Study ranked #1 overall (in category) with a score of 888 out of 1,000, A.M. Best A-, Better Business Bureau A- and reviews 1.29 out of 5 stars
Pros
Customer satisfaction: Interact with a carrier who has a category all by itself.
Earthquake coverage: Enjoy the protection as a standard policy coverage with USAA.
Flood coverage: Skip the extra policy because you’re already covered with USAA.
One-stop shop: Get service from a company that thanks you for your sacrifice with tailored offerings for banking, business, insurance, investments, and retirement.
Cons
See More: Is Renters Insurance Worth It? Why It’s a Must for Tenants
Quick Summary: