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Whether you're renting a studio apartment or an entire single-family home, renters insurance will protect what your landlord's policy does not. For instance, if a fire destroys your rented home, renters insurance could cover your personal belongings and valuables. And if someone sues you for injuries on your property, renters insurance will ensure you're covered.
Best Renters Insurance Companies of 2024
- Lemonade Renters Insurance: Best Overall
- State Farm Renters Insurance: Best for Cheap Renters Insurance
- Erie Renters Insurance: Best for Discounts
- Allstate Renters Insurance: Best for Seniors
- Farmers Renters Insurance: Best for Business Professionals
- USAA Renters Insurance: Best for Military Members
Shop the Top Renters Insurance Companies
853
- Easy online quoting and purchasing
- Low rates
- Not available in all 50 states
- Agents not available to help with quoting or claims, largely an online experience
Lemonade offers auto, homeowners, renters, pet, and life insurance. It's been around since 2015 and is known for offering some of the lowest rates. Lemonade ranks on J.D. Power's customer satisfaction surveys for renters insurance, however, it doesn't rank for life and homeowners insurance.
Lemonade Renters Insurance- Easy to use online platform
- Affordable renters insurance
- Certified B-Corp
836
A++
- Coverage in all 50 states
- Strong customer service
- Plenty of discounts
- Only available through captive State Farm insurance agents
- Mixed reviews on claims processing
State Farm offers auto, homeowners, and life insurance. If you're looking for an established insurer with good customer satisfaction and reasonable rates, State Farm delivers.
State Farm Renters Insurance- Affordable renters insurance with national coverage
851
A+
- Many coverage options for renters
- Agents available to assist via phone as necessary
- Limited coverage in different states
- Pricing may be higher than some competitors
- Product is not as online friendly as some competitors
Erie Insurance is a good option for insurance if you value customer and claims satisfaction. Although it's only in 12 states plus D.C., if available in your state, it's a good option for auto, life, and home insurance.
Erie Renters Insurance- Offers unit safety discount, advance quote discount, and discounts based on your age.
837
A+
- Nationwide provider
- High rankings for customer service with JD Power
- Multi-policy discounts available
- Policies are only available through a licensed captive Allstate agent
- Customer reviews around claims are mixed
Allstate has a national presence and low rates in auto and life insurance. It also provides excellent customer service across various products.
Allstate Renters Insurance- Starts at $4 a month when bundled with an auto policy.
831
A
- Bundling discounts available
- Identity theft coverage available
- Low prices and low complaints overall
- Prices may be higher than some of the top competitors
Farmers offers auto, homeowners, and life insurance. It's been around since 1928 and generally has good marks for customer satisfaction. While its auto insurance may be an expensive option for some customers, Farmers offers a number of discounts to curtail the cost.
Farmers- Discounts for home safety and being a nonsmoker
886
A++
- Offers low prices and further discounts
- Available in all 50 states and Washington DC
- Policies include flood and earthquake coverage without extra charges
- USAA products directed exclusively at military members and veterans
USAA offers auto, homeowners, and life insurance with a proven record on customer service. Although its auto and homeowners is only available to military and veterans, its life insurance is open to the public. If you're looking for an established insurer with good customer satisfaction and reasonable rates, USAA delivers.
USAA- Renters insurance for military and veterans
- Save up to 10% when you bundle your renters and auto policy.
- Includes flood coverage and earthquake coverage.
Renters Insurance Company Reviews
Best Overall: Lemonade Renters Insurance
Lemonade Renters Insurance is an easy-to-use digital platform provider that offers affordable coverage. Lemonade isn't available in all states, but it has good customer service ratings.
The average renters insurance, according to some reports, costs $174 annually or $14.50 per month. According to Insurify, Lemonade starts at $5 a month, significantly more affordable than the national average. However, your renters insurance will be based on several factors like where you live.
Lemonade homeowners insurance review
Best for Cheap Renters Insurance: State Farm Renters Insurance
State Farm Renters Insurance is an established insurance company that receives high customer and claims satisfaction marks.
The average annual premium for renters insurance is about $173, according to the Insurance Institute. However, bundling discounts may lower costs (if you bundle it with your auto or other insurance). Some apartment buildings also partner with specialty renters insurance companies, which offer more coverage and exclusive perks as long as you live in a certain building.
State Farm home insurance review
Best for Discounts: Erie Renters Insurance
Erie Renters Insurance only operates in 12 states and Washington, D.C. It won't make sense for everyone, but it does have a reputation for good customer service and claims satisfaction in the regions where it does operate. Erie Insurance is known for its low prices across the board, however, it also offers a number of discounts to curtail your premiums even further.
Erie's renters insurance starts at $15 a month, slightly below the national average. However, your renters insurance will be based on several factors, like where you live.
Best for Seniors: Allstate Renters Insurance
Allstate Renters Insurance is a national carrier that ranks well for customer service, but its insurance premiums aren't always the cheapest. However, Allstate has a discount that allows renters who are 55 years or older to enjoy 25% of their premiums.
Insurify finds Allstate monthly premiums start at $15 monthly, which is on par with the national average. Allstate is known for its bundling and other discounts. So if you're already a loyal Allstate company, you'll probably find your most competitive rates here. Allstate's personalized service with captive agents may also appeal to seniors.
Allstate home insurance review
Best for Business Professionals: Farmers Renters Insurance
Farmers takes the seventh spot in J.D. Power's renters insurance customer satisfaction survey. You may qualify for a discount if you are a business professional such as a doctor, nurse, engineer, dentist, teacher, police officer, or firefighter. You can obtain a quote by speaking to a Farmers insurance representative.
Best for Military Members: USAA Renters Insurance
If you're in the military or a veteran, USAA is an option worth considering. Its life insurance is the only product open to non-military customers.
Insurify states USAA is priced at $10 a month, significantly more affordable than the national average. However, as you may already know, USAA insurance coverage is limited to US military members, veterans, and their immediate families. Civilian renters are not eligible for its rock-bottom pricing.
Average Cost of Renters Insurance by State
Like homeowners insurance and car insurance, the cost of renters insurance will vary by state. Where you live will play a significant role in the amount you pay in premiums.
Here's the average annual premium for renters insurance by state, according to the Insurance Information Institute.
| State | Average annual premium |
| Alabama | $225 |
| Alaska | $186 |
| Arizona | $164 |
| Arkansas | $210 |
| California | $171 |
| Colorado | $161 |
| Connecticut | $180 |
| Delaware | $151 |
| District of Columbia | $159 |
| Florida | $182 |
| Georgia | $212 |
| Hawaii | $176 |
| Idaho | $148 |
| Illinois | $157 |
| Indiana | $164 |
| Iowa | $136 |
| Kansas | $162 |
| Kentucky | $157 |
| Louisiana | $247 |
| Maine | $148 |
| Maryland | $160 |
| Massachusetts | $172 |
| Michigan | $181 |
| Minnesota | $134 |
| Mississippi | $256 |
| Missouri | $172 |
| Montana | $153 |
| Nebraska | $143 |
| Nevada | $179 |
| New Hampshire | $147 |
| New Jersey | $154 |
| New Mexico | $180 |
| New York | $173 |
| North Carolina | $160 |
| North Dakota | $116 |
| Ohio | $162 |
| Oklahoma | $226 |
| Oregon | $154 |
| Pennsylvania | $152 |
| Rhode Island | $183 |
| South Carolina | $186 |
| South Dakota | $118 |
| Tennessee | $187 |
| Texas | $216 |
| Utah | $147 |
| Vermont | $151 |
| Virginia | $152 |
| Washington | $158 |
| West Virginia | $179 |
| Wisconsin | $128 |
| Wyoming | $146 |
Renters Insurance Tips
Renters insurance covers personal property when damaged by a covered peril, or a loss listed in your policy, like fire, smoke, theft, and storms. Your landlord's insurance policy will typically cover the building and the structure, and your insurance covers anything inside your home.
The average cost of renters insurance in the US is about $15 per month, or $173 a year, according to 2020 data from the Insurance Information Institute. Premiums may vary based on zip code, any history of claims, and more. You could get additional savings by bundling your renters insurance policy with car insurance or other types of insurance.
The cheapest renters insurance tends to vary based on location, so it's worth getting quotes from a few different companies. Overall, though, Lemonade tends to offer cheap rates across the US.
People may opt to not get renters insurance by simply overlooking its importance, or if they incorrectly think their valuables are covered by the landlord's building insurance. Anyone with items of value in their apartment should get renters insurance to protect their belongings.
Why You Should Trust Us: How We Chose The Best Renters Insurance Companies
We aim to inform consumers, giving you the information you need to make decisions about your insurance. Our reviews and guides are not for sale. All product features are based on facts gathered. We consider industry standards, customer reviews, and other factors to get a complete perspective on each product.
Insider gathered data from several renters insurance companies based on customer service and premium prices where available. We base our sample quotes on data for two people renting a two-bedroom, one-bath, single-family with no pets in Philadelphia.
See our insurance rating methodology to learn more.
