Imagine coming home to find all of your possessions destroyed in a fire or other catastrophe. Your landlord’s insurance policy won’t help you; it covers building repairs only — not your personal belongings.
That’s why it pays to have the best renters insurance you can find.
Dozens of insurers offer renters policies. Which one is right for you? NerdWallet evaluated some of the top renters insurance companies for financial strength, ease of filing and tracking a claim, coverage options, discounts and other factors.
Below are the companies that came out on top.
Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines that ensure fairness and accuracy so you can choose the financial products that work best for you. These ratings are specific to renters insurance — a company’s rating for other products may be different on our site. See our criteria for evaluating renters insurance companies.
The best renters insurance companies for March 2023
Here are NerdWallet’s picks for the best renters insurance. Each of these companies scored at least 4.5 out of 5 stars in our analysis. Select the company’s name to read our review.
| Company | Rating |
|---|---|
| Amica | 5.0 |
| Country Financial | 5.0 |
| Erie | 5.0 |
| Farmers | 5.0 |
| State Farm | 5.0 |
| Travelers | 5.0 |
| Allstate | 4.5 |
| American Family | 4.5 |
| Auto Club Group (AAA) | 4.5 |
| Auto-Owners | 4.5 |
| The Hanover | 4.5 |
| Lemonade | 4.5 |
| Nationwide | 4.5 |
| USAA* | 5.0 |
| *USAA renters insurance is available only to active military, veterans and their families. | |
| Note: Not all insurers are available in all states. | |
How we ranked the best renters insurance companies
NerdWallet’s editorial team looked at coverage options, discounts, complaint data from the National Association of Insurance Commissioners, financial strength grades from AM Best and more to choose the best renters insurance companies.
Our rating system rewards insurers with many coverage options and discounts, a low number of consumer complaints and a strong financial rating. We also looked for user-friendly features such as online quotes and claim reporting. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several renters insurance quotes to find the best rate for you.
More about the best renters insurance companies
Below are the seven companies that earned a perfect 5-star rating under NerdWallet’s scoring system.
Amica: Best for customer service
Pros: Amica’s Renters Essentials package comes with extra coverage and lets you earn up to $500 in credit toward a future Amica homeowners policy. It’s worth considering if you’re planning to buy a house someday.
Cons: Not available in Alaska or Hawaii.
Why we picked it: Amica stands out for how few consumer complaints it receives relative to its size, according to the National Association of Insurance Commissioners. It also has an easy-to-use website that allows renters to get quotes, pay bills, and file and track claims online at any time. If you need help, you can reach out to the company through phone, email or live chat.
Extra coverage is available for jewelry, electronics and other valuables. You can also sign up for replacement cost coverage, which gives you enough money to buy new items if your belongings are damaged or stolen, rather than simply reimbursing you for the current (depreciated) value of those lost items.
Amica offers discounts for people who pay their bills automatically, sign up for paperless billing, bundle car insurance with renters policies, stay with their insurer for at least two years, or go without filing a claim for at least three years.
Country Financial: Best for those who want to work with an agent
Pros: Generous coverage options are available, including up to $1 million of liability insurance in case someone sues you.
Cons: You can’t get an online quote, and policies are available in only 19 states.
Why we picked it: Country Financial is a solid option if you live in one of the states the company serves. It receives far fewer consumer complaints than expected for an insurer of its size, according to the NAIC, and it’s a good bet if you prefer to discuss coverage options with an agent.
You can choose between basic and premier packages, depending on how much financial protection you want. The premier option adds coverage for things like broken antiques or damage from power surges. You can also add extra coverage for valuable items such as engagement rings or musical instruments.
Country Financial offers discounts for bundling multiple policies, paying your premiums on time and going at least five years without filing a claim.
Erie: Best for renters in the Mid-Atlantic or Midwest
Pros: Erie’s renters policies generally include replacement cost coverage for your belongings, which some companies charge extra for. This coverage ensures the highest potential claim payout for stolen or destroyed items.
Cons: Policies aren’t available in most U.S. states, and you’ll need to contact an agent for a quote.
Why we picked it: Pennsylvania-based Erie operates in 12 states and Washington, D.C., and it draws fewer consumer complaints than expected for a company of its size, according to the NAIC. Erie also scored above average for renters insurance customer satisfaction in J.D. Power’s most recent U.S. Home Insurance Study.
Depending on where you live, you may be able to add extra coverage for identity theft recovery, home-sharing and damage from backed-up drains.
You can save on your policy if you bundle multiple insurance types with Erie, or if you get a quote at least seven days before you want coverage to begin.
Farmers: Best for lots of discounts
Pros: Policies generally include replacement cost coverage for your belongings, plus up to $1,500 for expenses associated with identity theft.
Cons: Farmers renters insurance ranked below average for customer satisfaction in J.D. Power’s 2022 U.S. Home Insurance Study.
Why we picked it: Farmers offers plenty of ways to save on your renters policy. In addition to industry-standard discounts for purchasing multiple policies with the company and having safety and security devices, Farmers also offers lower rates for customers in certain professions. These include doctors, nurses, dentists, teachers, police officers, firefighters and engineers.
Renters who haven’t smoked for at least two consecutive years can also save on premiums.
Farmers has a user-friendly website where you can easily get a quote or find a nearby agent for more personalized service.
State Farm: Best for lots of coverage options
Pros: State Farm has a long list of coverage options to choose from, though some are available only through an agent.
Cons: Offers fewer discounts than some other major insurers.
Why we picked it: America’s largest insurance company, State Farm offers just about every type of insurance you might need, including renters. If you’re looking for a well-established company where you can get all your insurance in one place, State Farm may fit the bill.
To talk through your options on the phone before purchasing a policy, you can consult a local agent. If you’d rather do it all online, you can get a quote, file and track a claim, pay bills and more on the State Farm website. You can even complete some tasks without having to create an account.
State Farm doesn’t list many savings options on its website, but it does highlight discounts for combining renters and auto insurance policies, and for installing home safety devices such as burglar alarms and smoke detectors.
Travelers: Best user-friendly website
Pros: Travelers’ website offers a live chat feature for logged-in users who need help with their policy. The company’s mobile app lets you pay bills, file claims and manage your policy.
Cons: Travelers ranked at the bottom for consumer satisfaction in the latest J.D. Power Home Insurance Study.
Why we picked it: Travelers puts renters first in a variety of ways. Its website makes it easy to file and track claims online, learn about coverage options and get a quick quote. Travelers also draws fewer consumer complaints than expected for a company of its size, according to the NAIC.
Renters policies from Travelers include coverage for upgrades or improvements your landlord has let you make to your home.
The company offers discounts for renters who have multiple policies with Travelers or who have devices such as internal sprinkler systems or smart-home technology.
USAA: Best for military and veterans
Pros: USAA renters insurance includes several types of coverage that most other companies charge extra for.
Cons: Policies are available only to active military personnel, veterans and their families.
Why we picked it: Aside from its military focus, what sets USAA apart from other renters insurance companies is the fact that its policies cover damage from floods and earthquakes. Most other companies don’t offer this coverage unless you pay extra. This could provide significant value to renters who live in regions where floods or earthquakes are a risk.
USAA also covers your belongings on a “replacement cost” basis, ensuring that your claim payout will be enough to pay for brand-new items if your stuff is stolen or destroyed.
The company receives far fewer consumer complaints than expected for an insurer of its size, according to the NAIC.
Other renters insurance companies to consider
The following 4.5-star companies also offer great coverage and useful features.
Allstate
Pros: Allstate policies are available in every state and offer a solid menu of coverage options.
Cons: Higher number of consumer complaints than expected, according to the NAIC.
Why we picked it: Allstate is a particularly attractive choice for older renters: Retirees age 55 and up can save up to 25% on their premium.
Allstate also offers discounts for renters who bundle their policies or have their insurance payments automatically withdrawn from a bank account.
Beyond its generous discounts, Allstate is a good bet for renters looking for a company with a robust mobile app. You can use it to pay bills, view policy documents and contact your agent.
American Family
Pros: American Family’s website is more informative than most other insurers’, with lots of details about its coverage options and about renters insurance in general.
Cons: Policies are available in only 19 states.
Why we picked it: With fewer consumer complaints than expected, according to the NAIC, American Family is a solid choice for renters insurance.
The company offers a range of ways to save on your policy. These include both common options (a discount for having car and renters insurance with American Family) and unique ones (a generational discount for renters ages 18 to 30 whose parents are also insured with American Family).
One notable coverage option is a “diminishing deductible.” (A deductible is the amount subtracted from your claim payout.) If you add this coverage to your policy, you’ll immediately get a $100 credit toward your deductible. Then your deductible will drop another $100 with each renewal (up to a maximum of $500). A lower deductible means you’ll pay less out of pocket each time you file a claim.
Auto Club Group (AAA)
Pros: Many discounts are available, and the company draws fewer consumer complaints than expected, according to the NAIC.
Cons: Available only in select states. A membership fee may be required.
Why we picked it: Auto Club Group is a motor club that sells renters insurance to AAA members in all or part of nine U.S. states, including Georgia, Michigan and Tennessee. In addition to solid renters insurance, AAA membership comes with a variety of benefits such as roadside assistance, travel discounts and identity theft monitoring.
Depending on where you live, Auto Club Group may offer discounts for bundling multiple policies, signing up for autopay, living in a gated community or going a certain amount of time without filing a claim.
You can customize your renters policy with optional coverage for things like identity theft, valuable items and personal injury liability. You can also upgrade to replacement cost coverage for your belongings to make sure you get the greatest possible payout for stolen or destroyed items.
Auto-Owners
Pros: Lots of ways to save, including discounts for those who are claim-free, pay their premiums on time or opt for paperless billing.
Cons: You can’t get a quote or file a claim online.
Why we picked it: Despite its name, Auto-Owners offers more than just car insurance. You can upgrade a basic renters policy with the Renters Plus package, which covers water backup of sewers and drains, waterbed liability, and loss of refrigerated products (for example, if your power goes out and you have to toss spoiled food).
You can also upgrade to replacement cost coverage for your belongings. This means that if you have a 3-year-old laptop that’s stolen or damaged for a covered reason, Auto-Owners will pay out enough for you to buy a new one rather than a used one.
Auto-Owners draws fewer consumer complaints than expected, according to the NAIC.
The Hanover
Pros: The company receives far fewer consumer complaints than expected, according to the NAIC.
Cons: Policies aren’t available in all states.
Why we picked it: The Hanover offers three renters insurance packages to choose from. The most economical option covers just the basics: your belongings, liability if you cause harm to others, and expenses if you have to move out of your home during covered repairs.
With an upgrade to the Select package, you’ll get extra coverage for things like food lost in a power outage and identity theft-related expenses. This package also includes replacement cost coverage for your belongings.
Select Plus is The Hanover’s top-tier offering, with all options from the other two packages plus broader coverage for valuable items such as jewelry or firearms. With this package, you won’t have to pay a deductible if a major disaster destroys at least half of your belongings.
Lemonad
Pros: The company says it settles about 40% of its claims immediately. A portion of premiums goes to charities chosen by policyholders.
Cons: Lemonade’s policies aren’t available in all states, and the company draws more consumer complaints than expected, according to the NAIC.
Why we picked it: If you’d prefer to buy and manage renters insurance with a few taps of a screen, Lemonade might be a good fit for you. The Lemonade experience revolves around its mobile app, where you can get quotes, file claims and update coverage options.
Beyond the slick digital experience, Lemonade’s coverage is solid, with replacement cost coverage included for your belongings. You can add extra insurance for jewelry, musical instruments or other valuable items.
Lemonade advertises renters insurance rates as low as $5 a month, with discounts available for bundling multiple policies, having protective devices in your home and paying your premium in full.
Nationwide
Pros: Offers an inflation guard option that can raise your coverage limit to keep up with rising costs.
Cons: Not available in Alaska, Hawaii or Louisiana.
Why we picked it: In addition to the basics, such as liability and personal property coverage, Nationwide’s standard renters insurance policies include credit card coverage and building addition/alteration coverage for no extra cost. That means you’re covered for unauthorized charges on your credit and debit cards (up to your policy limit). And if your landlord lets you make improvements to your home, Nationwide will cover those, too.
Nationwide offers a basic slate of discounts for people who are claim-free, buy multiple policies or have smoke detectors and other protective devices installed in their homes.
Nationwide receives about the expected number of consumer complaints for a company of its size, according to the NAIC.
Best Renters Insurance FAQs
What is the average cost of renters insurance per month?
The average renters insurance cost is $14 a month for $15,000 in coverage for belongings, according to Forbes Advisor’s analysis.
When should I bundle renters and car insurance?
Bundling renters and car insurance policies make sense if doing so would save you more than having policies with separate companies. A bundling discount does lead to a lower price, but if the renters insurance company already has exorbitant costs, a bundling discount may not make it cheaper than competitors.
Does renters insurance include loss of use?
Renters insurance policies include loss of use, also known as additional living expenses coverage. If you can’t live in your apartment because of damage covered by the policy (such as a fire or tornado), this coverage pays for a hotel room and other extra costs.
Does renters insurance cover theft?
Renters insurance covers theft of personal belongings both inside and outside your home. A renters insurance will only pay up to your policy limits you have chosen. For example, if you have $20,000 worth of coverage, it will only pay up to that amount. You can buy higher policy limits.
Renters insurance has what are called “special limits” for certain types of items. For example, your policy might only cover $1,000 for stolen jewelry. That won’t cut it for expensive items such as a valuable watch. You can “schedule” valuable items, which provides extra coverage.
How do I file a renters insurance claim?
Filing a renters insurance claim is a straightforward process, but there are a couple of things you need to do before notifying your insurance company.
First, contact your landlord to let them know of any situation. If the problem is theft, file a police report. You’ll need a police report for a theft claim. Then, contact your insurance company or agent, but make sure you notify the company promptly.
The insurer will want to know as much as possible, including the cause of the damage or loss, what’s been damaged or lost, and whether you need to pay for temporary housing. It’s also wise to take photos of the damage. The insurance company may send an adjuster to review the damage and loss.
The renters insurance company will then decide how much you’re owed. You can appeal a decision if you feel that you should get more.
