Best Renters Insurance 2020 | Insurance Reviews | Roost
Advertising disclosure
x

Our goal is to share information and products that are truly helpful to renters.

If you click on a link or buy a product from one of the partners on our site, we get paid a little bit for making the introduction. This means we might feature certain partners sooner, more frequently, or more prominently in our articles, but we’ll always make sure you have a good set of options. This is how we are able to provide you with the content and features for free. Our partners cannot pay us to guarantee favorable reviews of their products or services — and our opinions and advice are our own based on research and input from renters like you. Here is a list of our partners.

Best renters insurance for 2020

We reviewed renters insurance companies for house rentals, apartments and roommate situations

No matter where you live or how much stuff you have, you can find an affordable renters insurance policy to protect your belongings and future earnings. We were quoted rental insurance rates as low as $5 per month. 

Did you know you can be sued if someone hurts themselves in your apartment or if your dog bites them? Or if you cause water damage to your rental home? And, why would you want to replace your stolen $3,000 laptop outright if you didn’t have to? A good renters insurance policy will help you out when you need it.

Maybe you only want to get renters insurance because your new lease agreement requires it. Or maybe you moved into a risky (but cheap rent) neighborhood. Whatever the reason we did a bit of the legwork for you to help you find a customizable policy that suits your needs. We reviewed thirteen rental insurance companies to help you create your shortlist of insurance companies to request quotes from. Once you find a company you want to work with, you can usually obtain a new policy almost instantly.

What is renter’s insurance?

Renters insurance is insurance for your things. While the property owner is required to have insurance for the building, that insurance doesn’t cover your belongings. Renter insurance covers things like your furniture, electronics, clothing, sport equipment and  kitchen items.

It also helps protect you from liability such as if someone is injured in your apartment. In some cases, renters insurance may also help cover costs such as hotel rooms if you are temporarily not able to live in your home.

This type of insurance is cheaper than most types of insurance. The average cost of renters insurance is only $10-$20 per month.

Renters insurance companies reviewed  

We requested quotes from 13 popular insurance agencies to help you discover the best service to suit your unique coverage requirements. They are listed in alphabetical order below.

CompanyFind rates
get quote
American Family Insurance returning $25.8 million to Missouri customers,  $14 million to Kansas - KOAMGet quote
Amica Insurance | Auto, Home and LifeGet quote
Assurant | We Protect What Matters MostGet quote
erie-logo - STEMconnectorGet quote
Famers Insuranceget quote
get quote
Get quote
File:MetLife logo.svg - Wikimedia CommonsGet quote
Get quote
File:Logo of the Progressive Corporation.svg - Wikimedia CommonsGet quote
get quote
Download Travelers Logo PNG Image for FreeGet quote

Get Started

At an average price of $5/month, renters insurance is some of the most accessible coverage you’ll ever buy.  

Get Your Free Quote Online

How to find the best renters insurance

Consider why you want renters insurance in the first place. Do you want it just because your landlord requires it or do you have expensive items you’d like to protect? If all of your possessions together add up to less than $10,000, consider a low-cost, basic plan. If you own a few (or a lot) of costly items, look for a customizable plan that will help you replace your property if needed. 

1. Compare Rates: How much does renter’s insurance cost?

When we requested renters insurance quotes from the reviewed companies, the average quoted rate was about $15 per month for about $10,000 worth of personal property. However, often if you lower coverages and take advantage of available discounts, you can likely lower the rate even further. We were able to lower Lemonade’s and State Farm’s rates to less than $10 per month.

Keep in mind that the service will run your credit and your quoted rate may be adjusted based on your credit rating after you submit your Social Security number.

Roost Tip! Often you can further lower your monthly payment by lowering coverage amounts and raising your deductible.

2. Mobile Experience

Nowadays, if you can’t handle business on your phone, what’s the point? Or worse yet having to remember policy numbers to submit a claim. Good mobile apps are designed to help you review your policy, submit claims, change your coverages and more. Many will even help you keep track of your personal belongings. If you spend more time on your phone than a desktop, consider a service with a helpful mobile experience.

3. Customer Service

It’s important that your insurance company is there for you when you need them and how you want to interact with them. Do they offer 24/7 chat? Are local agents available if you want to visit an office?  How quickly do they respond to claims? Look at their FAQs and customer service offerings to see if they offer the kind of service you are looking for.

If you have two or three companies on your shortlist, call each one and reach out to them using the chat service—your experiences will likely clearly reveal which company you’ll want to work with.

4. Quick Coverage

Do you need renters insurance right now or before you move in? If your landlord is asking for proof of insurance immediately, consider a service that can provide proof of coverage to your landlord ASAP.

Note that renters insurance isn’t retroactive, meaning that it won’t cover something that already happened. So, if you overfilled your bathtub and damaged the floor last night, you are out of luck.

5. Discounts

Most insurance companies offer a variety of discounts. For example, you may be able to get a discounted rate if you also hold another policy with them such as car insurance. Other things that might help you get a lower rate include security alarms, not having submitted a claim in the past, or setting up automatic payments. If you don’t see what discounts they offer, ask.

If you or your spouse is in the military or is a retired service person, you probably can acquire military-specific discounts. Ask if they offer military discounts or consider seeing if you are eligible for acquiring insurance through the USAA, which often offers rates as low as $10 per month to military members and their families.

Check out our article on rent insurance discounts for other ideas and tips on how to lower your monthly expense. 

Comparing renters insurance companies

Allstate Renters insurance

Get a Quote
ProsCons
Allstate offers a discount for multi-policy bundles. Policies are flexible to exclude items you don’t want covered to cut costs. And they’re popular for having excellent app experiences for claims and policy management.• Top industry provider
• Steep discounts
• Plenty of local agents
• High ratings for settling claims
• Additional living expenses covered
• Limited coverage online
• Mixed reviews from online customers and businesses
• Doesn’t cover floods/earthquakes
• Average customer satisfaction
Pros and cons of Allstate renters insurance

American Family Renters Insurance

get a quote
American Family Insurance returning $25.8 million to Missouri customers,  $14 million to Kansas - KOAMProsCons
This insurance company offers discounts including a decreased rate if your parents use American Family insurance. However, they are not available in all areas and when you request a quote you may notice you are referred to a different insurance agency.• Items covered on-the-go
• High personal liability protection
• Higher than average medical payout
• Pets not covered
• Loss-of-use paid as percent of property coverage
• Sites errors when we attempted to request a quote
Pros and cons of American Family renters insurance

Amica Renters insurance

get a quote
Amica Insurance | Auto, Home and LifeProsCons
Amica reports rates as low as $4 per month and deductibles can be as low as $250. Policies are available in the lower 48 and we found their quotes simple to understand.• High personal liability protection
• Bundle discounts
• Claim-free and loyalty discounts
• Replacement costs is extra
• Smart devices and computer may be extra
• Jewelry protection may cost extra
Pros and cons of Amica renters insurance

Assurant (Geico)

get a quote
Assurant | We Protect What Matters MostProsCons
If you have Geico auto insurance, or are considering it, Assurant is the product they offer as Geico’s renters insurance, which includes a bundled discount. This insurance is also available without a Geico policy.• Deductible as low as $100
• Covers roommate’s property
• Replacement cost included
• Login is separate from your Geico account
• Requires downpayment to start
• $5 per month billing fee
Pros and cons of Assurant renters insurance

Erie Renters insurance

get a quote
erie-logo - STEMconnectorProsCons
Erie Insurance has been around for nearly 100 years and is available in 12 states and DC. Despite not having a mobile app, they generally report having a high customer experience rating.• Bundle discounts available
• Non-English language agents available
• Protection while traveling
• You have to talk to an agent to get a quote
• No mobile app
• Not available in 38 states
Pros and cons of Erie renters insurance

Farmers Renters insurance

Get a Quote
Famers InsuranceProsCons
Farmers offers a discount for multi-policy bundles. You could combine renters insurance, auto insurance, and life insurance policies, for example. • Top industry provider
• Established company with local customer service
• Online claims and quotes
• Replacement cost coverage
• Inexpensive basic coverage
• Below-average customer ratings
• Processing fees
• Limited online policy information
• Standard coverage only
• No flood/earthquake coverage included
Pros and cons of Farmers renters insurance

Lemonade Renters insurance

Get A Quote
ProsCons
Lemonade is a newcomer to the insurance scene, known for cheap insurance and a great online experience. However, they’re not available in every state, unfortunately. • Cheap coverage for renters
• Near-instant coverage when you’re in a hurry
• Excess premiums donated to charity
• Speedy payouts if you have to file a claim 
• No in-person service from agents
• Limited features for those who need complex plans
• No auto insurance bundle options
• Not available in all states
Pros and cons of Lemonade renters insurance

MetLife Renters Insurance

Get A Quote
File:MetLife logo.svg - Wikimedia CommonsProsCons
MetLife provides replacement cost coverage, which usually costs more with other insurance companies. Packages are available for musical instruments and sports equipment.• Low $5,000 coverage rate available
• ID protection included
• Speciality coverages available
• You have to talk to an agent
• No easily available chat support
• Not available in all states
Pros and cons of MetlLife renters insurance

Nationwide Renters insurance

Get a Quote
ProsCons
Nationwide offers a discount for multi-policy bundles. You could combine renters insurance, auto insurance, and life insurance policies, for example.• Helpful add-ons like “Brand New Belongings”
• Top industry provider
• Local agents and support available
• Inflation protection
• Stolen credit card coverage included
• Below average customer satisfaction
• Not the lowest rates
• Coverage explanations can feel misleading
Pros and cons of Nationwide renters insurance

Progressive Renters Insurance

Get a Quote
File:Logo of the Progressive Corporation.svg - Wikimedia CommonsProsCons
Progressive is available in 41 states and offers a wide-variety of insurance options. You’ve likely seen at least one of their 100+ “Flo” commercials. • Bundle discounts
• Discounts for non-procrastinators
• Single deductible for bundled insurance
• You have to submit SSN to get a quote
• Dog breed restrictions
• Per item limits
Pros and cons of Progressive renters insurance

State Farm Renters Insurance

Get a Quote
ProsCons
State Farm offers a discount for multi-policy bundles. You could combine a renters insurance, auto insurance, and life insurance policy, for example.• Local service available
• Optional mold coverage
• No dog breed restrictions
• Claims can be issued through the app
• Limited coverage online
• Mixed reviews from online customers and businesses

Pros and cons of State Farm renters insurance

Travelers Renters Insurance

Get a Quote
Download Travelers Logo PNG Image for FreeProsCons
This insurance is available in all areas and provides a wide variety of coverage options and bundled discounts. They also provide options for protecting luxury items.• Available in all 50 states
• Simple to understand quotes
• Bundle discounts
• Renter’s improvement coverage
• You can’t pick your own deductible
• $30,000 is lowest coverage amount
• Replacement costs is extra
Pros and cons of Travelers renters insurance

Information needed to get a quote

To save time, gather the information required to fill out the quote forms in advance. You likely already know most of the information. You’ll need your full name, address of the rental, type of building, security features of the building, your email address and phone number, an estimated value of your belongings and a list of possible add-ons (such as flood, earthquake or pet coverage). Also, consider whether you need to add coverage for expensive belongings such as luxury items or musical instruments.

What does renters insurance cover?

Although add-ons can vary by rent insurance policy, most are based on the following types of coverage: 

Personal property loss

This is if your belongings are stolen. The great thing about property protection is it covers your belongings wherever they are. For example, if your laptop gets stolen in a cafe or out of your car, you’ll be covered (phew!). The average two-room apartment holds possessions totaling $30,000 in value according to Allstate

Not sure how much your stuff is worth? Use the Insurance Information Institute’s home inventory tool to figure it out and then pick a plan with the right amount of personal property coverage.

“Ask your agent about limitations on your personal property. There may be limitations on how much that could be paid for things like jewelry, firearms, furs, silverware, securities, money, and many other items in the event of a covered claim. You may want to purchase additional coverage for some of your valuable items such as those, or even ask about scheduling those items onto your policy for broader coverage and often, little or no deductible.”

— Evans, Ewan & Brady Insurance Agency from Eebins

Liability

If someone is injured in your home, you’ll make a liability claim. (If you did not have this type of coverage, you could be directly responsible for any costs the injured person incurred, or they could sue you.) A standard renters insurance policy will cover you for up to $100,000 in legal liability coverage but you can go considerably higher for a few dollars more per month if you need it. 

Property damage

If your belongings get destroyed by fire or water damage, you’ll file a property damage claim. Also, look for loss-of-use coverage. Loss-of-use coverage helps pay for another apartment or hotel if you can’t stay in your place due to damage.

Most will offer you the option to add-on coverage for identity theft, earthquakes, flooding, luxury items, musical instruments or sports equipment. You may also be asked if you want coverage for actual cash-value or the replacement cost. Cash-value pays out less since most items lose value quickly (so a laptop you bought last year might be worth half the price now). Replacement-cost coverage usually requires a higher monthly rate but will help you replace items at the “cost of new” price.

What does renters insurance NOT cover?

If you do not have a lot of stuff and are only getting renters insurance to satisfy your lease agreement, you may not need to worry about extra coverage. But if you own a few things that you care about or live in a high-risk weather area, you may want to think about what your insurance doesn’t cover. 

For example, basic renters insurance may not cover:

  • Damage from earthquakes or flooding
  • Expensive luxury items like jewelry, art or designer clothing
  • Costly music equipment or band gear
  • High-end sports gear
  • A dog with a history of biting
  • Your roommate’s stuff
  • Electronics over a certain amount (some have a threshold of about $1500 per item)

To add coverage for items not covered in your general policy you may need to add additional insurance or even a policy per item such as a policy to cover your $10,000 piano or $5,000 mountain bike.

Renters insurance deductibles

Your deductible is how much you have to pay out-of-pocket when a claim is paid out. So, if you have a $500 deductible, you’ll pay for $500 worth of replacement or repair costs on your claims. You pay the same deductible whether you’re filing a claim to replace $500 worth of items or $5,000. 

The lower your deductible, the more affordable a claim is going to be, but it also makes your policy more expensive per month. A higher deductible, on the other hand, will result in a lower monthly rate, but you’ll pay more if you ever need to file a claim. Thankfully, deductibles usually apply to your personal property, not liability coverage.

Moving forward — a summary of best rent insurance companies. 

Renters InsuranceBest for… 
1State FarmPolicy management
2Nationwide Helpful add-ons
3Allstate Online tools and claim settlement
4FarmersVariety of coverage
5LemonadeInstant coverage and online experience
Best renters insurance companies

Get Started

At an average price of $5/month, renters insurance is some of the most accessible coverage you’ll ever buy.  

Get Your Free Quote Online
A quick note! Our goal is to gather and share info that’s up-to-date and helps you make great decisions as a renter. That said, the information you get directly from a provider could be a little different. Make sure to review their terms and conditions directly; and, if you see anything here that needs to be updated, please let us know! Advertising disclosure
Last Updated: October 22nd, 2020