What is Renter insurance?
Renters insurance is something that can protect you when renting an apartment or home. For example, if someone breaks into your apartment and steals your valuables, renter insurance will pay for the replacement of those items instead of asking you to replace them in your pocket. If you are sued for something like a dog biting your neighbor, renter insurance can help you avoid a lengthy lawsuit in court or pay to meet a civil sentence.
According to an Assurant survey, 45% of renters are uninsured even though they can afford it. The average annual renter insurance is $ 180. This insurance protects you from fire incidents or potential debts.
In the following article, we will list 12 best renter insurance companies. For comparison, we looked at companies' prices, standards and insurance limits, customer service, and complaint handling.
1. State Farm
State Farm offers nationally affordable renter insurance with many discounts. The insurer has an A ++ rating from AM Best and an AA rating from S&P Global, thanks to its financial rigidity and ability to handle complaints.
State Farm renter insurance covers a range of losses. However, it does not include damage to the property itself, damage caused by floods, earthquakes, landslides, and degradation. You also have the option to purchase additional insurance, including pet health insurance and identity restoration.
The lowest insurance rate is $ 8.25 per month. Insurance details and discount rates may vary in some states.
Pros
- Get instant online quotes, with coverage starting at $ 8 per month
- Policies are customizable
- Many discount policies
Con
- Discount policies may vary by state
2. Metlife
MetLife is another nationally recognized name providing renter insurance. Metlife provides insurance on repair or replacement of property, increasing real cash value. Damages covered include tornado, hail, fire, theft, and vandalism. Additional insurance is available if you want to ensure special items like electronics, musical instruments, luxury goods, and sports equipment, for up to $ 15,000.
Renters insurance from MetLife is available in all 50 states. You can reduce the cost of insurance through the broker. MetLife provides customer support 24 hours a day, seven days a week. If you want to receive a quote, you need to contact a MetLife dealer.
Pros
- Identity protection service
- Excellent customer service
- Flexible payment package
Con
- Losing rights not reissued included in the standard policy
- Need to contact an agent for a quote
3. American Family Insurance
American Family Insurance offers affordable insurance to tenants including personal property, medical bills, liability, replacement costs for stolen items, and hotel accommodations if you are unable to stay in your rented house because of insured incidents. It also offers pet, jewelry coverage up to $1,500. The estimated cost of insurance per month is about $15.
American Family also offers lots of discount policies including smart home discounts and automatic discounts. Comes with your auto insurance can save you up to 15% on costs.
Pros
- Get online quotes
- Many discount options
Con
- The average rating for customer satisfaction according to J.D. Power
4. Farmers Insurance
Farmers is one of the best-rated insurance companies for customer satisfaction. The company offers insurance policies with discounts for home security system installation and non-smokers. The insurance covers personal liability, personal property, replacement costs for personal property, medical payments, theft, and additional living expenses.
You can get quotes online and you can also submit complaints online if you encounter a covered loss. Farmer received an A, an excellent rating with AM Best for its financial strength and performance. Customer service is available seven days a week if you have questions about the policy or need help making your request.
Pros
- Highly rated for satisfaction
- Get a quote or submit an online request
- $100 low-cost insurance per year
Con
- A processing fee applies to start a new policy
5. Nationwide
Nationwide provides renter insurance including personal property, loss of use, personal liability, medical payments, etc. You can also add coverage for valuables and collectibles, earthquakes, water damage, and burglar protection for personal belongings stored in vehicles, trailers, or ships.
Discounts are available if you have multiple insurance policies with Nationwide or if the home has protective devices, such as smoke alarms or burglar systems. An additional benefit is a Review on your side, which allows you to get a personal review of your insurance to ensure that you have appropriate coverage.
Pros
- Many discounts are available to reduce premiums
- The basic policy includes stolen credit card insurance
- Additional insurance
Con
- High insurance cost (about $ 20 per month)
6. Toggle
If you run a business, Toggle can help protect your personal and business assets. Toggle's insurance policy is customizable. Basic coverage includes liability and pays up to $ 10,000 for personal property. Toggle also offers a higher insurance package for high-value properties.
You can even add coverage to your pets or identity thieves. If you buy insurance each year and don't have any complaints, Toggle will give you discounts.
Pros
- Easily make changes through online policies
- Protect your business equipment
- Low premiums, with starting premiums as low as $ 6.25/month
Con
- Only available in Illinois, Wisconsin, Colorado, Indiana, Iowa, Kansas, Minnesota, Missouri, Ohio, Utah, and Virginia
7. Liberty Mutual
Liberty Mutual is an insurance company that focuses on customer experience by simplifying the filing of complaints online. It also provides affordable rates for renters insurance. Especially, when customers buy insurance packages by the year, they will enjoy a high discount policy. The standard policy includes liability insurance, personal property, medical payments, and additional living expenses.
If you need more than that, you can purchase additional insurance for personal property, jewelry, or earthquake damage. Quotes are available online and the company operates in all 50 states. You can file a complaint online or through the Liberty Mutual mobile application, which takes only 5 to 10 minutes.
Pros
- Easy to apply online
- Get customized coverage with as low as $ 5 per month
Defect
- Discount based on each sub-table
8. Erie Insurance
Erie Insurance provides personal property insurance and liability for a renter in covered states, as well as the cost of living insurance. Erie Insurance is not common in some states (Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, Wisconsin, and Washington, DC). Erie assigns a dedicated representative to each policy owner to make sure your contact point knows who you are and what your needs often entail.
Erie currently has more than 13,000 agents available to support customers. If you choose a $ 20,000 plan for personal property insurance and $ 100,000 for liability insurance, you'll save about $ 150 per year.
Pros
- Insurance with competitive prices
- Diverse discounts
- Great customer service
Defect
- There are no additional insurance options
- Limited
9. Lemonade Insurance
Lemonade is a fairly new insurance product but it has received a lot of compliments. Lemonade has a different approach and its policy has many unique features.
Pros
- Lemonade uses AI to handle complaints
- Support app and website
- Handling complaints quickly.
- Online program.
Con
- Not available in all states
- No car insurance.
10. Allstate Insurance
Allstate is one of the most famous names in the insurance world - mainly because of its car insurance policies. But the company is also well known for its rent insurance policy, especially the Allstate auto policy. You can combine renter insurance with your auto insurance for savings
Pros
- Digital lock application
- Free estimation tool
- Insurance extended
Con
- Average customer satisfaction.
11. Auto Club of Southern California Insurance Group
This insurer is ranked the best in J.D.'s 2018 U.S. Home Insurance Research. - and it has received the highest rating for satisfaction, policy, and price.
Pros
- Suppliers are appreciated
- Easy online quotes
- Customer satisfaction
- Diverse policies. Because the Southern California Insurance Group's Auto Club offers many major categories
Con
- Limited to some states Los Angeles, Imperial, Inyo, Kern, Orange, Riverside, Mono, San Diego, San Bernardino, San Luis Obispo, Tulare, Santa Barbara, and Ventura.
12. USAA Renters Insurance
USAA Renters Insurance is only for active, retired, enlisted members and honored to discharge from the military in the United States. Adult children of military and veteran members may also be eligible to become members if their parents are USAA members and policyholders. USAA standard renter policy has some features that many other policies will charge more.
For example, flood and earthquake insurance comes with its standard policy, which most competitors don't.
Pros
- Insurance policy scope is wider than competitors
- You can move, pack, or store your belongings.
Con
- Limited availability. USAA renter insurance is only for U.S. military members and their families.
What does renter insurance usually cover?
Most insurance policies cover at least $ 100,000 liability insurance and personal property insurance of $ 10,000 to $ 15,000, although some experts recommend buying liability insurance up to $ 300,000. la. The health insurance limit may be lower, at $ 1,000 to $ 5,000 because these include friends and family visiting your property.
Your property insurance may include things like computers, jewelry, antiques, collectibles, books, clothing, and other assets. Get quotes from many renter insurance providers that can give you ideas about basic coverage available.
What does renter insurance usually exclude?
Higher value items may not be fully insured by the tenant's insurance policy. For example, jewelry can only be insured under certain maximum limits (for example, $ 1,500). There may also be restrictions related to pets. For example, your policy may exclude certain dog breeds considered dangerous or aggressive.
Some natural disasters, like earthquakes or floods, can also be excluded from your coverage. Renters insurance does not cover cars, although it will cover bicycles.
What is the expected cost of renter insurance?
The average cost of renter insurance premiums is $ 180 per year. Prices may increase based on the level of liability or personal property insurance you choose to include. Duplicate liability does not affect the cost of insurance in the same way as double personal property protection.
Here's an example of prices for different levels of insurance through State Farm, with a $ 1,000 deduction. Note that insurance costs may decrease with a higher deductible.
How to file a claim?
If you need to apply for renter insurance, there are certain steps you will need to take. Here's a quick checklist of what your insurer can expect:
- Copies of police reports if you file a complaint regarding theft or vandalism
- A detailed list of lost or damaged items
- Photo documents or videos of items, if possible
- A record of any living expenses you may incur if you cannot stay in the rental unit
You will need to use the insured's online claims form or obtain a complaint form directly from the provider to handle any claims.
How we choose insurance companies to rent?
We assessed a total of 12 rental insurance providers for this review, compared them based on price, customer service, insurance options, and limitations and easily submitted an application. The companies included here represent the best combination of cost, ease of use, insurance, and customer support.
Renter insurance is cheap and easy to buy. You may not consider it mandatory, but not having renters insurance means that you are not financially protected if something unexpected happens.
I hope this list of best renter insurance companies has helped you find the right insurance provider.
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