Comparing renters insurance quotes is easy and helps you get the best coverage for your situation at the cheapest rate.
Comparing renters insurance quotes may seem like a hassle, but it’s one of the best ways to get the cheapest renters insurance coverage.
Look at the prices, coverage options and customer satisfaction trends of many providers. Then narrow them down until you have your best choice.
To compare renters insurance companies for a quote, choose four or five providers underwriting policies in your area. Make sure you look at the same coverage limits and deductible amounts with each company. This ensures you’re comparing apples to apples, and not apples to oranges.
After that, look at which companies offer the most affordable quotes until you narrow the options down to two or three.
When you compare quotes from renters insurance providers, customer satisfaction is as important as how much you pay for a policy. There are online resources that can clue you in to how happy customers are with their insurers.
J.D. Power, a consumer data research firm, produces an annual report on customer satisfaction. This report is based on factors like performance, reliability and customer care, then ranks insurance providers based on their rating. The higher the rating, the better.
| Company | J.D. Power rating |
|---|---|
| Erie | 881 |
| American Family | 856 |
| Lemonade | 854 |
| Nationwide | 852 |
| Liberty Mutual | 848 |
| State Farm | 844 |
| Farmers | 842 |
| The Hartford | 842 |
| Average rating | 842 |
| Allstate | 835 |
Source: J.D. Power 2023 renters insurance customer satisfaction ratings
The National Association of Insurance Commissioners (NAIC) publishes a Complaint Index that measures how many complaints an insurer gets relative to its market share.
| Company | NAIC rating |
|---|---|
| Erie | 0.08 |
| American Family | 0.08 |
| Lemonade | 0.09 |
| Nationwide | 0.03 |
| Liberty Mutual | 0.20 |
| State Farm | 3.42 |
| Farmers | 0.45 |
| The Hartford | 0.03 |
| Average rating | 1.0 |
| Allstate | 0.64 |
Source: National Association of Insurance Commissioners
Finding the best renters insurance company for you depends on your personal needs. If you’re in college, the military, have a pet or are retired, different companies may be better suited for you.
Gradguard has renters insurance just for college students. Its policies include a low standard deductible of $100, and credit scoring is not part of the quote process.
USAA renters insurance policies are tailored toward military personnel. They offer coverage for military gear and uniforms, and coverage against damage from aircraft and riots, which most renters policies exclude. Note that USAA only provides insurance to current and retired military members, as well as their families.
Farmers doesn’t exclude dog liability based on the dog’s breed, a common practice in renters insurance. It looks at the behavior history of the dog instead.
If you are retired and 55 or older, you can save 25% on your renters insurance premium with Allstate.
What you pay for renters insurance depends on several factors, including:
To get the cheapest renters insurance rate for the coverage you need, compare quotes, bundle policies, raise your deductible and check into discounts.
Renters insurance coverage offerings are usually the same from company to company. Their prices often differ because each insurer weighs your risk factors differently. This is why it’s important to compare quotes from several insurance companies.
Bundling insurance policies under the same company can help lower your rates. If you’re able to bundle your renters insurance policy with an auto or life insurance policy, you may save money on both policies.
Your deductible is the amount you agree to pay before your renters insurance company pays the rest of a claim. The higher you raise your deductible, the cheaper your premium will be. Just make sure you can afford the deductible amount you choose.
Most insurance companies offer discounts to be competitive. When shopping for a renters insurance policy, see which discounts each company offers. If you’re unsure, talk with an agent.
Have the following information when you sit down to get quotes:
With these details in hand, you can start comparing the cost, policy offerings and customer satisfaction ratings from different renters insurance companies. Once you’ve chosen an insurer, you can sign up online or speak to an agent who can help you.
The effective coverage date for your renters insurance can be the day you get the policy, or a later date of your choosing.
A renters insurance policy covers your personal property in your rented home. It also covers property damage and injury to others. It can cover extra living expenses if you need to relocate, too.
Renters insurance is different from homeowners insurance in that it does not cover structural issues, as that usually falls under the landlord’s insurance.
A renters insurance policy covers your personal property, liability, medical expenses and additional living expenses.
Renters insurance covers your belongings, including:
If you want your renters policy to cover high-value items such as art or jewelry, they may have a lower coverage limit than other belongings. Talk to insurers about these items when choosing your coverage limits.
If you are responsible for someone being injured, including dog bites or property damage to others, personal liability can cover the related legal costs and medical bills.
Medical expenses coverage helps pay the medical bills of someone injured in your rental home, regardless of who’s at fault.
Also known as “loss of use,” or ALE, additional living expenses coverage pays the extra costs that arise if you need to relocate while your rental home is repaired. This normally includes hotel rentals, food and extra commute costs.
There are two types of renters insurance coverage — “named peril” and “open peril.” Named peril coverage insures against problems listed by name in your policy. Open peril coverage insures against all problems unless they’re listed as exclusions in the policy.
Some common covered perils:
Open peril coverage can cost more than named peril, but can be worth it for the broader range of coverage.
Renters insurance covers a lot, but it usually doesn’t cover your roommates’ stuff, pest damage, earthquakes, flooding or mold.
Roommates: Your renters insurance won’t cover your roommates’ belongings unless your roommate is named on your policy. Sharing renters insurance with a roommate is not advised for many reasons. One reason is that the two of you would share policy limits.
Pests: Renters insurance usually doesn’t cover damage caused by pests, such as bed bugs, either. Insurers consider this a maintenance issue, not a sudden accident.
Earthquake and flooding: Don’t look for your renters policy to cover damage from natural disasters like earthquakes or floods. You can buy earthquake or flood insurance separately, though.
Mold: Your renters insurance won’t cover mold damage unless it is caused by a covered peril, such as standing water from a burst pipe.
Renters insurance isn’t required by law. However, landlords and rental agencies can require it as part of a lease agreement. Landlords require renters insurance so they don’t get involved in tenant liability if something happens in your home.
Renters insurance is a good investment, even if you’re not required to buy it. Having thousands of dollars in damages and other costs covered for just a few dollars a month is good financial sense.
The amount of renters insurance you need depends on how much personal property, liability and ALE coverage you want.
Homeowners insurance offers similar coverage to renters insurance, but it also includes dwelling coverage. Your landlord is responsible for the structure of your rental home, so dwelling coverage is part of landlord insurance.
Your renters insurance policy won’t cover the theft of a vehicle. For that, you need a car insurance policy with comprehensive coverage. Your renters policy will cover any personal items stolen from your car, though.
Renters insurance covers moving if you need to temporarily relocate because of a covered peril.