How to Compare Renters Insurance Quotes for 2024

Comparing renters insurance quotes is easy and helps you get the best coverage for your situation at the cheapest rate.

Find the Cheapest Renters Insurance Quotes in Your Area

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How to compare renters insurance quotes

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.

How to choose a renters insurance company

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.

Customer satisfaction ratings of top renters insurance companies

CompanyJ.D. Power rating
Erie881
American Family856
Lemonade854
Nationwide852
Liberty Mutual848
State Farm844
Farmers842
The Hartford842
Average rating842
Allstate835

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.

Renters insurance company customer complaint ratings

CompanyNAIC rating
Erie0.08
American Family0.08
Lemonade0.09
Nationwide0.03
Liberty Mutual0.20
State Farm3.42
Farmers0.45
The Hartford0.03
Average rating1.0
Allstate0.64

Source: National Association of Insurance Commissioners

What are the best renters insurance companies for your situation?

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: Best renters insurance for college students

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. Your rates also won't increase if you file a claim.

USAA: Best renters insurance for military members

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. USAA’s renters insurance also covers flood and earthquake damage, which isn’t typically covered by competitors. Note that USAA only provides insurance to current and retired military members, as well as their families.

Farmers: Best renters insurance for dog owners

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. Farmers also has great customer satisfaction. It received an above average score of 842 out of 1,000 points in J.D. Power’s home insurance study.

Allstate: Best renters insurance for retirees

If you are retired and 55 or older, you can save 25% on your renters insurance premium with Allstate. You can also save just by enrolling in Allstate’s Easy Pay Plan. Allstate also provides a large network of agents, which can be helpful when filing claims.

How much does renters insurance cost?

The average cost of a renters insurance policy is $173 a year, or $14 a month, according to the Insurance Information Institute.

What you pay for renters insurance depends on several factors, including:

  • Your ZIP code
  • Coverage limits
  • Credit
  • Claims history
  • The insurer you choose
Find the Cheapest Renters Insurance Quotes in Your Area

How do I get cheap renters insurance?

To get the cheapest renters insurance rate for the coverage you need, compare quotes, bundle policies, raise your deductible and check into discounts.

Compare quotes

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.

Bundle insurance policies

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.

Raise your renters insurance deductible

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.

Look for discounts

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.

How do I get a renters insurance quote?

Have the following information when you sit down to get quotes:

  • Your full name
  • Date of birth
  • A contact email address
  • Number of people living in the rental home
  • The rental home address

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.

How does renters insurance work?

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.

What does renters insurance cover?

A renters insurance policy covers your personal property, liability, medical expenses and additional living expenses.

Personal property

Renters insurance covers your belongings, including:

  • Clothing
  • Electronics
  • Furniture
  • Appliances

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.

Personal liability

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

Medical expenses coverage helps pay the medical bills of someone injured in your rental home, regardless of who’s at fault.

Additional living expenses

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:

  • Smoke and fire damage
  • Theft and vandalism
  • Damage due to the weight of ice or snow
  • Wind and hail
  • Water damage

Open peril coverage can cost more than named peril, but can be worth it for the broader range of coverage.

What does renters insurance not cover?

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.

More frequently asked questions

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.

  • Personal property: You should get enough personal property coverage to fully replace your belongings in the event of a total loss. Create a home inventory list, complete with replacement prices, so you don’t over- or underpay for coverage.
  • Personal liability: Renters insurance policies usually come with a default liability limit of $100,000, but this can easily be reached if you have a major accident. If your finances allow it, consider upping your liability limit to $300,000. It shouldn’t have much of an impact on your rate.
  • Additional living expenses: The ALE limit of a renters insurance policy is usually 30% of your personal property limit. To raise your ALE limit, you need to raise your personal property limit, too. Keep in mind that ALE is supplemental. It doesn’t cover all your expenses, just the ones above your regular standard of living.

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.