Renters Insurance companies in the United States, but in this article, we are going to be providing you with detailed information about those companies.
What Is Renters Insurance?
If you rent an apartment, condo, or similar place, getting renters insurance is a smart move. It covers your stuff if it’s damaged or stolen during things like break-ins or storms. Plus, it helps with medical bills if someone gets hurt at your place and covers your extra expenses if you need to move out because of a big problem like a fire.
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Renters insurance is pretty straightforward compared to other types of insurance. But picking the right policy and company can still be tricky. That’s where this guide comes in. We’ll share our top picks for renters insurance companies in 2024 and explain how renters insurance works.
Best Renters Insurance Companies
Here we are going to talk about the companies that are ready to work with you on renters insurance.
1. State farm
State Farm offers the cheapest renters insurance in our rating, costing just $13.04 per month. That’s over $17 less than the priciest option. State Farm’s policies also come with inflation coverage, meaning your coverage limits automatically adjust to keep up with inflation, so your protection stays the same over time.
You can get a quote online, but you’ll have to work with a State Farm agent to buy a policy, which might be inconvenient if you prefer doing everything online.
State Farm’s renters insurance is available in all 50 states and Washington, D.C.
2. USAA
Unlike other companies, USAA’s renters insurance includes flood and earthquake coverage as standard, which is usually optional with most insurers. Catering to the military community, USAA offers specific benefits like discounts for those living on base and coverage for military uniforms and gear without a deductible.
However, USAA’s renter’s insurance is only available to its members, which is limited to military personnel, veterans, and their immediate family members like spouses and children.
USAA’s renters insurance is available in all 50 states and Washington, D.C.
3. Lemonade
Lemonade is an online insurance company, so most of your interactions with them will happen through their app or website. This makes it convenient for those who prefer handling everything from their computer or phone. Plus, it’s one of the cheaper options out there, coming in second place for affordability in our list of the Cheapest Renters Insurance Companies of 2024, with a monthly rate of $15.09.
However, Lemonade’s availability is limited compared to bigger companies like USAA and State Farm. They only offer policies in about half of the U.S. states and Washington, D.C. Also, since they’re online-based, there are no local agents you can meet face-to-face, which might be a downside if you prefer that personal touch when dealing with insurance matters.
4. American Family
With American Family, you have the option to buy a policy online or through local agents, giving you flexibility in how you want to handle your insurance needs. This is great for those who prefer the convenience of online applications but also want the personal touch of working with a local agent.
However, American Family tends to be pricier, with a monthly premium of $30.49. But they offer ways to save money through discounts and a diminishing deductible.
You can get discounts for bundling renters and auto policies, setting up automatic payments, and sticking with them for at least a year. Plus, with diminishing deductibles, your deductible reduces by $100 each year, up to $500.
One drawback is its limited availability, as it’s only accessible in 19 states.
5. Eri Insurance
Erie Insurance is a smaller insurance company that operates in 12 states and Washington, D.C. While it’s not available everywhere, it offers some extra coverage options like protection against sewer or drain backups, coverage for home-sharing situations, and additional coverage for valuable personal belongings.
Although Erie Insurance tends to be a bit pricier, with a monthly premium of $23, they do offer various discounts. These include discounts for bundling policies, having a home security system, and getting a quote well before your policy starts.
You’ll need to speak with an Erie Insurance agent to get a quote or buy a policy.
6. All state
According to our research, Allstate ranks fifth among the cheapest renters insurance companies in 2024, with a monthly premium of $21.50. They offer various discounts, including one for renters aged 55 or older who aren’t working full-time, which can save up to 25% on premiums.
Aside from its standard policy, Allstate provides options for extra coverage, such as protection for valuable belongings that exceed basic limits, identity theft restoration, and a personal umbrella policy.
You can get a quote on their website, but you’ll need to connect with an Allstate agent to purchase a policy. Allstate’s renters insurance is available nationwide.
7. Liberty Mutual
According to our findings, Liberty Mutual ranks second in monthly premiums among the companies we reviewed, with a rate of $24.17. While this is higher compared to the cheapest option at $13.04 per month, Liberty Mutual offers various discounts, such as bundling renters and auto policies, setting up automatic payments, buying your policy online, and obtaining a quote before your current policy expires.
Apart from its standard coverage, Liberty Mutual provides additional options like replacement cost and blanket jewelry coverage. Replacement cost means they’ll assess the value of your belongings without factoring in depreciation. With blanket jewelry coverage, you can set a total coverage amount for your entire collection without needing individual appraisals. Plus, there’s no deductible for jewelry claims.
Liberty Mutual’s renters insurance is available nationwide, including Washington, D.C.
8. Farmers Insurance ce
According to our data, Farmers offers a standard renters insurance policy at a monthly rate of $18.42, making it one of the three cheapest companies in our rating. Additionally, Farmers provides discounts for bundling policies and installing protective devices like a home security system. There’s also a discount for households that have been smoke-free for at least two years.
If you’re looking for more coverage options, you can add extras like increased coverage for personal belongings or replacement cost coverage. This ensures easier replacement or repair of damaged items since depreciation isn’t factored in when determining their value.
However, Farmer’s renters insurance isn’t available in eight states and Washington, D.C.
Availability: 42 states
Conclusion
We have been able to provide you with all the information you need about this topic and if you have any questions, kindly drop it in the comment section