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If you’re moving into a new apartment or unit, or you’re unhappy with your current provider, you may be looking for the best renters insurance companies. The good news is that we’ve done the research and have got you covered. Keep reading to learn about the top providers and what sets each apart from the competition. At the end of the article, you can even read about our specific methodology for rating each provider.
This article includes pricing from quotes that we received for a standard policy on an apartment in Bakersfield, Calif. We wanted to give you an idea of what the cost might look like, but it is important to remember that each quote is unique based on multiple factors that can include location, home type, and an individual’s personal information. To get a better idea of prices on providers in your area, you can use this tool to get free online quotes.
Top 7 renters insurance providers
Based on our in-depth research and review, we chose the following as the top renters insurance companies in 2021:
Allstate : Best Overall
Progressive : Best Bundling Discounts
State Farm : Cheapest Policy Options
Geico : Best Smartphone App
American Family : Best Customer Support
Lemonade : Best for College Students
Nationwide: Best Endorsements
Compare these best renters insurance companies
|Company||Score||States Available||Years in Business||BBB Rating||Cost|
1. Allstate: Best Overall
Allstate makes our top pick as the overall best renters insurance provider for its success in all of our review categories. Allstate is a reputable, long-standing company with policies that come at a reasonable cost. It has substantial endorsement options, great customer service and multiple technology options like a smartphone app, and it’s available in all states.
Allstate renters insurance pros and cons
|24/7 customer service availability||Automated quote tool not available in some states|
|Website chat feature for claims and customer support||Some states require personal information for a quote like Social Security number|
|Multiple discount options|
2. Progressive: Best Bundling Discounts
Progressive is the best choice for renters looking to bundle with their auto insurance policy. If you have car insurance with Progressive or are looking for a new provider, you could save up to 12 percent on your premiums according to the website. Additionally, your policy could include other discounts for electronic billing, gated community and getting a quote in advance.
Progressive renters insurance pros and cons
|Up to 12 percent discount for bundling||Limited additional coverage options|
|Discount for paperless billing||Policies require a down payment with first month premium|
|Available in all 50 states|
3. State Farm: Cheapest Policy Options
Some renters may be looking for the cheapest policy to get, since their landlord requires it for their lease. If this scenario applies to you, you should get a quote from State Farm. With prices as low as $7 depending on your area, we found it to be the cheapest renters insurance option. Although, the exact quote we got for the standard policy on an apartment in Bakersfield, CA was $10.83.
State Farm renters insurance pros and cons
|Unique pet coverage and waterbed add-ons||Price can get more expensive depending on endorsements|
|Easy to get a quote online with the automated tool||Cheap options come with minimal coverage|
|Offers educational resources for renters looking to learn more about their policy|
4. Geico: Best Smartphone App
Geico’s smartphone app has been helping policyholders stay connected to the brand and get assistance easily on any of their policies, including auto insurance. Like Progressive, Geico also offers discounts for bundling, so it’s an ideal choice for renters that already have another policy with the company.
Geico renters insurance pros and cons
|Multi-policy bundling discounts||Doesn’t include many discounts other than bundling|
|Easy online quote tool||Uses underwriting companies|
|Integrated smartphone app with local customer service options|
5. American Family: Best Customer Service
American Family is known for its outstanding customer service, providing policy-holders 24/7 access to its support team. Additionally, the company connects renters with a local agent to handle any concerns that may arise, and you can submit claims online through the customer portal for a simple and stress-free experience after a loss.
American Family renters insurance pros and cons
|Identity theft coverage included in standard policies||Vague policy details in automated online quoting|
|24/7 customer service and claims support||Only available in 19 states|
|MyAmFam mobile app that connects customers to their policy and local support|
6. Lemonade: Best for College Students
If you’re a college student or first-time renter looking for the best renters insurance policy that covers your basics and has an easy and educational sign-up process, Lemonade has you covered. In addition to a user-friendly smartphone app, website and chat service, the company also donates unused insurance money to charities.
Although the website claims to have rates as low as $5 per month, our quote received for an apartment in Bakersfield, CA was $16.34. Visit the website to get your own quote and check prices — it’s the fastest process, taking only 90 seconds.
Lemonade renters insurance pros and cons
|Discounts for safety and protective devices||Newer company with less experience|
|Giveback program that donates unused insurance money to charities||Only available in 28 states (including Washington, D.C.)|
|Quote process takes less than 2 minutes|
7. Nationwide: Best Endorsements
If you’re looking for a company that will cover losses of your refrigerator property or have a significant other that needs to be included in your policy, Nationwide might be the right choice for you. Its extensive list of additional coverage options makes the company an attractive selection for renters looking to fine-tune and customize their policy.