- Available nationwide.
- Bundling discount.
- Good cost for those with poor credit.
AP Buyline’s content is created independently of The Associated Press newsroom. Our evaluations and opinions are not influenced by our advertising relationships, but we might earn commissions from our partners’ links in this content. Learn more about our policies and terms here.
Updated May 20, 2024
Renters insurance is similar to homeowners insurance in that it protects your belongings inside your home, even if you rent. Some insurance companies provide different levels of coverage and therefore, cost, which means it’s good to compare the best renters insurance companies based on cost, coverage, availability and other important factors.
Our top recommendations for best renters insurance this month
| Brand name | Best for | Am rating |
|---|---|---|
Allstate | Those with poor credit | |
American Family | Families | |
Lemonade | Online-only experience | |
Liberty Mutual | Building options | |
Nationwide | Customer experience | |
Progressive | All-in-one insurance | |
State Farm | Overall | |
USAA | Military members |
Allstate: Best for those with poor credit
Allstate Renters Insurance
Allstate Renters Insurance
J.D. Power 2023 U.S. Home Insurance Study Rating
835
Pros:
Cons:
- Few discounts offered.
- Lower J.D. Power score than the national average.
- May not cover roommates or others in the home.
Allstate is available in every state nationwide, giving the most amount of folks access to renters insurance. They have vast coverage options, including optional add-ons, like flood insurance and personal umbrella policies. They calculate the average cost to be $16 per month.
American Family: Best for families
American Family Car Insurance
American Family Car Insurance
J.D. Power 2023 U.S. Home Insurance Study Rating
856
Pros:
- Can get a policy through an agent or by applying online.
- Higher-than-average customer satisfaction.
- Loyalty, generational, auto-pay and full-pay discounts.
Cons:
- Only available in 19 states.
- Limited personal possession coverage.
- Higher-than-average monthly cost.
American Family has some of the best discounts available, offering not only the standard autopay and loyalty discounts but also a generational discount. This is nice for young folks who are children of American Family customers. The average cost is $31 per month. Unfortunately, it is only available in 19 states.
Lemonade: Best for online-only experience
Lemonade Renters Insurance
Lemonade Renters Insurance
J.D. Power 2023 U.S. Home Insurance Study Rating
854
Pros:
- Easy application and completion process.
- One of the least-expensive options out of the companies we evaluated.
- User-friendly mobile app and online user experience.
Cons:
- No agent access.
- Not available in every state.
It takes a couple of minutes — quite literally — to complete an application and get renters insurance. Not only that, everything about using Lemonade is fast: getting coverage, filing a claim and getting a payout. Lemonade can send you payout through direct deposit so you aren’t waiting on a check in the mail. The average cost for Lemonade is $15 per month.
Liberty Mutual: Best for bundling options
Liberty Mutual Renters Insurance
Liberty Mutual Renters Insurance
J.D. Power 2023 U.S. Home Insurance Study Rating
848
Pros:
- Lots of discounts and bundling options available.
- Offers good add-on coverage for replacement cost items and blanket jewelry.
- Easy to file a claim online or over the phone.
Cons:
- Customer satisfaction among one of the lowest we evaluated.
- More expensive than some other options on the market.
- No loyalty or military discount.
Having the option to bundle different insurance products gives you the chance to get multiple discounts, which is a big plus for Liberty Mutual. There are also lots of ways to get discounts, including getting a quote from Liberty before your current policy expires and not filing a claim within the last five years. The average cost for Liberty Mutual is $27.14 per month.
Nationwide: Best for customer experience
Customer experience
Nationwide Renters Insurance
Customer experience
Nationwide Renters Insurance
J.D. Power 2023 U.S. Home Insurance Study Rating
852
Pros:
- Easy to file a claim over the phone or claim.
- Easy-to-use apps and website.
- Policy bundle discounts available.
Cons:
- Not available in all states.
- Only accessible through an agent.
- No loyalty or military discount available.
While the average cost for Nationwide is neither the most expensive or least expensive, it stands out with its customer service and user experience. It’s easy to file a claim over the phone or online and if you need help, talking to an agent or getting assistance is quick and simple. The average cost for Nationwide is $20 per month.
Progressive: Best for all-in-one insurance
all-in-one insurance
Progressive Renters Insurance
all-in-one insurance
Progressive Renters Insurance
J.D. Power 2023 U.S. Home Insurance Study Rating
804
Pros:
- Lots of discounts available, like if you pay your policy in full, live in a secured community or opt to receive your documents by email.
- Available in most states.
- Good choice to have if you want all your insurance in one place.
Cons:
- Not available in California or Massachusetts.
- Higher premiums than others we evaluated.
- Lower-than-average customer satisfaction.
Progressive might have premiums on the higher side, but they offer so many different types of insurance that it’s easy to get covered for all your needs. You can get renters insurance as well as coverage for car, life, pets and even your business. The average cost for Progressive is $23 per month.
State Farm: Best overall
State Farm Renters Insurance
State Farm Renters Insurance
J.D. Power 2023 U.S. Home Insurance Study Rating
844
Pros:
- Multiple ways to bundle and get discounts.
- Offers one of the lowest costs out of those we evaluated.
- Simple use of both online site and mobile apps to navigate policy, claims, payment and more.
Cons:
- No loyalty or military discount.
With the most availability alongside the best rate, State Farm takes the rank as the best overall. It has some of the best customer satisfaction among AM Best, showing that alongside its products, it has superb customer service as well. The average cost for State Farm is $13 per month, making it one of the most affordable options on our list.
USAA: Best for military members
USAA Renters Insurance
USAA Renters Insurance
J.D. Power 2023 U.S. Home Insurance Study Rating
894
Pros:
- Covers all family members living with you.
- Hefty bundling options with auto, life, business, health and more insurance options.
- One of the lowest monthly payments among those we evaluated.
Cons:
- Limited to USAA customers who are members of the military and their families.
- Eligibility restrictions hold it back from getting ranked by J.D. Power.
For military members and their families, USAA is continuously at the top for many of your financial needs, including renters insurance. With low monthly payments — an average of $12 per month — lots of bundling and discount options, as well as the coverage, it’s a great option for those who serve in the military and are eligible to become USAA members.
How to shop for renters insurance
Buying renters insurance isn’t always required but you should explore different options available to you. If your landlord has a company in mind, see what they offer based on coverage. This includes things like your personal possessions, liability and additional living expenses.
Living in a high-risk area can also impact your coverage. Depending on where you live, you may want to add additional coverage for flooding or earthquake insurance. If you have some expensive possessions, you might want to add a rider or consider getting excess liability insurance.
What does renters insurance cover?
Renters insurance usually covers your personal belongings, renters liability and additional living expenses (ALE). This is in case you can’t physically live in your apartment and need to temporarily find housing elsewhere. Renters insurance will cover the difference in cost in case you have to pay more for a temporary place to stay.
How much does renters insurance cost?
The cost of renters insurance varies widely based on geographic location, the size of your space, what you’re insuring and other factors. The average cost of renters insurance is about $259, based on data from the National Association of Insurance Commissioners.
Frequently asked questions (FAQs)
Is renters insurance really worth it?
If you’re a renter and you are required to have an insurance policy due to your rental agreement, it’s worth finding the best policy for your circumstances. If you want the extra peace of mind that your stuff is covered on top of your rental agreement even if it isn’t required, renters insurance might be worth it.
When should I bundle renters and car insurance?
If you qualify for bundling and it gives you a discount on your monthly payments when you make them together, then bundling might be a good idea for you. However, if it’s more expensive and doesn’t offer much of a discount, or if you don’t qualify for it, you may want to skip bundling renters and car insurance.
Do college students need renters insurance?
Anyone who rents should consider renters insurance. While it’s not always required, some rental agreements require tenants to have some sort of policy. Even those who don’t have a requirement may want to look into renters insurance for the extra coverage.
Why is renters insurance so expensive?
Renters insurance costs vary widely by the company issuing the insurance. For instance, some companies charge more than $20 a month while others charge $10 a month. You might pay less, depending on your circumstances.
AP Buyline’s content is created independently of The Associated Press newsroom. Our evaluations and opinions are not influenced by our advertising relationships, but we might earn commissions from our partners’ links in this content. Learn more about our policies and terms here.