Believing that renters insurance is only for the wealthy or those with expensive items is a common misconception. In reality, not having basic personal liability coverage for your property can put your financial future at risk. The good news is, peace of mind doesn’t have to be expensive. There are many affordable renters insurance policies available.
Here are the top 11 renters insurance companies for June 2024. Remember, each company has its own strengths and weaknesses, so it’s important to consider more than just the insurance rates. Feedback from third-party rating agencies like A.M. Best and J.D. Power can be more valuable than countless anonymous customer reviews.
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Amica: Known for its customer-friendly approach, Amica offers reasonably priced renters insurance policies starting under $4 per week. They also offer a loyalty discount and a claim-free discount.
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Erie Insurance: Famous for its deeply discounted policy bundles, Erie Insurance could offer you premium discounts of up to 25% if you combine your renter’s policy with other policies.
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Lemonade: This company offers a quick and easy online application process. Policies start at $5 per month and they boast one of the fastest claim processes in the industry.
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State Farm: As one of the largest U.S. insurers, State Farm offers a wide range of add-ons like earthquake and flood coverage. They also offer a discount when bundling renter and auto insurance.
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Country Financial: Offering Basic or Premier coverage, Country Financial provides options for actual cash value or replacement cost coverage. They also offer discounts for bundling and loyalty.
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American Family: This company offers basic renter’s insurance with many add-on options for a customized policy. They also offer various discounts including loyalty and autopay.
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USAA: Specifically for military personnel and their families, USAA offers renters insurance for as little as 33 cents per day. They also offer automatic replacement cost coverage and various discounts.
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Allstate: Allstate offers unique coverage options including identity theft restoration coverage and umbrella insurance. They also offer a discount when bundling renter’s insurance with Allstate auto insurance.
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Nationwide: Nationwide’s standard renter’s insurance coverages go beyond many competitors. They also offer an optional replacement cost add-on called Brand New Belongings.
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Farmers Insurance: One of the few renters’ insurance companies that advertise premium discounts for certain types of public servants, including firefighters and teachers.
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Policygenius: While not issuing its own policies, Policygenius helps you save time by selecting from a range of coverages, deductibles, and add-ons and receiving quotes from multiple providers.
When choosing a renters insurance company, consider their financial strength rating, customer satisfaction rating, coverage options, relative cost, application process, and claims process. Also, consider the cost of renters insurance, what it covers, the difference between RCV and ACV, who needs it, what it usually doesn’t cover, why it might go up, and how to choose the best renters insurance company.
