Reviews Report
- Auto-Owners, Travelers, and USAA have the highest possible marks for financial stability.
- USAA might be a good option to consider for renters insurance coverage for military personnel and their immediate family members.
In the same way that lenders require an active homeowners insurance policy to approve a mortgage, many rental agreements require the tenant to have an active renters insurance policy for financial protection. A landlord’s insurance will cover the building itself, but not the belongings of the renters who live there – it will also not cover liability or medical claims if someone is hurt or their property damaged in the apartment or rented home. Whether it is required by the landlord or not, it may be in your best interest to have a renters insurance policy in place to protect your finances in the event of a loss or liability incident.
Reviews compared numerous renters insurance companies based on coverage options, discounts, and third-party industry ratings to help in your search for an insurer. The top choices made our list of the best renters insurance of 2021.
The 7 Best Renters Insurance Companies of 2021
- Auto-Owners: Best Renters Insurance for Discounts
- Amica: Best Renters Insurance for Optional Coverage
- Hartford: Best Renters Insurance for Digital Experience
- Allstate: Best Renters Insurance for Overall Satisfaction
- Erie: Best Renters Insurance for Unique Coverage
- Travelers: Best Renters Insurance for First-time Renters
- USAA: Best Renters Insurance for Military-Focused Coverage
Compare the Best Renters Insurance of 2021
| J.D. Power Overall Satisfaction J.D. Power scores are based on surveys for customer satisfaction and product quality. | AM Best AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim. | ||
|---|---|---|---|
| Pin Auto-Owners | N/A | A++ (Superior) | |
| Pin Amica | N/A | A+ (Superior) | |
| Pin The Hartford | N/A | A+ (Superior) | |
| Pin Allstate | 833 | A+ (Superior) | |
| Pin Erie | N/A | A+ (Superior) | |
| Pin Travelers | 815 | A++ (Superior) | |
| Pin USAA | 893* | A++ (Superior) |
*USAA is not officially ranked due to eligibility restrictions
Auto-Owners
Best for Discounts
Why we chose it
Why we chose it
Pros
- Numerous discounts
- Superior financial strength ratings
Cons
- Can’t get a quote online
- Coverage availability varies by state
Available Discounts
- Multi-policy
- Life multi-policy
- Payment history
- Paperless billing
- Protective devices
- Favorable loss history
- Pay in full
- Quote in advance
Add-on Coverage
- Renters Plus package (water backup, waterbed liability, glass deductible waiver, food spoilage)
- Personal property replacement cost coverage
More Auto-Owners Insurance Reviews
Amica
Best for Optional Coverage
Why we chose it
Why we chose it
Pros
- Several endorsements for customization
- Strong property claim satisfaction rating from J.D. Power
- Renters Essentials® bundle available
Cons
- Limited online tools and resources
- Not rated by J.D. Power for overall renters satisfaction
- Not available in Hawaii or Alaska
Available Discounts
- Loyalty
- Claim-free
- Paperless statements
- AutoPay
- Multi-policy
Add-on Coverage
- Personal property replacement cost coverage
- Scheduled personal property coverage
- Smart devices and computer coverage
- Identity fraud coverage
More Amica Insurance Reviews
The Hartford
Best for Digital Experience
Why we chose it
Why we chose it
Pros
- Exceptional digital insurance experience score of 867/1,000
- Abundant add-on coverages
- Informative website with renters resources
Cons
- Must be an AARP member to get coverage in most states
- Limited discounts
- Have to pay extra for replacement cost coverage
Available Discounts
- Multi-policy
- 24-hour security system
- Policy renewal
Add-on Coverage
- ProtectorPLUS Zero Deductible Benefit
- Replacement cost coverage
- Valuable items blanket coverage
- Personal injury liability coverage
- Earthquake insurance
- Equipment breakdown coverage
- Water backup coverage
- Identity fraud coverage
- Scheduled personal property coverage
More The Hartford Insurance Reviews
Allstate
Best for Retirees
Why we chose it
Why we chose it
Pros
- Several endorsements available
- Savings for renters 55 and older and retired
- Online quotes available
Cons
- Very few discounts
- Below-average overall renters satisfaction scores from J.D. Power
- Replacement cost coverage isn’t standard
Available Discounts
- Multi-policy
- Retired renter
- Easy Pay Plan
Add-on Coverage
- Scheduled personal property coverage
- Personal umbrella policy
- Flood insurance
- Identity theft coverage
More Allstate Insurance Reviews
Erie Insurance
Best for Unique Coverage
Why we chose it
Why we chose it
Pros
- Multiple coverage customization options
- Add on coverage bundle option
Cons
- Coverage and discounts not available in all states
- No online quotes option
- Must contact agent to file a claim
Available Discounts
- Multi-policy
- Protective devices
- Advanced quote
- Age of the insured
Add-on Coverage
- Sewer and drain backup
- Home sharing
- Earthquake
- Identity recovery
- Higher limits for trailers and watercraft
More Erie Insurance Reviews
Travelers
Best for First-time Renters
Why we chose it
Why we chose it
Pros
- Some home improvements are covered after a loss
- Helpful FAQ section and online resources
Cons
- Few endorsements offered
- Limited discount options
- Below-average customer satisfaction score
Available Discounts
- Multi-policy
- Loss-free
- Protective devices
Add-on Coverage
- Contents replacement cost coverage
- Valuable items coverage
More Travelers Insurance Reviews
USAA
Best for Military-Focused Coverage
Why we chose it
Why we chose it
Pros
- Highest J.D. Power scores (Officially rank-ineligible)
- Flood and earthquake coverage standard with renters policies
- Renters policies include contents replacement cost coverage
Cons
- Eligibility restrictions apply
- Fewer optional coverages than many competitors
Available Discounts
- Multi-policy
- Claims-free
- Home security system
- Military base
Add-on Coverage
- Technology coverage
- Valuable personal property coverage
More USAA Insurance Reviews
The Average Cost of Renters Insurance
Renters insurance covers all of your personal property inside your rental dwelling that is not part of the structure. For those who rent apartments or homes, the landlord’s policy covers damage to the building itself — but not to the belongings of those who live there in the event of a covered loss. Landlord insurance will also not cover liability costs if someone is injured in the rental unit. Renter’s insurance provides financial protection for these circumstances.
According to the Insurance Information Institute (III), the average cost of renters insurance is $179 per year, which works out to about $14 per month. But like all types of insurance, renters insurance premiums are customized for each individual. Your premium is based on personal factors like your state, ZIP code, insurance-based credit score (in most states), claim history, the amount of coverage you buy, and your deductible.
Renters insurance is significantly cheaper than home insurance, primarily because renters insurance offers no protection for the structure itself. Renters are only responsible for the personal property damage or liability incidents occurring inside the unit. The landlord will have a separate policy that provides coverage for the structure of the building, much like regular home insurance.
What Renters Insurance Covers
Renters insurance offers comprehensive coverage for many of the most common perils that a renter can face. Here are some of the things that renters insurance will cover:
- Personal property coverage: Renters insurance provides coverage for your personal belongings, like clothing, furniture, and small appliances. It offers limited coverage for valuable items and electronics.
- Liability coverage: If someone gets injured in your apartment or you accidentally damage someone else’s property, renters insurance will typically provide financial protection for a qualifying incident, up to policy limits.
- Medical payments coverage: Medical payments coverage helps pay for medical expenses if a guest is injured at your home, even if you are not responsible for causing the injury.
- Additional living expense coverage: If your home gets damaged or destroyed in a covered peril and you have to move out during the course of repairs, additional living expenses (also called “loss of use”) will pay for things like a hotel, restaurant meals, or parking.
Most renters insurance companies also offer optional coverages that you can purchase for an added fee. Common endorsements include credit card or scheduled personal property coverage, contents replacement cost coverage, and identity theft coverage.
What renters insurance doesn’t cover
Before you buy a policy or get renters insurance quotes, it may be helpful to know what your policy won’t cover. Here’s a list of perils that are typically not covered by a standard renters insurance policy:
- Flood damage
- Earthquake damage
- General wear and tear
- Pets and infestations
- Pet damage
- Your vehicle
- Your roommates’ belongings
- The structure of the building
Some insurers may include perils like flood or earthquake in a standard renters policy; check with your insurance agent to see exactly what’s covered in your policy.
How to Pick the Best Renters Insurance Company
Dozens of insurance companies sell renters insurance, but the best company for you might not be the best option for your friend, or even your roommate. Here are some things to keep in mind as you shop for and compare renters insurance:
Renters Insurance FAQ
Methodology
We evaluated renters insurance companies based on availability, customer satisfaction, financial stability, and coverage to create our best renters insurance reviews. To compare renters insurance companies with other providers across the board, we focused on the following:
- Coverage: The more options a renters insurance company has for insurance add-ons and coverages, the higher it scores in our methodology.
- Customer Experience: We reviewed the National Association of Insurance Commissioners’ National Complaint Index and compared each renters insurance company’s complaint rating.
- Customer Satisfaction: With J.D. Power’s 2021 Home Insurance Satisfaction Study, we assigned a score to each company based on the rating it received.
- Financial Stability: Reviews.com utilized AM Best ratings to assign a score based on each renters insurance company’s financial stability.
- Discounts: We scored each renters insurance carrier based on the number of discounts advertised on its website.
About the Authors
Mary Van Keuren has been covering auto and home insurance for Reviews.com for nearly five years, and has published numerous reviews of state-specific insurance trends and how to find the best insurance deals for your money. She earned B.S. and M.A. degrees from Nazareth College in Rochester, N.Y. and has been writing professionally, both in print and online, for 30+ years.
