ProtectBest Renters Insurance Companies for 2021

Best Renters Insurance Companies for 2021

Don't get stuck paying out of pocket to replace your stuff! Instead, protect yourself with a cheap but reliable renters insurance policy.

You can get a quote for renters insurance in just a few minutes. Renters insurance can help safeguard your possessions and may protect you from personal liability. Renters insurance may aid you in taking steps to help protect what you own, in the home that you don’t.

The best renters insurance companies

Here are the best renters insurance providers to get cheap but reliable coverage today:

Best overall: Nationwide

Protect yourself and your belongings with renters insurance from Nationwide. Find out about coverage options, renters discounts and get a free online quote.
PriceVaries depending on your home, location, and coverage
Best forMultiple coverage options
Not forCustomer satisfaction
States served50 states and the District of Columbia
DiscountsSmartRide®, On Your Side® review, vanishing deductible
AM Best ratingA+ (Superior)
Standout featuresFlexible policies, quick claims processing

Nationwide offers the basic coverage you get with all major renter insurance companies such as liability and personal property coverage. In addition, it also includes credit card coverage and building addition/alteration coverage for free. So, you are covered if your credit card or debit card gets stolen or lost and someone uses it — or if you make improvements to your home, those will be covered as well.

In addition, if the home you reside in gets damaged and you can’t live there, you could have to pay for temporary housing. Nationwide ensures you have somewhere to live and can cost as little as $20 a month.

Get a quote from Nationwide

Best for lowest price ($5 a month): Lemonade

lemonade insurance
Lemonade is ranked 4.9 stars in the App Store and Google Play. Lemonade protects your family and your belongings—at home, and everywhere else and you can sign up in seconds.
PriceAs low as $5 a month
In businessSince 2015
States served25
Best forSomeone who prefers to get insurance online.
Not forSomeone who wants face-to-face access to agents.
Standout featuresPeer-to-peer provider.
The premiums you pay go into a communal pot with other policyholders and are used to pay out claims.
When you need to file a claim, you log into the app and record a short video explaining why the claim is being filed.
Customers can get approved or denied via a mobile app.
Lemonade’s GiveBack program.
Available bundlesNone

Lemonade Insurance offers a new approach to renters, condo and home insurance. Lemonade offers ‘instant’ everything and Maya, the company’s charming artificial intelligence bot, will craft the perfect insurance for you. It couldn’t be easier, or faster.

Lemonade was ranked #1 in J.D. Power’s U.S. Home Insurance Study for this year. And for good reason, they even give back up to 40% of unclaimed money to the nonprofit of your choosing.

If you want peace of mind, then Lemonade is for you — you can process online claims in 3 seconds in a snap. The website and app is very consumer friendly and is one of the best renter’s insurance companies we’ve found.

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Get a quote from Lemonade

Best for multi-policy discounts: Travelers

PriceVaries by home, location and coverage
Best forThose who value customization and extra coverage options
Not forThose in need of superior customer service
States served50, plus Puerto Rico and Washington, D.C.
DiscountsMulti-policy, home buyer, loss free, protective device, green home
A.M. Best RatingA++ (Superior)
Standout featuresGreen home coverage
Safeguard your stuff and your personal liability.

Travelers makes it easy to file claims online, add coverage, and get a quick renter’s quote. Travelers has great online reviews and offers discounts for those who have multiple policies, or have a sprinkler system, smart home technology, or security devices.

Renters insurance premiums will depend on the value of your personal property, how much liability coverage you choose and where you live. The average premium for a Travelers renters policy is around $205. Your premium could cost more or less, depending on your circumstances.

Get a quote from Farmers

Best for professionals: Farmers

farmers renters insurance
Your Farmers agent can help you understand your insurance options so you can choose the coverage you want for your apartment or house rental.
Price$181 nationwide average annual premium
Best forRenters who want inexpensive basic coverage
Not forRenters in flood or earthquake zones
States servedAll states
DiscountsYes, a few
AM Best RatingA (Excellent)
Standout FeaturesCustomizable policies

Farmers offers money-saving discounts that vary by state, and may be available to business professionals such as doctors, nurses, engineers, dentists, teachers, police and firefighters.

But you may also be able to enjoy great savings – regardless of your profession or state of residence – when you:

  • Purchase multiple policies: You may qualify for policy discounts when you purchase your renters insurance policy and an auto, life or umbrella policy from Farmers.
  • Don’t smoke: Farmers also offers special incentives for households that have been smoke-free for at least two consecutive years.
  • Have a security system or fire alarm: You may also qualify for discounts when you install an approved electronic security system or fire alarm.

Get a quote from Farmers

Best for coverage: State Farm

state farm renters insurance
Get a free renters insurance quote from State Farm with a simple online tool.
In business1922
States served50
Best forPeople who want to customize their policy
Not forPeople who want multiple discounts
Standout featuresOnline quotes
Mobile claims
Business coverage
Available bundlesRenters and auto

You’ve probably seen those Jake from State Farm commercials. Who hasn’t? But State Farm offers affordable renters insurance that covers everything from your couch to your coffee mug. You may save even more when you combine the purchase of your renters and auto insurance policies.

From laptops to smartphones to smart-looking furniture, your personal property is covered for accidents related to fire, smoke, covered water damage, wind, theft, vandalism and more. You can rest easy knowing that you’re covered by a provider of home insurance since 1964 and in business since 1922.

Get a quote from State Farm

Summary of renter insurance companies

To recap, here is a summary of what we consider the best renter insurance companies based on reviews, coverage, and ease of getting a quote.


Best for
Monthly costA.M. Best RatingJ.D. PowerBBB RatingBBB Reviews
NationwideBest overall$24.08AA-4.1/5A+ / accredited1.17 star (126 reviews)
LemonadeBest for price$5.00NR5/5B+ / not accredited4.3 star
(231 reviews)
TravelersBest for multi-policy discounts$17.08A+3/5A+/ no accredited1.17 star (99 reviews)
State FarmBest for coverage$14.63A++4.2/5A+ / not accredited1.37 star (208 reviews)
FarmersBest for professionals$15.08B++4.2/5A+ / accredited1.49/5 (120 reviews)

Best renters insurance near you

While the above list is an excellent starting point, some of the companies may not be available in your state. To get a more accurate review, enter your state below and check out which renter insurance companies have the best reputation near you:

Is renters insurance worth it?

Moving is a big job. It’s stressful. And after dealing with all of the packing, unpacking, moving trucks, and all of the other fun stuff that goes with relocating from one place to another, probably the last thing on your mind is insurance – especially if you’re moving into a rental. After all, your stuff is covered by the landlord’s policy, right?

No, it isn’t.

The insurance policy your landlord keeps on your rental home, whether it’s an apartment or house, covers things that might happen to the building itself. These policies usually do not cover the contents of the rental units.

So, if something happens to your personal belongings – damage, theft, fire, etc. – you’re out of luck. Unless you are carrying your own rental policy, you have no way of being compensated for your loss.

Why do I need renter’s insurance?

I used to be a renter. It was a small apartment in a town I used to live in. Nice place, great location.

The entire time I was a renter I did not have a renter’s insurance policy. Looking back, I now realize just how unwise this was.

What if someone broke in and stole all of my stuff?

What if a pipe burst and soaked my TV, video player, and other electronics?

What if the building burned down and left me with the one set of clothes I happened to be wearing at the time?

I would’ve been in a lot of trouble, that’s what. Thankfully, nothing bad happened during my time as a renter, but something certainly could have happened. That’s what having insurance is all about – protecting yourself from the bad things that sometimes happen in life.

What exactly will my policy cover—and what won’t it?

There are some landlords who actually require their renters to carry renter’s insurance. It’s often written right in the rental contract. Landlords do this because it makes sense – it protects both you and the landlord in case something happens.

You are protected because you can be compensated if something happens to your personal belongings, and the landlord is protected by making it clear up front that he or she is not responsible for your possessions.

A rental insurance policy is a good idea regardless of what type of dwelling you happen to be renting. In addition to apartments and rental homes, it’s also a good idea to consider a renter’s policy if you are going to be living in any type of student housing during college.

Living in student housing can be interesting, to say the least. Parties, practical jokes, and other shenanigans can result in damage or theft of property. A renter’s insurance policy can protect you from the expense of replacing your valuables when things happen.

How much coverage do I need?

Many don’t bother looking into renter’s insurance because they think it’s too expensive. But this couldn’t be further from the truth. In fact, renter’s insurance is very affordable.

According to the Independent Insurance Agents & Brokers of America, you can obtain $30,000 of property coverage and $100,000 of liability coverage for just $12 a month. That’s less than many pay for a movie ticket. Some companies have even more competitive prices, you can protect your stuff for as little as $5/month with Lemonade Insurance, for example.

Quick facts about Lemonade Insurance:

  • Offers renters and home insurance powered by tech and driven by social good.
  • Renters Insurance month from $5 Homeowners Insurance monthly from $25 Lemonade reverses the traditional insurance model.
  • They treat the premiums you pay as if it’s your money, not theirs.
  • They take a flat fee, pay claims super fast, and give back what’s left to causes you care about.
  • You can get a free quote.

Considering how affordable renter’s insurance is, there’s really no reason to go without a policy when renting. It’s cheap coverage that could really save your bacon one day if something happens.

What to do before shopping around for a renter’s insurance policy?

Before you start shopping around for a renter’s insurance policy, it’s a good idea to take stock of your possessions. How much stuff do you have? What’s it all worth? Many tend to underestimate the value of the things they own, but it’s vitally important to have this information before purchasing a policy to make sure you obtain adequate coverage.

Make a list of all the possessions you keep in your rental and assign a value to each item – either the purchase price or the current market value. The total will be the minimum coverage you need to obtain.

In addition to making a list of your possessions, it’s also a good idea to take plenty of pictures of the contents of your rental. This will give you valuable proof of ownership in case you need to make a claim at some point.

It’s important to store your list and pictures in a safe place. You could keep them in a safety deposit box or keep digital copies of everything in an online cloud storage account. Don’t forget your password!

How much coverage do I need?

When shopping for a rental policy, don’t skimp on coverage just to save a few bucks. Be sure to buy sufficient coverage for your current possessions in addition to whatever you might buy in the future. In other words, buy more policy than you think you need. There’s really no way to predict what new things you will purchase down the road.

Cheapest rental insurance?

Although you should never skimp on coverage, there are some things that may help you save a little on a policy. You may, for example, be able to obtain a discount if you have fire extinguishers, deadbolts on your doors, or a smoke or burglar alarm.

It may also be possible to receive a discount if you are purchasing a policy from a company you already have another type of insurance policy with. It definitely pays to inquire about possible discounts when shopping for coverage.

Does renter’s insurance cover pets?

There are some renter’s insurance policies that charge extra if you own pets, especially some dog breeds. They do so for the same reason that some landlords prohibit pets – animals tear things up.

Don’t be surprised then if a company asks if you are a pet owner and then charges a higher premium if you answer in the affirmative. They just don’t want to end up on the hook for some sort of damage that Max the Bullmastiff caused when he got all excited over someone ringing the doorbell. Can’t blame them.

I need this! Where do I get a policy—and how much will it cost?

Since renter’s insurance policies are so affordable like Lemonade, there’s really no reason to go without one if you are a renter. At the end of the day, you’re really buying more than an insurance policy. You’re buying peace of mind. And that’s totally worth it.

The best renters insurance companies

Here are the best renters insurance providers to get cheap but reliable coverage today:

Brian Meiggs
Founder of Smarts, Brian is an entrepreneur and investor who enjoys working out, reading, spending time with his family and friends, playing chess, traveling and creating great content. He’s passionate about helping others make smarter money moves and achieve financial freedom. He uses the free Personal Capital app to manage his cash flow and net worth.

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