We compared over 25 renters insurance providers on coverage, price, ease of purchase, and customer satisfaction. Here are our top picks for protecting your apartment or rental home.
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Key Takeaways
- 1 Renters insurance costs an average of just $15-$20 per month and covers your personal belongings, liability, and additional living expenses if your rental becomes uninhabitable.
- 2 Your landlord's insurance only covers the building structure, not your personal belongings. Without renters insurance, a fire, theft, or water damage event could leave you paying to replace everything out of pocket.
- 3 Liability coverage of $100,000-$300,000 is included in most renters policies and protects you if someone is injured in your rental or if you accidentally damage someone else's property.
- 4 Replacement cost coverage is worth the small premium increase over actual cash value, as it pays to replace your belongings at current prices without depreciation deductions.
- 5 Many landlords now require tenants to carry renters insurance as a lease condition, making it not just smart protection but often mandatory.
Our Top Picks for Renters Insurance
1. Lemonade Renters Insurance
Signup Time
2 min signup
Starting Price
From $5/mo
A.M. Best Rating
A-
Lemonade Renters Insurance (NYSE: LMND) offers the fastest and most affordable entry point into renters coverage, with policies starting at just $5 per month and a signup process that takes approximately 2 minutes through the mobile app. Founded in 2015, Lemonade uses AI to handle everything from quotes to claims, with the chatbot Maya guiding you through a conversational signup and the claims bot processing many claims in under 3 minutes. Standard coverage includes personal property protection (with replacement cost available), liability coverage up to $300,000, loss of use/additional living expenses, and medical payments to others. Lemonade operates on a Giveback model, donating up to 40% of unclaimed premiums to charities chosen by policyholders. Optional add-ons include scheduled personal property (for engagement rings, cameras, musical instruments valued over $1,000), water backup coverage, and valuable items coverage for collections. The app provides a Digital Inventory tool for cataloging your belongings with photos, and policy changes can be made instantly through the app at any time.
Pros
- Incredibly affordable starting at $5/month with 2-minute signup
- AI-powered claims processing in minutes with excellent mobile app
- Giveback program donates unclaimed premiums to your chosen charity
Cons
- Not available in all 50 states yet
- Newer company with less long-term claims history
2. State Farm Renters Insurance
Agent Network
18,000+ agents
Starting Price
From $12/mo
A.M. Best Rating
A++
State Farm, the largest property-casualty insurer in the United States, offers renters insurance backed by an A++ (Superior) financial strength rating and a network of 18,000+ exclusive agents for personalized service. Founded in 1922 in Bloomington, Illinois, State Farm insures more homes and autos than any other U.S. company, and its renters policies benefit from this scale. Standard coverage includes personal property protection, liability up to $100,000 (with options to increase), medical payments to others, and additional living expenses. State Farm offers replacement cost coverage as a standard feature on most renters policies, a significant advantage over competitors that default to actual cash value. The multi-policy discount for bundling renters and auto insurance saves up to 17%, and additional discounts are available for protective devices, claim-free history, and enrolling in auto-pay. State Farm also offers identity restoration coverage and personal computer/electronic data coverage at no extra charge. Policy management is available through the State Farm app, online portal, or through your local agent.
Pros
- A++ financial strength from the largest U.S. property insurer
- Replacement cost coverage included as standard on most policies
- Up to 17% savings when bundling with State Farm auto insurance
Cons
- Higher starting premiums than online-only competitors
- Quote requires contacting an agent; limited online self-service
3. GEICO Renters Insurance
Service Model
Online + phone
Starting Price
From $8/mo
A.M. Best Rating
A++
GEICO renters insurance, available through GEICO Insurance Agency partnering with carriers including Assurant, Liberty Mutual, and Travelers, offers competitive rates starting around $8/month with the convenience of bundling alongside GEICO auto insurance. GEICO, a subsidiary of Berkshire Hathaway, is the second-largest auto insurer in the U.S. and leverages its massive scale to negotiate favorable renters insurance rates. The multi-policy discount for bundling renters and auto coverage typically saves 10-15%. Standard coverage includes personal property, liability, additional living expenses, and medical payments to others. GEICO's online quote process is straightforward, taking about 5 minutes, and existing GEICO auto customers can add renters insurance directly from their online account or mobile app. While the renters policy is underwritten by a partner carrier, claims and policy management are handled through GEICO's app and customer service team. GEICO's 24/7 customer service and robust mobile app make policy management convenient.
Pros
- Very affordable rates starting at approximately $8/month
- Easy bundling discount with GEICO auto insurance (10-15% savings)
- Backed by Berkshire Hathaway with A++ financial strength rating
Cons
- Renters policy underwritten by partner carriers, not GEICO directly
- No local agents for in-person service
4. Allstate Renters Insurance
Agent Network
10,000+ agents
Starting Price
From $14/mo
A.M. Best Rating
A+
Allstate renters insurance, offered by Allstate Insurance Company (A.M. Best: A+), provides extensive customization options that go well beyond basic coverage. Founded in 1931 and now insuring approximately 16 million households, Allstate offers standard personal property, liability, additional living expenses, and medical payments coverage, plus unique add-ons. The HostAdvantage endorsement is designed for renters who host guests through Airbnb or similar platforms, providing additional liability and property damage coverage during hosting. Identity theft restoration covers expenses related to reclaiming your identity after theft. Electronic data recovery helps restore digital files and data lost due to a covered event. Allstate also offers Claim RateGuard (your rates will not increase after your first claim) and Claim-Free Bonus (a reward for each year without a claim) on renters policies. The Allstate Digital Locker app helps you inventory your belongings with photos for easy claims filing. Policy management is available through 10,000+ local agents, the Allstate app, or online.
Pros
- Unique HostAdvantage endorsement for Airbnb and rental hosts
- Claim RateGuard prevents rate increases after your first claim
- 10,000+ agents plus comprehensive digital self-service options
Cons
- Higher starting premiums than many competitors
- Some valuable add-ons like Claim RateGuard cost extra
5. Progressive Renters Insurance
Service Model
Online + agents
Starting Price
From $10/mo
A.M. Best Rating
A+
Progressive renters insurance, underwritten by its subsidiary ASI (American Strategic Insurance) and HomeGard, provides affordable coverage with the convenience of bundling with Progressive's industry-leading auto insurance. As the third-largest auto insurer in the U.S., Progressive offers significant multi-policy discounts when you pair renters and auto coverage. The HomeQuote Explorer tool, unique to Progressive, allows you to compare renters insurance quotes from Progressive and several other carriers side by side on a single screen, ensuring you find the best value. Standard coverage includes personal property (with replacement cost available), liability up to $300,000, additional living expenses, and medical payments to others. Progressive offers discounts for protective devices, claim-free history, multi-policy bundling, paperless billing, and paying your annual premium in full. The online quote process takes about 5 minutes, and existing Progressive auto customers can add renters coverage directly from their account dashboard. Claims can be filed 24/7 through the app, online, or by phone.
Pros
- HomeQuote Explorer compares quotes from multiple insurers simultaneously
- Strong multi-policy discount when paired with Progressive auto
- Easy online management for existing Progressive customers
Cons
- Renters coverage underwritten by ASI, not Progressive directly
- Claims satisfaction scores slightly below some competitors
How to Choose Renters Insurance
Renters insurance protects three things: your personal belongings (furniture, electronics, clothing, appliances), your liability (if someone is injured in your rental or you damage someone else's property), and your living expenses (temporary housing and meals if your rental becomes uninhabitable). Most policies also include medical payments coverage, which pays the medical bills of guests injured in your rental regardless of fault.
To determine how much personal property coverage you need, create a home inventory listing all your belongings and their approximate replacement value. Most renters underestimate their total value. The average renter owns $20,000-$30,000 worth of belongings. Choose replacement cost coverage, which pays to replace items at current prices, rather than actual cash value, which deducts for depreciation.
Compare at least 3 quotes and consider bundling with your auto insurance for maximum savings. Look beyond price and evaluate the claims process, customer satisfaction scores, financial strength ratings, and the availability of relevant add-ons like scheduled personal property coverage for high-value items.
Important Tip
Even if your landlord does not require renters insurance, it is one of the best value insurance products available. For $15-$20/month, you get personal property protection, liability coverage of $100,000-$300,000, and additional living expenses coverage. A single theft, fire, or water damage event could cost you thousands without it.
Renters Insurance Companies Compared
| Provider | Signup Time | Starting Price | A.M. Best Rating | Rating |
|---|---|---|---|---|
|
Lemonade Renters Insurance
Top Pick
|
2 min signup | From $5/mo | A- |
4.9
|
|
State Farm Renters Insurance
|
18,000+ agents | From $12/mo | A++ |
4.8
|
|
GEICO Renters Insurance
|
Online + phone | From $8/mo | A++ |
4.7
|
|
Allstate Renters Insurance
|
10,000+ agents | From $14/mo | A+ |
4.6
|
|
Progressive Renters Insurance
|
Online + agents | From $10/mo | A+ |
4.5
|
Our Methodology
Our insurance team evaluated over 25 renters insurance providers, comparing coverage options, premiums, signup ease, claims processing, and customer satisfaction ratings.
Coverage & Options
30%We assessed personal property limits, liability coverage, replacement cost availability, add-on endorsements, and coverage for specific situations like hosting or high-value items.
Pricing & Value
30%We compared monthly premiums, bundling discounts, deductible options, and the overall value of coverage relative to cost across different coverage levels.
Ease of Purchase & Claims
20%We evaluated the quote and signup process, mobile app quality, claims filing ease, and the speed and satisfaction of claims resolution.
Financial Strength & Service
20%We verified A.M. Best ratings, assessed customer satisfaction scores, and evaluated the quality and availability of customer support.
Frequently Asked Questions
Jessica Torres
Licensed Insurance Analyst
Jessica Torres is a licensed insurance analyst at Zogby with over 8 years of experience covering renters, homeowners, and property insurance. She holds a Property & Casualty license and a degree in Risk Management from the University of Georgia. Jessica has been published in Insurance Journal, Forbes Advisor, and US News, and specializes in helping renters find affordable, comprehensive coverage.
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Important Renters Insurance Disclaimers
- Insurance quotes and premiums shown are estimates only and may vary based on your location, coverage level, deductible, claims history, and other factors. Contact the insurer directly for an accurate quote.
- Coverage availability, terms, conditions, and exclusions vary by state, insurer, and policy. Not all coverage types or discounts are available in all states. Review the policy documents carefully before purchasing.
- Insurance products are underwritten and issued by the respective insurance companies, not by Zogby. We are an independent comparison service and do not sell, bind, or issue insurance policies.
- Renters insurance does not cover flood damage, earthquake damage, or your landlord's building structure. These require separate policies or are the landlord's responsibility.
- Personal property coverage limits apply. High-value items such as jewelry, art, and collectibles may have sub-limits and require scheduled personal property coverage for full protection.
The information provided on this page is for general informational and educational purposes only. It is not intended as, and should not be construed as, financial, legal, tax, or investment advice. Always consult with a qualified professional before making any financial decisions.
Editorial Independence
Our recommendations are based on independent research and analysis. While Zogby may receive compensation from some partners listed on this page, our editorial team maintains full independence over our rankings and ratings. Compensation does not influence which products we recommend or how we rate them.