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The best renters insurance companies for 2021

Even if you don’t own your home, disaster can still strike. Protecting your belongings and assets with insurance is a great way to ease the financial burden and protect your belongings in the event of a loss.

The Zebra has compiled a list of the top renters insurance companies for 2021 to help you make an informed decision on your next provider. Read on to find the best companies based on average premiums, reviews, coverage options and more.


 

Top renters insurance companies at a glance:

Allstate
Allstate

One of America's most popular insurance companies, Allstate earns strong third-party ratings across the board. Allstate offers standard renters coverages and a list of endorsement opportunities. But with policies starting at $31 per month, it is one of the more expensive companies on this list. Renters with complex coverage needs and the budget to cover higher premiums should consider Allstate.

Amfam
American Family

American Family earns positive reviews from AM Best and J.D. Power but falls short when it comes to customer satisfaction. It does offer additional coverages and several discounts to help lower your rate from the slightly above-average $24 per month.

farmers
Farmers

Online information for renters insurance policies from Farmers is limited, but it offers standard coverages along with options to add personal article floaters. Discounts are available as well. Similar to AmFam, Farmers is well-regarded by J.D. Power and AM Best but receives a higher than the average number of customer complaints.

LM
Liberty Mutual

For one of the larger companies on this list, its rankings by third-party organizations are lackluster — and with $24 per month policy premiums, it’s likely you could find similar coverage for less with another company. However, with Liberty Mutual, you can manage your renters policy from their mobile app — a feature not always available to renters policyholders with other companies. Applicants can also choose from a list of add-ons and discounts to further customize their coverage.

lemonade
Lemonade

Lemonade is highly rated by The Zebra because of its tech-forward approach, competitive pricing and simple processes. Claims filing and applying for a policy are made easy with the company’s use of artificial intelligence bots. This technology also allows for quick claims processing. But with only basic coverage packages and no discount opportunities, applicants with more complex needs may look elsewhere. If you are a renter with basic insurance needs, on a budget and enjoy working in the digital world, Lemonade is for you.

Nationwide
Nationwide

Nationwide is a solid choice for your renters insurance coverage if you already have coverage through them for another line of insurance. With the multi-policy discount, other discount opportunities, and average rates typically costing $20 per month, Nationwide renters policies can fulfill most renters needs at a decent price.

Progressive
Progressive

With Progressive's poor J.D. Power scores and average rates on the more expensive side, customers with basic insurance needs who value positive customer service can find this elsewhere. Progressive does offer additional coverage options and a handful of discounts, so it might be worth looking into if endorsements are on your list of must-haves.

State Farm
State Farm

State Farm renters policies average rates are competitive compared to other companies of similar size on this list. With available add-ons and plenty of discounts, many types of renters can be happy with State Farm’s coverage.

Travelers
Travelers

A solid contender for renters policies, Travelers coverage suite, add-ons, discounts and pricing makes it an attractive package for any renter. Its long history and positive third-party scores also keep customers at ease when filing claims and dealing with customer service.

USAA
USAA

A consistent winner in the insurance industry because of its low prices, USAA is no different when it comes to its renters product. With excellent ratings across the board and one of the most affordable average rates on this list, USAA is a great option for those who qualify.


Top renters insurance companies

There are a lot of factors that determine which insurance carrier might be right for your unique renters insurance needs, and ratings from reputable third-party organizations like J.D. Power, AM Best and the NAIC offer important insights into a company’s financial standing, number of customer complaints and customer satisfaction.

These organizations typically rank insurance companies’ auto and homeowners products, but their scores are generally applicable to companies as a whole and to other insurance lines like renters.

See below for these organizations' ratings for top renters insurance companies.

Renters insurance companies by ratings
Company JD Power Property Claims Satisfaction Study (2021) J.D. Power Home Customer Satisfaction Index (2021) NAIC AM Best
USAA 909 (Excellent) 902 (Excellent) Excellent A++ (Superior)
Erie 901 (Excellent) 882 (Above Average) Above Average A+ (Superior)
American Family 889 (Above Average) 899 (Excellent) Below Average A (Excellent)
GEICO 881 (Average) 869 (Average) Average A++ (Superior)
State Farm 892 (Above Average) 872 (Above Average) Excellent A++ (Superior)
Auto-Owners Not rated 874 (Above Average) Excellent A++ (Superior)
Farmers 893 (Excellent) 868 (Below Average) Below Average A- (Excellent)
Liberty Mutual 876 (Average) 872 (Above Average) Below Average B++ (Good)
Allstate 870 (Average) 870 (Average) Excellent A+ (Superior)
Nationwide 876 (Average) 846 (Poor) Average A+ (Superior)
Travelers 871 (Average) 860 (Below Average) Above Average A+ (Superior)
Progressive 862 (Below Average) 856 (Below Average) Excellent A (Excellent)
National General 814 (Poor) 812 (Poor) Below Average A- (Excellent)
Auto Club (AAA) 863 (Below Average) 851 (Average) Below Average A- (Excellent)
Kemper 798 (Poor) Not rated Below Average B-- (Fair)
Lemonade Not rated Not rated Below Average Not rated

Renters insurance companies ranked by cost

One of the most important factors in choosing a renters policy is the cost per month. Renters insurance is significantly less expensive than homeowners and typically costs around $188 per year. The cost of renters insurance primarily depends on the value of the property being insured. In order to provide a rate estimate, we used a personal property limit of $50,000 from popular companies in the U.S.

Top renters insurance companies by cost
Insurance company Average Yearly Renters Insurance Premium Monthly Rate
Allstate $372 $31
American Family $289 $24
Farmers $246 $20
Liberty Mutual $285 $24
Nationwide $253 $21
Progressive $305 $25
State Farm $179 $15
Travelers $217 $18
USAA $186 $15

Renters insurance data methodology

The renters insurance rates published in this guide are based on The Zebra's analysis of the cost of renters coverage in every U.S. ZIP code. These rates are based on a sample user profile: a single 30-year-old renter living in a 1,000-square-foot apartment and carrying these coverage limits:

  • $50,000 for personal property
  • $100,000 for personal liability
  • $5,000 for loss of use
  • $1,000 for medical payments
  • $500 deductible

To generate pricing for particular rating factors, we adjusted the renter's profile based on common pricing factors used by major renters insurance companies. These factors include location, coverage limits, claims history and others.

Though exact rates have not been calculated from Lemonade, the popular renters insurance company advertises rates starting at just $5 per month. 



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How to find the best renters insurance company for you

Like with any insurance product, the best way to determine the right insurance company for you starts with taking a comprehensive look at your coverage needs, budget and other insurable items.

While the process can be overwhelming, it can be made easier with The Zebra’s expert tips on how to prioritize your needs and organize other factors to consider.

 

Coverage options

A typical renters policy will cover personal property, liability, additional living expenses and medical payments. These elements make up the core of a renters policy and will be included in every insurance company’s package, no matter which carrier you choose.

If you require additional protection, it’s important to understand which coverages you need and whether the insurance company you’re considering offers these endorsements.

Bundling

TheZebra-image-02-Bundle-Up.png

One of the most popular discounts in the insurance world is the multi-policy discount, meaning that you are eligible for discounts on your coverage if you have more than one insurance line through the same company. Many of the companies on this list offer several other insurance products that you may consider switching to in order to get the bundling discount.

However, keep in mind that even with a bundling discount, your rate could be better elsewhere; some insurance providers are just more expensive than others, even if your risk profile remains unchanged. Shopping and comparing quotes before the end of every policy period is one of the best ways to secure the cheapest rates. Don't be afraid to switch companies — if you receive a better quote from Company B midway through your policy with Company A, paying the initial cancellation fee could be worth the future savings.

Discounts

The discounts offered by most insurance companies tend to be quite small, and the range of discounts also varies widely by company. But this doesn't mean they're not worth inquiring about.

Common renters insurance discounts

  • Multi-policy
  • Pay in full
  • Paperless
  • Senior discount
  • Claims-free

See more information on common renters insurance discounts


Recent Questions:

If my insurance policy covers power surge do they send an adjuster to my residence?

If your renter's insurance covers power surge damage to your property, your insurance provider will let you know what steps need to be taken. They may have an adjuster go look at the damages or have you send in photos.
Jul 14, 2021 Benbrook, TX

I left my door unlocked and was robbed, can I file a claim?

I recommend checking the verbiage of your policy. Some policies have a requirement for forcible entry, while others do not.
Jan 10, 2018 Parker, Ohio

Why does my dog's breed matter to my insurance company?

Typically, the liability portion of your renters and home policies apply to your pets in the event they bite someone. Fair or not, insurance companies use breed-specific information to predict if they'll be liable for a bite claim.
Jan 2, 2018 Austin, TX

Do I have to file a claim with my renters insurance company if my apartment was flooded by an upstairs neighbor?

For the purpose of getting your belongings replaced as quickly as possible, I would definitely recommend contacting your renters insurance provider immediately. While your neighbor will likely be considered liable for the water leak, your insurance company should be able to act quickly to replace your items and even provide a temporary place to stay while your apartment is being repaired.
Mar 13, 2017 Naperville, IL

Renata Balasco
Renata BalascoAssociate Content Strategist

Renata is a licensed insurance professional and content strategist responsible for creating home and auto insurance guides for The Zebra.

Renata's background in technical writing and her experience working in the insurance industry informs her work. She holds a bachelor’s degree in communications.

Renata's work has been cited by Car and Driver

About The Zebra

The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.

  • The Zebra’s insurance content is written and reviewed for accuracy by licensed insurance agents.

  • The Zebra’s insurance content is not subject to review or alteration by insurance companies or partners.

  • The Zebra’s editorial team operates independently of the company’s partnerships and commercialization interests, publishing unbiased information for consumer benefit.

  • The auto insurance rates published on The Zebra’s pages are based on a comprehensive analysis of car insurance pricing data, evaluating more than 83 million insurance rates from across the United States.