The Best Renters Insurance Companies for December 2024

The best renters insurance companies

Here are NerdWallet’s picks for the best renters insurance. Each of these companies scored at least 4.5 out of 5 stars in our analysis. Select the company’s name to read our review.

More about the best renters insurance companies

Here’s our list of the best renters insurance companies in a variety of categories. Each earned a perfect 5-star rating under NerdWallet’s scoring system.

Why it's the best: American Family offers a range of ways to save on your policy. These include common options (a discount for having car and renters insurance with American Family) and unique ones (a generational discount for renters ages 18 to 30 whose parents are also insured with American Family).

One notable coverage option is a "diminishing deductible." (A deductible is the amount subtracted from your claim payout.) If you add this coverage to your policy, you’ll immediately get a $100 credit toward your deductible. Then, your deductible will drop another $100 with each renewal (up to a maximum of $500). A lower deductible means you’ll pay less out of pocket each time you file a claim.

With far fewer consumer complaints than expected, according to the National Association of Insurance Commissioners, American Family is a solid choice for renters insurance.

» Read the full review: American Family renters insurance review

Why it's the best: Amica stands out for how few consumer complaints it receives relative to its size, according to the NAIC. It also has an easy-to-use website that allows renters to get quotes, pay bills and file and track claims online at any time. If you need help, you can reach out to the company through phone, email or live chat.

Extra coverage is available for jewelry, electronics and other valuables. You can also sign up for replacement cost coverage, which gives you enough money to buy new items if your belongings are damaged or stolen, rather than simply reimbursing you for the current (depreciated) value of those lost items.

Amica offers discounts for people who pay their bills automatically, sign up for paperless billing, bundle car insurance with renters policies, stay with their insurer for at least two years or go without filing a claim for at least three years.

» Read the full review: Amica renters insurance review

Why it's the best: Pennsylvania-based Erie operates in 12 states and Washington, D.C., and it draws fewer consumer complaints than expected for a company of its size, according to the NAIC. Erie also scored above average for renters insurance customer satisfaction in J.D. Power’s most recent U.S. Home Insurance Study.

One thing we like about Erie is that it includes replacement cost coverage for your belongings in its standard policy. (Many companies charge extra for this coverage.) Depending on where you live, you may also be able to add coverage for identity theft recovery, home-sharing and damage from backed-up drains.

You can save on your policy if you bundle multiple insurance types with Erie or if you get a quote at least seven days before you want coverage to begin.

» Read the full review: Erie renters insurance review

Why it's the best: Aside from its military focus, what sets USAA apart from other renters insurance companies is that its policies cover damage from floods and earthquakes. Most other companies don’t offer this coverage unless you pay extra. This could provide significant value to renters who live in regions where floods or earthquakes are a risk.

USAA also covers your belongings on a replacement cost basis, ensuring that your claim payout will be enough to pay for brand-new items if your stuff is stolen or destroyed.

The company receives far fewer consumer complaints than expected for an insurer of its size, according to the NAIC.

» Read the full review: USAA renters insurance review

Other top renters insurance companies worth considering

The following 4.5-star companies also offer great coverage and useful features.

Why we like it: Allstate renters insurance is widely available across the U.S., sold both online and through agents. It’s easy to use the Allstate website to manage your policy, including payments, claims and chatting with customer service.

Allstate renters policies include all the basics, with options to add coverage for identity theft or valuable items. You may also want to add replacement cost coverage for your personal belongings to ensure that you get enough money after a claim to buy brand-new replacements.

Depending on where you live, you may be able to earn discounts for bundling multiple policies, signing up for autopay or being at least 55 years old and retired.

» Read the full review: Allstate home insurance review

Why we like it: Despite its name, Auto-Owners offers more than just car insurance. You can upgrade a basic renters policy with the Renters Plus package, which covers water backup of sewers and drains, waterbed liability and loss of refrigerated products (for example, if your power goes out and you have to toss spoiled food).

You can also upgrade to replacement cost coverage for your belongings. So if you have a 3-year-old laptop that’s stolen or damaged for a covered reason, Auto-Owners will pay enough for you to buy a new one rather than a used one.

Auto-Owners draws far fewer consumer complaints than expected, according to the NAIC.

» Read the full review: Auto-Owners renters insurance review

Why we like it: Country Financial is a solid option if you live in one of the states the company serves. It receives far fewer consumer complaints than expected for an insurer of its size, according to the NAIC, and it's a good bet if you prefer to discuss coverage options with an agent.

You can choose between basic and premier packages, depending on how much financial protection you want. The premier option adds coverage for things like broken antiques or damage from power surges. You can also add extra coverage for valuable items such as engagement rings or musical instruments.

Country Financial offers discounts for bundling multiple policies, paying your premiums on time and going at least five years without filing a claim.

» Read the full review: Country Financial renters insurance review

Why we like it: Farmers offers plenty of ways to save on your renters policy. In addition to industry-standard discounts for purchasing multiple policies with the company and having safety and security devices, Farmers also offers lower rates for customers in certain professions. These include doctors, nurses, dentists, teachers, police officers, firefighters and engineers.

Renters who haven’t smoked for at least two consecutive years can also save on premiums.

Farmers has a user-friendly website where you can easily get a quote or find a nearby agent for more personalized service.

» Read the full review: Farmers renters insurance review

Why we like it: The Hanover offers three renters insurance packages to choose from. The most economical option covers just the basics: your belongings, liability if you cause harm to others and expenses if you have to move out of your home during covered repairs.

With an upgrade to the Select package, you’ll get extra coverage for things like food lost in a power outage and identity theft-related expenses. This package also includes replacement cost coverage for your belongings.

Select Plus is The Hanover’s top-tier offering, with all options from the other two packages plus broader coverage for your belongings and insurance for water damage from backed-up drains.

» Read the full review: The Hanover renters insurance review

Why we like it: The Hartford has partnered with AARP to offer renters insurance for older adults. The policies come with some nice features, including replacement cost coverage for your personal belongings and coverage for built-in improvements your landlord has let you make to your home.

Aside from a discount for being an AARP member, The Hartford offers other potential savings for things like living in a gated community or bundling your renters and auto policies.

You can use The Hartford’s dedicated AARP insurance website to get a quote, file a claim or learn about the company’s policies.

» Read the full review: The Hartford/AARP renters insurance review

Why we like it: In addition to the basics, such as liability and personal property coverage, Nationwide’s standard renters insurance policies include credit card coverage and building addition/alteration coverage for no extra cost. That means you’re covered for unauthorized charges on your credit and debit cards (up to your policy limit). And if your landlord lets you make improvements to your home, Nationwide will cover those, too.

Nationwide offers a basic slate of discounts for people who are claim-free, buy multiple policies or have smoke detectors or other protective devices installed in their homes.

Nationwide receives fewer than the expected number of consumer complaints for a company of its size, according to the NAIC.

» Read the full review: Nationwide renters insurance review

Why we like it: America’s largest insurance company, State Farm offers just about every type of insurance you might need, including renters. If you’re looking for a well-established company where you can get all your insurance in one place, State Farm may fit the bill.

To talk through your options on the phone before purchasing a policy, you can consult a local agent. If you’d rather do it all online, you can get a quote, file and track a claim, pay bills and more on the State Farm website. You can even complete some tasks without having to create an account.

State Farm doesn’t list many savings options on its website, but it does highlight discounts for combining renters and auto insurance policies and for installing home safety devices such as burglar alarms or smoke detectors.

» Read the full review: State Farm renters insurance review

Why we like it: Travelers puts renters first in a variety of ways. Its website makes it easy to file and track claims online, learn about coverage options and get a quick quote. Travelers also draws fewer consumer complaints than expected for a company of its size, according to the NAIC.

Renters policies from Travelers include coverage for upgrades or improvements your landlord has let you make to your home.

The company offers discounts for renters who have multiple policies with Travelers or who have devices such as internal sprinkler systems or smart-home technology.

» Read the full review: Travelers renters insurance review

How much does renters insurance cost?

The average cost of renters insurance is $148 a year, or about $12 a month, according to NerdWallet’s rate analysis.

The price you'll pay will depend on how much coverage you need and where you live. But cost shouldn’t be the only factor you consider in a renters insurance comparison.

How to compare renters insurance companies

A standard renters insurance policy includes several types of coverage:

• Personal property coverage, which pays to replace your belongings if they’re stolen or damaged in a covered event.

• Loss of use coverage (sometimes called “additional living expenses”), which pays for hotel stays, restaurant meals or other relocation costs while your rental is repaired after a covered claim.

• Personal liability coverage, which pays if you’re sued and found responsible for an injury to a guest in your home or damage to someone else’s property.

• Medical payments coverage, which pays for less expensive injuries to guests in your home, regardless of fault.

Make sure you enter the same limits for each type of coverage when shopping for renters insurance quotes to get a direct comparison.

Look at each company’s additional coverage options, which may cost extra. Do you need more insurance for a pricey musical instrument, or would you like to add identity fraud protection? Each insurer has slightly different options, and some are even included in your base premium, so it’s worth shopping around.

Finally, consider the company’s website. Is it easy to find a phone number to chat with an agent if you need to? If you prefer doing everything online, can you get quotes, file and track claims and pay bills through the company’s website or app? Checking out these options before buying a policy can save you some hassle later.

» MORE: What is renters insurance, and what does it cover?

The best renters insurance policy in four common scenarios

Got a dog, a roommate or an engagement ring? These scenarios can determine what type of renters insurance you need.

You have a roommate

Some insurers let roommates share a renters insurance policy in states where it’s allowed. But just because you can share doesn’t mean it’s a good idea.

Before you sign a policy, have a frank discussion with your roommate about how to split insurance payments — especially if your roommate has a lot of stuff that could drive up the cost of the quote. And be sure you agree on the type of renters insurance coverage you’ll get.

» MORE: Can I share renters insurance with my roommate?

You’re on a tight budget

To reduce the policy cost, consider increasing your deductible, which is the amount the insurer will subtract from your payout if you file a claim. But first ask yourself: How much could you pay out of pocket if your stuff were stolen or damaged?

To find the most affordable options in your state or metro area, see NerdWallet’s cheapest renters insurance.

You own expensive jewelry or electronics

You may think all of your belongings are covered up to your personal property limit, but many renters insurance companies cap how much they’ll pay if someone steals certain valuable items such as jewelry or electronics. That cap is typically around $1,000 or $1,500 for each category.

If you own multiple computers and smartphones or a pricey engagement ring, you might need extra coverage — often called a “floater” or “scheduled coverage” in industry lingo — to make sure those items are insured for their full value.

» MORE: Complete guide to jewelry insurance

You have a dog

A lawsuit against you over a dog bite could ruin your finances for years. If you want coverage for this, make sure dog bites are included in the liability portion of your renters insurance policy and your insurer covers the breed you own. (Many insurance companies don’t cover pit bulls or other breeds they consider aggressive.)

» MORE: Why your dog needs liability insurance

Find the best cheap renters insurance in select states

» MORE: How does renters insurance work?

How we ranked the best renters insurance companies

NerdWallet’s editorial team looked at coverage options, discounts, complaint data from the National Association of Insurance Commissioners (NAIC), financial strength grades from AM Best and more to choose the best renters insurance companies.

Our rating system rewards insurers with many coverage options and discounts, a low number of consumer complaints and a strong financial rating. We also looked for user-friendly features such as online quotes and claim reporting. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.

Here are the categories and weights we used to come up with our list of the best renters insurance companies:

These ratings are a guide, but we encourage you to shop around and compare several renters insurance quotes to find the best rate for you.

Our writers and editors follow strict editorial guidelines that ensure fairness and accuracy so you can choose the financial products that work best for you. These ratings are specific to renters insurance — a company’s rating for other products may be different on our site. See our criteria for evaluating renters insurance companies.