ResidentShield Renters Insurance Review
ResidentShield renters insurance typically costs more than other major companies for the same basic coverage. It offers many coverage... Read More
Compare Renters Insurance Quotes
Renters insurance protects your stuff — like furniture and electronics — at an affordable rate. To find the best renters insurance for you, you should compare quotes from multiple companies.
Renters insurance costs $23 per month, or $272 per year, on average.
What coverage can you expect at that price?
Personal property coverage: $30,000
Personal property coverage protects your stuff, from furniture to clothing and electronics. Renters insurance typically protects your things wherever you take them.
Liability coverage: $100,000
Renters insurance also covers your personal liability, which includes medical costs for injured guests. It will also pay to fix or replace other people's property you accidentally damage.
Loss of use coverage: $9,000
Loss of use coverage pays your expenses if your apartment ever becomes unlivable. This includes things like hotel or moving expenses and food costs if you don't have access to a kitchen.
Deductible: $500
Your deductible is the amount you must pay before insurance starts covering your claim. Higher deductibles mean lower monthly rates, while lower ones offer more protection.
Find Cheap Renters Insurance Quotes in Your Area
Find the best renters insurance companies near you
Choose your state to see the best renters insurance companies in your area.
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Compare major renters insurance companies
Read reviews of the most popular renters insurance companies.
Cheapest: $13/mo
Best for cheap coverage: State Farm
4.5 out of 5
Best for cheap coverage: State Farm$16/mo
Best online tools: Lemonade
4.0 out of 5
Best online tools: Lemonade$20/mo
Best customer service: Amica
4.0 out of 5
Best customer service: AmicaHow to compare renters insurance
Comparing renters insurance companies is an important part of shopping for a policy. Before you buy renters insurance, you should calculate how much coverage you need, compare rates and research insurance company reviews.
Step 1: Calculate how much coverage you need
To determine your coverage limits, consider what it would cost to replace your belongings and how much protection you may need if an unexpected accident happens.
Your personal property coverage limits should be high enough to replace all of your belongings in the event of a disaster.
Start by taking inventory of your belongings and the price to replace them to get an idea of the total value of everything in your home.
Once you have a general idea of what your personal property is worth, you need to decide whether to pay extra for a policy that pays out claims based on replacement cost instead of actual cash value.
- Actual cash value will pay you the depreciated value, which factors in the wear and age of your belongings, meaning that you'll get a check for less than they were worth when you bought them.
- Replacement cost coverage ensures that you'll be able to replace destroyed or stolen belongings with brand new items.
Then, consider the amount of liability insurance you'll need.
Liability insurance pays for injuries to guests or workers who visit your home. For example, if a guest slips and falls down your stairs, liability coverage would help pay their medical bills and lost income if they had to miss work.
Standard renters insurance policies include $100,000 of liability insurance, but adding more doesn't cost much. Liability coverage is especially important for renters who have a pool, a dog or other potential hazards at their home.
Renters insurance policies include "loss of use coverage," which helps cover your expenses if your apartment or home is damaged and becomes unsafe to live in. This can include things like paying for your hotel or a moving company. But the amount is often automatically calculated as a percentage of your personal property limit.
However, you should still pay attention to the level of coverage included in your quote. That limit should be able to cover reasonable accommodations if your home becomes uninhabitable.
Step 2: Compare renters insurance rates
Now that you've determined how much coverage you need, you can start comparing renters insurance quotes.
State Farm typically has the most affordable rates, at around $13 per month. That's $36 less for a full year of coverage than the second-cheapest company, Lemonade.
Find Cheap Renters Insurance Quotes in Your Area
Compare renters insurance rates from top companies
Company | Monthly rate |
|---|---|
| State Farm | $13 |
| Lemonade | $16 |
| Amica | $20 |
| Allstate | $23 |
| Progressive | $24 |
| Assurant | $26 |
| Farmers | $30 |
| American Family | $41 |
Step 3: Compare renters insurance company reviews
There are a number of factors to consider when comparing renters insurance quotes. Although rates are one of them, customer service is often as important.
J.D. Power ranks the level of customer satisfaction for top renters insurance companies. Amica has the best J.D. Power score, along with fewer customer complaints than expected for a company of its size, according to the NAIC. American Family also has a good J.D. Power score and gets an average number of complaints, but it tends to be expensive.
Company |
J.D. Power
|
Complaints
|
|---|---|---|
| Amica | 711 | 79% less than avg |
| State Farm | 685 | 35% more than avg |
| American Family | 675 | 9% more than avg |
| Lemonade | 661 | 472% more than avg |
| Progressive | 648 | 79% more than avg |
| Farmers | 648 | 28% less than avg |
| Allstate | 638 | 18% more than avg |
| Assurant | NR | 309% more than avg |
Step 4: Choose your insurance company
Once you've decided how much coverage you need, compiled quotes and researched the customer service and financial stability of the companies you're considering, it's time to choose the right renters insurance company for you.
To make your decision, consider the pros and cons of each company. Then, you'll need to determine how they line up with the things that are most important to you in a policy. Is staying within a budget crucial, or are you more concerned about being able to buy brand new belongings if yours are damaged? Do you value talking to an agent if you have to file a claim, or would you rather manage your policy online?
If you're having a hard time deciding, we put together a list of the best renters insurance companies across different categories to help you make the right choice.
Frequently asked questions about renters insurance
You should get enough personal property coverage to replace all of your things if they're destroyed. The best way to figure out how much coverage you need is by creating an inventory of all of your items.
In addition, most policies come with $100,000 of personal liability coverage. You may need more liability coverage if your rental has potential hazards, like a pool or lots of stairs, which could make it more likely that a guest will get hurt.
The average cost of renters insurance is $18 per month nationally. However, rates fluctuate between $7 and $52 per month, depending on where you live and the company you choose.
The average cost of renters insurance for an apartment is about $19 per month. However, quotes vary based on your coverage limits and deductible.
Renters insurance protects your things and pays the medical bills of others who get hurt in your home. The personal liability portion of your renters insurance can help your landlord avoid a lawsuit if someone is injured in your home.
Unless you live with family members, each roommate generally needs their own renters insurance policy.
Renters insurance is different from homeowners insurance because it doesn't cover the structure of your home. Your landlord or property management company should have a policy covering damage to the structure you're not responsible for.
Most renters insurance companies let you get a policy for less than a year if you have a short-term apartment or need to break your lease early. You can also transfer your policy to a different apartment or buy a one-year policy and cancel it before the end of the term.
Typically, you will get a refund for any extra months you paid for up front. Watch out for the few companies that charge an early cancellation penalty.
Renters insurance generally covers items in a storage unit. The amount of coverage is usually up to 10% of your personal property limit. However, there may be some restrictions depending on your insurance company.
Renters insurance liability coverage usually pays for medical bills if your dog bites someone in your home or on a walk. However, many companies won't cover dog bites if your dog has a history of biting.
In addition, some companies won't cover dog bites for specific breeds. Examples of these breeds include German shepherds, rottweilers and pit bull terriers. These dog breeds aren't more likely to bite, but their bites are more likely to cause severe damage.
A few companies, like State Farm, don't consider your dog's breed. ;
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Methodology
To find the average cost of renters insurance, ValuePenguin gathered quotes from the largest insurance companies in each state, based on data availability. Rates are for a 25-year-old single man with no roommates or pets and no history of insurance claims.
Quotes are for the following coverage limits:
- Personal property: $30,000
- Personal liability: $100,000
- Loss of use coverage: $9,000
- Medical payments: $1,000
- Deductible: $500
About the Author
Ben Breiner
Managing Editor
Ben Breiner is the Managing Editor of ValuePenguin/LendingTree's insurance vertical. He oversees a team of writers who focus on guiding readers through the rigors of home and auto coverage. He still loves that moment when the words fall together and he can translate an intimidating topic so a reader can make the best choice.
Ben got involved in insurance in 2021 when he joined ValuePenguin. He moved up from writer to editor and watched the team grow to expand the ways it helps consumers. Before that, he spent a decade as a sportswriter for newspapers in the Southeast and Midwest.
Ben had to put off buying his first car because of high insurance rates, so he's keenly aware how the wrong policy can get in the way of your goals. He should've shopped around and looked to the experts.
Insurance tip
Always keep an eye out for insurance you can load up on at a low price. A lot more liability coverage won't break the bank and protects your hard-earned assets.
Expertise
- Car insurance
- Home insurance
- Renters insurance
Education
- BA, Economics and Journalism, University of Wisconsin-Madison
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