Best Renters Insurance Providers of 2024 (2024)

Best Renters Insurance Providers

Best Renters Insurance Providers

State Farm wins as the best company for renters insurance overall because of its widespread availability, ease of use when obtaining a quote and financial stability.

State Farm offers nationwide renters insurance coverage at affordable rates with customizable policy options. Multipolicy discounts are available, as are discounts for installing a home security system. This insurer has an A++ rating from AM Best, thanks to its financial soundness and ability to pay claims.

State Farm's renters insurance covers a wide range of losses and provides loss of use if the property is uninhabitable after a loss. However, it excludes damages to the property itself, water damage caused by flooding, and damage related to earthquakes, landslides, settling, deterioration, and animal activity. You also have the option to purchase add-on coverage, including pet medical insurance and identity restoration.

Coverage, pricing, and details vary in some states, as can discount rates.

American Family Insurance gets the nod for best value because the diminishing deductible adds value to an already reasonable rate, while also being eligible for other discounts.

American Family Insurance offers affordable coverage for renters that includes your personal property, medical bills, liability, replacement costs for stolen items, and hotel stays if you cannot stay in your rental home because of a covered event. Add-on coverage is available for medical insurance for pets and identity theft protection. You also can include coverage for a home office or home business space.

There are multiple ways to get discounted renters insurance coverage, including multipolicy discounts, smart home discounts, and autopay discounts. Bundling with your auto insurance could also save you up to 5% on your renters insurance policy. Diminishing deductible coverage can reduce your deductible as long as you maintain your policy, which is another way to save money on renters insurance.

Farmers wins as the best provider for one-stop insurance shopping because it offers a wide range of coverages, including renters insurance. For example, you can cover yourself as a renter as well as insure motorcycles, vehicles, pets, electronics, and even your identity.

Farmers rates below average for claims satisfaction, according to J.D. Power. The company offers standard renters insurance policies, with discounts for installing home security systems and being a non-smoker. Coverage includes personal liability, personal property, replacement costs for personal property, medical payments, identity theft, and additional living expenses. Policyholders can easily bundle renters policies with auto, umbrella, life insurance, and others.

You can get a quote online and you also can file a claim online if you experience a covered loss. Farmers has a B++ rating with AM Best, a signal of its financial strength and operating ability.

Customer service is available seven days a week if you have questions about your policy or need help making a claim.Additionally, claims service is available 24/7.

Nationwide has an excellent add-on package for covering high-value items as well as collectibles, making it the best renters insurance for collectibles.

Nationwide offers basic renters insurance that covers personal property, loss of use, personal liability, medical payments to others, building additions and alterations, and unauthorized credit card charges. You also can add coverage for valuables and collectibles, earthquakes, water damage, and theft protection for personal belongings that are stored in a vehicle, trailer, or watercraft.

Discounts are available if you have multiple insurance policies with Nationwide or if the home has protective devices, such as smoke alarms or a burglar system. You also can get a discount for keeping your policy claim-free. One added benefit is the On Your Side Review, which allows you to get a personalized review of your insurance to ensure that you have the right coverage and are getting all possible discounts.

If you're running a home business or side gig, you want to make sure things like computers, cameras, or other business equipment and supplies are protected. Toggle is our pick as the best for home-based businesses because it offers the most comprehensive coverage for these types of businesses as well as digital nomads.

If you run a business or side hustle, Toggle can help protect your personal and business property. Renters insurance policies are available in three subscription categories: Basic, Standard, and Premium.

Toggle's renters insurance covers you where you are so if you're a digital nomad who travels for work or you run a business from your living room, you can be protected against covered events such as losing your laptop in an airport or getting mugged while traveling. You can even add coverage for your pets or identity theft. Each year you're covered and don't file a claim, Toggle will reduce your deductible to help you save money during a claim.

With Liberty Mutual, the claim filing process is clear and simple. Plus, claims can be filed within 10 minutes or less, making it the easiest claim filing service on our list.

Liberty Mutual is an insurance company focusing on the process of delivering its promise by making it simple to file a claim online with a step-by-step process in its portal that asks for incident details and photos. It also offers affordable rates for renters insurance, with discounts available when you bundle coverage or when you go five years without a claim. Standard policies include liability coverage, personal property, medical payments, and additional living expenses.

If you need more than that, you can add coverage for personal property replacement costs, jewelry, or damage caused by earthquakes. Quotes are available online, and the company operates in all 50 states so you can get covered no matter where you rent.Claims filing is available 24/7 online or via the Liberty Mutual mobile app, and it takes just five to 10 minutes to get your claim started, expediting how fast you get a check.

Erie wins as the best for customer service because of the high amount of agents available to help answer questions and the company's strong customer satisfaction score from J.D. Power for renters insurance.

Erie Insurance offers personal property and liability coverage for renters in covered states, as well as living expenses coverage. While Erie Insurance doesn't offer as much in geographic range (available in Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, Wisconsin, and Washington, D.C.), it does offer excellent customer service if you need to file a claim or have questions about your policy.

Discounts are available when you combine policies with Erie, and there are more than 13,000 agents available to help. Policies tend to be affordable for most budgets. Contact an agent to get a quote and discuss which coverage is right for you.