Best Renter Insurance Companies

Best Renter Insurance Companies of 2021

Best Renter Insurance Companies of 2021

USAA

USAA, which was founded in 1922, presently has 12.8 million members. Insurance, financing, retirement planning, and other services are available through the San Antonio-based firm. The United States armed forces members along with their families are eligible for USAA policies. If you’re a military member, one of the benefits of a USAA renters insurance coverage is that it covers you and your things when you’re stationed in the barracks.

Pros

  • Flood and earthquake damage are covered by standard plans.
  • It’s legal in all 50 states.

Cons

  • Members of the US armed forces (retired or current) and their families are eligible to join.
  • Doesn’t apply to housemates.

Lemonade

Lemonade, which was founded in 2015, is one of a slew of new online-only insurance businesses vying for market share. It is a peer-to-peer insurance company, which means that customers’ payments go into a communal pot that is used to cover claims. Lemonade claims that one of the advantages of its business model is that it can approve a policy in minutes and process a claim virtually instantly. Lemonade markets its insurance coverage at extremely low rates, with renters insurance at $5 per month and homeowners insurance at $25 per month.

Pros

  • Signing up and claiming benefits is simple.
  • A portion of the proceeds will be donated to the charities of your choice.

Cons

  • Not as well-known as some of the other companies in our ranking.
  • If you prefer to deal with an agent, this may not be a suitable fit.

Erie Insurance Company

Erie Insurance, established in Erie, Pennsylvania, is a 94-year-old firm. It is auto and leisure insurance is undoubtedly its most well-known product, although it also offers renters, homeowners, property, life, and business insurance. Erie Insurance distributes comparatively low-cost insurance through 13,000 independent agents in the mid-Atlantic and Midwest regions.

Pros

  • Provides many discounts.
  • There is coverage for home-based enterprises.

Cons

  • No way to buy online.
  • In comparison to other companies in our ranking, there is a lack of availability.

American Family

American Family Insurance, based in Madison, Wisconsin, provides auto, homes, renters insurance, life insurance, and other types of products. It has agents in 19 states and, through affiliates, The General and Homesite serve the entire country. Renters insurance add-ons from American Family include travel insurance, pet insurance, as well as coverage for home businesses and identity theft.

Pros

  • Provides several discounts.
  • There is coverage for home-based enterprises.

Cons

  • No way to buy online.
  • In comparison to other companies in our ranking, there is a lack of availability.

 State Farm

State Farm, located in Bloomington, Illinois, began selling auto insurance and has now expanded to include renters insurance and more than a hundred other products. State Farm has more car and homeowners insurance policies and accounts than any other provider in the United States, with over 83 million policies and accounts. State Farm has a vast network of agents and a reputation for providing excellent customer service. Through its partner Trupanion, it now offers pet insurance as well.

Pros

  • In our ranking, this is one of the cheapest companies.
  • A large network of local agents is available.

Cons

  • Offers fewer discounts than some of the other firms.

Farmers

Farmers Insurance was started in 1928 and now distributes various types of insurance plans to over 10 million homes. Farmers policies can be supplemented with riders that cover identity theft, home upgrades, and even mould. It has a wide range of plans to choose from, as well as savings for houses that have stayed smoke-free (at least two years) or have a certified security system or fire alarm. Discounts may be available for doctors, nurses, engineers, dentists, teachers, police, and firemen.

Pros

  • Rates are among the most cost-effective in our ranking.
  • Coverage for mould is restricted.

Cons

  • Other companies products aren’t as widely available as theirs.

Allstate

President of Sears, Roebuck, & Co., Robert Wood, launched Allstate in 1931 as a mail-order auto insurance firm. It is the largest publicly traded marketer of personal property and casualty insurance in the United States, with over 113 million customers worldwide. It is based in Northbrook, Illinois. Allstate is offered in all 50 states as well as the District of Columbia. Coverage for identity theft restoration and flood insurance are two of the add-ons available.

Pros

  • It’s legal in all 50 states.
  • There is an option for identity theft restoration coverage.

Cons

  • Policy alternatives are limited.
  • Premiums for companies in our rating are somewhat higher than average.

Nationwide Renter’s Insurance

Nationwide Mutual Insurance Company, established in Columbus, Ohio, is one of the country’s primary insurance and financial services companies. It offers insurance products for individuals as well as businesses, including car, life, pet, homes, business insurance, and financial goods such as mutual funds. Nationwide has 30,000 employees across the United States and may provide insurance rates and policies either online or through an agent.

Pros

  • Theft of a credit card is covered under basic insurance.
  • Covers the cost of alterations to a rented unit.

Cons 

  • To purchase a policy, you must engage with an agent.

Liberty Mutual

Liberty Mutual Insurance Company, based in Boston, was founded in 1912 and is one of the major worldwide property and casualty insurers in the United States. Liberty Mutual employs around 50,000 employees worldwide. Its renter’s insurance costs start at $5 per month, and it offers replacement cost coverage as an option. It also offers auto, homeowners, commercial, workers’ compensation, general liability, surety, and commercial property insurance, as well as speciality insurance lines, in addition to renters insurance.

Pros

  • Washington, D.C. and other 50 states are covered.
  • There is a cost-of-replacement add-on available.

Cons

  • Water damage is not covered by standard insurance.

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