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Who Needs Renters Insurance?
Anyone who rents an apartment, condo, townhome, or other type of dwelling should seriously consider getting renters insurance. Renters insurance covers a tenant’s personal property if it’s damaged or destroyed during a break-in, a storm, or another event specified in the policy. In addition, renters insurance provides coverage for personal liability and medical bills if you have a guest over and they’re injured. Finally, if there’s a fire or other catastrophic event that forces you to move out of your unit, renters insurance will cover your extra living expenses, such as hotel bills and meals out.

Unlike some other types of insurance policies, renters insurance is relatively simple. But there are some nuances when it comes to selecting a policy and insurance company, which is where this guide comes in. Below, we’ll list our top-rated renters insurance companies of 2022 and provide more information on how renters insurance works.

Kids running around in new home after moving day.
(FIZKES)

Our Best Renters Insurance Companies of 2022
#1 USAA
#1 Lemonade
#3 Erie Insurance
#4 American Family
#4 State Farm
#6 Farmers
#6 Allstate
#6 Nationwide
#9 Liberty Mutual

Compare the Best Renters Insurance Companies of 2022
The Best Renters Insurance Companies of 2022

COMPANY SAMPLE MONTHLY COST AM BEST RATING LEARN MORE

Prices appearing on this webpage are sample rates for illustrative purposes only based on a particular consumer profile. For specific pricing, you should go either to a certified broker or directly to the insurer’s website.

Best Renters Insurance Companies of 2022 in Detail
Our top-rated renters insurance companies of 2022 include:

Any rates listed are for illustrative purposes only. You should contact the insurance company or insurance agent directly for applicable quotes.

Pros:

Standard policies cover flood damage

Available in all 50 states

Cons:

Membership limited to members (retired or active) of the U.S. armed services and their families

Doesn’t cover roommates

USAA: Available in all 50 states, renters insurance from USAA is limited to members of the U.S. military, whether they’re active duty or retired, and their immediate family members.

A standard policy from USAA provides coverage for your personal belongings, temporary living expenses should your home become uninhabitable due to a covered event as well as liability and medical liability should someone become injured in your home. USAA’s standard policy also includes flood coverage. However, it won’t cover your roommates.

Any rates listed are for illustrative purposes only. You should contact the insurance company or insurance agent directly for applicable quotes.

Pros:

Fast sign up and claims process

Portion of revenue distributed to charities of your choice

Cons:

Not as widely available as other companies in our rating

May not be a good fit if you prefer working with an agent

Lemonade: Founded in 2015, Lemonade is among a new crop of online-only startups companies aiming to disrupt the insurance space. It operates as a peer-to-peer insurance provider, meaning premiums paid by customers go into a community pot that is used to pay out claims. One of the benefits that Lemonade claims for its business approach is that it can approve a policy within minutes and a claim almost instantly.

Lemonade advertises its insurance policies at highly competitive rates, starting at $5 a month for renters insurance and $25 a month for homeowners insurance.

For more information, read our full Lemonade review.

Any rates listed are for illustrative purposes only. You should contact the insurance company or insurance agent directly for applicable quotes.

Pros:

Competitive pricing

Offers replacement cost coverage

Cons:

Limited availability compared to other companies in our rating

Few discounts available compared to other companies in our rating

Erie Insurance: Founded in 1925, Erie Insurance is based in Erie, Pennsylvania. It’s probably best known for its auto and leisure insurance, but it also offers renters, homeowners, property, life, and business insurance. Erie Insurance sells relatively low-cost insurance in the mid-Atlantic and Midwest regions through 13,000 independent agents.

For more information, read our full Erie Insurance review.

Any rates listed are for illustrative purposes only. You should contact the insurance company or insurance agent directly for applicable quotes.

Pros:

Offers a variety of discounts

Coverage for home-based businesses is available

Cons:

No online purchase option

Limited availability compared to other companies in our rating

American Family: Based in Madison, Wisconsin, American Family offers car insurance, homeowners insurance, and renters insurance, along with life insurance and other types of policies. It has agents in 19 states and serves the entire country through affiliates The General and Homesite. American Family offers a wide selection of renters insurance add-ons, like travel insurance, pet insurance, as well as coverage for home businesses and identity theft.

For more information, read our full American Family review.

State Farm »
State Farm
3.9
U.S. News Rating
AM BEST RATING
A++
ONLINE TOOLS
Online Estimate/Online Application
MULTI POLICY DISCOUNT AVAILABLE
MORE DETAILS
SEE REVIEW
Any rates listed are for illustrative purposes only. You should contact the insurance company or insurance agent directly for applicable quotes.

Pros:

One of the least expensive companies in our rating

Extensive network of local agents

Cons:

Doesn’t offer as many discounts as some of the other companies in our rating

State Farm: Bloomington, Illinois-based State Farm started out selling auto insurance and now sells renters insurance and about 100 other products. More people have car insurance and homeowners insurance with State Farm than with any other provider in the U.S., to the tune of more than 84 million policies and accounts. State Farm has a large network of agents and consistently high customer service ratings. It also now offers pet insurance through its partner Trupanion.

For more information, read our full State Farm review.

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