Top 10 Best Renters Insurance (Updated List 2020)

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Best Renters Insurance

In order to protect your personal belongings, you need to get yourself the best renters insurance. Though, there exists a misconception that rental insurance is included or covered in the landlord’s insurance. So, you need to understand that the best rental insurance is not covered under landlord insurance. As only the physical structure is covered in the landlord’s insurance and not the tenant’s personal property.

What is Best Renters Insurance?

The personal property of a policyholder is covered under the best Renters Insurance, Moreover, the personal liability is also covered in case of accident of the rental property, and when policies provide living expenses when the rental unit becomes uninhabitable.

So, in order to protect the personal property one can opt for best Renters Insurance policy which provides you with Adequate coverage as well as the risk of loss or damage. Though, certain coverage limits exist for all best renters insurance policies.

10 Best Renters Insurance Companies 2020

So, some of the best renters insurance companies are as follows:

  1. Erie Insurance
  2. USAA
  3. State Farm Insurance
  4. Allstate
  5. Nationwide
  6. Lemonade
  7. Liberty Mutual
  8. Travelers Insurance
  9. MetLife
  10. Farmers Insurance

1. Erie Insurance

Although, Erie Insurance is small in size still it provides excellent customer satisfaction as well as good claims service to the customers. It also ranks “Among the Best” for its reasonable price and customer satisfaction. It also delivers profoundly discounted policy bundles. So, here you can Combine your renter’s policy with other insurance policies as life insurance, auto insurance, and some of the other policies.

Financial Rating:

  • The A.M. Best Financial Strength Rating: A+ (categorized as Superior)
  • J.D. Power Complete Satisfaction Rating: 5 out of 5 (categorized Among the Finest)

Erie Insurance is Famous For:

  • Offers Policy package discounts.
  • Offers even claims process

Features of Erie Insurance:

  • It provides reasonable rates
  • It has an excellent customer satisfaction
  • It offers good claims service.

Website Features offered by Erie Insurance:

  • Pay bill online
  • Make claim online
  • Household inventory tool

Pros:

  • The Policies are offered at lower prices, particularly when they are bundled with auto insurance
  • It has an A+ financial strength rating from the A.M. Best

Cons:

  • The best Renters insurance of Erie is only accessible in 12 states and Washington, D.C.
  • It has limited Online tools and information
  • There is no mobile app offered for easy access.

Buy Erie insurance Online.

2. USAA

USAA is categorized among the highly rated best renters insurance companies. It has a constrained membership provided only to active, retired, and honorably alienated service members as well as the eligible family members of active, retired, and honorably alienated service persons. The basic renter’s insurance policy of USAA also covers flood insurance and it also allows the insurer or you to add up earthquake insurance coverage to your insurance policy.

Financial Rating:

  • The A.M. Best Financial Strength Rating: A++ (categorized as Superior)
  • J.D. Power Overall Satisfaction Rating: 5 out of 5 (categorized Among the Best)

USAA is Famous For:

  • Offering outstanding customer service.
  • Providing widespread coverages.

Features of USAA:

  • It offers affordable renters policies to its customers.
  • It has a restricted membership.
  • It provides protection against floods, earthquakes, windstorms and lighting.
  • It provides you with deductible-free coverage.

Website Features offered by USAA:

  • Pay bill online
  • Make claim online

Pros:

  • The basic policy provides you coverage for storms, floods and earthquakes as well.
  • The value of damaged items is projected at the current cost
  • The app is useful and popular according to the users.

Cons:

  • Insurance is only available to military members, veterans and their families
  • Unrelated roommates need separate policies
  • Limited replacement costs are offered for certain items

Buy USAA Insurance Online.

3. State Farm Insurance

State Farm is a market leader for insurance providing affordable rental insurance and comprehensive best renters insurance. It also has a dynamic mobile app known as Pocket Agent that helps you in filing a claim and buying yourself an insurance coverage. You also find an add on coverage for special hazard coverage insurance and also for the valuable personal property.

Financial Rating:

  • The A.M. Best Financial Strength Rating: A++ (categorized as Superior)
  • J.D. Power Overall Satisfaction Rating: 3 out of 5 (categorized Above Average)

State Farm Insurance is Famous For:

  • Offering Substantial customary coverage
  • It has realistic pricing for add on coverage
  • It offers broad bundle discounts.

Features of State Farm Insurance:

  • It is the largest personal auto insurer.
  • It has a virtually priced average renters insurance coverage option.
  • It also offers an Add on coverage option.
  • The claim recovery is speedy
  • It has a dynamic mobile app

Website Features offered by State Farm Insurance:

  • Pay bill online
  • Mobile app
  • Rate calculator
  • Make claim online

Pros:

  • It offers Plentiful discount options.
  • It has a Lavish rental as well as travel expenses covered.
  • It is categorized as the highest rated life insurance companies.

Cons:

  • Delayed claims payout.
  • The customer ratings are average.

Buy State Farm Insurance Online.

4. Allstate

It provides generous single-policy to its customers with bundle discounts. Here, no local agent is needed to purchase insurance you can directly purchase the rental insurance and other insurances from the Allstate mobile app where you can search for rental insurance quotes as well as file claim and purchase the policies.

Financial Rating:

  • The A.M. Best Financial Strength Rating: A+ (categorized as Superior)
  • J.D. Power Overall Satisfaction Rating: 3 out of 5 (categorized as About Average)

Allstate is Famous For:

  • Offering some Discounts in abundance
  • It also offers lots of opportunities for the high end renters.

Features of Allstate Insurance:

  • It has a Mobile app for bill purposes.
  • It also offers Filing claims and documenting property option.
  • It offers auto, home, and life insurance coverage options.
  • It also offers Flexibility in choosing coverage options.

Website Features offered by Allstate Insurance:

  • Pay bill online
  • Mobile app
  • Rate calculator
  • Make claim online

Pros:

  • Some Substantial perks are offered.
  • It has a few customer complaints.
  • It has Dedicated agents to serve you better.

Cons:

  • It has an average customer rating.
  • It lacks in offering some of the several standard discounts.

Buy All State Insurance Online.

5. Nationwide

Nationwide Is among the major providers of best renters insurance. It provides customizable coverage option to its customers, therefore it is best suited for extended insurance coverages. And by adopting multi-policy discounts you can save money on the policy coverage too.

Financial Rating:

  • The A.M. Best Financial Strength Rating: A+ (categorized as Superior)
  • J.D. Power Overall Satisfaction Rating: 2 out of 5 (The Rest)

Nationwide is Famous for:

  • Having Lots of options in policy for add ons.
  • Offering generous replacement coverage.

Features of Nationwide Insurance:

  • It offers multi-policy discounts
  • It has an option for calculating online quotes.

Website features offered by Nationwide Insurance:

  • Rate calculator
  • Pay bill online
  • Mobile app
  • Make claim online

Pros:

  • Easy to use online tool.
  • It offers broad range of insurance lines.

Cons:

  • Difficult to submit claim application online on the mobile app.

Buy Nationwide Insurance Online.

6. Lemonade

Lemonade insurance uses technology in order to provide fast service for homeowners and best renters insurance to its customers. The customers can access Lemonade’s mobile app which offers transparent as well as affordable policies for its customers. Moreover, it also offers a variety of coverage options.

Financial Rating:

  • The A.M. Best Financial Strength Rating: Not yet rated, but Demotech gives Lemonade an “A” (categorized as Exceptional).
  • J.D. Power Overall Satisfaction Rating: Not yet valued

Lemonade is Famous For:

  • Offering User pleasant policy design and claims
  • Offering realistic pricing on basic policies

Features of Lemonade Insurance:

  • It has Transparent policies.
  • It offers fast as well as easy claims processing
  • It also has an Affordable homeowner and best renters insurance.
  • It has Variety of coverage options.

Website Features offered by Lemonade Insurance:

  • Rate calculator
  • Pay bill online
  • Make claim online

Read Also- Accord and Satisfaction Definition (Full Guide)

Pros:

  • The Validation process for insurance is fast and easy
  • Lemonade bids a widespread variety of coverages
  • Inexpensive homeowners and renters insurance
  • A mobile app is available for claims, questions and other related issues

Cons:

  • The Insurance products are available in only 25 states
  • bundle up of the renter’s policies with other insurance is not possible.
  • There are No live quotes
  • There are No in person agents for assistance.

Buy Lemonade Insurance Online.

7. Liberty Mutual

Many types of insurance are offered by Liberty Mutual that includes auto insurance, rental insurance, and home insurance. In case you want to capitalize on bundle discounts then it is a must buy options suggested for you. It also has a even claims process.

Financial Rating:

  • The A.M. Best Financial Strength Rating: A (categorized as Excellent)
  • J.D. Power Overall Satisfaction Rating: 2 out of 5 (The Rest)
  • Liberty Mutual is Famous For:
  • Offering Great bundle discounts
  • Having a smooth claims process.

Features of Liberty Mutual Insurance:

  • Several opportunities for coverage and discounts.
  • It has an average customer satisfaction rating.

Website features offered by Liberty Mutual Insurance:

  • Rate calculator
  • Pay bill online
  • Mobile app
  • Make claim online

Pros:

  • Several forms of coverage options are available
  • It offers Lots of discounts
  • It has some Vigorous digital tools.

Cons:

  • There are more complaints to the state regulators than anticipated for its size
  • Customer satisfaction ratings are average or lower than expected.

Buy Liberty Mutual Insurance Online.

8. Travelers Insurance

It is a large, stable insurance company. It is a great option to choose for Homeowners Insurance. It also provides a user friendly website with Voice assistant for its customers.

Financial Rating:

  • The A.M. Best Financial Strength Rating: A++ (categorized as Superior)
  • J.D. Power Overall Satisfaction Rating: 2 out of 5 (The Rest)

Travelers Insurance is Famous For:

  • Great loss of use coverage

Features of Travelers Insurance:

  • It is among the largest auto and home insurance providers.
  • It has a low customer satisfaction rating.
  • It has fewer customer complaints.

Website features offered by Travelers Insurance:

  • Rate calculator
  • Pay bill online
  • Mobile app
  • Make claim online

Pros:

  • It offers optional coverage packages to cater to the specific needs of its customers.
  • It has fewer customer complaints.
  • There exist Lots of available coverage options.
  • It is the largest insurance provider.
  • It has an Excellent Financial Strength Rating
  • It also offers Multiple policy lines which are available
  • It has a large network of local insurance agents
  • The website is very informative as well as user friendly.

Cons:

  • Online quoting is not available in all the states.
  • It has a low customer satisfaction rating.
  • Not all coverage options are available in all states

Buy Travelers Insurance Online.

9. MetLife

MetLife provides coverage options for the area outside your property as storage sheds, carports and garages, and dog houses. Moreover, tornadoes, hail, fire, theft, vandalism is also covered, as well as 24/7 service is also provided.

Financial Rating:

  • The A.M. Best Financial Strength Rating: A+ (categorized as Superior)
  • J.D. Power Overall Satisfaction Rating: 2 out of 5 (The Rest)

MetLife is Famous For:

  • It covers and offers Tons of packages for its high-end renter’s customers.

Features of MetLife:

  • It delivers 24 X 7 service to its customers.
  • Website Features offered by Metlife Insurance:
  • Rate calculator

Pros:

  • It has a Modest application process.
  • It offers Low rates for even those with health concerns.
  • You can get an advantage of Group rate.

Cons:

  • You need to go through the necessary Phone interview.
  • You may notice High rates for healthy individuals as compared to others.
  • There is a limited amount of information is available online.

Buy MetLife Insurance Online.

10. Farmers Insurance

Farmers Insurance was started by the two California farmers in 1928. It is a good option in case of renters insurance, auto insurance, home insurance, landlord or rental property insurance, life insurance, business insurance, motorcycle insurance, recreational insurance, or umbrella insurance. It also offers a wide range of products and Lots of discounts for the customers.

Financial Rating:

  • The A.M. Best Financial Strength Rating: A (categorized as Excellent)
  • J.D. Power Overall Satisfaction Rating: 2 out of 5 (The Rest)

Farmers Insurance is Famous For:

  • Its available Tons of deductible options
  • Its prodigious customer service

Features of Farmers Insurance:

  • It has an average customer satisfaction rating.
  • There exist numerous and diverse options to customize home and auto policies.
  • Even the customer complaints are few.

Website Features offered by Farmers Insurance:

  • Rate calculator
  • Mobile app
  • Pay bill online
  • Make claim online
  • Household inventory tool

Pros:

  • Many coverage options are available, especially for home and auto insurance.
  • There exist Lots of discounts for the customers.
  • It offers Renter-friendly insurance.
  • The App options are prodigious to use.
  • Even the customer complaints are few.

Cons:

  • Average scores for customer satisfaction.

Buy Farmers Insurance Online.

So, you can classify the insurance companies based on the offerings as:

  1. Least expensive: American Family Insurance
  2. Best for living expenses coverage: Travelers
  3. Best for military members or families: USAA
  4. Best nationwide availability: State Farm
  5. Best customer service: Metlife
  6. Best renters insurance overall: Erie Insurance

Conclusion:

Best Renters Insurance policies are beneficial to cover your rental expenses and damage. There exist various as well as best rental insurance companies that provide you affordable, rental friendly as well as flexible rental insurance coverage options to cater to your needs. Some of them are as Allstate for providing the best Online Tools, Liberty Mutual for providing the best Discounts, Travelers for providing the best living expenses coverage, etc.

FAQ

Yes, it is always worth it to purchase rental insurance in case if it is not demanded by your landlord as it protects you from damage done to your rented property.

The deductible for renters insurance range from $500 to $2,000. The lower your deductible will be the higher will be your premium.

The cheapest rental insurance is provided by the following:

  • Nationwide
  • State Farm

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