Best Renters Insurance in October 2024

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The best renters insurance provides enough coverage for the stuff you want to protect without costing you a fortune in premiums. 

The coverage you’ll need depends on what items you have in your home, their value, and how much of a deductible you’re willing to pay.

Many landlords require you to have renters insurance but even if you don’t, it’s still a good idea to get a policy.

Best for Budgeters: State Farm

They're also available in all 50 states, plus Washington, D.C.

Personal property coverage covers things ranging from your personal computer to the clothes in your closet. If your apartment is in dire need of repairs and you can’t safely stay in it, State Farm will foot the bill for hotel expenses and food while you’re away.

Aside from property, a State Farm renters insurance policy also covers personal and medical liability. This means that if you damage someone else’s property or if a guest gets injured at your apartment, State Farm can step in to cover medical expenses and legal fees.

State Farm also offers inflation protection. This increases the value of your coverage as inflation increases. If anything happens, your items are compensated at the time of damage — not the time of purchase. Most policies depreciate the value of your items over time, which can reduce the payout if they are damaged or stolen.

While State Farm offers decent coverage at an affordable rate, additional coverage will be an extra cost. Adding sewer backup, earthquake coverage, and identity theft protection may increase your monthly premium by as much as 20%.

That's still affordable compared to other insurance providers but is something to consider.

Best for College Students: Lemonade

The policies from Lemonade are highly customizable and include coverage for vandalism, fire, crime, bad weather, and water damage. If you live with a roommate or significant other, Lemonade allows you to add them to your policy for an extra fee.

It's also a tech-savvy system: Instead of calling an agent, a chatbot walks you through a step-by-step process to help you find the right insurance policy.

Lemonade offers separate portable electronics coverage for things like a laptop or camera. They also offer supplemental pet coverage but there is a caveat — they won’t insure “high-risk” dog breeds. 

Polices are available in 37 states, plus D.C.

While Lemonade is easy to use, its premiums aren’t cheap and may come in at up to 25% above the national average. That said, depending on how much stuff you have, you might opt for a lower coverage amount to reduce the monthly premium.

READ MORE: Lemonade Renters Insurance Review: Fast Online Claims Processing

Best for Military: USAA

Aside from catering to members of the military, another key selling point of USAA renters insurance policies is that they include flood and earthquake coverage in their standard policy. Most companies will charge extra and some may not cover flooding at all.

You can bundle renters insurance with your car insurance to get a better combined rate. But aside from that, there aren’t many other discounts you’ll be able to take advantage of.

The process for obtaining a policy includes answering questions about your military service, rank, and credit score. It’s unclear how these factor into the cost of coverage but it is something to consider when comparing quotes.

Best for Retirees: Allstate

Each quote comes with three options: Basic, Standard, and Enhanced. Coverage options include personal property coverage, family liability protection, and guest medical protection.

Allstate also gives you the option to add on extra coverage, like identity theft protection. This is a really great added perk for retirees who may be more likely targets for predatory scams. You can also bundle and save to get access to additional discounts.

One thing to note: There are certain exclusions to Allstate’s personal property coverage. Valuables like jewelry and fine art are only covered up to $2,500. If you enjoy collecting high-end art or jewelry, you’ll want a separate policy for those.

Best for Aspiring Homeowners: Nationwide

Nationwide provides coverage in 43 states, plus Washington, D.C. 

Like its competitors, Nationwide offers personal property coverage ranging from $15,000 to $30,000. This includes an add-on to replace brand-new items. There is also an option to add extra coverage for sewer backups and earthquakes.

The main draw for aspiring homeowners is some of the supplemental benefits. For example, policies include coverage for building alterations you make as a tenant. If you live in a property that you anticipate you’ll eventually buy, this is a feature worth considering.

Comparing Renters Insurance

When you’re shopping around for a renters insurance policy, you’ll want to find coverage that meets you where you are in life. 

If you don’t have a lot of valuables, for example, a policy that comes with a lot of coverage might mean you're paying for more than what you need. 

Here are some things you’ll want to consider.

What’s included in the coverage?

Most policies include some form of coverage for personal possessions, liability, medical payments, and living expenses if you’re displaced from your home. 

But some companies include additional coverage. For example, USAA includes earthquake and flood coverage while other companies offer it as an add-on (or not at all). 

READ MORE: What Is an Insurance Deductible?

How is the quote priced?

Insurance companies are in the business of selling you insurance. The more coverage you buy, the more money they make. The process of obtaining a quote can be a good indicator of whether you’ll get the right coverage you need.

Lemonade, for example, is easy to use and doesn’t require you to call an agent. But their default quote comes with twice the amount of personal possession coverage as their competitors. As a result, the monthly premium was also higher.

Look for a company that meets your needs but also doesn’t try to sell you more coverage than you need.

READ MORE: What Are Insurance Premiums?

Are there bundles or discounts?

One of the best-kept secrets when it comes to purchasing insurance is bundling. For example, when you purchase an auto policy and a renters policy from the same company, they’ll often offer you a lower rate. 

Many companies offer this option but not all companies have other products for you to bundle with. Look for discounts wherever you can.

Does it protect what you need?

Read the fine print to make sure it has the coverage you need. This is important if you're looking for insurance for things like jewelry, firearms, or electronics. 

Some companies, like Allstate, have limits on how much you can claim on expensive items. You might need to purchase additional coverage or a separate policy if a high-valued item or collection isn’t covered under the standard policy.

The Bottom Line

The best renters insurance for you will be affordable for your budget, cover the valuables you need covered, and be easy to work with. 

Read online reviews and compare quotes to see which company can give you exactly what you need, with the best service.  

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