Nowadays, many renters are applying to Rental Insurance Companies. If you’re wondering why most of the renters are doing these, it’s because it gives them peace of mind knowing that they are secured financially.
Imagine a catastrophe like fire can leave you without your possessions; what would you do? Your landlord can only cover building repairs and not your personal belongings. That’s why it is worth researching the best rental insurance companies you can find.
With so many options for renters’ insurance, how do you know which company is the best fit for you? Our evaluation of top insurance providers considers financial stability, claim process simplicity, coverage options, discounts, and more to help you make an informed decision.
Check out our top-rated insurance companies for renters.
Nationwide
Good for renters with poor credit.
Nationwide offers reasonable rates for renters insurance with various limits on personal property, particularly for those with poor credit. Its low prices and minimal customer complaints make it a solid choice when searching for renters insurance.
Pros & Cons
Pros:
- Nationwide is a large and established company with a long history of providing insurance and financial services.
- Nationwide offers a wide range of insurance products, including auto, home, life, and pet insurance.
- Nationwide has a good reputation for customer service.
- Nationwide offers discounts for things like good driving records and bundling multiple insurance policies.
Cons:
- Nationwide’s rates can be higher than some other insurance companies.
- Nationwide’s claims process can be slow and complicated.
What is Covered in Nationwide Renters Insurance?
Personal Property: Personal property coverage protects your possessions, such as artwork, jewelry, clothing, electronics, rugs, dishes, silverware, and other items, from damage or loss due to theft, vandalism, smoke, fire, snow and ice, explosions, and falling objects.
Liability: Liability insurance provides coverage if you are held responsible for causing property damage or injuries to others. It also pays for legal costs associated with defending yourself in court if an accident leads to legal action against you. For example, if someone is bitten by your dog, liability insurance can cover the lawsuit costs.
Medical Payments: Medical payment coverage is often included in renters insurance policies. It pays for smaller medical expenses incurred by others regardless of who is at fault for the accident. For example, if a guest is scratched by your cat, this coverage can pay for their medical expenses. Coverage amounts typically start at $1,000.
Additional Living Expenses: Additional living expenses coverage, also known as loss of use coverage, pays for extra costs incurred if you cannot live in your rental due to damage covered by your policy, such as hotel bills, restaurant meals, and other services like pet boarding.
Additional Coverage Nationwide Renters Insurance Offers
Nationwide offers several add-on coverages that you can buy for your renter’s insurance to fill coverage gaps in your policy. Here are some examples:
- Brand-New Belongings: Personal property coverage provides protection for your items and pays to have them fixed or replaced with new items in the event they are stolen or destroyed.
You will receive an initial insurance payment for the depreciated value of your items, and then, after having them replaced or repaired, send the receipts to Nationwide and receive another payment for the difference.
- Building Additions & Alterations: Alterations and Improvements coverage protects from damage to alterations, additions, improvements, installations, and fixtures that you made to your home.
- Credit Card Coverage: Identity Fraud Expense coverage pays up to your chosen limit for unauthorized transactions on your bank debit/ATM and credit cards. It also applies to counterfeit money and forged checks.
- Earthquake Coverage: Earthquake and volcanic eruption coverage protects from damage to your property caused by earthquakes or volcanoes up to your selected policy limits.
- Theft Extension: Personal property in vehicle coverage protects from the theft of your personal belongings that are stored in any car, trailer, or watercraft.
- Valuables Plus: Scheduled Personal Property coverage provides additional coverage for high-value properties like jewelry, antiques, and fine art.
- Water Backup: Sewer and Drain Backup coverage protects from damage caused by backed-up sewers or drains.
Nationwide Renters Insurance Discounts
Here are some possible discounts from Nationwide:
- Multi-Policy Discount: You can receive a discount on your premiums by bundling your auto insurance or other insurance policies from Nationwide with your renters’ insurance.
- Protective Device Discount: You may be eligible for a discount if your home is equipped with devices such as fire alarms, smoke detectors, burglar alarms, or other qualifying devices.
- Claims-Free Discount: If you have no claims on your policy, you may be eligible for a better rate.
More About Nationwide Insurance
Nationwide offers a variety of insurance options, such as:
- ATV Insurance
- Boat Insurance
- Car Insurance
- Classic Car Insurance
- Condo Insurance
- Flood Insurance
- Golf Cart Insurance
- Home Insurance
- Life Insurance
- RV Insurance
- Motorhome Insurance
- Travel Trailer Insurance
- Camper Insurance
- Scooter Insurance
State Farm
Great for the price.
State Farm offers highly competitive rates for renters insurance across all personal property coverage limits evaluated. Its low prices and minimal customer complaints make it a company worth considering when searching for renters insurance.
Pros & Cons
Pros:
- State Farm renters insurance offers the most affordable rates for policies covering $50,000 of personal property, based on our analysis of multiple companies.
- State Farm also offers competitive prices for policies covering $15,000 and $30,000 of personal property.
- State Farm’s rates for renters with poor credit are satisfactory.
- State Farm provides additional coverage options such as protection against cyber attacks and identity restoration.
Cons:
- State Farm does not offer a wide range of extra coverage options for renters.
- There are limited discounts available for renters to help save on State Farm’s insurance policies.
What is Covered in Statefarm Renters Insurance?
Personal Property: Personal property coverage protects your belongings, such as furniture, musical instruments, electronics, clothing, pots and pans, rugs, and artwork, from damage caused by fire, smoke, vandalism, and theft.
Liability: Liability insurance provides coverage if you are held responsible for causing property damage or injuries to others. It also pays for legal costs associated with defending yourself in court if an accident leads to legal action against you.
For example, if someone falls in your apartment and you get hit with a lawsuit, renters liability coverage can pay out if you are legally liable.
Medical Payments: Medical payments coverage, often included in renters insurance policies, pays for smaller medical expenses incurred by others regardless of who is at fault for the accident. For example, if a guest accidentally cuts their hand on a sharp corner, this coverage can pay for their medical expenses. Coverage amounts typically start at $1,000.
Additional Living Expenses: Additional living expenses coverage, also known as loss of use coverage, pays for extra costs incurred if you cannot live in your rental due to damage covered by your policy, such as hotel bills, takeout meals, and other expenses like laundry services.
Replacement Cost Coverage: It is worth considering adding this option to a State Farm renters insurance policy. It pays to replace your belongings with new items if damaged, destroyed, or stolen.
Additional Coverage State Farm Insurance Offers
State Farm renters insurance policies offer standard coverage options, as well as the option to add Cyber Event, Identity Restoration, and Fraud Loss Coverage (excluding North Carolina residents). This coverage covers expenses incurred if you are a victim of cybercrime.
North Carolina residents can add Identity Restoration Coverage to their renter’s insurance policy. This coverage pays for an identity restoration case management service and reimbursement for expenses related to identity fraud.
In addition, State Farm renters insurance also offers Inflation Coverage. This coverage automatically increases your personal property insurance in line with the inflation index.
State Farm Renters Insurance Discounts
There are multiple options for reducing the cost of a State Farm renters insurance policy, such as:
- State Farm offers a multi-line discount for insuring both auto and renters insurance.
- A home alert protection discount is available if you have devices such as smoke detectors, fire alarms, burglar alarms, or other home monitoring systems installed.
- An automatic sprinkler discount is available if your home has automatic sprinklers installed.
- Loyal customers of State Farm may be eligible for a discount after a certain number of years of being a customer.
How to File a Renters Insurance Claim in State Farm
State Farm offers the option to file a renters insurance claim online or through their mobile app, as well as through a phone call. To make a claim, it is important to have the necessary supporting documents, such as a police report and an inventory of what was damaged or stolen.
More About State Farm
State Farm provides a wide selection of insurance options, including:
- Boats
- Cars
- Condos
- Farms and Ranches
- Houses
- Identity Restoration
- Life
- Long-term and short-term disability
- Manufactured Homes
- Motor Homes
- Off-road vehicles
- Roadside assistance
- Small businesses
- Supplemental Health
Country Financial
Best for expanded coverage.
Country Financial offers reasonable prices for different levels of coverage for personal property and is one of the companies that offer the best renters insurance policy. Its expanded coverage options and low costs make it a good option to consider, especially if it’s available in your state.
Pros & Cons
Pros:
- Provides an upgraded coverage option that includes protection for power surge damage to appliances, antique breakage, and damage from spilled paint.
- Offers additional coverage options for issues related to sump pump failure and/or the back-up of sewer or drain.
- Offers a discount for new customers that lasts for three years.
- Offers competitive rates for personal belongings coverage in the range of $15,000 to $50,000.
Cons:
- Only available in 19 states.
- Few options for discounts on renters insurance are available.
What is Covered in Country Financial Insurance?
Personal Property: Personal property coverage protects your belongings, such as clothing, kitchen utensils, rugs, electronics, artwork, jewelry, and furniture, from damage caused by problems like theft, fire, smoke, vandalism, falling objects, snow and ice, and explosions.
Liability: Liability insurance provides coverage if you are held responsible for causing injuries or property damage to others. For example, if an errant golf swing damages your neighbor’s window, liability insurance can cover the costs.
It also pays for legal costs associated with defending yourself in court if an accident leads to legal action against you, such as if a guest slips and falls in your rental.
Medical Payments: Medical payments coverage, often included in renters insurance policies, pay for smaller medical expenses incurred by others regardless of who is at fault for the accident. This coverage is often sold in small amounts, such as $1,000.
Additional Living Expenses: Additional living expenses coverage, also known as loss of use coverage, pays for extra costs incurred if you are unable to live in your rental due to damage covered by your policy, such as takeout meals, hotel bills, and other services like pet boarding expenses. Remember to keep receipts to make a claim.
Replacement Cost Coverage
If this replacement cost coverage is not included, it’s worth adding to your policy to get even better coverage. Actual cash value coverage will only pay the depreciated value of items.
Additional Coverage Country Financial Insurance Offers
In addition to the standard coverage types listed above, Country Financial offers some optional coverage types, such as:
- Premier Coverage: This additional coverage protects accidents such as power surge damage to appliances, breakage of antiques, and damage from spilled paint.
- Coverage for High-Value Items: This coverage option allows you to ensure specific high-value items, such as jewelry, furs, boats, and ATVs, for their actual worth. These items may have specific limits such as watches limited to $2,500.
- Identity Theft: Identity Restoration coverage pays for expenses associated with restoring your identity if you are the victim of identity theft.
- Earthquake Damage: Earthquake coverage protects your personal belongings if they are damaged due to an earthquake.
Country Financial Renters Insurance Discounts
You can save on Country Financial renters insurance with these discounts:
- Multi-Policy Discount: If you bundle your renter’s insurance with another insurance policy, product, or account from Country Financial, you may be eligible for a discount.
- Welcome Discount: You may qualify for a discount if you have had a renters insurance policy with Country Financial for less than three years.
- Loyalty Discount: A discount is automatically applied on the first renewal of your policy after it is three years old.
- Claims-Free Discount: You may be eligible for a discount if you have not filed a renters insurance claim for five years.
- Good Payer Discount: A discount may be available if you have zero lapses in your insurance payment history in the prior 36 months.
Submit a Renters Insurance Claim With Country Financial
To file a renters insurance claim with Country Financial, you can do so online or by phone. Make sure to keep supporting documents, such as a police report or hotel receipts, handy when making a claim.
More About Country Financial
- Boat Insurance
- Business Insurance
- Car Insurance
- Condo Insurance
- Farm Insurance
- Home Insurance
- Identity Theft Insurance
- Life Insurance
- Mobile Home Insurance
- Motorcycle Insurance
- Pet Insurance
Chubb
Best for gated communities.
Chubb offers competitive rates for $15,000 in coverage for personal belongings and competitive pricing for other coverage amounts. Its good rates and minimal customer complaints make it a company to consider.
Pros & Cons
Pros:
- Offers a variety of discounts, such as discounts for residing in a gated community, having a burglar alarm, being a long-time customer, having building security, and having a water-leak detection system.
- Affordable renters insurance rates for $15,000 of personal property coverage and competitive prices for higher coverage limits.
- Suitable for renters with high net worth who require increased coverage options.
Cons:
- Chubb’s renters’ insurance does not have a wide range of additional coverage options compared to other companies.
- Rates may be higher for individuals who have had an insurance cancellation by Chubb for non-payment within the last three years.
What is Covered in Chubb Renters Insurance?
Personal Property: Renters insurance protects your personal belongings, such as furniture, clothes, and decorations, from damage or destruction caused by problems like fire, smoke, vandalism, tornadoes, and theft.
Liability: Liability insurance covers legal costs and settlements if you are held responsible for causing property damage or injuries to others.
Medical Payments: Medical payments coverage, which is often included in renters insurance policies, pays for smaller medical expenses incurred by others regardless of who is at fault for the accident.
For example, if a guest trips to your apartment and has a small medical bill for a cut, they could claim your medical payments coverage. Coverage amounts typically start at $1,000.
Additional Living Expenses: Additional living expenses coverage, also known as loss of use coverage, pays for extra costs incurred if you are unable to live in your rental due to damage covered by your policy, such as hotel bills, laundry service, and restaurant meals.
Additional Coverage Chubb Renters Insurance Offers
Chubb renters insurance provides the standard coverage types above as well as these options:
- Replacement Cost coverage: This coverage pays to replace your personal belongings with new, similar items if they’re destroyed by a problem covered by the policy. This is more comprehensive coverage than actual cash value, which only pays the depreciated value of your possessions.
- Rental Car Insurance: When your liability limit is $1 million or higher, you will be covered with primary car insurance worldwide.
Chubb Renters Insurance Discounts
- You may qualify for a discount if your residence has a central station or direct-reporting burglar alarm.
- You may qualify for a discount if your home is located in a gated community with a controlled entrance, proper ID is required to enter, and visitors are announced.
- You may qualify for a discount if your apartment or rental unit is in a gated community with a fire or burglar alarm that alerts a 24-hour patrol service.
- You may qualify for a discount if your home is located over 1,000 feet from a fire hydrant or other approved water source but has a central station or direct fire alarm.
Submit a Renters Insurance Claim With Chubb
Chubb allows customers to report insurance claims 24/7 through various channels, including online, by phone, by fax, and through a local Chubb agent.
More About Chub
- Cars
- Classic Cars
- Condos and Co-ops
- Cyber Insurance
- Boats and Yachts
- Businesses
- Houses
- Life Insurance
- Travel Insurance
American Family
Best for families.
American Family provides competitive rates for renters insurance and has a minimal number of customer complaints. It also offers a variety of coverage options and discounts for customers.
Pros & Cons
Pros:
- American Family offers a discount for young adults between the ages of 18 and 30 who are the children of existing customers.
- They offer competitive rates for different levels of renters insurance coverage.
- Offers a range of additional coverage options, such as decreasing deductibles, identity theft protection, travel insurance, pet coverage, and coverage for home-based businesses.
- There are multiple discounts available, such as loyalty discounts, discounts for automatic payments, and discounts for having smart home devices like a Ring video doorbell.
Cons:
- American Family’s renters’ insurance is only available in 19 states.
- There is a $25,000 limit for personal liability coverage for dangerous dogs and exotic animals with this company’s renters insurance policy.
What is Covered in American Family Renters Insurance?
Personal Property: Personal property coverage protects your possessions, such as furniture, jewelry, electronics, dishes, pots, and pans, from damage or loss caused by problems such as fire, smoke, vandalism, theft, falling objects, explosions, and more.
Liability: Liability insurance provides coverage if you are held responsible for causing injuries or property damage to others. It also pays for legal costs associated with defending yourself in court if an accident leads to legal action against you.
For example, if a guest falls while visiting your apartment or your dog bites a neighbor, renters liability insurance can help.
Medical Payments: Medical payments coverage, often included in renters insurance policies, pays for smaller medical expenses incurred by others regardless of who is at fault for the accident. Coverage amounts are typically small and often capped at $1,000.
Additional Living Expenses: Additional living expenses coverage, also known as loss of use coverage, pays for extra costs incurred if you cannot live in your rental due to damage covered by your policy, such as hotel bills, meals in restaurants, and any other extra costs.
Replacement Cost Coverage
Consider adding replacement cost coverage to get better insurance coverage for your belongings. Replacement cost coverage compensates you with new, similar items if your personal belongings are destroyed by a covered event, while actual cash value coverage only pays the depreciated value of the items.
Additional Coverage American Family Renters Insurance Offers
- Identity Theft Protection: This coverage pays out if your identity is stolen and you have costs associated with restoring your credit and identity.
- Pet Insurance for Renters: This endorsement provides coverage for pets such as dogs, cats, birds, and fish, with up to $1,000 in coverage. It will reimburse vet expenses, burial costs, or the cost of a new pet if the injury or death was caused by a problem listed in the endorsement.
- Diminishing Deductible: American Family renters insurance has a diminishing deductible feature that gives you a $100 credit on your deductible immediately. Your deductible will continue to decrease yearly as long as you maintain your policy with American Family.
- Home-Based Business: If you run a small business from your home, you can purchase liability insurance and business property protection.
- Travel Protection for Renters: Travel insurance options such as trip cancellation and global medical insurance can also be purchased.
American Family Renters Insurance Discounts
- You may qualify for a bundle and save discount if you purchase car insurance and renters insurance together.
- You may qualify for an autopay discount if you sign up for automatic funds transfer or electronic recurring payments.
- You may qualify for a smart home discount if you have smart home devices such as a smoke/fire alarm system, and water.
How to Submit Renters Insurance Claim With American Family
American Family offers the option to file a renters insurance claim online or over the phone, with 24/7 support available during the claims process.
More About American Family
American Family also offers various other types of insurance in addition to renters insurance, such as:
- Business Insurance
- Car Insurance
- Camper Insurance
- Condo Insurance
- Motorcycle Insurance
- RV Insurance
- Snowmobile Insurance
What’s Not Covered by Renters Insurance?
Renters insurance is designed to protect your personal belongings and provide liability coverage in case someone is injured in your rental unit.
However, it doesn’t cover the physical building or common areas such as hallways, which are the responsibility of the landlord’s insurance. Additionally, incidents that occur in common spaces, like slips on icy sidewalks, are typically not covered by renters’ insurance.
A standard renters insurance policy does not cover damage caused by roommates, vehicle damage, car theft, or damage caused by insects or pets. Additional coverage for natural disasters such as floods, earthquakes, and mudslides can be purchased through separate policies.
Is Renters Insurance Worth It?
Renters insurance is a cost-effective way to protect your personal belongings, and it also includes liability insurance and coverage for additional living expenses.
Here are common events that renters insurance can cover:
Destroyed Personal Belongings
Renters insurance will reimburse the cost of replacing your personal belongings in the event of damage or loss due to a covered incident, such as fire. It is recommended to purchase “replacement cost coverage” to ensure reimbursement for the cost of new items rather than the depreciated value of the lost items.
Stolen Personal Belongings
The coverage also applies to theft of personal belongings outside your home, like hotel room theft.
You Have High-Value Items
Some valuables, such as jewelry, art, and musical instruments, may require additional coverage or “scheduling” to ensure full reimbursement in the event of theft or damage.
Accidents Inside Your Home
In the event of an accident in your home, where you are held liable, renters insurance will cover associated medical bills, legal costs, and any judgments.
You Own a Dog
Renters’ insurance also provides liability coverage in the event of dog bites, both inside and outside of the home.
Alternative and Emergency Fund
If a covered incident makes your home uninhabitable, additional living expenses coverage will reimburse additional costs such as hotel bills and meals.
How Much Does Renters Insurance Cost?
On average, renters insurance costs around $14 to $19 a month, or $173 to $227 a year, for a policy with $15,000 to $30,000 of personal property coverage.
This is an affordable way to safeguard your possessions and gain liability coverage with just the best cheap renters insurance you can find in your area.
Extra Insurance for Renters
You can enhance your renters’ insurance further by including additional coverage types, such as:
- Flood Insurance: Flood insurance for renters can be purchased from FEMA and is a smart way to protect your belongings from the increasing threat of floods caused by hurricanes or heavy rain. The cost typically starts at $100 per year.
- Earthquake Damage: If you’re a renter in an area prone to earthquakes, it’s important to consider purchasing earthquake insurance to protect your personal property.
- Personal Cyber Insurance: Personal cyber insurance can help cover expenses incurred in case of a cyber-attack or identity theft, which can be a costly issue to deal with.
How to Find the Best Home Rental Insurance Companies?
Finding the best rental insurance companies can be broken down into a simple process:
Understand What is Covered and What is Not
Renters’ insurance protects personal property such as furniture, clothing, jewelry, and electronics against damage or loss, but not the physical apartment which is covered by the landlord’s insurance. It also provides liability coverage for accidents and includes legal defense costs if sued. Additional coverage can be added through umbrella insurance.
Estimate How Much Renters Insurance You Need
Find renters insurance that will allow you to choose the coverage limit for personal belongings based on the value of your possessions. It’s important to consider the level of liability coverage needed, as a general rule, to cover the potential loss from a lawsuit.
Compare Renters Insurance Quotes
To find the best coverage, get quotes from multiple insurance companies for the same coverage amount. Start by checking with your car insurance provider, as bundling policies may result in a discount. Compare the quotes and ask about any bundling discounts to see if switching companies will save money.
Make an Application to the Company of Your Choice
Once you have found the most affordable renters insurance company that fits your needs, you can proceed to apply for renters insurance online with most providers.
Final Verdict: Rental Insurance Companies
Rental insurance is a crucial step in protecting your personal belongings. With so many options available, it can be overwhelming to choose the right insurance company.
That’s why it’s important to evaluate the financial strength, claim process, coverage options, and discounts offered by the best affordable renters insurance.
Disasters like fires, floods, and theft can happen anytime, leaving you without your possessions. Don’t let this happen to you. Invest in rental insurance today and protect yourself from the unexpected.
With the right insurance, you’ll have the security and confidence you need to enjoy your home and all it offers. Don’t wait for a catastrophe to happen; take action today and secure your future.
