Who is the best renters insurance company

Checking out these options before buying a policy can save you some hassle later. Got a dog, a roommate or an engagement ring? These scenarios can determine what type of renters insurance you need. Before you sign a policy, have a frank discussion with your roommate about how to split insurance payments — especially if your roommate has a lot of stuff that could drive up the cost of the quote.

To reduce the policy cost, consider increasing your deductible , which is the amount deducted from your claim check for a property loss. But first ask yourself: How much could you pay out of pocket if your stuff were stolen or damaged?

Buy a renters insurance policy with replacement cost coverage. Lost your TV in a fire? Replacement cost coverage pays for a brand-new one just like it.

A lawsuit against you over a dog bite could ruin your finances for years. Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

What's next? About the author. Here are four steps that are typically involved as you make your decision:. The first step is to assess your personal property and estimate the total value of your items. In many cases, your landlord will tell you how much you need in your lease.

The third step is to make a list of the providers you receive quotes from and compare them. Check what coverage they offer in the standard policy and what endorsement options you have if you need extra coverage. You can see which companies offer the lowest rates based on your information and select accordingly. When you select a provider to purchase a renters insurance policy from, the provider will explain how to continue the sign-up process. We took the time to analyze each company and what they can do for their customers to help you decide which one to choose.

However, we always recommend getting a few quotes from different companies and comparing their policies on your own so that you can see what they each will specifically offer you for your home. Through in-depth research of the industry, we determined the following factors and weights to rate each company by:.

We used these rating factors to determine the best renters insurance companies to help with your decision when looking at policies. We routinely monitor and update data on a regular basis to ensure the reviews reflect the most up-to-date information and advice. MarketWatch Logo Go to the homepage.

Learn More. Compare Renters Insurance Policies. Renters insurance is remarkably affordable when compared to other types of insurance. Prices will vary based on where you live, how much personal property coverage you buy and the deductible you choose for your policy.

Choosing the cheapest renters insurance without looking into what is covered could mean being left paying out of pocket should a claim occur. Shopping around and comparing renters insurance could help you find the most affordable price with the right coverage for you. Some insurance carriers may allow roommates to share a renters insurance policy. The exception to this would be spouses or other family members who reside under the same roof.

Renters insurance is not legally required in any state or in D. However, landlords frequently require tenants to carry renters insurance policies and often mandate a minimum level of liability coverage. Even if your landlord does not require a policy, renters insurance can be a fairly inexpensive way to protect your finances. Quoted rates are based on year-old male and female renters with a clean claim history, good credit and the following coverage limits:.

These are sample rates and should be used for comparative purposes only. Your quotes will differ. How We Make Money. Cate Deventer. Written by. Cate Deventer is a writer, editor and insurance professional with nearly a decade of experience in the insurance industry as a licensed insurance agent.

Edited By Mariah Posey. Edited by. Mariah Posey. Mariah Posey is an insurance writer and editor for Bankrate. She aims to make the insurance journey as convenient as possible by …. Reviewed By Ronda Sunderhaus. Reviewed by. Ronda Sunderhaus. Ronda Sunderhaus has been a licensed insurance agent since and is a senior compliance associate in the insurance field. Share this page. Bankrate Logo Why you can trust Bankrate.

We guide you throughout your search and help you understand your coverage options. We provide up-to-date, reliable market information to help you make confident decisions.

We reduce industry jargon so you get the clearest form of information possible. Bankrate Logo Editorial Integrity. Key Principles We value your trust. Bankrate Logo Insurance Disclosure. Company J. Read more From Cate. About our review board. You may also like Best renters insurance in New York. United Kingdom. All ratings are determined solely by our editorial team.

Jason Metz. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. Here are the best renters insurance companies based on price, coverage options and discounts.

Read more. Is Renters Insurance Worth It? Can a Landlord Require Renters Insurance? Compare Renters Insurance Rates. Our ratings take into account renters insurance rates, coverage options and discounts. Availability 19 states, mainly in the Midwest and Pacific Northwest. Option to increase coverage for jewelry, gemstones, watches and furs to cover any problem. Wide variety of discounts such as loyalty, paying by automatic funds transfer and having smart home systems such as a Ring Video Doorbell.

Availability 29 states. Discounts include price breaks for being a loyal customer, living in a gated community and having home protective devices. Best for military and veterans USAA. Availability Nationwide to those with a military affiliation. USAA renters insurance policies come with coverage for floods, tidal waves and earthquakes already included, a huge plus. You can add coverage for electronics that will cover drops and spills. Military uniforms and gear are covered worldwide for any problem covered by the policy, with no deductible.

Availability 12 states in the Midwest and Eastern U. A selection of ErieSecure renters insurance policies provides varying levels of increased coverage for your belongings and ID theft insurance for expenses when you have to fix ID theft. Erie renters insurance policies come with coverage for refrigerator and freezer contents loss from power or mechanical failure, and also insurance for watercraft and trailers.

A variety of discounts include price breaks for having alarms or sprinklers, getting a renters insurance quote in advance and being a mature customer. Availability Nationwide. Compare Rates. HomeShield packages offer increased coverage for a wide variety of property and problems, such as increased coverage for collections, watercraft, theft of firearms and business property. Discounts are available for getting a quote in advance, paying in full, bundling other insurance and living in a gated community.

Expensive for renters insurance compared to other top companies. Auto-Owners Insurance. Availability 26 states.