Renters insurance protects you financially if your property is damaged or stolen. Erie, American Family, and State Farm are some of our top picks for the best renters insurance companies.
Jessica is a freelance writer, professional researcher, and mother of two rambunctious little boys. She specializes in personal finance, women and money, and financial literacy. Jessica is fascinated by the psychology of money and what drives people to make important financial decisions. She holds a Masters of Science degree in Cognitive Research Psychology.
Becky Helzer is an insurance and personal finance editor who has worked with Compare.com since 2025. A seasoned editor, Becky has experience working with content across several industries, including P&C insurance, home finance, technology, and home improvement. She has a passion for breaking down complex topics into clear, easy-to-understand copy.
Becky earned a bachelor’s degree in technical journalism from Colorado State University.
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Renters insurance protects your personal property if you rent a house, apartment, or condo. While you might believe your landlord’s insurance will protect you if there’s a fire or break-in, that’s not true.[1] A standard renters insurance policy covers your personal belongings, protects you from liability, and pays for additional living expenses if your home is damaged and you have to live elsewhere temporarily.[2]
For an average cost of just $20 per month, you can get $100,000 in personal liability coverage and $30,000 in personal property coverage. But choosing the right company for your needs can feel daunting.
This article highlights some of the best renters insurance companies to help you make the best choice.
Quick Facts
Erie, American Family, and State Farm are some of the best renters insurance companies, based on our research.
The right insurance company for you depends on your coverage needs and budget.
Renters insurance policy premiums vary based on your coverage amount, deductible, and ZIP code.
The 7 Best Renters Insurance Companies Right Now
With so many insurance companies to choose from, it can be hard to decide which one’s right for you. The best fit depends on how much coverage you need and your budget. To help you narrow your search, we’ve chosen seven of the best insurance companies for various types of renters.
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Erie: Best for senior renters
Average Monthly Premium: $15
Pros
24/7 claims availability
Above-average customer satisfaction
Cons
Not available in all states
Online quotes and claim service not available
Erie offers age-based discounts, which is a big plus for senior renters. It also has some of the lowest monthly rates, according to Compare.com data. In addition to great rates, Erie earned the top score in the J.D. Power 2024 U.S. Home Insurance Study for overall customer satisfaction.[3]
It also has fewer complaints compared to other insurers on the market, according to the National Association of Insurance Commissioners (NAIC). Erie offers 24/7 telephone support if you need to make a claim, and you can log into your online account to monitor your claim.
American Family: Best for budget-conscious renters
Average Monthly Premium: $15
Pros
Above-average customer satisfaction
High customer ratings on Trustpilot
Cons
Not available in all states
Not accredited by the Better Business Bureau (BBB)
Budget-conscious renters will find some of the lowest average monthly rates with American Family. On top of competitive rates, the company offers a range of standard coverage options, add-ons, and discounts to help you save.
Although American Family isn’t accredited by the BBB, customers on Trustpilot give it 4.6 out of five stars.
State Farm: Best for rentals with security systems
Average Monthly Premium: $19
Pros
Largest insurance company based on market share
Discounts for adding home safety devices
Cons
Fewer discounts than competitors
Not available in all states
State Farm is the largest insurance company in the country by market share,[4] offering renters, home, auto, business, pet, and life insurance. In addition to competitive monthly rates, State Farm has a home alert protection discount if your rental includes a security system, fire alarm, or smoke detectors.
You can also save when you bundle State Farm renters and car insurance policies.
Lemonade: Best for college students
Average Monthly Premium: Not available
Pros
Highly rated mobile app
Online quotes and claims available
Cons
No physical locations
Not available in all states
If you’re a student living off-campus, you’ll want to make sure you have protection for your belongings.[5] Lemonade offers a completely digital experience — from getting a quote to filing a claim — making it ideal for tech-savvy renters. Lemonade also offers “Extra Coverage” as an option, which includes deductible-free claims.
You don’t even need to fill out any paperwork, and claims approval takes only seconds in some cases. With its low rates, highly rated app, and strong customer ratings from Trustpilot, Lemonade is worth checking out, especially if you have roommates.
USAA: Best for military members
Average Monthly Premium: $18
Pros
Wide range of discounts
Includes flood and earthquake coverage
Cons
Available only to military members, veterans, and family
No 24/7 customer service
Coverage through USAA is available to active military members, veterans, and eligible family members. If that’s you, USAA is worth considering. You can save up to 28% on your premium if you live in the barracks or other housing on a base. You can also save up to 45% if you’re enrolled in a U.S. military service academy.
USAA includes flood and earthquake coverage on all its renters insurance policies, which most other companies don’t. It also has the highest customer satisfaction scores on the J.D. Power 2024 U.S. Home Insurance Study.
Travelers: Best for condo rentals
Average Monthly Premium: $17
Pros
Affordable average rates
A++ (Superior) financial strength rating from AM Best
Cons
Below-average customer satisfaction ratings
More customer complaints than expected
Travelers renters insurance protects your property whether you rent a condo, apartment, or house. Founded in 1864, Travelers is the sixth-largest insurance company in the country by market share, according to the Insurance information Institute (Triple-I).
Today, the company’s products include auto, travel, pet, boat, business, home, and renters insurance. Travelers offers affordable rates, discounts if you have protective devices in your condo, and opportunities to save when you bundle your condo and auto insurance.
Allstate: Best for bundling discounts
Average Monthly Premium: $18
Pros
24/7 claims support
Wide variety of discounts
Cons
Bundle and save discounts not available in all states
More customer complaints than expected
Allstate offers a variety of bundling discounts to help you save on all of your insurance costs. You can combine your renters insurance with auto, motorcycle, off-road vehicle, or term life coverage and enjoy extra savings. Allstate also offers discounts for retirees and more ways to save if you schedule monthly payments through Allstate’s Easy Pay Plan.
The fourth-largest insurance company in the country by market share, Allstate holds an A+ (Superior) financial strength rating from AM Best.
Our independent editorial team analyzed average rates, available discounts, customer satisfaction scores, and coverage options from dozens of notable renters insurance companies. We used these analyses to determine which insurers are the best fit for different types of renters and coverages.
How to Choose the Best Renters Insurance Company for You
The best renters insurance company for you depends on your budget and coverage needs. Keep these factors in mind as you shop and compare prices for a renters policy:
Determine your coverage needs. Most standard renters policies include coverage for your personal property, liability, and additional living expenses. To figure out how much insurance you need, take inventory of your personal belongings.[6] And consider additional coverage if you have high-value items like jewelry, electronics, or family heirlooms.[7]
Choose the type of coverage you want. An actual cash value (ACV) policy is usually cheaper since it pays based on the depreciated value of your property. In contrast, a replacement cost policy pays to replace your belongings at today’s prices without depreciation.[8]
Read customer service reviews. Look at review sites like Trustpilot and the BBB to see what current and former customers say about a company’s customer service. You can also look at J.D. Power customer satisfaction surveys to see how different companies rank.
Review the claims process. Consider how different companies process claims: What documentation do they require when you submit a claim? Do they offer 24/7 claims support? Is the claims process digital, or can you work directly with an agent? How long does it take to get a settlement?
Look for discounts. To save on your renters insurance policy, compare available discounts. You can often save if you bundle renters insurance with another policy, or if your rental has security features like smoke detectors or deadbolt locks.
Compare renters insurance quotes. Get quotes from at least three different insurance companies to find the best rates, and shop around before your policy renews to see if you can find a cheaper rate.
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Best Renters Insurance FAQs
If you’re ready to purchase renters insurance but still need help deciding which company is a good option for you, check out answers to some of the most frequently asked questions.
What’s the cheapest company for renters insurance?
Erie and American Family are two of the cheapest companies for renters insurance, according to Compare.com data. But they may not be the cheapest for every renter. After all, renters insurance rates vary based on several factors, including your ZIP code, the amount of coverage you need, and the deductible you choose.
What’s the best renters insurance company?
The best renters insurance company for you will depend on your coverage needs and budget. That said, some of the best insurance companies include Erie, American Family, and State Farm, according to our research.
What happens if you stop paying your renters insurance bill?
If you stop paying for your renters insurance, your insurer will likely cancel your policy, and you’ll lose your rental protection.
Can you have two renters insurance policies?
While it’s possible to have two renters insurance policies, it’s usually not recommended. You may pay for more coverage than you need, and having two policies can complicate the claims process if you need to file one.
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Jessica is a freelance writer, professional researcher, and mother of two rambunctious little boys. She specializes in personal finance, women and money, and financial literacy. Jessica is fascinated by the psychology of money and what drives people to make important financial decisions. She holds a Masters of Science degree in Cognitive Research Psychology.
Becky Helzer is an insurance and personal finance editor who has worked with Compare.com since 2025. A seasoned editor, Becky has experience working with content across several industries, including P&C insurance, home finance, technology, and home improvement. She has a passion for breaking down complex topics into clear, easy-to-understand copy.
Becky earned a bachelor’s degree in technical journalism from Colorado State University.
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