Contents
- Introduction
- Top 14 Best Renters Insurance Companies
- Frequently Asked Questions
- What is renters insurance, and do I need it?
- How much does renters insurance typically cost?
- What does renters insurance cover?
- What’s the difference between actual cash value and replacement cost coverage?
- Does renters insurance cover floods?
- Does renters insurance cover mold?
- Can I add roommates to my renters insurance policy?
- Can I cancel my renters insurance policy?
- What happens if my belongings are stolen?
- What is personal liability coverage, and do I need it?
- How do I choose the right renters insurance policy?
- How long does it take to get renters insurance?
Introduction
Renters insurance ensures that your personal property is protected in case of a disaster such as fire, theft or water damage. It is a form of insurance that provides financial protection for renters. Renters insurance policies can also cover additional living expenses in case a covered loss makes your home uninhabitable.
If you’re looking for the best renters insurance policy for your needs, you’re in the right place. We’ve researched, tested and reviewed the top renters insurance companies currently available on the market. Here are the 14 best renters insurance companies we’ve found:
Top 14 Best Renters Insurance Companies
- Allstate
- State Farm
- Lemonade
- Farmers Insurance
- Nationwide
- Progressive
- Geico
- Liberty Mutual
- The Hartford
- USAA
- Policygenius
- Amica Mutual
- MetLife
- Travers Insurance
Allstate
Allstate is one of the best renters insurance companies in the market. They offer renters insurance policies with premiums as low as $4 per month. Allstate’s renters insurance policies cover theft, fire damage, water damage and additional living expenses. They also offer personal liability coverage which protects you in case of damage or injury to someone else on your property.
Allstate’s renters insurance policies also cover identity theft protection, which is priceless in today’s digital age. The company also offers discounts to its policyholders for bundling multiple policies such as auto and renters insurance.
State Farm
State Farm is another top-rated renters insurance company offering comprehensive coverage for renters. State Farm’s renters insurance policies cover theft, damage caused by fire, water and additional living expenses. They also offer personal liability coverage which comes in handy in case someone gets injured while on your property.
State Farm offers discounts on its policies for installing security devices in your rented apartment. The company also provides online resources such as calculators and policy guides to help renters make informed decisions.
Lemonade
Lemonade is a disruptor in the insurance industry and has revolutionized the way we buy renters insurance. Lemonade offers renters insurance policies that are entirely online, fast and affordable. The company provides renters insurance policies starting from as little as $5 per month.
Lemonade’s renters insurance policies cover theft, damage caused by fire and water as well as personal liability coverage. The company is also known for its charitable giving program where every dollar left unclaimed by policyholders at the end of the year is donated to a charity of their choice.
Farmers Insurance
Farmers Insurance is one of the most reliable renters insurance companies available. They offer many different options, including renter’s insurance policies for people with pets and personal belonging protection.
The company offers competitive rates on their renters insurance policies, they also offer discounts for safeguarding your rental property with smart home security systems. Additionally, Farmers renters insurance policies also ensures your personal belongings are covered while you travel anywhere in the world.
Frequently Asked Questions
What is renters insurance, and do I need it?
Renters insurance policy provides financial protection for renters. It protects your belongings in case of fire, theft, or water damage. Most leases also require you to have liability coverage, which protects you in case of personal injuries or property damage. Renters insurance is essential for anyone who is renting a property.
How much does renters insurance typically cost?
Renters insurance typically costs between $15 and $25 per month. The cost varies depending on several factors such as location, coverage amount, and deductible. You can use online tools to get an estimate of how much your renters insurance might cost.
What does renters insurance cover?
Renters insurance covers your personal belongings such as furniture, clothing and electronics in case of damage or theft. It also covers additional living expenses if you are forced to temporarily relocate due to a covered loss. Most policies come with personal liability coverage that provides protection in case you are found liable for damage or injuries on your rental property.
What’s the difference between actual cash value and replacement cost coverage?
Actual cash value coverage takes into account the depreciated value of your belongings, meaning that you’ll only get back what your items were worth at the time of loss. On the other hand, replacement cost coverage pays to replace your belongings with new ones at today’s market prices, regardless of their age or condition.
Does renters insurance cover floods?
Renters insurance does not typically cover flooding. If you live in a flood-prone area, you may need to purchase additional flood insurance.
Does renters insurance cover mold?
Renters insurance may cover mold, depending on the cause. If the mold is a result of a covered peril, such as water damage from a burst pipe, then renters insurance may cover the costs associated with mold removal.
Can I add roommates to my renters insurance policy?
You can add roommates to your renters insurance policy, but it may increase the cost of your insurance policy. You will need to check with your insurance provider to see what the specific requirements are for adding a roommate to your policy.
Can I cancel my renters insurance policy?
Yes, you can cancel your renters insurance policy. But you will need to check with your insurance provider for the specific cancellation policy. Some providers may not provide refunds for the unexpired policy period.
What happens if my belongings are stolen?
If your personal property is stolen, you will need to file a claim with your renters insurance provider. Your provider will generally ask for a police report, receipts, and documentation of the stolen items.
What is personal liability coverage, and do I need it?
Personal liability coverage protects you in case someone gets injured while on your rental property or you cause damage to someone else’s property. You may need personal liability coverage if you have guests over to your rental property or if you own pets.
How do I choose the right renters insurance policy?
When choosing a renters insurance policy, you should consider factors such as coverage limits, deductibles, and additional endorsements. You should also compare rates from different providers to ensure that you get the best deal.
How long does it take to get renters insurance?
It typically takes less than 15 minutes to get renters insurance. Some companies offer online quotes which allow you to purchase renters insurance online. Others may require a phone call or an in-person meeting with an agent.