Best Apartment Renters Insurance Companies Compared

If you're a renter, you know that apartment insurance is a must-have to protect your belongings. According to our research, renters insurance can cost as little as $15 per month.

State Farm offers some of the most affordable renters insurance options, with prices starting at $15 per month. This is because they have a wide range of discounts available, including a 5% discount for bundling policies.

Lemonade, on the other hand, offers a unique approach to renters insurance. They use AI to quickly and fairly settle claims, and their prices start at just $5 per month.

Renter's insurance is a type of insurance policy that protects renters from financial losses due to damage or theft of their personal belongings.

It's not a requirement by law, but many landlords include it in the lease agreement, and it's often a good idea to have it even if it's not mandatory.

Renter's insurance typically covers damage to personal property, such as furniture, electronics, and clothing, due to events like fire, theft, or vandalism.

The average cost of renter's insurance is around $15 to $30 per month, but it can vary depending on factors like location, coverage limits, and deductibles.

Having renter's insurance can provide peace of mind and financial protection in case of unexpected events, such as a burst pipe or a break-in.

Some policies may also offer additional coverage for liability, such as if a guest is injured in the rental unit.

State Farm has the cheapest average premium in our study at $155 a year, making it a great option for budget-conscious renters. Its multi-policy discount can also save you up to $684 on your auto insurance if you bundle both renters and auto insurance with State Farm.

If you're looking for a more affordable option, Amica offers affordable renters insurance rates at an average premium of $206 a year, with a multi-policy discount that can save you up to 15% if you bundle renters and car insurance with Amica.

When comparing renters insurance quotes from different companies, consider factors like J.D. Power's overall customer satisfaction rating, AM Best's financial strength rating, and QuoteWizard's rating. Here's a brief overview of the top companies:

Let's take a closer look at some of the top renters insurance companies.

Allstate has an average annual premium of $233, which is higher than the national average. However, it offers numerous discounts, including a 25% discount for retirees and part-time workers 55 and older.

State Farm has the cheapest average premium at $155 per year. It also has a great multi-policy discount, saving you up to $684 on your auto insurance if you bundle both renters and auto insurance.

Travelers renters insurance has an average premium of $212, close to the national average. It offers some unique coverages, including increased coverage for improvements made by you or paid by you if damaged by a covered loss.

Farmers has the highest average premium at $277 per year, but it offers some unique discounts, including a discount for certain professions and a smoke-free household incentive.

Here's a quick comparison of the top companies:

Ultimately, the best company for you will depend on your individual needs and circumstances. Be sure to research and compare different options to find the best fit for you.

If you're a renter in California, you're likely looking for a reliable insurance company to protect your belongings. American Family is a top contender, with a J.D. Power rating of 660 out of 1,000 and an AM Best rating of A.

One of the benefits of choosing American Family is that they offer 5 available discounts, which could help you save on coverage. However, it's essential to note that discounts may change, so it's always a good idea to check with a licensed agent for the most up-to-date information.

Lemonade is another company worth considering, with a J.D. Power rating of 682 out of 1,000. They don't have an AM Best rating, but they do offer 3 available discounts.

If you're looking for a company with a high J.D. Power rating, USAA is a great option, with a rating of 724 out of 1,000. They also offer 6 available discounts and have an AM Best rating of A++.

Here's a list of the top renters insurance companies in California based on our research:

Mercury is another company worth considering, with an AM Best rating of A and 6 available discounts. However, they didn't receive a J.D. Power rating in the 2024 study.

Nationwide is also an option, with a J.D. Power rating of 627 out of 1,000 and an AM Best rating of A. They offer 3 available discounts, which may help you save on coverage.

Lemonade stands out in the fast claims process category, earning a high score in the J.D. Power study. This means you can expect a quick payout in the event of a covered loss.

Their AI-supported claims process is a game-changer for tech-savvy policyholders who value convenience. With this feature, you can easily file a claim and get reimbursed quickly.

One notable benefit of Lemonade's claims process is their giveback program. At the end of each year, they donate unused premiums to a charity of your choice.

If you're a Californian, you'll appreciate Lemonade's separate earthquake policy. This shows they're committed to providing tailored coverage for specific regions.

Here are some key facts to keep in mind:

However, it's worth noting that Lemonade doesn't have an AM Best rating. This might be a concern for some policyholders. Additionally, they don't offer many discounts, so you may not be able to save as much on your premiums.

To get a renters insurance quote, you can go through local insurance agents from a specific provider, independent insurance agents who can give quotes from several companies, or get an online quote through a provider's website. This will give you an estimate of how much you would pay for renters insurance from a specific company.

You'll be asked to consider coverage limits, such as personal property coverage, and gather information about your rental and its location, your claims history, and your legal name and birth year. Some companies may also require documents for certain discounts.

Here are some common coverage types you'll typically see in a renters insurance quote:

Consider deductible amounts, discounts, and add-ons available when comparing quotes. Deductibles typically range from $250 to $2,500, but the most common deductibles are $500 and $1,000 for renters insurance.

Renters insurance covers a wide range of unexpected events, including theft, vandalism, and damage from natural disasters like fire, windstorm, hail, and lightning. You can customize your policy's cost by changing the limits of your protections independently.

Personal property insurance covers damage to your belongings from a covered loss, like fire or theft. This includes items like jewelry, fine art, and watches that can be added to your policy for extra protection.

Liability insurance covers the cost of a lawsuit if someone is injured in your apartment, or you're responsible for damaging their property. The standard level of liability coverage goes up to $100,000.

Additional living expenses or loss of use coverage will help cover your expenses if your apartment becomes uninhabitable. This includes moving costs, rent or hotel expenses, and food costs if you're unable to cook in your temporary home.

Here's a breakdown of what renters insurance typically covers:

Renters insurance also covers damages that you cause to a neighbor's apartment due to a fire or flood that originated in yours. This coverage extends beyond personal injuries and can help save you money on legal fees.

To get a renters insurance quote, you can start by considering the coverage limits you need. This will impact your quote, so make an inventory list to determine how much personal property coverage you'll need.

You can get a quote through local insurance agents from a specific provider or independent insurance agents who can give quotes from several companies, such as QuoteWizard. You can also get an online quote through a provider's website.

To generate an accurate quote, you may be asked for specific information, including details about your rental and its location, your claims history, your legal name and birth year. You may be required to provide documents for certain discounts for which you qualify, too.

A typical quote will ask how much coverage you need, and you'll want to consider factors like personal property coverage, liability, medical payments to others, and loss of use.

Renters insurance rates for an apartment can fluctuate between $14 and $24 per month, on average.

The cost of renters insurance varies depending on the amount and type of coverage you choose and where you live. For example, a policy with $25,000 of personal property coverage from Liberty Mutual costs $14 per month, but a policy with $30,000 of coverage from other companies can cost up to $24 per month.

On average, a renters insurance policy costs $19 per month for $30,000 of personal property coverage and $100,000 of liability coverage.

In California, the average renters insurance policy costs $177 per year, which is about the same as in surrounding states like Nevada and Arizona, but lower than in Oregon.

State Farm has the cheapest average renters insurance rate among the companies we surveyed, with an average annual premium of $155.

Several factors can affect your renters insurance rates, including your location, the size of your building, and your credit score. For example, if you live in a high-crime area or on a fault line, you may pay more for insurance.

Here are some average renters insurance rates from different companies:

Bundling your renters insurance with other policies, such as auto insurance, can also lower your rates by 15% to 25%.

If you're a renter in California, be aware that the average cost of renters insurance is $208 a year, which translates to about $17 per month.

In areas with extreme weather and high crime rates, you can expect higher premiums. This is evident in states like Mississippi and Alabama, which have the highest average rates in the U.S. due to their vulnerability to tornadoes.

If you're looking for cheap renters insurance in Illinois, you're in luck - the average annual premium in Illinois is $183. However, your rates may vary depending on your claims history, coverage amount, and building construction.

In some states, renters insurance is more affordable than others. For example, Alaska has the lowest average annual premium at $138, while Mississippi has the highest at $376.

Here are some state-specific average annual premiums to consider:

Keep in mind that these are just averages, and your actual premium may differ.