Best Renters Insurance Companies (2026)

Choosing the best renters insurance can make a meaningful difference when the unexpected happens. While renters insurance costs are generally affordable, premiums, coverage limits, and claims experiences vary widely by insurance company.

A good renters insurance policy helps protect your personal belongings, provides liability coverage if someone is injured in your home, and pays for additional living expenses if your rental becomes uninhabitable.^[1]

This guide explains how renters insurance works, compares the best renters insurance companies, and shows renters how to find the right coverage for their needs.

Best renters insurance companies @CurrentYear

The best renters insurance company for you depends on your budget, coverage needs, and your preferences for digital tools or agent support.

Here, you’ll find five insurers Insurify identifies as performing consistently well across affordability, coverage options, and claims handling. These results are based on thorough reviews of customer satisfaction surveys, financial strength ratings, and third-party reviews.

Insurance Company	Average Monthly Premium	Best For
State Farm	$15	Bundling and nationwide access
Allstate	$23	Coverage customization
Lemonade	$18	Digital-first renters
Amica	$22	Customer satisfaction
Progressive	$26	Discounts

Disclaimer: Table data is based on real-time quotes from Insurify’s network of 500+ insurance partners. Actual rates may vary depending on the policyholder’s individual profile and coverage needs.

State Farm: Best for bundling

Allstate: Best for coverage customization

Lemonade: Best for online experience

Amica: Best for customer satisfaction

Progressive: Best for discounts

How to buy and use renters insurance

Renters insurance policies provide four main protections: personal property coverage, liability coverage, loss of use, and medical payments.

Here’s how renters can buy and use coverage effectively.

1. Determine coverage needs

Create a home inventory to estimate the value of personal belongings and choose appropriate coverage limits. Coverage limits generally fall between $10,000 and $100,000. Make sure you’ve chosen a coverage level that could replace everything of value you lost.

2. Compare renters insurance quotes

Request online quotes from multiple insurers to see how pricing and coverage differ. It’s generally a good idea to get quotes from at least three to five insurers.^[3]

3. Select RCV or ACV

Replacement cost coverage (RCV) pays to replace items at their new cost, whereas actual cash value (ACV) accounts for depreciation.

In other words, suppose your five-year-old laptop, which originally cost $1,200, was damaged in a fire. With actual cash value coverage, your insurer factors in depreciation. If the laptop was worth $400 before the fire, your claim payout would be about $400, minus your deductible. You’d need to pay the rest out of pocket to replace it.

With replacement cost value coverage, your insurer pays the cost of a new, comparable laptop today. If that replacement costs $1,300, your payout would be $1,300, minus your deductible — even though your original laptop was older.^[4]

4. Purchase your policy

Once you decide which policy appeals to you, it’s time to buy. Most renters can buy coverage online or over the phone in minutes.

5. File a claim if needed

If you reach a point where you need to file a claim, you can typically submit it online or through the company’s app. Be sure to include documentation such as photos or receipts.

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What renters insurance covers

Renters insurance policies include four primary protections:

• Personal property

• Liability

• Loss of use

• Medical payments

Personal property

Personal property coverage protects belongings such as furniture, electronics, clothing, and appliances from covered perils, including theft, fire, vandalism, and certain types of water damage. Replacement cost coverage is often more valuable than ACV because it doesn’t factor in depreciation.^[5]

Liability

Liability coverage protects renters if they accidentally cause injury or property damage to others. This may include coverage for guest injuries, pet-related incidents, or accidental damage to interior apartment floors or walls.

Loss of use coverage

Loss of use coverage helps pay for additional living expenses when a covered loss makes your rental uninhabitable. This can include paying for hotel stays, meals, and increased transportation costs.

Medical payments coverage

Medical payments coverage provides quick reimbursement for minor injuries to guests, regardless of fault. It can cover emergency room visits, ambulance rides, or basic medical care.

Renters insurance add-ons

You can complement a basic renters insurance policy with a series of riders or add-on coverages to craft a policy that meets your needs. But these additional coverages cost extra, so decide whether you really need them before opting for more protection.

Common add-ons include:

• Scheduled personal property

• Identity theft protection

• Earthquake endorsements

• Flood insurance

• Increased liability limits

• Riders for expensive items like jewelry, art, or other collections

What renters insurance doesn’t cover

Renters insurance doesn’t cover everything, and it’s important to read your policy thoroughly to fully understand what your insurer won’t cover.

These are some common exclusions:

• Flooding (requires separate flood insurance)

• Earthquakes

• Normal wear and tear

• Pest infestations

• Damage to the building structure

• Roommates’ belongings unless listed

Average cost of renters insurance

The national average cost of renters insurance is about $17–$28 per month, based on Insurify data, though rates vary by state and city. Here, you can see how average rates vary by state.

Renters Insurance Rates by State

State	Average Monthly Premium
Alabama	$31
Alaska	$23
Arizona	$26
Arkansas	$35
California	$23
Colorado	$23
Connecticut	$24
Delaware	$15
Florida	$27
Georgia	$32
Hawaii	$25
Idaho	$20
Illinois	$24
Indiana	$26
Iowa	$17
Kansas	$22
Kentucky	$34
Louisiana	$36
Maine	$19
Maryland	$27
Massachusetts	$21
Michigan	$39
Minnesota	$24
Mississippi	$39
Missouri	$28
Montana	$22
Nebraska	$18
Nevada	$20
New Hampshire	$22
New Jersey	$22
New Mexico	$23
New York	$18
North Carolina	$20
North Dakota	$20
Ohio	$24
Oklahoma	$29
Oregon	$21
Pennsylvania	$23
Rhode Island	$22
South Carolina	$27
South Dakota	$16
Tennessee	$29
Texas	$28
Utah	$21
Vermont	$20
Virginia	$19
Washington	$18
Washington D.C.	$21
West Virginia	$24
Wisconsin	$19
Wyoming	$19

How to get the best renters insurance

To get the best renters insurance for you, it’s a good idea to:

• Compare online quotes. Compare quotes from three to five insurers to ensure you’re getting the best policy for your situation.

• Evaluate coverage limits carefully. While it may be appealing to opt for a higher coverage level, you may wind up paying for coverage you don’t need. Set a coverage level that could replace your valuable items, and consider adding optional coverages or riders you think are necessary.

• Choose a deductible you can afford. A higher deductible will often lead to lower monthly premiums. Just make sure you can afford the deductible if you need to file a claim.

• Look for discounts like bundling or claim-free savings. You won’t know about all the ways you can save on your renters insurance unless you ask. A few questions before signing your policy could save you money in the long run.

• Prioritize insurers with strong customer service and reliable claims handling. Your insurer should help you eliminate problems after a claim, not cause new ones. It’s a good idea to opt for an insurer you can stick with in the long term.

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