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Best Life Insurance Companies of 2023

Anyone who rents an apartment, condo, townhome, or other type of dwelling should seriously consider getting renters insurance. Renters insurance covers a tenant’s personal property if it's damaged or destroyed during a break-in, a storm, or another event specified in the policy. In addition, renters insurance provides coverage for personal liability and medical bills if you have a guest over and they're injured. Finally, if there's a fire or other catastrophic event that forces you to move out of your unit, renters insurance will cover your extra living expenses, such as hotel bills and meals out.
progressive renters insurance reviews Unlike some other types of insurance policies, renters insurance is relatively simple. But there are some nuances when it comes to selecting a policy and insurance company, which is where this guide comes in. Below, we'll list our top-rated renters insurance companies of 2023 and provide more information on how renters insurance works.

Our Best Renters Insurance Companies of 2023

  • USAA
  • Lemonade
  • Erie Insurance
  • American Family
  • State Farm
  • Farmers
  • Allstate
  • Nationwide
  • Liberty Mutual

Best Renters Insurance Companies of 2023 in Detail


Available in all 50 states, renters insurance from USAA is limited to members of the U.S. military, whether they’re active duty or retired, and their immediate family members.
A standard policy from USAA provides coverage for your personal belongings, temporary living expenses should your home become uninhabitable due to a covered event as well as liability and medical liability should someone become injured in your home. USAA’s standard policy also includes flood coverage. However, it won’t cover your roommates.


  • Standard policies cover flood damage
  • Available in all 50 states


  • Membership limited to members (retired or active) of the U.S. armed services and their families
  • Doesn’t cover roommates

progressive renters insurance reviews


Founded in 2015, Lemonade is among a new crop of online-only startups companies aiming to disrupt the insurance space. It operates as a peer-to-peer insurance provider, meaning premiums paid by customers go into a community pot that is used to pay out claims. One of the benefits that Lemonade claims for its business approach is that it can approve a policy within minutes and a claim almost instantly.

Lemonade advertises its insurance policies at highly competitive rates, starting at $5 a month for renters insurance and $25 a month for homeowners insurance


  • Fast sign up and claims process
  • Portion of revenue distributed to charities of your choice


  • Not as widely available as other companies in our rating
  • May not be a good fit if you prefer working with an agent

Erie Insurance

Founded in 1925, Erie Insurance is based in Erie, Pennsylvania. It's probably best known for its auto and leisure insurance, but it also offers renters, homeowners, property, life, and business insurance. Erie Insurance sells relatively low-cost insurance in the mid-Atlantic and Midwest regions through 13,000 independent agents.


  • Competitive pricing
  • Offers replacement cost coverage


  • Limited availability compared to other companies in our rating
  • Few discounts available compared to other companies in our rating

American Family

Based in Madison, Wisconsin, American Family offers car insurance, homeowners insurance, and renters insurance, along with life insurance and other types of policies. It has agents in 19 states and serves the entire country through affiliates The General and Homesite. American Family offers a wide selection of renters insurance add-ons, like travel insurance, pet insurance, as well as coverage for home businesses and identity theft.


  • Offers a variety of discounts
  • Coverage for home-based businesses is available


  • No online purchase option
  • Limited availability compared to other companies in our rating

State Farm

State Farm: Bloomington, Illinois-based State Farm started out selling auto insurance and now sells renters insurance and about 100 other products. More people have car insurance and homeowners insurance with State Farm than with any other provider in the U.S., to the tune of more than 84 million policies and accounts. State Farm has a large network of agents and consistently high customer service ratings. It also now offers pet insurance through its partner Trupanion.


  • One of the least expensive companies in our rating
  • Extensive network of local agents


  • Doesn’t offer as many discounts as some of the other companies in our rating


Farmers Insurance was founded in 1928 and currently sells insurance policies of various types to more than 10 million households. Riders can be added to a Farmers policy to include coverage for identity theft, home improvements, and even mold. It offers highly customizable policies, as well as discounts for households that have been smoke-free for at least two consecutive years or have an approved security system or fire alarm. Doctors, nurses, engineers, dentists, teachers, police, and firefighters may also be eligible for discounts.


  • Rates among the most affordable in our rating
  • Offers limited mold coverage


  • Not as widely available as other companies in our rating


Allstate was founded in 1931 as a mail-order auto insurance company by Robert E. Wood, president and board Chairman of Sears, Roebuck & Co. Based in Northbrook, Illinois, Allstate is the largest publicly held personal lines insurer and claims over 16 million customers.
Allstate is available in all 50 states and Washington, D.C. It also offers add-ons to the standard renters insurance policy, including a personal umbrella policy, which helps protect you from large liability claims, and personal property coverage.


  • Available in all 50 states
  • Identity theft restoration coverage option available
  • Wide range of universal life policies


  • Limited policy options
  • Slightly higher than average premiums for companies in our rating


Nationwide: Columbus, Ohio-based Nationwide Mutual Insurance Company is one of the largest insurance and financial services firms in the U.S. It features many types of insurance for individuals and companies, including auto, life, pet, homeowners, and business insurance, as well as financial products like mutual funds. Nationwide employs some 30,000 people throughout the U.S. and can provide insurance quotes and policies online or through an agent.


  • Basic policy provides stolen credit card coverage
  • Provides coverage for alterations to a rental unit


  • Must work with an agent to purchase a policy

Liberty Mutual

Liberty Mutual started in 1912, is based in Boston, and is one of the largest global property and casualty insurers in the U.S. About 50,000 people around the world work for Liberty Mutual. Its renters insurance premiums start as low as $5 a month, and it provides the option of replacement cost coverage. In addition to renters insurance, it offers auto, homeowners, commercial, workers' compensation, general liability, surety, and commercial property insurance, as well as specialty insurance lines.


  • Available in all 50 states and Washington
  • Replacement cost add-on available


  • Standard policy doesn’t cover water damage


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