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.
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.
Pros.
Cons:.
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
Pros.
Cons:.
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.
Pros.
Cons:.
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.
Pros.
Cons:.
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.
Pros.
Cons:.
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.
Pros.
Cons:.
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.
Pros.
Cons:.
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.
Pros.
Cons:.
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.
Pros.
Cons:.
© Insurance Life Plan. All Rights Reserved.
