If you’re one of the vastly growing number of people who are renting property, you would be wise to consider getting renters insurance. Many renters think that their landlord’s home insurance covers their possessions, and only find out the truth when it’s too late. Some landlords also require you to get renters insurance as part of your contract. The Best Renters Insurance Companies 2020. Cheap renters insurance. Renters insurance quotes.
If your home is burgled, or there’s a fire or natural disaster that destroys or damages your things, you want to know that the best and most reliable renters insurance has got your back.
Here are a few points to look for when choosing the best home insurance company for renters:
- How much do premiums cost, and what is the size of the deductible?
- What is the maximum claim amount? Check that you can claim enough to cover the cost of replacing or fixing your possessions if anything should happen.
- Does the insurance company respond quickly when you make a claim and process the details speedily? You don’t want to spend months hanging around waiting for your claim to go through to be reimbursed.
- Is the insurance company supported by reliable underwriters who are not likely to go bankrupt?
- If there are specific add-ons that you need, check that your company offers them.
State Farm – Cheap renters insurance.
- A.M. Best Rating: A++ (Superior)
- J.D. Power Rank: 2nd of 14 insurers
- Unique Value: Best rates and nationwide availability
If cost is your main concern as a renter, State Farm’s consistently cheap renters policies are a great choice. In addition, its national presence and great reviews suggest that State Farm customers also enjoy access to consistently great customer support.
State Farm also gives renters many ways to customize their coverage. In its online quote form, you can not only adjust your coverage limits but also add endorsements for specific high-value belongings. The form also runs you through a few questions that are used to identify any State Farm discounts you qualify for.
American Family – The Best Renters Insurance Companies 2020
- A.M. Best Rating: A (Excellent)
- J.D. Power Rank: 1st out of 14 insurers
- Unique Value: Industry-leading customer satisfaction
If you’ve ever had to go back and forth with an insurance company over a problem, you’ll understand the value of an insurer like American Family. Also known as AmFam, this company came out on top of the 2019 J.D. Power rankings for overall satisfaction among renters insurance providers.
AmFam’s high reputation is rooted in its user-friendly approach: It scored well in areas like the billing process, transparency of policy information and service interactions. On top of that, AmFam’s standard renters policy comes with replacement cost coverage, which means you’ll have enough to replace any lost or broken possessions with new items of a like kind.
Allstate – Cheap renters insurance.
- A.M. Best Rating: A+ (Superior)
- J.D. Power Rank: 5th out of 14 insurers
- Unique Value: Mobile apps for bills, claims and documenting property
While we expected a startup to lead the way in new technology for delivering renters insurance, we found insurance giant Allstate at the head of the pack. Renters insured by Allstate have access to two key mobile apps. Allstate Mobile lets you pay bills, file claims and review coverage information, while Digital Locker offers a way to store photos of your personal possessions in the event that you ever need to make a claim.
No other insurers we’ve reviewed offer Allstate’s level of digital convenience for renters. Uniquely, Allstate also allows you to adjust coverage limits in order to fit your needs and budget. For instance, you could opt out of off-premises theft protection, which can save about 22% on your annual premium.
Lemonade – The Best Renters Insurance Companies 2020
- Demotech Financial Stability Rating: A (Exceptional)
- J.D. Power Rank: Not included
- Unique Value: Adjustable coverage limits and rapid claims payouts
If you’re looking for quick renters insurance coverage, you probably won’t find a company with a process smoother than Lemonade’s. Downloading Lemonade’s app, getting a quote and paying to start coverage takes only a matter of minutes. The company achieves this by replacing the traditional agent experience with an artificial intelligence bot named Maya.
The coverage at Lemonade is cheap, which adds to the company’s value for consumers. Active users also gain the advantage of being able to adjust your coverage limits from month to month as needed. As for claims, Lemonade says that 25% of claims on its platform are paid in three seconds. This is far, far faster than most traditional claim processes.
USAA – The Best Renters Insurance Companies 2020
- A.M. Best Financial Strength Rating: A++ (Superior)
- J.D. Power Rank: Score tied for 1st of 14 insurers
- Unique value: Military-only rates and service on all products
USAA enjoys a well-earned reputation among the U.S. military community, and its benefits extend to renters. It offers affordable renters policies that include replacement cost coverage and protection against floods, earthquakes, windstorms and lighting — perils which are almost always excluded from renters insurance at other companies.
USAA’s familiarity with the unique needs of military members only adds to its value. For example, USAA’s renters insurance policies provide deductible-free coverage for lost military uniforms. And once you decide to buy a home or a new car, USAA’s broad stable of financial products gives you access to the same quality of service in those areas too.
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