Do you know what you would do if you came home from work or school only to find that the interior of your home or apartment had been destroyed by a fire? While your landlord’s insurance policy will help repair things that you don’t own (like the structure of the building and any appliances that you had in your apartment), it won’t help you cover the cost of replacing your own clothing, furniture and electronics. Additionally, while a landlord’s insurance policy could cover the cost of a broken window following a burglary, it won’t help you pay for the cost of anything that’s stolen from you.
A renters insurance policy can help protect you from the high costs associated with replacing possessions following a natural disaster, fire or theft from a property that you rent. Unlike homeowners insurance or landlord’s insurance, your renters insurance policy only covers items in your home or apartment that you own. This means that renters insurance policies are exceptionally affordable when compared to other types of insurance.
Do you have a renters insurance policy? If not, you could be missing out on thousands of dollars’ worth of protection available for less than $20 per month. Our guide to renters insurance options will help you choose a policy and get coverage.
Renters Insurance Options
Now that you understand why having renters insurance is important and what it protects, you can begin comparing policies and collecting quotes. Browse a few of our favorite coverage providers below to get started.
Best for Travel Enthusiasts: Toggle
Not all renters insurance policies extend your coverage to include travel. If you’re a frequent globetrotter or you travel often for work, be sure to consider a policy from Toggle. This insurer specializes in providing affordable renters insurance options that travel along with you. Say you decide to take a weekend trip to Maine and you lose your phone, your Toggle insurance coverage will still provide you with financial assistance replacing it, regardless of where you lost it.
Toggle offers 3 insurance policy options, which are available for just a few dollars per month. The company also offers a range of unique add-on coverages for things like pets, identity theft and side income protection. If you’re looking for insurance that covers your expensive electronics on the road and more, we recommend getting a quote from Toggle.
Best for Quick Coverage: Lemonade
Sometimes when you have a lapse in renters insurance coverage or you need to suddenly move without notice, you don’t have time to scour the internet searching for the best deals. Lemonade specializes in providing quick, affordable and easy-to-understand insurance policies that you can begin in as little as 10 minutes. Simply visit the company’s website, answer a few basic questions about where you live and the features of your home or apartment, and get a custom quote sent directly to your inbox or cell phone.
Renters insurance policies are available for just $5 per month, and the company will even help you cancel your old policy if you already have current coverage that you need to end. Lemonade has also recently begun offering pet insurance policies from just $10 per month depending on the type of furry friend you have.
Best for Mobile Tools: Allstate
If you have an auto insurance or business insurance policy through Allstate, you might already be familiar with the company’s comprehensive insurance mobile app. The Allstate app, available free for both Android and iPhone users, provides you with a 1-stop-shop for everything you could need concerning your policy. The app’s Digital Locker feature allows you to quickly take photos of items in your home that you need to protect to create a convenient list of protections of your assets.
The Allstate app also allows you to view policy information, pay your premiums, connect with an insurance agent, file a claim and more with just a few taps. In addition to comprehensive mobile technology, Allstate offers bundling discounts. This means that if you already have some type of insurance from Allstate, you could save on both policy options simply by choosing them to service your renters insurance.
Best for Loss of Use Coverage: Nationwide
If your home or apartment is badly damaged in a fire, storm or another type of natural disaster, you might not be able to live in it while your landlord seeks necessary repairs. Nationwide’s renters insurance includes loss of use coverage, which can help you pay for the cost of temporary accommodation while your home is repaired and made livable again. Loss of use coverage could also help you pay for meals that you would have typically made at home but now must buy out while your property is repaired.
As among the largest insurance providers in the country, Nationwide also offers an extensive range of bundling options that you can use to lower the cost of your coverage. You can bundle together your renters insurance policy with your auto insurance, motorcycle insurance, life insurance, business insurance and more to save each month while extending your protection.
Best for Unique Discounts: Farmers Insurance
Almost every company that provides renters insurance policies will allow you to save when you bundle coverages or install a fire alarm system in your property. However, if you’re looking for a more unique set of discounts that you can use to lower your premiums, consider choosing Farmers Insurance to service your policy.
Farmers Insurance offers special renters insurance discounts to business professionals, medical professionals, teachers and those employed in public service careers. The company is also among the only insurance providers we’ve seen to offer renters insurance discounts to policyholders who haven’t smoked in the last 2 consecutive years. You can take advantage of these discounts along with industry-standard discounts for bundling and security system installations in just a few minutes when you purchase your insurance through Farmers.
Best for Customer Service: Progressive
If you’ve been the victim of a crime or a natural disaster, you know that an emergency can occur at any time of the day or night. Having a comprehensive customer service team at your disposal can give you the peace of mind that comes with knowing that you’ll have support when you need it.
Progressive provides both extensive coverage options as well as 24/7 customer service options. Policies from Progressive include liability and loss-of-use coverage as standard inclusions, which are considered add-on protections with select competitors. Like most other major insurance providers, Progressive also makes it easier to save with discounts and bundling options.
Best for Add-On Protection: American Family Insurance
Adding optional coverages to your renters insurance policy is among the best ways to customize your coverage — and few companies offer as unique a range of add-on protections as American Family Insurance. From identity theft coverage to extended coverage for more than $1,500 worth of jewelry, chances are high that American Family has add-on protection you can use.
American Family also offers a unique diminishing deductible program that reduces your per-incident deductible for each year that you go without filing an insurance claim. American Family will even offer you a $100 credit toward your deductible the 1st time that you need to use your policy. Say you have a $500 deductible, the 1st time you use your policy, you’ll pay only $400 toward restoration.
Best for Members of the Armed Forces: USAA
USAA is a unique insurance provider offering policies exclusively to veterans and active members of the U.S. armed forces. Policies from USAA are available from just $10 per month, and you’ll be able to quickly claim a quote and begin your policy online.
Unlike most renters insurance providers, USAA even covers damage from earthquakes and flooding as standard protections. If you live in an area where either of these natural disasters are common and you qualify for coverage, be sure to get a quote from USAA before selecting a policy.
Finding the Right Coverage — No Matter Where You Live
You can become the victim of a fire or theft at any moment — no matter where you live and which city you call home. If you’re living without renters insurance, you might be putting yourself at risk of thousands of dollars’ worth of debt in the event of an accident or crime.
Thankfully, it’s never been easier to find the coverage that you need to protect yourself and your family. Start by collecting a few quotes from our favorite providers, listed above. Getting a quote is quick and simple — in most cases, you’ll have an estimate after answering just a few easy questions about your property.
When you think you find a policy that’s right for you, be sure to read up on coverage limits and policy exclusions. There’s nothing worse than investing in an insurance policy, paying for your premiums each month, filing a claim and finding out that your coverage doesn’t extend to the situation when you need to use it.