Best Renter’s Insurance

Events like theft, a fire, or any other catastrophe hit us unexpectedly. When such events do occur, there can be a significant loss to property and belongings.

If you are renting an apartment or a house, you should know that your landlord’s insurance policy may not protect you completely.

Such policies cover only repair works to the structure or the building where you are living. It, however, does not protect your belongings.

Then, there is also the question of liability protection if someone gets injured while at the space that you are renting. After all, that person might sue you and you need protection from any liability arising out of any such injury to a third-party.

Renter’s insurance covers both of these aspects. Plus, a renter’s insurance policy is quite inexpensive.

You would normally pay around $20 a month (or thereabouts). Even though this is a small amount, the protection that you get in return can be substantial and well worth the money.

So, if you are thinking about protecting your expensive laptop, HD television, or any other valuable while renting a place, think about getting a renter’s insurance.

In some cases, your landlord will insist that you get a renter’s insurance policy.

The renter’s insurance segment is a crowded one and there are plenty of options to choose from. Getting quotes is as easy as a few clicks online.

Besides the price, there are many other factors like coverage, customer service, and the overall reputation that play a role in selecting the right renter’s insurance policy.

We reviewed various renter’s insurance options available in the market. Below are the ones which we believe are the best among them.

Allstate

Allstate has one of the best renter’s insurance offerings. It covers personal property, liability, living expenses, medical expenses, and even medical expenses if someone gets injured at your rented place.

Allstate is a well-known insurance company and has other types of insurance besides renter’s insurance.

So, if you bundle your policy with another one, you get a discount. There is also a claim-free discount and a special discount if your rental accommodation has a fire alarm and a security system.

Allstate renter’s insurance is priced competitively. You can check a quote online by filling out some basic information. Allstate also ranks highly in customer service.

The company also has decent digital tools like What’s Your Stuff Worth and the Digital Locker app. Overall, we believe that a renter’s insurance from Allstate represents a strong proposition in all the major areas of interest for any renter.

Nationwide

If you want a specific kind of coverage or if having the best coverage is your number one priority, then have a look at Nationwide. It has the reputation of offering some of the most customizable policies in the industry.

The basic coverage includes jewelry, clothing, electronics, and furniture. There are add-ons that can cover other valuables like art and antiques.

You can also opt for a theft protection add-on which will cover belongings stored in your car, watercraft, or trailer.

Another interesting add-on is water backup, which protects your property against the backup of drains and sewage.

Clearly, there are multiple ways you can customize your renter’s insurance policy with Nationwide. Getting a quote is very easy as you simply have to go online and fill out a basic form.

There are multi-policy discounts as well. So, if you bundle your policy with another one, you get a discount.

There is also a claim-free discount and a special discount if your rented accommodation has a fire alarm and a security system.

Liberty Mutual

If you like discounts, then Liberty Mutual is your best friend. Its insurance policies have multiple discounts like multi-policy discount, claim-free discount, and new home discount.

If you purchase a new policy before your existing one expires, then there is a discount for that as well. There is a special discount if your rented accommodation has a fire alarm and a security system.

If you are a member of Liberty Mutual’s affinity groups (there are around 14,000 of them), then there are more savings.

Besides the discount, Liberty Mutual also offers some decent coverage. In addition to protecting your belongings, Liberty Mutual also offers coverage for valuables like jewelry and antiques. You can even get coverage for living expenses if your rented place gets damaged and needs repairs.

Liberty Mutual has a mobile app that allows you to manage all your policy documents, file bills, and renew your policy while on-the-go.

Liberty Mutual also has an Emergency Home Repair Service through which you can locate a contractor who can come in and do any emergency repair work which prevents further damage to your accommodation.

American Family

If finding a renter’s insurance policy with the lowest rates if your priority, then American Family if your option. It has some of the lowest rates in the market.

However, the trade-off is that you get limited coverage. Plus, American Family may not be available across all parts of the US.

The best way to get a quote for an American Family renter’s insurance is to visit their website and find an agent for your area. Then, speak with the agent about your coverage needs and get a complete quote for the policy.

American Family offers a multi-policy discount, smart home discount (for homes with specific security features), no claims discount, and a loyalty discount. Besides basic coverage for your belongings, you can also add coverage for pets, identity theft, and high-value items.

State Farm

State Farm is one of the most popular insurance companies in the US. Their renter’s insurance offers comprehensive protection to your belongings.

You also get protection from certain weather events, falling objects, fire, riots, theft, and vandalism. State Farm offers replacement cost coverage as an add-on option as well.

There are plenty of coverage options to choose from. So, the best thing is to prioritize the coverage you need and then head online to get a quote.

If you buy multiple policies from State Farm, then you will get a discount. If your rented place has certain security features in place, then you get another discount.

State Farm is one of the largest insurers and their customer service is also quite strong. Overall, it is a great option.

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