The renters insurance premiums range on average per month from $15 to $30, as per other factors and location. The need for renters insurance policies is that it covers you from potential liabilities, fire, and theft, including your dog biting one of the neighbors. There are a few nuances in selecting an insurance company and a policy. Here are listed the top-rated renters insurance companies of 2022.
Top 6 Renters Insurance Companies of 2022
1. USAA
It is one of the top renter’s insurance companies available in 50 states. The USAA is limited to U.S. military members, active on duty or retired, and to their immediate family members. USAA offers coverage for your temporary living expenses and personal belongings. The standard policy of USAA includes flood coverage.
Pros
a. In 50 states
b. Covers flood damage
Cons
a. No cover for roommates
b. Only for U.S. armed families
2. State Farm: Renters Insurance Companies
Illinois-based Bloomington State Farm is into renters insurance. They were selling auto insurance and now are the homeowners insurance company. State Farm has agents in a large network and offers high customer service, which now includes pet insurance.
Pros
a. Least expensive
b. Extensive local agents
Cons
a. Not many discounts
3. Erie Insurance
Based in Erie, Pennsylvania, in 1925, Erie Insurance is prominent for its leisure and auto insurance. Now, it offers homeowners, businesses, renters, life, and property insurance. The renter’s insurance policies here are low-cost.
Pros:
a. Competitive pricing
b. Replaces cost coverage
Cons:
a. Restricted availability
b. Few discounts
4. Farmers
Founded in 1928, Farmers Insurance now sells various types of insurance policies covering over 10 million households. Adding riders, including theft identity, mold, and home improvements, is the offer. Highly customizable policies and household discounts. Engineers, doctors, teachers, nurses, police, dentists, and firefighters are eligible for discounts.
Pros
a. Rates as the most affordable
b. Limited mold coverage
Cons
a. Not widely available
5. Lemonade: Online Renters Insurance Companies
Established in 2015, Lemonade is a new crop from the online-only startup companies. They offer peer-to-peer insurance, where the premiums go into a community pot and claims settlement is out of it. This insurance company approves policies and claims instantly. Their rates are from $5 as renters insurance and $25 for homeowner’s insurance a month.
Pros
a. Fast process
b. Portion of revenue is given to charities of your choice
Cons
a. Not widely available
6. Liberty Mutual
Based in Boston in 1912, Liberty Mutual is the largest casualty insurer and global property in the U.S. Their renter’s insurance starts from a month with a $5 premium and offers a replacement cost coverage option. Apart from renters insurance, they offer homeowners, auto, general liability, workers compensation, and specialty insurance lines.
Pros
Available in 50 states
b. Add-on replacement cost
Cons
a. Standard policy offers no cover for water damage.
Tips To Choose the Right Renters Insurance
Decide That You Cover
The renter’s insurance offers three coverage types and include personal possessions, additional living expenses, and liability. Decide what you want:
1. Personal possessions include bedding, clothes, small appliances, and hobby equipment.
2. Additional living expenses cover hotel bills, restaurant meals reimbursement, and other costs beyond normal living.
3. Liability coverage pays for medical bills and legal fees of any guest injury in your place.
Decide How Much Renters Insurance
Use the personal property calculator and figure out the renter’s insurance you require. Take inventory of each room and note everything. Take into consideration what needs replacement to avert a disaster, and buy enough coverage. Do not miss out on valuable items such as expensive jewelry.
