The Best Renters Insurance Companies in the United States in 2022: Low Rates and Excellent Service
Finding the best renters insurance policy is a cost-effective approach to safeguard your things against damage or theft. MoneyGeek studied numerous parameters, including customer service scores, financial stability measurements, discounts, and premiums, to discover which renters insurance companies are best for consumers across all 50 states and hundreds of cities in the United States.
These overall rankings are a fantastic place to start when looking for good renters insurance in the U.S. MoneyGeek also looked into the top companies for different types of renters, whether you’re searching for a low-cost renters insurance quote or the greatest customer service.
But before we look at the companies that offer the best U.S. renters insurance in 2022, let’s discuss the definition of renters insurance.
What Is Renters Insurance and Why Do I Need It?
Renters insurance is also known as tenants insurance. This is the type of insurance policy that can cover theft, water backup damage, certain natural disasters, bodily injuries and more when living in a rented property in the United States.
Knowing that your landlord’s property insurance doesn’t cover your belongings, there’s a need for you to get tenants insurance coverage. Since this policy always comes at very affordable annual premiums, it’s advisable that you get it when living in a rented apartment.
The greatest renters insurance coverage comes from companies that are both reasonable and give excellent customer service.
Who has the best renters insurance policy in the U.S.? According to MoneyGeek’s research, the best place to get affordable renters insurance coverage is from State Farm, followed by Allstate.
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State-by-State Rankings of the Best Renters Insurance Companies
One of the most important elements used by the best renters insurance companies to calculate your premiums is your location. It doesn’t matter whether you are a college student or an established entrepreneur. As a result, it’s critical to figure out which providers are the best and cheapest in your state or location. MoneyGeek developed a ranking system based on cost, customer service, and financial stability to determine the top provider in each state.
State Farm is the finest renters insurance carrier in most of the country, according to this system (22 states). While Geico has the best rates for bundling auto and renters insurance, State Farm offers the best discount for bundling renters and auto insurance at 4.7%. In 11 states, Allstate is the runner-up as the best option. However, in at least one state, eight different insurance firms are ranked as the top renters’ insurance choices.
Find your state below and check out the best and cheapest renters insurance companies where you live
Alabama – State Farm
Alaska – Allstate
Arizona – State Farm
Arkansas – Nationwide
California – State Farm
Review of the Best Renters Insurance Companies for Your Situation
Finding the renters insurance provider for you may rely on the specific coverage you require or your eligibility for discounts. While the top two best renters insurance companies featured below are good alternatives for every renter, MoneyGeek also graded firms according to which renter type they best suit. All prices are for standard insurance with personal property coverage of $20,000, liability coverage of $100,000, and a $500 deductible.
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The Best Renters Insurance Companies By Category
- Best for Most People: State Farm
- Runner-up (and cheapest): Allstate
- Best for Customer Satisfaction: Farmers
- Best for Quick Coverage: Lemonade
- Best for Shopping on the Phone: American Family
- Best for Discounts: Nationwide
- Best for Military Families: USAA
The best renters insurance company for college students is Allstate.