It had great prices, an easy buying process and highly-rated customer service, making it stand out among the the companies we looked at. Renters insurance shouldn’t be one-size-fits-all, that’s why it’s so important your personal needs are accounted for. We also reference original research from other reputable publishers where appropriate. Renter’s insurance offered by Travelers Insurance Company offers one of the best additional living expenses coverage on the market should you not be able to live in your apartment for a time due to a covered loss. Liberty Mutual is an insurance company focusing on the process of delivering its promise by making it simple to file a claim online with a step-by-step process in its portal that asks for incident details and photos. A.M. Best. A.M. Best. Renters insurance is very affordable, considering the amount of coverage and protection you get. Erie assigns a dedicated representative to each policyholder to ensure that your point of contact knows who you are and what your needs typically entail. The companies included here represent the best combination of cost, ease of use, coverage, and customer support. Not only is renter’s insurance important to protect your valuable personal belongings, but it is also a requirement in many modern apartment complexes. Renter’s insurance offered by Travelers Insurance Company offers one of the best additional living expenses coverage on the market should you not be able to live in your apartment for a time due to a covered loss. $1,500). You may be able to purchase a separate rider that would allow you to increase coverage limits. Liberty Mutual is another top option for renters insurance in Connecticut at a price you can afford. There is also a claim-free discount if you have not filed a claim for five years or more. These options might not be the best for everyone, especially if you can get a multi-policy discount with your current insurance … We looked for the best renters insurance companies in the country by first examining … Policy estimates are around $15 per month, on average. AM Best. Monthly rates can range from $15-$20 a month. MetLife offers customer service support 24 hours a day, seven days a week. Learn more about how we review products and read our advertiser disclosure for how we make money. Standard policies include liability coverage, personal property, medical payments, and additional living expenses. In 2020, Liberty Mutual Insurance has an “A” Excellent rating from AM Best.. There is also a comprehensive line of policy options, including coverage for your high-dollar valuable such as jewelry and coverage for sewage/water backup. Doubling liability doesn't affect premium costs the same way that doubling personal property protection does. You can also save through multipolicy discounts. The policy also covers electronic up to $5,000 and up to $1,500 for business property kept in your apartment. While Erie Insurance doesn't offer as much in geographic range (only available in Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, Wisconsin and Washington, D.C.), it does offer excellent customer service if you need to file a claim or have questions about your policy. Accessed December 16, 2020. The policies are affordable and comprehensive, and the companies are well-established in the insurance industry. “But it will cover your belongings in the event of theft, fire and other disasters.” Here’s a look at who does a good job offering the best renters insurance: Top 10 Best Renters Insurance Companies How We Chose the Rental Insurance Companies. For our comparison, we considered price, coverage standards and limits, customer service, and claims processing to find the best companies. Farmers Insurance also received a 4.5 out of 5-star rating in the areas of value for the price, claims processing, and customer service.. You can also get additional coverage for expensive personal items such as jewelry, computers, or electronics; and an option for replacement cost coverage, meaning the insurance company will pay to replace the damaged property with the same materials and quality without any deductions for depreciation. Farmers has an A, excellent rating with AM Best, a signal of its financial strength and operating ability. Customer service is available seven days a week if you have questions about your policy or need help with making a claim. Power & Associates customer satisfaction survey. Best for Variety of Choice: Heaton Bennett Insurance Heaton Bennett has the power of variety on its side, with more than 40 insurance partners, … For example, if someone were to break into your apartment and steal your valuables, renters insurance would cover the cost of replacing those items rather than requiring you to replace them out of pocket. Coverage, pricing and details vary in some states, as can discount rates. Explore Insurance. Get customized insurance for as low as $5 per month, Discount availability varies from state to state. Discounts are available when you combine policies with Erie and there are over 13,000 agents available to help. While other insurers might take weeks to resolve a claim, Lemonade says … Covered events include tornadoes, hail, fire, theft, and vandalism. State Farmoffers renters insurance coverage in every state throughout the U.S., which makes it a great option for renters in rural areas or areas that are underserved by other companies. Note that premium costs may decrease with a higher deductible. "AM Best Revises Outlooks to Stable for Nationwide Mutual Insurance Co. and Its P/C Subsidiaries; Affirms Ratings for Affiliates" Accessed December 16, 2020, A.M. Best. The average cost of renters insurance premiums is $180 per year. Prices may increase based on how much liability or personal property coverage you choose to include. If you're running a home business or side gig and you want to make sure things like computers, cameras, or other business equipment and supplies are protected. Average rating for customer satisfaction with claims, according to J.D. The differentiators may boil down to price, discounts, customer service and how easy it is to file a claim. Accessed December 15, 2020, S&P Global. Renters insurance policies are customizable and you can choose from basic coverage, which includes liability and covers up to $10,000 in personal property, a standard plan if you have a little more personal property to cover ($20,000), or a premium policy if you have more expensive items to cover. Renters insurance protects you and your possessions when you rent a place to live. Accessed December 15, 2020. … Optional coverage is also available for securities, including stamps and deed documents. Then, narrow down your search to the company that best fits your needs. Some states base insurance rates for renters on credit history, though not all do. Insurance Information Institute, Inc. “Facts + Statistics: Renters Insurance | III.” Accessed December 26, 2020. Investopedia requires writers to use primary sources to support their work. Coverage is offered in 12 states and Washington, D.C. 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