If you rent your home, renters insurance can cover your belongings from damage, loss or theft and protect you if a visitor gets hurt in your apartment or if you damage their property.
More Americans are buying renters insurance and a growing number of landlords require it: Some 55% of renters had a policy, according to the Insurance Information Institute, compared to 36% in 2014.
CNBC Select has picked the best companies for renters insurance, based on cost, coverage and more. (See our methodology for more on how we made our selections.)
Shop for renters insurance
Best renters insurance companies
Best for low rates: Liberty Mutual
Liberty Mutual Renters Insurance
Availability
Liberty Mutual renters insurance is available in every state except Alaska, California, North Dakota, South Dakota and Wyoming.
Coverage limits
Personal property coverage: $5,000 and up, personal liability: $1 million, medical payments: $5,000, loss of use: $5,000
Deductible
$100 to $5,000
Add-ons
Replacement cost coverage, blanket jewelry coverage, earthquake damage, identity theft
Pros
- Discounts for bundling, remaining claims-free, autopay and more
- Earthquake coverage and blanket jewelry coverage available
Cons
- Not available in all states
- Below-average ranking for customer satisfaction on J.D. Power survey
- Replacement cost coverage is not standard
Who's this for? Liberty Mutual advertises renters insurance for as little as $5 a month. And if you use Liberty Mutual for your auto insurance, you can qualify for a bundling discount, too.
Standout benefits: Renters can upgrade their policy to replacement cost coverage, which pays out enough to replace lost items with brand-new ones. You can also add blanket jewelry protection, so you don't have to appraise each piece individually.
Best for fast claims approval: Lemonade
Lemonade Renter's Insurance
Availability
Lemonade renters insurance is available in 28 states and Washington, D.C.
Coverage limits
Personal property coverage: $250,000, personal liability: $500,000, medical payments: $500,000, loss of use: $200,000
Deductible
$250 to $2,500
Add-ons
Extra coverage for jewelry and other valuables, no-deductible claims, coverage for accidental damage and mysterious loss
Terms apply.
Pros
- Speedy claims processing
- Reimburses based on replacement cost value
- Highly ranked for customer satisfaction on J.D. Power survey
Cons
- Only available in about half of U.S. states
- High volume of complaints filed with NAIC
Who's this for? Digital-first brand Lemonade has an intuitive website that means you can enroll in just 90 seconds and get a claim paid in as little as three minutes.
Standout benefit: Lemonade offers replacement cost coverage standard with all policies, with the option to add water backup and equipment breakdown protection.
Best for discounts: Progressive
Progressive Renters Insurance
Availability
Progressive renters insurance is available in all 50 states and Washington, D.C.
Coverage limits
Personal property: $100,000, personal liability: $500,000, medical payments: $5,000, loss of use: $20,000
Deductible
$250-$2,500
Add-ons
Personal injury, water and sewer backup
Pros
- Available nationwide
- Discounts for bundling, gated communities, going paperless and more
- Highly ranked for customer satisfaction in J.D. Power survey
Cons
- May not cover certain dog breeds
- Some policies underwritten by third party
Who's this for? Progressive has several ways for renters to save, including discounts for bundling, for going paperless and for paying your annual premium upfront.
Standout benefits: If you bundle Progressive auto and renters policies, you may only have to pay a single deductible if you experience a loss covered by both plans. If your car is stolen and your laptop was in the trunk, for example, you'd only have to meet one deductible.
Best for customer service: Amica
Amica Renters Essentials® Insurance
Availability
Amica renters insurance is available nationwide except for Alaska and Hawaii.
Coverage limits
Personal property: $100,000, personal liability: $300,000, medical payments: $5,000, loss of use: $30,000
Deductible
$500 or $1,000
Add-ons
Replacement cost coverage, identity theft, electronics, high-end items
Pros
- Highly ranked for customer satisfaction on J.D. Power survey
- Bundling discount available
- Some renters policies are eligible for dividends
Cons
- Not available in Hawaii or Alaska
Who's this for? Amica is one of the highest-ranked insurers on J.D. Power's 2024 renters insurance survey and earned an A+ from the Better Business Bureau. The company has an easy-to-use website and mobile app, with live agents available by phone or web chat on nights and weekends.
Standout benefit: Renters can earn credits worth up to $500 that can be applied to a future homeowners or condo insurance policy with Amica.
Best for military members and veterans: USAA
USAA Renters Insurance
Availability
USAA renters insurance is available in all 50 states and Washington, D.C.
Coverage limits
Not available
Deductible
Not available
Add-ons
Electronics, high-value items
Pros
- items covered for replacement cost value
- Standard policy includes flood and earthquake damage
- Scored well above average for customer satisfaction on J.D. Power survey
- Discount if you live on base, in barracks or military dorm
Cons
- Only available to military families
Who's this for? Available to current and former service members, USAA renters policies can cost as little as $10 a month. If you have high-value items, you can get Valuable Personal Property (VPP) coverage for just $2 more.
Standout benefits: Unlike other insurers, USAA renters policies automatically cover belongings damaged by flooding or earthquakes.
What does renters insurance cover?
While homeowners insurance covers damages to the physical dwelling, renters insurance protects your belongings, including clothes, furniture and electronics.
In many cases, your policy is in force even when you're not at home: If your laptop is stolen from a hotel room, for example, you may be covered.
| Coverage | What is does it do? |
|---|---|
| Personal property | Reimburses the cost to repair or replace clothes, furniture, electronics and other possessions that have been damaged or stolen. |
| Liability | Pays for medical expenses or repairs if you are held responsible for damages or injuries to someone else. |
| Additional living expenses | Pays for accomodations, meals and other expenses if you are forced to temporarily relocate. Also known as "loss of use" coverage. |
What isn't covered by renters insurance?
Renters insurance typically doesn't pay out for damages caused by flooding, earthquakes or other natural disasters, nor does it protect your possessions from pests, mold or normal wear and tear.
Physical damage to the property is also not covered and your roommate's stuff won't be protected unless you add them to your plan. While a policy can protect your belongings if they're taken from your car, that doesn't extend to the vehicle itself.
Like all insurance, renters insurance comes with coverage limits: If you have a high-value bike, camera equipment or other items that exceed your limit, you'll need to get extra coverage.
How much is renters insurance?
The average cost of a renters insurance policy is about $14 a month or $170 a year, according to the most recent data from the Insurance Information Institute.
That's a national average, however, and rates can vary greatly depending on where you live: In New York state, for example, renters insurance averages $25 per month for $50,000 worth of personal property protection, according to the New York State Department of Financial Services.
Your specific rate will also depend on the size of your home, the value of your belongings, your claims history and credit score, as well as the coverage limits and deductibles you choose and any add-ons you select.
How to save on renters insurance
Renters insurance is generally affordable to begin with, but there are always ways to pay less.
Ask about discounts: Getting renters insurance from the same provider you have auto insurance or another policy can earn you a discount. Many insurers also offer rate reductions for renters who pay their premiums in whole up front, who haven't filed a claim in a certain timeframe or for installing safety and security devices.
Raise your deductible: A higher deductible usually means lower monthly premiums. Just be sure you can afford the additional out-of-pocket cost if you have to file a claim.
Select actual cash value over replacement cost: A policy that offers replacement cost will pay out more, but it will also cost more. If you live modestly, ACV may be enough to replace lost items.
Improve your credit score: Insurers in most states are allowed to consider your credit history when deciding on approvals and rates. Paying your bills on time and in full can boost your credit score significantly. And be sure to check your credit reports for errors or fraud.
Shop for the best rate: Every insurance company considers applicants differently, so get rate quotes from at least three providers available in your area. Make sure they offer the same amount of coverage so you can accurately compare prices.
More on our top renters insurance companies
Liberty Mutual
Liberty Mutual allows renters to choose a deductible as low as $100 or as high as $5,000, which can allow you to keep premiums down. Although you can't schedule additional coverage for high-value items, you can add coverage for identity theft, earthquakes and replacement cost value.
Availability: Liberty Mutual renters insurance is available in every state except Alaska, California, North Dakota, South Dakota and Wyoming.
J.D. Power customer satisfaction ranking:Â Well below average
NAIC complaint index:Â Far more complaints than expected
Lemonade
Launched in 2015, insurtech company Lemonade was ranked third in J.D. Power's 2024 renter insurance study. Unused premiums are donated to nonprofits chosen by policyholders.
Availability: Lemonade renters insurance is available in 28 states and Washington, D.C.
J.D. Power customer satisfaction ranking:Â Well above average
NAIC complaint index:Â Fewer complaints than expected
Progressive
Progressive offers 24/7 customer service by phone or by using the Flo online chatbot. Depending on where you live, your renters insurance policy may be underwritten by Progressive Home or from Homesite, a third-party company.
Availability: Progressive renters insurance is available in all 50 states and Washington, D.C.
J.D. Power customer satisfaction ranking:Â Well below average
NAIC complaint index:Â Fewer complaints than expected
Amica
Founded in 1907, Amica offers auto, home, renters, life, small business, pet and flood insurance. Depending on what state you live in, Amica may offer dividend policies with returns up to 20% of your annual premiums.
Availability: Amica renters insurance is available nationwide except for Alaska and Hawaii.
J.D. Power customer satisfaction ranking:Â Well above average
NAIC complaint index:Â Fewer complaints than expected
USAA
Available exclusively to military families, USAA renters policies pay out based on the replacement cost of your damaged items, not their actual cost value. Flood and earthquake coverage comes standard and there is no deductible if your uniform or equipment is damaged in a covered claim.
Availability: USAA renters insurance is available in all 50 states and Washington, D.C.
J.D. Power customer satisfaction ranking:Â Well above average
NAIC complaint index:Â Fewer complaints than expected
Renters insurance FAQs
Am I required to get renters insurance?
While there are no state or federal laws mandating renters insurance, many landlords require tenants to take out a policy and show proof of insurance before moving in.
How do you file a renters insurance claim?
The process for filing a renters insurance claim varies by company but, typically, you'll need to reach out to your provider with your policy number and photos and other documentation of the damage. If items were stolen, you may need to file a police report.
Does renters insurance cover bed bugs?
A standard renters insurance policy won't cover bed bugs or other pests because they're considered a maintenance issue and not an unexpected event. Depending on where you live, however, your landlord may be responsible for paying for an exterminator or reimbursing you for losses.
Is renters insurance worth it?
A renters policy can be a lifesaver in the event of a disaster or robbery. Your landlord's insurance policy only covers the building itself, not your belongings or the cost of a hotel room if you're displaced. Replacing just a few possessions after a fire could be more expensive than your annual premiums.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every renters insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
CNBC Select analyzed top U.S. insurance companies that offer renters insurance, focusing on the following features:
- Cost: While premiums depend on coverage limits and deductibles, we rewarded insurers with lower base rates and discounts for renters insurance.
- Coverage options: We weighed companies more heavily if they offered replacement cost (either standard or an add-on) and noted if coverage for high-value items was available
- Availability: We noted providers with broader nationwide availability.
- Digital presence: All of the companies on our list allow you to apply for coverage and file claims online. We also considered whether a provider had a mobile app.
- Customer service:Â We considered a company's ranking on the J.D. Power U.S. renters insurance survey and the volume of complaints with the National Association of Insurance Commissioners.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Our recommendations are organized by best for low rates, for quick claims approval, for discounts, for customer service and for military families.
Premiums and policy structures cited for renters insurance may change according to company policy.
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