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5 Best Renters Insurance Plans Compared for 2024

Updated on by Matthew H. Nash – Licensed Insurance Agent

Buying renters insurance for your apartment, home, or college dorm room can be daunting. As a lifelong renter and a nationally licensed insurance agent, I understand the frustration when trying to determine the best renters insurance policy. Use my extensive experience and research below to make the most informed decision.

the swiftest renters insurance
lemonade
4.9
  • SwiftScore
      Our SwiftScore is a unique and proprietary insurance ranking system objectively comparing key metrics which are most important to renters. Learn more at the end of this page.

STANDARD PLAN
COST

$6.84/mo

PROPERTY
COVERAGE

$15,000

LIABILITY
 COVERAGE

$100,000

  • Lemonade has the best all-around renters insurance policy at the most affordable rates. Bundle with pet insurance and save 10%
  • Their user experience is world-class and it’s easy to get support from their award-winning customer service team
  • Founded in 2015 as a certified B Corp, Lemonade donates unclaimed premium dollars to nonprofit organizations selected by policyholders
4.5
  • SwiftScore
      Our SwiftScore is a unique and proprietary insurance ranking system objectively comparing key metrics which are most important to renters. Learn more at the end of this page.

STANDARD PLAN
COST

$12.50/mo

PROPERTY
COVERAGE

$15,000

LIABILITY
 COVERAGE

$100,000

  • In the event of a covered loss, Liberty Mutual covers the repairs or replacement of damaged items with a brand new item
  • They also cover college dorms – the coverage is the same as what you’d get if you were to live in an apartment building
  • Founded in 1912 and underwritten by Liberty Mutual Insurance Company
4.3
  • SwiftScore
      Our SwiftScore is a unique and proprietary insurance ranking system objectively comparing key metrics which are most important to renters. Learn more at the end of this page.

STANDARD PLAN
COST

$12.60/mo

PROPERTY
COVERAGE

$15,000

LIABILITY
 COVERAGE

$100,000

  • American Family Insurance has a high claims satisfaction rating
  • You can get coverage via their network of local agents or purchase a policy on their website
  • Founded in 1927 and underwritten by American Family Connect Property and Casualty Insurance Company
4.0
  • SwiftScore
      Our SwiftScore is a unique and proprietary insurance ranking system objectively comparing key metrics which are most important to renters. Learn more at the end of this page.

STANDARD PLAN
COST

$18.03/mo

PROPERTY
COVERAGE

$15,000

LIABILITY
COVERAGE

$100,000

  • Bundle renters insurance and save an average of 3% on auto insurance
  • Progressive covers your belongings whether they’re in your apartment, backseat, or storage locker
  • Founded in 1937 and underwritten by Progressive Casualty Insurance Company
3.8
  • SwiftScore
      Our SwiftScore is a unique and proprietary insurance ranking system objectively comparing key metrics which are most important to renters. Learn more at the end of this page.

STANDARD PLAN
COST

$13.80/mo

PROPERTY
COVERAGE

$15,000

LIABILITY
 COVERAGE

$100,000

  • Farmers renters insurance (like all the others on our list) covers your personal property and liability while you’re renting a home or apartment
  • They offer discounts for multiple policies. If you add-on safety features you can lower your premium
  • Founded in 1928 and underwritten by Farmers Insurance Exchange

lemonade
4.9
  • SwiftScore
      Our SwiftScore is a unique and proprietary insurance ranking system objectively comparing key metrics which are most important to renters. Learn more at the end of this page.

STANDARD PLAN
COST

$6.84/mo

PROPERTY
COVERAGE

$15,000

LIABILITY
 COVERAGE

$100,000

  • Lemonade has the best all-around renters insurance policy at the most affordable rates
  • Their user experience is world-class and it’s easy to get support from their award-winning customer service team
  • Founded in 2015 as a certified B Corp, Lemonade donates unclaimed premium dollars to nonprofit organizations selected by policyholders

SwiftScore Ranking Methodology

We ranked more than 5 of the best renters insurance policies based on a variety of important factors including the following:

  • Average monthly premium price for $15,000 in property coverage, $100,000 liability coverage for an apartment building resident living in 90210 zip code
  • Coverage and benefits
  • AM Best rating of the underwriter
  • Key policy details including claims satisfaction, user experience of app (if applicable), and flexibility of coverage as well as other factors
  • Ease of sign up
  • Policy language clarity
  • User reviews