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.
- 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
- 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
- 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
- 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
- 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
- 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