Home Home insurance Renters Insurance Best renters insurance companies: 2018 Best renters insurance companies: 2018 Written by: Mark Vallet Mark Vallet Mark is a freelance journalist and analyst with over 15 years of experience covering the insurance industry. | Reviewed by: Penny Gusner Penny Gusner Penny is an expert on insurance procedures, rates, policies and claims. She has extensive knowledge of all major insurance lines -- auto, homeowners, life and health insurance. She has been answering consumers’ questions as an analyst for more than 15 years and has been featured in numerous major media outlets, including the Washington Post and Kiplinger’s. | Updated on November 9, 2018 Why you should trust Insure.com Quality Verified At Insure.com, we are committed to providing honest and reliable information so that you can make the best financial decisions for you and your family. All of our content is written and reviewed by industry professionals and insurance experts. We maintain strict editorial independence from insurance companies to maintain editorial integrity, so our recommendations are unbiased and are based on a comprehensive list of criteria. When it comes to renters insurance, USAA, Chubb, Allstate, AIG and Esurance are top of the heap according to Insure.com’s recent customer survey ranking the best renters insurance companies. Customer survey 2018: Best renters insurance companies 1. USAA — 90.382. Chubb (ACE INA Group / Ace Limited) — 89.753. Allstate — 88.344. AIG (American International Group) — 88.225. Esurance — 86.936. Progressive — 86.627. Liberty Mutual — 86.168. American Family — 85.929. Hartford — 85.7910. Erie — 85.5011. Farmers — 85.4712. Nationwide — 85.1313. State Farm — 84.7014. Safeco — 83.7515. Travelers — 81.89 Insure.com commissioned a survey of more than 3,700 insurance customers nationwide and analyzed customer ratings for 15 leading companies in the rental, home and condo insurance category. Only current customers of the insurers on our lists were surveyed. We examined six factors: Value for the price Customer service Claim satisfaction Website and app ease of use Recommendation – How likely a customer is to recommend their insurer Renewal – How likely they are to renew with the same insurer Key Takeaways Factors considered while ranking renters insurance company: Value for the price, customer service, claim satisfaction, website and app ease of use plus those who would recommend the company and who would renew. USAA and Chubb topped the list of best companies for rental insurance. Louisiana’s Rates for renters insurance are the highest, at $719 a year. Colorado’s are the lowest, at $103. Based on the coverage level $40,000 for personal property, a $1,000 deductible and $100,000 of liability protection. To make sure you’re getting best price for your renters insurance coverage be sure to shop around and then check the reviews of the cheapest companies. Who has the best renters insurance? USAA was the overall No. 1 ranked renters insurance company. USAA consistently ranks at the top of customer satisfaction surveys (they topped the latest J.D. Power survey as well). Unfortunately, unless you are a military family or direct relative of a military member, USAA is not available to you. Luckily, there are plenty of other insurance companies that ranked very well in our survey. Renters insurance is a very affordable protection that is often overlooked. According to a 2015 Insurance Information Institute (III) poll, only 40 percent of renters had a renters insurance policy in place, compared to 95 percent of homeowners who carry homeowners insurance. A Rent.com survey found that younger renters were even more likely to ignore the need for protection with 72 percent of renters under 25 years old foregoing a policy. Older renters were slightly better with 51 percent carrying a policy. This can be a major mistake, as severe weather, a fire, or even an upstairs neighbors overflowing tub can cause major damage to all of your possessions. If you are uninsured, you will be on the hook to replace all of your property. “Renters insurance may be the most overlooked, yet necessary, insurance coverage type. Renters often make the false assumption that, since they don’t own the property, they don’t need insurance. However, many renters keep some of their most valuable assets, such as jewelry, furniture, musical instruments, computers, and clothing in their rented space,” advises Kent Thune, insurance analyst with FitSmallBusiness.com. Replacing your property isn’t the only protection that renters insurance brings to the table. Liability protection is another major benefit of renters insurance. “Renters need liability protection for personal situations, such as getting into an argument with someone, or a guest tripping and falling warns Scott Johnson with Marindependent Insurance Services in Marin County, California.”While many renters think they can’t be sued because they don’t own a house, this is completely untrue. Because many renters are saving money to buy a house and have assets sitting in a bank, they actually need liability insurance even more than many homeowners.” How much is renters insurance a month? Rates for renters insurance have been fairly stable for a number of years and it is a real bargain right now. Rates vary based on coverage amounts, the renter’s credit history, and where they call home but based on an Insure.com rate analysis, the national average for a renters policy is a very affordable $197 a year or roughly $17 a month. Prices in South Carolina, Pennsylvania and Hawaii are about average. Louisiana’s are the highest, at $719 a year. Colorado’s are the lowest, at $103. These figures are based on coverage levels of $40,000 for personal property, a $1,000 deductible and $100,000 of liability protection. Best renters insurance value for the price Our survey found the following insurers were the best value for the price: Chubb (ACE INA Group / Ace Limited) USAA AIG (American International Group) Esurance Allstate In addition to claiming the top five spots for value, these five insurers are also the top five overall, making them a great choice for renters coverage. QuickTake Renters insurance quotes: Compare rates Are landlords responsible for tree damage to your car? How renters insurance works for pit bulls Flood insurance for renters - A complete guide How often should you shop around for renters insurance? How much does renters insurance cost? Does renters insurance cover a bike theft? What does renters insurance cover? Ten ways to save on your renters insurance See more > Finding the best renters insurance companies While pricing is always important, it is never a good idea to shop for renters insurance (or any insurance for that matter) on price alone. A cheap policy quickly becomes useless if you have trouble making a claim or contacting someone in customer service. When searching for the best renters insurance company be sure to examine all of the factors. While Erie just missed the top five (it was number six) when it came to pricing, it dropped all the way down to number 14 in the claim process rankings and number 11 in customer service. Look for an insurer that scores well on all three factors we examined. Shopping your coverage on a regular basis can help ensure you are getting the best coverage at the best price. While pricing in the renters insurance market is fairly stable, insurance companies rate risk differently which can result in dramatically different premium quotes. Bundling and discounts are another option to help lower your premium. Renters insurance is often bundled with auto insurance. Grab as many other discounts as possible to push down your rates. According to J.D. Power, roughly 81 percent of renters insurance customers received some type of discount on their policy. Average cost of renters insurance: Renters insurance quotes by company for each state Insure.com commissioned Quadrant Information Systems to provide renters insurance rates for nearly every ZIP code in the country from up to six major insurers. The applicant profile is of a married, 35-year-old who has filed no claims in five years. Coverage includes medical payments coverage of $5,000, contents replacement at replacement value and loss of use at 10 percent of personal property limit. For coverage of $20,000 for personal property, with a $1,000 deductible and $100,000 in liability protection, you can see how major insurers compare on price. Enter your state in the search field to see what you can expect to pay in your location. StateCompanyAverage annual rateAlaskaAllstate$76AlaskaUSAA$98AlaskaState Farm$115AlabamaUSAA$132AlabamaTravelers$165AlabamaAlfa Mutual$166AlabamaState Farm$184AlabamaAllstate$185ArkansasTravelers$128ArkansasState Farm$164ArkansasFarmers$279ArkansasFarm Bureau $295ArizonaUSAA$51ArizonaTravelers$125ArizonaState Farm$150ArizonaAmerican Family$150CaliforniaAllstate$133CaliforniaMercury$143CaliforniaTravelers $166CaliforniaState Farm $172CaliforniaFarmers$287ColoradoUSAA$51ColoradoAmerican Family$77ColoradoState Farm$125ColoradoTravelers$125ConnecticutAllstate$100ConnecticutAmica$111ConnecticutTravelers$127ConnecticutState Farm$127DCUSAA$47DCState Farm$121DCAllstate$124DCChubb$127DCTravelers$133DelawareUSAA$48DelawareState Farm$116DelawareTravelers$125DelawareAllstate$129DelawareNationwide$262FloridaTravelers$150FloridaAllstate$215FloridaState Farm$224FloridaUSAA$246FloridaUniversal $269FloridaFlorida Peninsula $337FloridaUnited $443GeorgiaUSAA$60GeorgiaState Farm$115GeorgiaCountry $118GeorgiaTravelers$126GeorgiaGeorgia Farm Bureau $136GeorgiaAllstate$196HawaiiState Farm$115HawaiiAllstate$137HawaiiFirst Fire & Casualty$150HawaiiUSAA$176IowaAllied $88IowaFarm Bureau$91IowaAmerican Family$103IowaState Farm$115IowaTravelers$125IdahoAllstate$98IdahoState Farm$115IdahoFarmers$131IdahoAmerican Family$133IdahoFarm Bureau$154IllinoisState Farm$115IllinoisAmerican Family$116IllinoisAllstate$130IllinoisTravelers$139IndianaErie$116IndianaState Farm$119IndianaTravelers$125IndianaAllstate$153IndianaAmerican Family$159IndianaUnited Farm Family Mut Ins Co$163KansasFarm Bureau Prop & Cas Ins Co$92KansasAmerican Family$108KansasState Farm$115KansasTravelers$125KentuckyCincinnati Ins Co$81KentuckyNationwide$113KentuckyTravelers$125KentuckyState Farm$141KentuckyKentucky Farm Bureau$151LouisianaASI Lloyds$163LouisianaState Farm$205LouisianaAllstate$280LouisianaLouisiana Farm Bureau $359MassachusettsMerrimack Mut Fire Ins Co$112MassachusettsState Farm$115MassachusettsTravelers$117MassachusettsArbella$131MassachusettsCitation Ins Co$161MarylandUSAA$101MarylandState Farm$143MarylandTravelers$188MarylandAllstate$203MarylandErie$326MaineConcord $61MainePatrons Oxford$76MaineAllstate$99MaineState Farm$115MaineTravelers$125MaineYork $188MichiganHome Owners $102MichiganMembers Select$172MichiganCitizens$179MichiganFarm Bureau $181MichiganState Farm$189MichiganAllstate$218MinnesotaAuto Club $69MinnesotaState Farm$101MinnesotaAmerican Family$104MinnesotaTravelers$125MissouriShelter $116MissouriState Farm$123MissouriAmerican Family$140MissouriTravelers$149MissouriAuto Club $204MissouriFarmers Ins Exch$239MississippiTravelers$138MississippiNationwide$199MississippiState Farm$202MississippiMississippi Farm Bureau$252MississippiAllstate$306MontanaUSAA$61MontanaState Farm$115MontanaTravelers$125MontanaTrinity Universal$185North CarolinaNorth Carolina Farm Bureau$91North CarolinaTravelers$106North CarolinaErie$109North CarolinaState Farm$125North CarolinaNationwide Mut Ins Co$136North DakotaAmerican Family$47North DakotaNodak Mut Ins Co$60North DakotaState Farm$93North DakotaFarmers$126NebraskaAmerican Family$92NebraskaState Farm$100NebraskaFarm Bureau $110NebraskaTravelers$125NebraskaFarmers$157New HampshireAmica$85New HampshireConcord $87New HampshireVermont Mutual$100New HampshireState Farm$115New HampshireTravelers$125New JerseyChubb$97New JerseyAllstate$113New JerseyState Farm$125New JerseyTravelers$130New MexicoUSAA$100New MexicoState Farm$150New MexicoTravelers$189NevadaAmerican Family$121NevadaTravelers$125NevadaState Farm$130NevadaUSAA$131New YorkNew York Central$91New YorkState Farm$125New YorkAllstate$126OhioCincinnati Ins Co$82OhioErie$83OhioTravelers $125OhioState Farm$147OhioAmerican Family$189OhioNationwide$191OklahomaUSAA$57OklahomaTravelers$128OklahomaShelter$155OklahomaState Farm$157OregonState Farm$119OregonAmerican Family$119OregonFarmers$122OregonTravelers$125PennsylvaniaErie$71PennsylvaniaAllstate$113PennsylvaniaState Farm$118PennsylvaniaTravelers$126PennsylvaniaNationwide$266Rhode IslandAmica$94Rhode IslandMetropolitan$135Rhode IslandAllstate$143Rhode IslandState Farm$148Rhode IslandTravelers$182Rhode IslandNationwide$355South CarolinaUSAA$107South CarolinaSouth Carolina Farm Bureau$136South CarolinaTravelers$141South CarolinaState Farm$143South CarolinaAllstate$143South DakotaAmerican Family$55South DakotaAllstate$80South DakotaState Farm$85South DakotaTravelers $125South DakotaFarmers$156TennesseeUSAA$90TennesseeAuto Owners$108TennesseeTravelers $126TennesseeState Farm$160TennesseeTennessee Farmers $354TexasUSAA$110TexasTravelers$131TexasState Farm $187TexasAllstate$405UtahTravelers$66UtahAmerican Family$110UtahBear River Mut Ins Co$121UtahState Farm$125UtahFarmers$131VirginiaUSAA$45VirginiaErie$86VirginiaAllstate$95VirginiaState Farm$116VirginiaTravelers$125VirginiaFarmers $152VirginiaNationwide$200VermontConcord$50VermontCo Operative Insurance$100VermontUnion$100VermontVermont Mutual$100VermontState Farm$115VermontTravelers Pr$125WashingtonPemco $81WashingtonAmerican Family$112WashingtonUSAA$116WashingtonState Farm$125WashingtonTravelers$125WashingtonFarmers $152WisconsinWest Bend $82WisconsinAuto Owners $90WisconsinAmerican Family$105WisconsinState Farm$115WisconsinTravelers$126West VirginiaState Farm$125West VirginiaErie$127West VirginiaAllstate$137West VirginiaState Farm$153West VirginiaNationwide$349WyomingState Farm$125 For coverage of $40,000 for personal property, with a $1,000 deductible and $100,000 in liability protection, you can see how major insurers compare on price. Enter your state in the search field to see what you can expect to pay in your location. StateCompanyAverage annual rateAlaskaAllstate$108AlaskaState Farm$115AlaskaUSAA$126AlabamaUSAA$193AlabamaAlfa Mutual$215AlabamaTravelers$233AlabamaState Farm$241AlabamaAllstate$284ArkansasTravelers$175ArkansasState Farm$220ArkansasFarmers$351ArkansasFarm Bureau$533ArizonaUSAA$67ArizonaTravelers$125ArizonaState Farm$153ArizonaAmerican Family$218CaliforniaMercury$191CaliforniaAllstate$200CaliforniaTravelers$221CaliforniaState Farm$245CaliforniaFarmers$363ColoradoUSAA$69ColoradoAmerican Family$104ColoradoTravelers$125ColoradoState Farm$126ConnecticutTravelers$159ConnecticutAllstate$159ConnecticutState Farm$163ConnecticutAmica$177DCUSAA$64DCState Farm$152DCChubb$202DCTravelers$202DCAllstate$212DelawareUSAA$64DelawareTravelers$143DelawareState Farm$146DelawareAllstate$205DelawareNationwide$383FloridaTravelers$239FloridaState Farm$288FloridaUSAA$338FloridaAllstate$375FloridaFlorida Peninsula$397FloridaUniversal$482FloridaUnited$630GeorgiaUSAA$86GeorgiaState Farm$115GeorgiaTravelers$146GeorgiaCountry Mutual$179GeorgiaGeorgia Farm Bureau$238GeorgiaAllstate$339HawaiiState Farm$115HawaiiFirst Fire$199HawaiiAllstate$218HawaiiUSAA$264IowaAllied$93IowaState Farm$117IowaTravelers$127IowaFarm Bureau$129IowaAmerican Family$141IdahoState Farm$129IdahoAllstate$141IdahoFarmers$159IdahoAmerican Family$169IdahoFarm Bureau$197IllinoisState Farm$148IllinoisAmerican Family$155IllinoisAllstate$161IllinoisTravelers$204IndianaState Farm$142IndianaTravelers$142IndianaErie$179IndianaAllstate$218IndianaAmerican Family$233IndianaUnited Farm Family$246KansasTravelers$125KansasState Farm$132KansasFarm Bureau$138KansasAmerican Family$181KentuckyCincinnati$113KentuckyTravelers$138KentuckyNationwide$184KentuckyState Farm$184KentuckyKentucky Farm$209LouisianaASI Lloyds$377LouisianaState Farm$455LouisianaAllstate$542MassachusettsState Farm$131MassachusettsTravelers$190MassachusettsMerrimack$206MassachusettsArbella$227MassachusettsCitation$274MarylandUSAA$141MarylandState Farm$188MarylandTravelers$241MarylandAllstate$299MarylandErie$448MainePatrons Oxford$76MaineConcord$102MaineState Farm$116MaineTravelers$142MaineAllstate$162MaineYork$322MichiganHome Owners$127MichiganState Farm$248MichiganMembers Select$270MichiganFarm Bureau$273MichiganCitizens$280MichiganAllstate$319MinnesotaAuto Club$97MinnesotaState Farm$127MinnesotaTravelers$129MinnesotaAmerican Family$140MissouriState Farm$156MissouriShelter$168MissouriAmerican Family$196MissouriTravelers$211MissouriFarmers$298MissouriAuto Club$306MississippiTravelers$175MississippiState Farm$265MississippiNationwide$342MississippiAllstate$433MississippiMississippi Farm Bureau$446MontanaUSAA$82MontanaTravelers$125MontanaState Farm$131MontanaTrinity Universal$212North CarolinaNorth Carolina Farm Bureau$159North CarolinaErie$187North CarolinaTravelers$196North CarolinaState Farm$232North CarolinaNationwide$250North DakotaAmerican Family$60North DakotaState Farm$93North DakotaNodak$111North DakotaFarmers$174NebraskaAmerican Family$124NebraskaTravelers$125NebraskaState Farm$126NebraskaFarm Bureau$142NebraskaFarmers$224New HampshireVermont Mutual$100New HampshireAmica$105New HampshireTravelers$125New HampshireState Farm$126New HampshireConcord$145New JerseyState Farm$126New JerseyTravelers$146New JerseyChubb$159New JerseyAllstate$178New MexicoUSAA$129New MexicoState Farm$150New MexicoTravelers$259NevadaTravelers$125NevadaAmerican Family$164NevadaState Farm$166NevadaUSAA$172New YorkState Farm$129New YorkNew York Central$150New YorkAllstate$201OhioCincinnati$109OhioErie$113OhioTravelers Prop Cas Ins Co$138OhioState Farm$191OhioAmerican Family$268OhioNationwide$287OklahomaUSAA$80OregonTravelers$125OregonFarmers$129OregonState Farm$144OregonAmerican Family$160OklahomaTravelers$192OklahomaState Farm$204OklahomaShelter Mut Ins Co$244PennsylvaniaErie$112PennsylvaniaTravelers$136PennsylvaniaState Farm$138PennsylvaniaAllstate$182PennsylvaniaNationwide$394Rhode IslandAmica$139Rhode IslandState Farm$196Rhode IslandMetropolitan$224Rhode IslandAllstate$238Rhode IslandTravelers$299Rhode IslandNationwide$570South CarolinaUSAA$162South CarolinaState Farm$186South CarolinaSouth Carolina Farm Bureau$196South CarolinaTravelers$202South CarolinaAllstate$216South DakotaAmerican Family$75South DakotaState Farm$86South DakotaAllstate$119South DakotaTravelers$130South DakotaFarmers$223TennesseeUSAA$118TennesseeTravelers$160TennesseeAuto Owners$182TennesseeState Farm$208TennesseeTennessee Farmers$354TexasTravelers$151TexasUSAA$152TexasState Farm$307TexasAllstate$809UtahTravelers$82UtahState Farm$125UtahAmerican Family$146UtahBear River$153UtahFarmers$167VirginiaUSAA$65VirginiaState Farm$122VirginiaTravelers$126VirginiaErie$132VirginiaAllstate$149VirginiaFarmers$202VirginiaNationwide$292VermontConcord$64VermontVermont Mutual$100VermontState Farm$115VermontTravelers$125VermontCo Operative Insurance$132VermontUnion$147WashingtonPemco$122WashingtonState Farm$125WashingtonTravelers$125WashingtonUSAA$149WashingtonAmerican Family$154WashingtonFarmers$205WisconsinAuto Owners$107WisconsinWest Bend$108WisconsinState Farm$122WisconsinAmerican Family$138WisconsinTravelers$161West VirginiaState Farm$132West VirginiaErie$169West VirginiaState Farm$197West VirginiaAllstate$203West VirginiaNationwide$403WyomingState Farm$132 For coverage levels of $40,000 with a $1,000 deductible and $300,000 in liability, you’ll see that average renters rates are still very affordable. Enter your state in the search field to see how companies compare on price: StateCompanyAverage annual rateAlaskaState Farm$122AlaskaUSAA$136AlaskaAllstate$143AlabamaUSAA$209AlabamaAlfa Mutual$224AlabamaTravelers$243AlabamaState Farm$251AlabamaAllstate$315ArkansasTravelers$181ArkansasState Farm$228ArkansasFarmers$361ArkansasFarm Bureau$533ArizonaUSAA$73ArizonaTravelers$125ArizonaState Farm$161ArizonaAmerican Family$218CaliforniaMercury$216CaliforniaTravelers Commercial Ins Co$244CaliforniaAllstate$247CaliforniaState Farm Gen Ins Co$270CaliforniaFarmers$388ColoradoUSAA$76ColoradoAmerican Family$104ColoradoTravelers$125ColoradoState Farm$130ConnecticutTravelers$168ConnecticutState Farm$180ConnecticutAmica$181ConnecticutAllstate$194DCUSAA$70DCState Farm$162DCTravelers$204DCChubb$216DCAllstate$254DelawareUSAA$73DelawareTravelers$148DelawareState Farm$154DelawareAllstate$225DelawareNationwide$387FloridaTravelers$259FloridaState Farm$308FloridaUSAA$355FloridaAllstate$395FloridaFlorida Peninsula$412FloridaUniversal$500FloridaUnited$647GeorgiaUSAA$94GeorgiaState Farm$115GeorgiaTravelers$156GeorgiaCountry Mut Ins Co$190GeorgiaGeorgia Farm Bureau Mut Ins Co$245GeorgiaAllstate$359HawaiiState Farm$134HawaiiFirst Fire & Cas Ins Of HI Inc$211HawaiiAllstate$253HawaiiUSAA$281IowaAllied$99IowaState Farm$121IowaTravelers$130IowaFarm Bureau$139IowaAmerican Family$141IdahoState Farm$144IdahoFarmers$174IdahoAmerican Family$177IdahoAllstate$180IdahoFarm Bureau$236IllinoisAmerican Family$155IllinoisState Farm$158IllinoisAllstate$194IllinoisTravelers$216IndianaState Farm$150IndianaTravelers$150IndianaErie$191IndianaAmerican Family$233IndianaAllstate$239IndianaUnited Farm$251KansasTravelers$130KansasState Farm$142KansasFarm Bureau$143KansasAmerican Family$181KentuckyCincinnati$125KentuckyTravelers$145KentuckyNationwide$187KentuckyState Farm$194KentuckyKentucky Farm Bureau$215LouisianaASI Lloyds$218LouisianaAllstate$427LouisianaLouisiana Farm Bureau$557MassachusettsState Farm$148MassachusettsTravelers$197MassachusettsMerrimack$237MassachusettsCitation$274MassachusettsArbella$279MarylandUSAA$157MarylandState Farm$198MarylandTravelers$255MarylandAllstate$327MarylandErie$460MainePatrons Oxford$86MaineConcord$113MaineState Farm$119MaineTravelers$147MaineAllstate$182MaineYork Insurance$352MichiganHome Owners$132MichiganState Farm$263MichiganFarm Bureau$281MichiganMembers Select$282MichiganCitizens$289MichiganAllstate$358MinnesotaAuto Club$103MinnesotaState Farm$133MinnesotaTravelers$135MinnesotaAmerican Family$145MissouriState Farm$168MissouriShelter$183MissouriAmerican Family$196MissouriTravelers$231MissouriFarmers$310MissouriAuto Club$323MississippiTravelers$189MississippiState Farm$275MississippiNationwide$347MississippiMississippi Farm Bureau$452MississippiAllstate$463MontanaUSAA$86MontanaTravelers$125MontanaState Farm$146MontanaTrinity Universal$227North CarolinaNorth Carolina Farm Bureau$166North CarolinaErie$195North CarolinaTravelers$204North CarolinaState Farm$240North CarolinaNationwide$258North DakotaAmerican Family$60North DakotaState Farm$93North DakotaNodak$121North DakotaFarmers$184NebraskaAmerican Family$124NebraskaTravelers$125NebraskaState Farm$136NebraskaFarm Bureau$151NebraskaFarmers$228New HampshireVermont Mutual$100New HampshireAmica$113New HampshireTravelers$125New HampshireState Farm$136New HampshireConcord$159New JerseyState Farm$131New JerseyTravelers$151New JerseyChubb$166New JerseyAllstate$208New MexicoUSAA$134New MexicoState Farm$152New MexicoTravelers$296NevadaTravelers$125NevadaAmerican Family$164NevadaState Farm$181NevadaUSAA$188New YorkState Farm$132New YorkNew York Central$182New YorkAllstate$221OhioCincinnati Insurance$120OhioErie$125OhioTravelers$147OhioState Farm$206OhioAmerican Family$273OhioNationwide$289OklahomaUSAA$85OklahomaTravelers$195OklahomaState Farm$214OklahomaShelter$254OregonTravelers$125OregonFarmers$144OregonState Farm$155OregonAmerican Family$160PennsylvaniaErie$124PennsylvaniaTravelers$145PennsylvaniaState Farm$151PennsylvaniaAllstate$202PennsylvaniaNationwide$409Rhode IslandAmica$140Rhode IslandState Farm$211Rhode IslandMetropolitan$244Rhode IslandAllstate$258Rhode IslandTravelers$314Rhode IslandNationwide$584South CarolinaUSAA$169South CarolinaState Farm$196South CarolinaSouth Carolina Farm Bureau$202South CarolinaTravelers$213South CarolinaAllstate$251South DakotaAmerican Family$75South DakotaState Farm$96South DakotaTravelers$147South DakotaAllstate$174South DakotaFarmers$227TennesseeUSAA$127TennesseeTravelers$175TennesseeAuto Owners$193TennesseeState Farm$216TennesseeTennessee Farmers$360TexasTravelers$153TexasUSAA$170TexasState Farm$322TexasAllstate$813UtahTravelers$88UtahState Farm$125UtahAmerican Family$152UtahBear River$178UtahFarmers$182VirginiaUSAA$70VirginiaState Farm$124VirginiaTravelers$127VirginiaErie$144VirginiaAllstate$184VirginiaFarmers Ins Exch$212VirginiaNationwide$302VermontConcord$75VermontVermont Mutual$100VermontState Farm$115VermontTravelers$125VermontCo Operative Insurance$143VermontUnion$223WashingtonTravelers$125WashingtonPemco$133WashingtonState Farm$139WashingtonUSAA$154WashingtonAmerican Family$161WashingtonFarmers$224WisconsinAuto Owners$117WisconsinWest Bend$123WisconsinState Farm$128WisconsinAmerican Family$144WisconsinTravelers$177West VirginiaState Farm$142West VirginiaErie$181West VirginiaState Farm$207West VirginiaAllstate$223West VirginiaNationwide$406WyomingState Farm$142 How much coverage do you need for renters insurance? Here are a few final tips to help you find a great renters insurance policy while also saving a bit of money on your premium. Raise your deductible: While renters insurance is a pretty affordable coverage, if you are struggling to cover your premium it’s better to raise your deducible instead of dumping your policy. “Go with the highest deductible that you can comfortably afford and look for group discounts through employer groups, credit unions and alumni associations,” advises Kristen Gryglik with Liberty Mutual. Replacement value or Actual cash value: Renters insurance is available in replacement value or actual cash value and one is definitely better (and more expensive) than the other. Replacement value policies replace your possessions with one of similar quality, regardless of age or condition. Actual cash value (ACV) policies on the other hand take depreciation into account. While actual cash value policies are cheaper, you may find yourself disappointed if you have to make a claim. “I definitely recommend replacement cost policies, with replacement value, if your TV is 10 years old and you have a loss you can buy a new TV, regardless if it costs more than you current TV. ACV policies only pay the value of your items at the time of the loss,” explains Gryglik. Umbrella policies offer additional protection: Adding a personal umbrella policy will push up your liability limits at a very affordable price. Umbrella policies are usually sold in $1 million increments and for the amount of protection they offer an umbrella is a real bargain. These policies are great for dog owners. Dog bites can result in major medical bills and a lawsuit is always a possibility if Fido grabs ahold of a guest. “The most common suits I see related to renter’s insurance are dog bite lawsuits. This is becoming increasingly common with more pet adoptions and pet-friendly apartments being built. Many attacks occur in apartment complex dog parks, and liability almost always falls exclusively on the dog’s owner,” warns Eric Ramos, a personal injury lawyer in San Antonio, Texas. Always choose the right personal property and liability limits: The personal property section of your policy pays to replace lost, stolen or damaged items you own. Typically you can choose pay out amounts of $20,000 to $100,000. Because renters insurance is affordable, it’s recommended you get at least $40,000 but if you have a lot of valuable possessions $100,000 is best. In addition to protecting your possessions, a renters insurance policy also offers liability coverage. Liability covers the cost for injuries if someone trips, falls or is hurt in your apartment. It also pays for lawsuits a guest may file against you after an accident you’re at fault for. The amount of liability protection that’s right for you depends on the value of your personal assets but most experts recommend $300,000 liability limits. “The bare bones that I typically offer are $100K in personal property replacement coverage and $300K in liability,” says Johnson. If you can afford more, get it. Liability is a very affordable coverage and can be a financial lifesaver if someone is seriously injured in your home. The cost of a lawsuit can quickly spiral out of control, putting all of your assets at risks. “Just because you are renting doesn’t mean you don’t have assets to protect, IRAs, 401Ks, and many other investment accounts could be at risk in a lawsuit against you,” warns Brad Goldsberry with the Nate Bingel Agency in Northglenn, Colorado. Sharing a policy with a roommate: Despite the fact that most insurance companies do allow roommates to share a renters policy, most agents frown on the practice. “We don’t recommend roommates share a policy unless they are related or engaged, says Gryglik. “If a claim is filed on the policy it will be on your claim history for three to five years, regardless of who filed the claim.” If your roommate ends up making numerous claims on the policy you could end up paying higher premiums for renters (and other types of insurance) long after you have moved out. If you choose to ignore our advice and end up sharing a policy with a roommate be sure to have a serious conversation about the details of the policy, the cost and how any claims will be handled. Cap on valuables: Most renters insurance policies will put a maximum cap on high-value items such as artwork, wine, jewelry and other collectibles. This amount will vary between insurance companies but $1,500 is pretty typical. If you have lots of high-value property you may need a rider to be fully protected. Mark ValletContributing Researcher | . .Mark is a freelance journalist and analyst with over 15 years of experience covering the insurance industry. In case you missed it What is HO-6 insurance? Average home insurance cost in 2023 What is dwelling coverage and how much do you need? Personal liability insurance: What it is and why you need it Renters insurance quotes: Compare rates Hurricanes and home insurance: 14 key questions answered Replacement cost policies for your home: Getting what you pay for How much do claims increase home insurance rates? Mobile home insurance: What does it cover and how much does it cost? Homeowners insurance basics Home Insurance Advisor The Best Cheap Homeowners Insurance of 2021: Guide How much flood insurance do I need? 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