5 Best Renters Insurance Companies of 2022

Anyone who rents an apartment, condo, townhome, or other type of dwelling should seriously consider getting renters insurance. Renters insurance covers a tenant’s personal property if it’s damaged or destroyed during a break-in, a storm, or another event specified in the policy. In addition, renters insurance provides coverage for personal liability and medical bills if you have a guest over and they’re injured. Finally, if there’s a fire or other catastrophic event that forces you to move out of your unit, renters insurance will cover your extra living expenses, such as hotel bills and meals out.

Unlike some other types of insurance policies, renters insurance is relatively simple. But there are some nuances when it comes to selecting a policy and insurance company, which is where this guide comes in. Below, we’ll list our top-rated renters insurance companies of 2022 and provide more information on how renters insurance works.

#1 USAA
#2 Lemonade
#3 Erie Insurance
#4 American Family
#5 State Farm

The Best Renters Insurance Companies of 2022

COMPANY

SAMPLE MONTHLY COST

AM BEST RATING

LEARN MORE

USAA »

4.1 out of 5
N/A A++ See Review »
Lemonade »

4.1 out of 5
$14.05 N/A See Review »
Erie Insurance »

4.0 out of 5
$20.00 A+ See Review »
American Family »

3.9 out of 5
$24.29 A See Review »
State Farm »

3.9 out of 5
$15.25 A++ See Review »

Expand List

Prices appearing on this webpage are sample rates for illustrative purposes only based on a particular consumer profile. For specific pricing, you should go either to a certified broker or directly to the insurer’s website.

Our top-rated renters insurance companies of 2022 include:

1.USAA  »

360 OVERALL RATING

4.1 out of 5

AM BEST RATINGA++
ONLINE TOOLSOnline Estimate
MULTI POLICY DISCOUNT AVAILABLE

Any rates listed are for illustrative purposes only. You should contact the insurance company or insurance agent directly for applicable quotes.

Pros:

  • Standard policies cover flood and earthquake damage

  • Available in all 50 states

Cons:

  • Membership limited to members (retired or active) of the U.S. armed services and their families

  • Doesn’t cover roommates

    USAA: Formed in 1922, USAA currently has about 13 million members. The San Antonio-based company offers a wide range of services, including insurance, loans, retirement planning, and more. Policies from USAA are available primarily to members of the U.S. armed services and their families. If you’re an active member of the military, one of the perks of a USAA renters insurance policy is that it will cover you and your belongings while staying in the barracks.

    For more information, read our full USAA review.

    2.Lemonade  »

    Lemonade
    360 OVERALL RATING

    4.1 out of 5

    AM BEST RATINGN/A
    ONLINE TOOLSOnline Application
    MULTI POLICY DISCOUNT AVAILABLE

    Any rates listed are for illustrative purposes only. You should contact the insurance company or insurance agent directly for applicable quotes.

    Pros:

    • Fast sign up and claims process

    • Portion of revenue distributed to charities of your choice

    Cons:

    • Not as widely available as other companies in our rating

    • May not be a good fit if you prefer working with an agent

    Lemonade: Founded in 2015, Lemonade is among a new crop of online-only startups companies aiming to disrupt the insurance space. It operates as a peer-to-peer insurance provider, meaning premiums paid by customers go into a community pot that is used to pay out claims. One of the benefits that Lemonade claims for its business approach is that it can approve a policy within minutes and a claim almost instantly.

    Lemonade advertises its insurance policies at highly competitive rates, starting at $5 a month for renters insurance and $25 a month for homeowners insurance.

    For more information, read our full Lemonade review.

    3.Erie Insurance  »

    Erie Insurance
    360 OVERALL RATING

    4.0 out of 5

    AM BEST RATINGA+
    ONLINE TOOLSAgent only
    MULTI POLICY DISCOUNT AVAILABLE

    Any rates listed are for illustrative purposes only. You should contact the insurance company or insurance agent directly for applicable quotes.

    Pros:

    • Competitive pricing

    • Offers replacement cost coverage

    Cons:

    • Limited availability compared to other companies in our rating

    • Few discounts available compared to other companies in our rating

     

    Erie Insurance: Founded in 1925, Erie Insurance is based in Erie, Pennsylvania. It’s probably best known for its auto and leisure insurance, but it also offers renters, homeowners, property, life, and business insurance. Erie Insurance sells relatively low-cost insurance in the mid-Atlantic and Midwest regions through 13,000 independent agents.

    For more information, read our full Erie Insurance review.

    4.American Family  »

    American Family
    360 OVERALL RATING

    3.9 out of 5

    AM BEST RATINGA
    ONLINE TOOLSAgent only
    MULTI POLICY DISCOUNT AVAILABLE

    Any rates listed are for illustrative purposes only. You should contact the insurance company or insurance agent directly for applicable quotes.

    Pros:

    • Offers a variety of discounts

    • Coverage for home-based businesses is available

    Cons:

    • No online purchase option

    • Limited availability compared to other companies in our rating

     

    American Family: Based in Madison, Wisconsin, American Family offers car insurance, homeowners insurance, and renters insurance, along with life insurance and other types of policies. It has agents in 19 states and serves the entire country through affiliates The General and Homesite. American Family offers a wide selection of renters insurance add-ons, like travel insurance, pet insurance, as well as coverage for home businesses and identity theft.

    For more information, read our full American Family review.

    5.State Farm  »

    State Farm
    360 OVERALL RATING

    3.9 out of 5

    AM BEST RATINGA++
    ONLINE TOOLSOnline Estimate/Online Application
    MULTI POLICY DISCOUNT AVAILABLE

    Any rates listed are for illustrative purposes only. You should contact the insurance company or insurance agent directly for applicable quotes.

    Pros:

    • One of the least expensive companies in our rating

    • Extensive network of local agents

    Cons:

    • Doesn’t offer as many discounts as some of the other companies in our rating

     

    State Farm: Bloomington, Illinois-based State Farm started out selling auto insurance and now sells renters insurance and about 100 other products. More people have car insurance and homeowners insurance with State Farm than with any other provider in the U.S., to the tune of more than 84 million policies and accounts. State Farm has a large network of agents and consistently high customer service ratings. It also now offers pet insurance through its partner Trupanion.

    For more information, read our full State Farm review.

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