The Best Renters Insurance for 2024: Affordable Rates & Great Customer Service

The Best Renters Insurance for 2024: Affordable Rates & Great Customer Service

Finding the best renters insurance is an affordable way to protect your belongings from damage or theft. To help you do that, MoneyGeek analyzed several factors — including customer service scores, financial stability metrics, discounts and premiums — across all 50 states and hundreds of cities to determine which renters insurance companies are best for consumers.

These overall rankings provide a good starting point for finding high-quality renters insurance. Additionally, MoneyGeek researched the best companies for specific types of renters, whether you’re looking for a cheap quote or the best customer service.


Which Companies Have the Best Renters Insurance Overall in 2024?

The best renters insurance policies are from affordable providers offering high levels of customer service. Based on MoneyGeek’s analysis, State Farm tops the list of best renters insurance companies, followed closely by Allstate.

Keep in mind MoneyGeek’s methodology focuses on widely available insurers, so you may be able to find better rates from local or regional insurance companies. Also, USAA — which is only available to current and former military members and their families — has strong scores in all categories.

It’s always important to shop around and compare personalized renters insurance quotes from at least three insurance companies.



State Farm earned high marks from J.D. Power for customer service, financial strength and affordability, making it the best choice in the bunch. State Farm is particularly well-suited to those who work from home, as it is easy to increase coverage limits for business-related personal property.

Allstate is a very close second to State Farm when looking at rankings from J.D. Power and AM Best for customer service and financial strength. In fact, when looking solely at pricing, it takes first place for the best cheap renters insurance. Allstate also provides policyholders with online tools to keep track of their personal property and make an informed decision when buying a policy.

If you’re looking for a stable company that can deliver, Travelers receives perfect scores from AM Best. However, it ranks last in this group for customer service, and it’s not the most affordable insurer either.

Farmers takes the top spot for customer satisfaction but drops slightly regarding affordability. Those looking for unique features won’t find a Farmers policy very appealing, as it only offers the core renters insurance coverages most insurers provide. Of the group featured here, Farmers ranks last for financial strength from AM Best.

MetLife is firmly in the middle of the pack, with good, but not great, scores for customer service, financial strength and affordability. MetLife doesn’t offer online renters insurance quotes, so be prepared to call an agent if you want to compare prices.

While Nationwide earns good scores for customer service and financial strength, it ranks last for affordability, meaning you could pay higher rates. However, if you’re eligible for some of the company’s many discounts, you could get an affordable premium with Nationwide.

Best Renters Insurance Companies by State

Location is one of the key factors the best renters insurance companies use to determine your rates. Therefore, it’s important to determine which companies are the best and cheapest in your particular state or city. MoneyGeek created a scoring system for the best company in each state based on cost, customer service and financial stability.

Based on this system, State Farm ranks as the best renters insurance company in most of the country (22 states). Allstate is the runner-up as the best option in 11 states. But eight other insurance companies rank as the best renters insurance option in at least one state. This analysis excludes USAA, but if you’re eligible for a policy, it ranks as the best company for renters insurance in 27 states.

Find your state below and follow the link to learn more about the best and cheapest renters insurance companies where you live.











State Farm






State Farm






State Farm








State Farm


State Farm




State Farm






State Farm




State Farm











New Hampshire


New Jersey


New Mexico

State Farm

New York


North Carolina

State Farm

North Dakota







State Farm



Rhode Island

Amica Mutual

South Carolina

State Farm

South Dakota



State Farm






Vermont Mutual Insurance





Washington D.C.


West Virginia






Review of the Best Renters Insurance Providers for Your Needs

When shopping for renters insurance, finding the best company for you may depend on the exact coverage you need or your eligibility for discounts. While the top two best renters insurance companies listed here are excellent choices for any renter, MoneyGeek also ranked companies based on the type of renter they suit best. All costs are for a basic policy with $20,000 coverage for personal property, $100,000 in liability coverage and a $500 deductible.

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Best for Most People: State Farm
Runner-up (and cheapest): Allstate
Best for Customer Satisfaction: Farmers
Best for Quick Coverage: Lemonade
Best for Shopping on the Phone: American Family
Best for Discounts: Nationwide
Best for Military Families: USAA

Best Renters Insurance Overall: State Farm

The best renters insurance company provides great service at a good price. But it should also be a company most renters can buy from. State Farm’s combination of affordability, customer experience and availability across the country makes it our top pick.

Best Renters Insurance Overall: State Farm

The best renters insurance company provides great service at a good price. But it should also be a company most renters can buy from. State Farm’s combination of affordability, customer experience and availability across the country makes it our top pick.


State Farm received top marks from MoneyGeek for its balance of affordability, customer service and financial stability.

  • Speed: 5–10 minutes to get a quote online
  • Cost: $127 per year
  • Additional coverage: When getting an online quote, it’s easy to increase coverage for specific items like computers, jewelry, silverware and firearms. You can also add identity theft protection. State Farm offers earthquake damage coverage — not always an option with renters insurance — and extensive cyber-attack and identity theft coverage for an additional $25 per year.
  • Reputation: State Farm scored 4 out of 5 stars for user satisfaction with MoneyGeek, based on the most recent rating from J.D. Power, a global marketing research company.

Best Renters Insurance Runner-up and Cheapest Big Insurer: Allstate

Allstate offers the cheapest renters insurance in the country on average. But it doesn’t sacrifice service quality to get you a low rate.


Allstate is known for its handy online features, such as the “What’s Your Stuff Worth?” function to value your belongings and the Digital Locker app that lets you create a photo log of your possessions. Allstate was the cheapest widely available insurer in MoneyGeek’s analysis.

  • Speed: 5–10 minutes for an online quote
  • Cost: $119 per year
  • Additional coverage: Allstate doesn’t offer any unique additional coverages, but it does give you the option to take coverages away for even more savings. For instance, you can save a few dollars a month by waiving coverage for the theft of your property away from home.
  • Reputation: MoneyGeek gives Allstate a user satisfaction score of 4 out of 5 based on J.D. Power data.

Best for Customer Satisfaction: Farmers

Farmers offers relatively affordable renters insurance and it has some of the highest customer service ratings in the industry.


Farmers ranks as MoneyGeek’s top widely available company for customer service experience. It’s also quick and easy to get an online quote, making buying renters insurance with Farmers a smooth process.

  • Speed: You can get an online quote in five minutes
  • Cost: $156 per year
  • Additional coverage: Farmers renters insurance policies don’t have many bells and whistles, but like many other providers, you can add identity theft protection for a few dollars per month.
  • Reputation: Farmers received the highest customer satisfaction score of any renters insurance company in our analysis.

Best for Quick Coverage: Lemonade

Lemonade is rapidly expanding its availability across the country. No other insurer makes it easier to quickly secure a renters insurance policy.


Available online only in 27 states and the District of Columbia, Lemonade is known for paying claims quickly. It’s also easy to get a quote. Unfortunately, Lemonade has a poor service reputation compared to some of the other companies in our study.

  • Speed: The website states it takes only 90 seconds to get insured, so quotes should take just a few minutes.
  • Cost: $84 per year
  • Additional coverage: You can pay a higher premium for a policy with no deductible, add extra coverage to protect your personal belongings worldwide or add coverage for jewelry worth $1,500 or more. As an added bonus, anytime Lemonade has leftover premiums not used to pay claims, they will donate them to a charity of your choice.
  • Reputation: Based on customer complaint data submitted with the National Association of Insurance Commissioners, Lemonade earned a user satisfaction score of 3.5 out of 5, making it one of the lowest-rated insurers in our study.

Best for Buying a Policy on the Phone: American Family

American Family, also called AmFam, is a regional insurance company that’s not available anywhere. But if you’re looking to shop on the phone and talk to a customer service representative, they offer the best experience.


American Family offers competitive rates and decent customer service for renters insurance, but you’ll have to get quotes the old-fashioned way. You can’t get a quote on their website, so you’ll have to talk to an American Family representative to get basic information about premiums and conditions.

  • Speed: It took about 30 minutes to get a basic quote over the phone, including 10 minutes on hold, for a call placed during normal business hours. This initial conversation is with a call center rep, who can refer you to an agent for more detailed information.
  • Cost: $129 per year
  • Additional coverage: American Family offers equipment breakdown coverage, which is not available with all renters insurance companies. This will cover you if your appliances or home systems are damaged due to mechanical, electrical or pressure system breakdowns.
  • Reputation: American Family receives 4.2 out of 5 for user satisfaction, putting it in the middle of the pack of the companies in this study.

Best for Discounts: Nationwide

An initial renters insurance quote with Nationwide may be expensive, but you should see how cheap of a quote you can get when you apply all its discounts.


Nationwide makes a selling point of its discounts, which include up to 20% off if you bundle car insurance with renters insurance, up to 15% off if your home has qualifying smoke, fire and burglar alarms and up to 20% off if your policy has no claims for a period of time. However, Nationwide is one of the most expensive companies before discounts, so if you don’t qualify for savings, you’ll be paying extra.

  • Speed: 5–10 minutes for an online quote
  • Cost: $331 per year
  • Additional coverage: Nationwide customers can add earthquake coverage, so renters in earthquake-prone areas should look into their policies. You can also add water backup coverage to protect against damages caused by backed-up sewers or drains.
  • Reputation: Nationwide has one of the best customer service reputations outside of Farmers and USAA, receiving a user satisfaction score of 4.4 out of 5.

Best for Military Members and Their Families: USAA

If it weren’t restricted to military service members and their families, USAA would rate as the best renters insurance in the country.


Renters insurance from USAA is much more comprehensive than what most other insurance companies offer, and it’s the cheapest insurer, excluding Lemonade. But is only available to active military members, veterans and their families.

  • Cost: $117 per year
  • Additional coverage: Unlike most renters insurance policies, USAA offers moving and storage, flood, earthquake and identity theft coverage as part of a standard renters insurance policy.
  • Reputation: USAA received the highest customer feedback rating of any company and a perfect user satisfaction score.


Renters Insurance Coverage Basics

When shopping for renters insurance, knowing the best renters insurance companies is a great first step. However, it’s also important to understand what renters insurance covers, what it doesn’t doesn’t cover, what a policy’s deductible is and the difference between replacement cost and actual cash value.



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What Renters Insurance Doesn’t Cover: Most renters insurance policies do not cover damage due to floods or earthquakes. They also won’t cover your roommate’s belongings or property damage due to pests or rodents.

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Deductibles: This is the amount you pay when you file a claim. When comparing policies, check to see if the deductible is the same for each policy.

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Replacement Cost Value vs. Actual Cash Value: With replacement cost, your insurance coverage will pay the full amount to replace your personal property with a new item of similar style and quality. With actual cash value, your coverage only pays the depreciated value of your used personal property.

FAQ About the Best Renters Insurance

If you still have questions about the best renters insurance, the following answers to some frequently asked questions should help you better understand renters insurance.

Based on MoneyGeek’s criteria, State Farm offers the best renters insurance for most consumers. It combines affordability, customer service and financial stability to give renters the best value. However, if you’re an eligible military service member, USAA is an outstanding choice.

When reviewing the best renters insurance companies, look for a company with low rates, good customer service and fast claim resolution. You can find the lowest rates by comparing multiple insurers online

Based on MoneyGeek’s methodology, Allstate offers the best renters insurance rates among widely available insurers. However, if you’re eligible for USAA or live in a state where you can purchase Lemonade renters insurance, both often offer even cheaper rates.

Expert Insight on Comparing Renters Insurance Quotes


What advice would you give tenants on finding affordable renters insurance with the best renters insurance companies?

Generally, renters insurance is less expensive than a regular property or homeowners insurance policy. So, shopping around for a low price probably won’t be necessary, as I have seen policies with good companies that were less than $20 a month. Because of its affordability, choosing a highly-rated company is more important. Finding a highly rated company is easy with a resource like AM Best. You can go to their website and do your own research. Insurance companies are rated by their financial stability. Most people don’t think insurance companies go out of business too often, but it happens a lot, especially in areas of the country with many hurricanes and wildfires. Therefore, it’s important to do a little research, especially if you’re considering a company you’ve never heard of.

However, even an insurance company with great financial stability that is highly rated may have a reputation for poor claim handling. If you are in the market to buy an insurance policy, you should contact the Office of Insurance Regulation or Financial Regulation in your state. They should be able to give you a list of companies with a large number of complaints against them, which you may want to steer clear of.

What factors should tenants consider when choosing between coverage with replacement cost value versus actual cash value?

As for the coverage on a renters policy, you may want to decide whether you want a policy that covers the actual cash value of your contents versus a replacement cost value policy for your contents. As a general rule, it’s always going to be better to choose a policy with replacement cost coverage, but be aware that a replacement cost value policy will cost you a little more. Actual cash value policies factor in age, and then they depreciate your items. In contrast, a replacement cost value policy will pay you the cost of buying a replacement of the same item in the current marketplace. Incidentally, if you have collectibles, sentimental items or things that have not depreciated, like your one-of-a-kind custom Les Paul guitar, you should get these items appraised and insure them on the same policy with a special rider that lists these items.



MoneyGeek, in partnership with data from Quadrant Corp, JD Power and AM Best, analyzed a dozen of the most reputable renters insurance companies to determine which companies were best. The ranking score calculation used 20% weighting for financial stability, 30% for customer service and 50% for affordability for each company.