We found that State Farm and Westfield are the best renters insurance companies, earning 5 out of 5 stars in our analysis. American Family, Auto-Owners and USAA are also among our top picks.
According to our analysis, the best renters insurance companies of June 2024 are:
- State Farm – Best for Price
- Westfield – Great for Combining Auto Insurance
- American Family – Best for Families
- Auto-Owners – Best for Discounts
- USAA – Best for Military
- Allstate – Best for Renters with Poor Credit
- Country Financial – Best for Expanded Coverage
- Nationwide – Great for Add-on Coverage
How We Found the Best Renters Insurance Companies (Methodology)
We analyzed complaints and the costs for different coverage levels from 12 insurers to help you find the best renters insurance companies.
To identify the best renters insurance companies, we evaluated each company based on the following.
Renter insurance rates (80% of score): We scored each company’s renters insurance rates based on national averages for policies with $15,000, $30,000, $50,000, $75,000, $100,000 and $200,000 worth of personal property coverage. Source: Quadrant Information Services.
Complaints (20% of score): We used complaints about home insurance (which includes renters insurance) upheld by state insurance departments. Most home/renters insurance complaints center on claims, including unsatisfactory settlements, delays and handling of the claim. Source: National Association of Insurance Commissioners.
Why it’s the best
Our analysis found that State Farm has the best price for renters insurance for all of the personal property coverage limits we evaluated, from $15,000 up to $200,000, based on the companies in our analysis. It is the only company with average rates of under $200 annually for $75,000 worth of coverage.
More about State Farm renters insurance: read our full review
Why it’s the best
We found that Westfield is best for customers who want to buy both renters and auto insurance because its Westpak package lets you combine renters and auto insurance into one bill, one deductible and one policy. Westfield also has competitive rates, particularly for personal property coverage of $75,000 and higher, and a low level of complaints to state departments of insurance.
Why it’s the best
We like American Family for its generational discount, which gives lower rates to young adults who are children of American Family customers. The company also offers competitive rates with a very low level of complaints made to state departments of insurance.
More about American Family renters insurance: read our full review
Why it’s the best
We were impressed by Auto-Owners’ range of discounts for renters, from going paperless to bundling coverage with other policies—such as auto insurance or life insurance—and for having protective devices in your home such as deadbolts or fire extinguishers.
More about Auto-Owners renters insurance: read our full review
Why it’s the best
Our analysis found that USAA consistently offers competitive rates for a wide variety of coverage limits, with especially affordable pricing for $15,000 in personal property. USAA also has discounts explicitly geared toward service members, such as those who are on active duty or are living on base. USAA sells its renters insurance exclusively to military members, veterans and their families.
More about USAA renters insurance: read our full review
Why it’s the best
Our analysis found that Allstate has the cheapest average renters insurance rates for those with poor credit ($15 a month) for $30,000 in personal property coverage. You could potentially save more than $100 a year by choosing Allstate compared to many of its competitors.
More about Allstate renters insurance: read our full review
Why it’s the best
We picked Country Financial for its superb expanded coverage. The company’s Premier policy provides enhanced coverage for power surge damage to appliances, as well as antique breakage and damage from spilled paint.
You can also purchase optional coverage for sump pump failure and sewer or drain backups.
More about Country Financial renters insurance: read our full review
Why it’s the best
We found that Nationwide offers a variety of optional coverage selections that are helpful for any renter. You can add coverage that covers water backup or overflow/discharge from a sump pump and coverage that pays up to $25,000 if you’re a victim of identity theft. There’s also coverage that pays (up to your chosen limit) unauthorized credit card or bank card transactions and forged checks.
You can also add on coverage that pays for brand-new belongings (instead of reimbursing you a depreciated amount) when your items are severely damaged or stolen.
There’s also coverage that “boosts” protection for your personal property stored off your premises. Normally limits are lowered for property that is away from your residence but protection boost coverage extends higher limits to items kept elsewhere, like a storage facility. Or if you’re moving to a new residence this covers you for up to 60 days from the time you begin your move.
More about Nationwide renters insurance: read our full review
Summary: Best Renters Insurance Companies of 2024
*USAA is available only to the military, veterans and their families.
