How to compare renters insurance companies
Comparing renters insurance quotes from different companies can help you get the best rates and coverage. You don’t need to be a first-time renter to compare rates. We rated renters insurance companies based on their coverages, discounts, cost, online experience, financial strength and J.D. Power’s overall customer satisfaction rating. Here’s how some of the top companies compare.
Company J.D. Power overall customer satisfaction (out of 1,000)* AM Best financial strength rating** QuoteWizard rating (out of 5) Allstate 837 A+ 3.7
Amica – A+ 3.7 Farmers 831 A 2.1 State Farm 836 A++ 3.8 Travelers 801 A++ 2.9 Sources: *J.D. Power ratings from 2022 U.S. Home Insurance Study. **Financial strength rating from AM Best.
How to compare renters insurance quotes
Renters insurance companies determine your quote using many factors. The price in the quote you receive is the result of multiple coverage limits and policy details. That means you should consider more than the final price on the quote. For instance, one company may have higher monthly premiums, but you may also get more coverage for the price.
One way to compare renters insurance quotes is to get several quotes from individual agents or companies in person, over the phone or online, and then compare them. This can take a lot of time, and it can also be confusing. We listed the coverages you would typically see in a renters insurance quote below.
Renters insurance coverage types and what they cover Coverage What it covers Covers the cost to repair or replace your belongings up to a specific limit due to certain perils. Covers the cost if a guest is injured in your rental, or if you accidentally damage someone else’s property. This includes legal expenses as well. Covers medical costs if a guest is injured in your rental. Covers extra living expenses if you have to relocate due to damages that are being repaired due to a covered event.
Another factor to consider when comparing quotes is whether your renters insurance will cover your belongings at actual cash value (ACV) or replacement cost. Replacement cost insurance policies reimburse you for your belongings based on how much money is needed to replace the item with a new one. Actual cash value insurance policies reimburse you based on the value of the item at the time of loss, factoring in depreciation. This means ACV policies can leave you with out-of-pocket costs.
Tips for comparing renters insurance quotes
- Consider deductible amounts. You’ll want to compare deductible amounts when looking at quotes from multiple companies. Deductibles typically range from $250 to $2,500, but the most common deductibles are $500 and $1,000 for renters insurance.
- Consider discounts. Renters insurance companies also offer different types of discounts or savings. Some common discounts that insurers offer are a bundling discount and a claims free discount. We recommend comparing the different types of discounts that you qualify for in order to get a better idea of your renters insurance premium.
- Review add-ons available. Renters insurance companies can offer additional coverages for purchase. Renters insurance policies don’t cover certain natural disasters such as flooding and earthquakes. However, they will sometimes offer flood and earthquake insurance that you can purchase separately. Insurance companies can also offer additional protection for valuable items such as artwork and jewelry. We recommend reviewing the different types of optional coverages companies offer and comparing them based on the coverages you need.
