The 8 Best Renters Insurance Providers of 2020.

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November 03, 2020Renters Insurance

Whether you’re new to renting a place or have been renting for a while now, there’s one part of renting you might be overlooking. That item is renters insurance.

What would you do if your apartment caught on fire or someone broke-in and stole your personal belongings? Your property manager’s insurance will cover the damage to the physical apartment but not your belongings. You’ll need to pay out-of-pocket to replace them.

The best renters insurance providers offer policies to help cover the cost of your belongings and protect you from an unexpected event. Renters insurance will also protect you if someone gets hurt in your rental. For roughly $15 to $20 per month, renters insurance is surprisingly affordable!

Are you renting your home and curious to learn who the best renters insurance providers are? Then you must check out these 8 best renters insurance providers to learn more!

1. Allstate Insurance

You may recognize this insurance provider for its well-known auto insurance policies. Allstate also offers reputable renters insurance. You can bundle your auto and renters insurance to save more.

Allstate has excellent ratings by the Better Business Bureau. You can receive an online quote on your claim in as little as 5 minutes. Another benefit is they offer a robust app and website, allowing you to manage your policy.

Those with expensive belongings will enjoy Allstate’s Extended Coverage program. A couple of drawbacks include Allstate’s large corporate size. The other is it’s one of the more expensive insurance providers on the list.

2. Lemonade

If you haven’t heard of Lemonade, it might be because it’s a new insurance provider compared to the others on the list. Despite its newness, Lemonade received tons of praise this year, including a top-ranking by J.D. Power U.S. Home Insurance Study. Lemonade stands apart from the rest as it’s very fast at processing claims, affordable, and has an impressive reputation.

Lemonade uses an impressive user-friendly app featuring AI technology to speed up the claim process. Users upload photos to start the claims process and can receive same-day payments!

It’s also one of the more affordable renting options averaging just over $10 per month. The company, however, does not offer auto insurance and isn’t available in several states. It does offer a “giveback” program that donates money once per year to the non-profit of your choice.

3. State Farm

Many know State Farm for its auto and home insurance policies. In addition, they offer nationwide renters insurance at a very low monthly rate. For a larger company, they have excellent customer service with plenty of in-person services.

State Farm boasts a powerful digital experience with both its app and website. Users can receive a quote, send a claim, and manage their policy right from their mobile device. State Farm also offers discount incentives for multi-policy holders and those with home protection.

While State Farm is affordable at a little over $14 per month, it’s competitively low but not the lowest.

4. Erie Insurance

Erie Insurance is one of the best renters insurance providers with high customer satisfaction ratings. The customer service is friendly, and the company offers several different policies to fit nearly any renter’s needs along with auto insurance. Another major benefit is Erie insurance policies start at under $12 per month.

There are several drawbacks. The major one is you can only find Erie Insurance in only 12 states. The other downside is they don’t offer many helpful apps, meaning you’ll have to call a representative to help you file your claim.

5. Toggle

Toggle is redefining the world of renters insurance by allowing its customers to take charge of their policies. They offer a “Side Hustle” program which protects the businesses of those who are self-employed. Farmers Insurance backs Toggle’s fresh-take giving you the benefit and trust of a longstanding insurance provider.

The benefits of Toggle include fast claim processing, exceptionally low cost, and a high rating from the Better Business Bureau. Customers can enjoy Toggle’s unique add-ons to create a policy that fits them. There are insurance plans available to protect your furry four-legged family members, too!

The only drawback to Toggle is it isn’t available everywhere. You can find Toggle in only 23 states, although it plans to expand in the next few years.

6. Nationwide

Nationwide is the perfect place to handle multiple areas of your finances as it offers banking, retirement planning, and investing in addition to renters insurance. They offer highly-rated renters insurance complete with easy accessibility through their website and mobile app.

Nationwide offers fast service at a fairly affordable cost of around $24 per month. Customers can enjoy many of Nationwide’s unique add-ons, including water, earthquake, and credit card fraud protection. The only drawback is the customer satisfaction ranks at about average.

7. Farmers Insurance

Farmers Insurance offers an impressive number of deductibles, some starting as low as $100. Other deductibles offered rise incrementally from $250 up to over $2,500. Customers can save more by bundling their renters insurance with another policy, such as auto.

Farmers have high marks for its outstanding customer satisfaction. The downside is they aren’t the most affordable renters insurance provider. A basic policy starts at around $22 per month, which is still lower than several other providers.

8. Progressive

Do you enjoy discounts, and like knowing you and rental your rental have reliable customer support available 24/7? If you’re wondering where to get renters insurance like this, Progressive is your answer.

They offer fast support by offering helpful online tools for customers to manage their policies. You can bundle insurance policies to cut costs. Progressive offers other discounts such as pay-in-full, digital delivery, and “quote in advance” to save you more.

There are, however, several drawbacks to Progressive. They have much higher monthly rates starting at around $34 per month. The other issue potential customers face is they require personal information, like your social security number, to sign up.

Find the Best Renters Insurance Providers Today!

Finding the best renters insurance providers is much easier than it sounds. There are many great renters insurance providers offering competitive rates and excellent coverage. Investing in renters insurance will keep both you and your belongings safe.

Want to learn more? Sign up to get the inside scoop on the best insurance providers today!

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