Best Renters Insurance Companies – Although it might seem that having renters insurance isn’t a big deal. Well, it is. Accidents like fire or others are likely to happen causing you to lose some things and this can be quite devastating.
But with renters insurance, you will be able to cover the cost of replacing all your belongings and any legal fees if you are sued.
Renters insurance might not be required by most landlords. But it is very important to have one. However, there are lots of insurance companies that offer renters insurance with the best coverage to meet your needs.
Hence, in this blog post, we will provide you with some of the best insurers to get a renters insurance policy from.
What is Renters Insurance?
Renters insurance is known as property insurance that protects people who live in rented buildings. The coverage is provided by the insurer in exchange for a premium, which will be paid by the policyholder.
This renters insurance policy offers coverage for the policyholder’s personal property and liability claims that are not caused by a structural problem with the property.
Renters insurance also covers the living expenses that will need to be paid for when the policyholder files a claim after their apartment is damaged.
What Does Renters Insurance Cover?
Renters insurance covers a variety of things other than your possessions. The renters insurance policy also provides coverage for your valuables in your house and also for medical expenses, irrespective of the cause of the incident. There is also liability insurance just incase there are charges for property damage.
Best Renters Insurance Companies
Renters insurance protects your apartment from any damage caused by fire or other unforeseen accidents. Here are some of the best insurance companies that provide coverage that definitely would suit your budget and meet your needs.
Country Financial
Country Financial is one of the best options for renter insurance. This insurance company serves only a few states. However, their renters’ insurance is one of the best, as claimed by several consumers.
Country Financial also has only positive reviews from its consumers and fewer complaints. There is also an option to choose between premier and basic packages, depending on the financial protection you want.
With the premier option, you can add coverage for things such as broken antiques. There is also an option to add additional coverage for valuable items, which include an engagement ring or even musical instruments.
Furthermore, Country Financial provides discounts for buying more policies.
Farmers Insurance
Farmers provide lots of ways to save money on your renters insurance policy. It offers several discounts for buying multiple policies with the company.
In addition, Farmers provide lower rates to their customers in specific professions, which include nurses, doctors, firefighters, dentists, engineers, and police officers.
Furthermore, renters who have not smoked for two years will also be able to save more on premiums. Farmers also have a user-friendly interface where you can easily get a free quote or locate a nearby agent for more customized service.
Travelers
Travelers offers a user-friendly website interface, simplifying the process of filing and monitoring claims. The website also allows you to explore coverage details and obtain online quotes free of charge.
It’s worth noting that Travelers has received some consumer complaints. Additionally, their renters insurance includes coverage for improvements permitted by your landlord. Moreover, Travelers offers discounts to renters who hold multiple policies with the company.
Best Renters Insurance Companies – American Family
American Family offers a diverse range of savings options for your renters policy, encompassing both standard choices and a distinctive one, a discount tailored for renters aged 18 to 30 with parents holding American Family insurance.
Among the coverage options American Family provides, there’s the diminishing deductible. By adding this feature to your renters policy, you’ll receive an immediate $100 credit applied to your deductible. Furthermore, with each policy renewal, you’ll continue to benefit from deductible discounts.
Auto-Owners Insurance
Auto-Owners offers multiple discounts for renters and exclusively works with independent agents to sell insurance. This insurer extends its coverage beyond just automobile insurance.
Additionally, they offer an option to enhance a standard renters policy with the Renters Plus package. This upgraded insurance includes protection against water backup in drains and sewers, loss of refrigerated goods, and waterbed liability.
Moreover, you have the opportunity to opt for replacement cost coverage for your personal belongings. This means that if, for instance, your laptop is damaged or stolen, Auto-Owners will cover the cost of replacing it with a new one.
Lemonade
Lemonade offers straightforward policies to its policyholders. If you would like to buy and manage renters insurance from your mobile device, then Lemonade is the right fit for you.
This insurance company provides an easy experience while purchasing renters insurance. On the mobile app, you can get quotes, update coverage options, and also file claims.
Furthermore, Lemonade coverage options are pretty solid, as it also provides replacement cost coverage, which includes coverage for your personal belongings.
Consumers can also add additional insurance for musical instruments, jewelry, and other valuable items. Lemonade also has insurance rates as low as $5 per month, along with discounts that are available for people with multiple policies.
Hanover
Hanover provides three types of renters insurance policies for their consumers to choose from. The cheapest option covers only the basics, which provide coverage for your belongings and liability if you cause any harm to others.
There is an option to upgrade your insurance policy, and you will get additional coverage for things such as identity theft, food lost in a power outage, and others.
In addition, the upgraded package also has replacement cost coverage for your personal belongings. The Select Plus package also has all the options from the other two packages, along with wider coverage for valuable items, which include things such as firearms or jewelry.
With the Select Plus package, you will not pay any deductible if there is a major disaster that destroys half of your belongings.
The above-mentioned are some of the best insurers in the industry. They have high financial ratings and fewer complaints from their consumers.
How Much Does Renters Insurance Cost Per Month?
The typical cost of renters insurance averages around $12 per month. Nevertheless, this figure serves as an average, and the actual cost of your renters insurance policy varies by the insurance company you choose, your location, and the level of coverage you require.