Best Renters Insurance 2020 | Insurance Guide – Get our quote online

Anyone who rents an apartment, condominium, townhome or other type of rental unit should seriously consider taking out renters insurance. Renter's insurance covers a renter's personal property if damaged or destroyed during a theft, storm or other event specified in the policy. Additionally, renters insurance provides coverage for personal liability and medical bills if you have a guest and are injured. Finally, if there is a fire or other catastrophic event that forces you to leave your unit, the renters insurance will cover your extra living expenses, such as hotel bills and meals outside. None of this is covered by the owner's insurance policy, which is there to protect the building and the owner's personal property. As a result, if you don't have renters insurance and something serious happens, you could be hooked for thousands or tens of thousands of dollars in repair, replacement, and liability costs. Unlike other types of insurance policies, renters insurance is relatively simple. But there are a few nuances when it comes to selecting a policy and an insurance company, which is where this guide comes in. Below, we will list our most popular insurance companies of 2020 and provide more information on how renter insurance works. Top 2020 Insurance Companies USAA4.1 out of 5 Sample Monthly Cost N / A AM Best A ++ Rating Learn More Learn More »USAA4.1 out of 5 Company N / A Sample Monthly Cost A ++ A.M. Best Evaluation Learn More »Learn MoreHow To Choose The Best Renter Insurance There are several steps to follow when selecting a renters insurance policy. They include:
Decide what you want to cover. The Insurance Information Institute explains that there are three basic types of coverage included in most renters insurance policies: personal property, liability and additional living expenses. Consider your circumstances to decide which of these you want to cover. Your personal belongings include things such as clothes, bedding, sports and hobby equipment, small appliances that have not been supplied with the rental property and anything else you own and are stored in the unit. The liability coverage provided with a renters insurance policy will pay the legal fees and medical bills resulting from an injury to a guest in your unit. Additional coverage of living expenses will refund you for hotel bills, restaurant meals and other costs in addition to normal living expenses if you need to leave the unit after a covered event.
Determines the insurance coverage needed for renters. To understand how many insurance for renters are needed, take an inventory of all your personal belongings. Walk through every room in your home and see everything you own, including things hidden from view, like in a bedroom closet. All of these things may need to be replaced after a major disaster, so be sure to purchase sufficient coverage. Particularly valuable items such as expensive jewelry may require an additional or additional policy.
Choose a replacement cost policy or a real money value policy. A replacement cost policy has a slightly higher premium, but will refund you the cost of replacing your lost or damaged items with new equivalents. On the contrary, a real money value policy will only compensate you for the value of such items in their terms of use. For some types of properties, especially things like electronics that quickly depreciate, a real-money value policy will leave you running out of funds to purchase new items.
Choose an insurance company for renters. When selecting a policy, observe the companies that use their agents, those that use independent agents who direct customers to multiple insurance companies, and those that sell policies directly online and over the phone. Family, friends and real estate agents can provide valuable advice. Request quotes from three or more companies, but don't just look at the price. Customer service and a strong financial rating from agencies like AM Best are equally, if not more, important.
Choose a policy. Finally, choose a policy with sufficient personal possession and liability coverage. Read the fine print and make sure you understand all the terms of your policy, including what it covers and doesn't cover, so there are no unpleasant surprises later on. Finally, consider adding additional coverage for floods, earthquakes or other types of endemic catastrophes in your area that may not be covered by a standard policy.
The best insurance companies for renters of 2020Our insurance companies for the most popular renters of 2020 include: Lemonade Sample sample $ 15.42 Online tools Online application All rates listed are for illustration purposes only. We recommend that you contact the insurance company or insurance agent directly for applicable quotes. Limonade: Founded in 2015, Lemonade is a new collection of online startups that aims to interrupt the insurance space. It works as a peer-to-peer insurance provider, which means that premiums paid by customers go to a community dish that is used to pay claims. Lemonade advertises its insurance policies at highly competitive rates, starting at $ 5 a month for renters insurance and $ 25 a month for home owners insurance. USAA Online Tools Online Estimate All rates listed are for illustration purposes only. You must contact the insurance company or insurance agent directly for applicable quotes. USAA: formed in 1922, USAA now has 12.8 million members. The San Antonio-based company offers a wide range of services, including insurance, loans, retirement planning and more. USAA policies are available primarily for members of the US military and their families. All rates listed are for illustration purposes only. You must contact the insurance company or insurance agent directly for applicable quotes. Erie Insurance: Erie Insurance is a 94-year-old company based in Erie, Pennsylvania. He is probably best known for his auto and leisure insurance, but he also offers renters, homeowners, properties, life and business insurance. Erie Insurance sells relatively low-cost insurance in the Middle Atlantic and Midwest regions through 12,000 independent agents. State Farm Sample Monthly Cost $ 13.75 Online Tools Online Estimate / Online Application All rates listed are for illustration purposes only. You must contact the insurance company or insurance agent directly for applicable quotes. State Farm: Bloomington, Illinois-based State Farm started selling auto insurance and now sells renter insurance and around 100 other products. More people have auto insurance and homeowner insurance with State Farm than with any other company in the United States, for over 83 million policies and accounts. State Farm has an extensive network of agents and consistently high customer service ratings. AllstateSample Monthly Cost $ 23.00 Online Tools Online Estimate All rates listed are for illustration purposes only. You must contact the insurance company or insurance agent directly for applicable quotes. Allstate: Sears, Roebuck and Co. President Robert Wood founded Allstate in 1931 as a car insurance company with mail-order policies. Based in Northbrook, Illinois, the company is the largest publicly owned personal and non-life insurance reseller in the United States and has over 113 million customers worldwide. All rates listed are for illustration purposes only. You must contact the insurance company or insurance agent directly for applicable quotes. American Family: Based in Madison, Wisconsin, the American family offers auto insurance, homeowners insurance and renters insurance, life insurance and other types of policies. It has agents in 19 states and serves the whole country through its affiliates The General and Homesite. American Family offers a wide range of add-ons for renters insurance, such as travel insurance and identity theft coverage. National Monthly Sample Cost $ 16.08 Online Tools Online Estimate All rates listed are for illustration purposes only. You must contact the insurance company or insurance agent directly for applicable quotes. National Mutual Insurance: Nationwide Mutual Insurance Company, based in Columbus, Ohio, is one of the largest insurance and financial services companies in the United States. It offers numerous types of insurance for individuals and companies, including auto, life and business insurance, as well as financial products such as mutual funds. Nationwide employs approximately 30,000 people in the United States and can provide quotes and insurance policies online or through an agent. All rates listed are for illustration purposes only. You must contact the insurance company or insurance agent directly for applicable quotes. Farmers: Farmers Insurance was founded in 1928 and currently sells insurance policies of various types to over 10 million families. It offers highly customizable policies, as well as discounts for families who have been smoke-free for at least two consecutive years or who have an approved security system or fire alarm. Doctors, nurses, engineers, dentists, teachers, police and firefighters are also eligible for discounts. All rates listed are for illustration purposes only. We recommend that you contact the insurance company or insurance agent directly for applicable quotes. Libty Mutual: Liberty Mutual was founded in 1912, is headquartered in Boston and is one of the largest global property and property insurers in the United States. Around 50,000 people worldwide work for Liberty Mortgage. In addition to renter insurance, it offers cars, homeowners, businesses, worker benefits, general liability, surety and commercial property insurance, as well as special insurance lines. Sample Travelers Monthly Cost $ 11.08 Online Tools Online Application All rates listed are for illustration purposes only. You must contact the insurance company or insurance agent directly for applicable quotes. Travelers: This is one of the oldest insurers in the United States, in business for over 160 years. Travelers, based in New York City, have approximately 30,000 employees and 13,500 independent agents and brokers in the United States, Canada, the United Kingdom, Ireland and Brazil. The company sells property damage and accident insurance, commercial insurance and bond and specialty insurance. How does renters insurance work? Anyone who rents a home should consider renter insurance. This is because in the United States the landlord cannot be held financially responsible for personal property damage caused by a fire, storm, break-in or other event or injury to the guests of your unit. The owner's insurance, if any, covers only them and the building in which the unit is located. For this reason, the owner may request that you take out renters insurance before signing a lease. Although renter insurance isn't required, it's a good idea. Renters insurance will cover your personal property, including clothing, electronics, furniture, bed linen, sports equipment and other assets. Even the appliances you own are covered (but not the ones supplied with the unit). In addition to property coverage, renters insurance will reimburse legal and liability costs in the event of injury to anyone other than a family member in the rental property. And it will pay for hotel bills, restaurant meals and other additional living expenses if you need to move while your unit is being repaired after a covered disaster. When you buy renters insurance, don't just focus on the price. The company with the lowest premiums may not have the coverage you need or good customer service agents. The Federation of American Consumers notes that good customer service is especially important because it will make the process of filing a complaint much easier and more pleasant. Do I need insurance for renters? Although not legally required to have renters insurance, the landlord may apply for it to protect himself if something happens to personal property in a disaster or if he is sued for an injury that occurs in the unit. From the landlord's perspective, having tenants with renters insurance offers peace of mind because tenants are less likely to engage the landlord in a dispute or try to recover money from them after a storm, a fire or robbery. Even if the landlord is not needed, renter insurance is an excellent idea to compensate for significant financial losses that may result from a break-in, storm, fire or other event. In addition, renters insurance is relatively affordable. According to a 2018 Insurance Information Institute survey, the average annual insurance premium for renters in 2017 was only $ 180. Compare it with the cost of losing most or all of your assets or being sued for personal injury if someone is injured. in your rental unit and the value of renters insurance quickly becomes evident. It is one of those things that is best to have, even if you never use it. What should I look for in an insurance policy for tenants? The first thing to look for in an insurance policy for tenants is sufficient coverage to reimburse you for all your personal property if it is damaged or destroyed in a storm, fire or other covered disaster. To do this, you will need to make an inventory of all your personal properties. Go through each room in the unit and write down everything you own, including approximate costs. If you have your receipts, collect them and save them. Note particularly valuable items such as jewelry or expensive electronics, as they may require additional coverage not provided in a standard policy. In addition to getting the right amount of coverage, you will need to choose a replacement cost or real money value policy. A replacement cost policy will reimburse you for the replacement costs of your property with new comparable items. Conversely, a real money value policy will only refund you for the depreciated value. Used items, especially things like electronics, aren't worth as much as new ones. As a result, although the rewards for a real-money value policy are lower, the compensation will also be lower – not enough to buy new items. The type of policy you choose will depend on how you balance the risks for your property with monthly premium payments. Finally, review the personal liability of a policy and additional coverage of living expenses to see if they are appropriate for your needs. Whether they are sufficient will depend in part on the likelihood of a guest being injured on your property and the likelihood of having to leave due to extensive damage to your unit. Methodology The following describes our 360 ° approach to research and analysis of renters insurance companies to provide assistance to potential consumers. We studied the companies and products that people care about most. The news analyzed and compared a variety of publicly available data, including Internet search data, to determine which insurance brands for renters are most interested in Americans. We have found 15 companies that consumers are looking for the most and that have a lot of online ratings. these companies, we have reviewed their insurance policies for renters offered at the time of publication. We compared the available coverage of the best renters insurance companies on different criteria, including costs, coverage limits, policy characteristics and availability. Research shows that these criteria are among the most important considerations for people who buy for renters insurance. We compared policy costs between different companies using an archetype that, as far as possible, represents a typical American renter: a 33-year-old individual who rents a 1,200-square-foot apartment with another roommate in a building with a fire alarm room and fire prevention system. We created a standard plan that includes $ 30,000 property / content coverage, $ 100,000 liability coverage and a $ 500 deductible. We collected quotes from four locations: Chicago; Cleveland; Glendale, Wisconsin; and Indianapolis – to get a better idea of ​​the price changes for a standard plan in different areas. We then took the median value of the quotes we received to create an example monthly plan cost. We have created objective global 360 ratings based on a third party review analysis. The 360-review team of News applied an impartial methodology that includes opinions from independent life insurance experts and third-party reviews. Our scoring methodology is based on a composite analysis of ratings and reviews published by credible sources of professional reviews and third-party consumers. Ratings are not based on personal views or experiences from U.S. news. To calculate ratings: (a) We have compiled two types of third party ratings and reviews:
Professional ratings and reviews. Many independent life insurance assessment sources have published their assessments of life insurance companies and products online. We believe that many of these third party reviews are reliable and well researched. However, professional reviewers often make recommendations that contradict each other. Rather than relying on a single source, U.S.News believes that consumers benefit most when these views and recommendations are collectively considered and analyzed with an objective and consensus-based methodology.
Consumer ratings and reviews. US news also looked at published consumer ratings and reviews from life insurance providers. Sources with enough quality consumer ratings and reviews have been included in our scoring model.
*** Note that not all professional and consumer assessment sources meet our objectivity criteria. Therefore, some sources have been excluded from our model. (B) We standardized the inputs to create a common scale. Data from third-party review sources have been collected in a variety of forms, including ratings, recommendations and awards. Before we included each third-party data point in our scoring equation, we had to standardize it so we could compare it accurately with data points from other review sources. We used the scoring methodology described below to convert these systems to a comparable scale. The 360 ​​scoring process first converted each third-party rating into a common scale of 0 to 5. To balance the distribution of scores within the scale of each source, we used a standard deviation calculation (or Z- Score) to determine how each company classified as a source was rated against the average score of the source. We then used the Z score to create a standardized United States news score using the following method:
Calculation of the Z score: the Z score represents the relationship of a data point with the average measurement of the data set. The Z score is negative when the data point is below average and positive when it is above average; a Z score of 0 means that it is equal to the average. To determine the Z score for each rating of a third party company, we calculated the average rating of all the companies rated by that third party source. We then subtracted the mean from the company evaluation and divided by the standard deviation to produce the Z score.
T score calculation: we used a T score calculation to convert the Z score to a 0-100 scale by multiplying the Z score by 10. To ensure that the average was equal on all given points, we added our desired average score (between 0 and 10) on the T score to create a correct T score.
Calculation of the common scale rating: we divided the adjusted T score, which is on a 100 point scale, by 20 to convert the third party rating into a common 0-5 point system.
(c) We calculated the overall 360 score based on a weighted average model. We assigned "source weights" to each source used in the consensus scoring model based on our assessment of how reliable and consumer recognized the source is and how much the published review process indicates that it is both complete and independent from the point of view editorial. The weights of the source are assigned on a scale 1-5. Any source with an assigned weight of less than two has been excluded from the consensual scoring model. Finally, we combined the converted third-party data points using a weighted average formula based on the source weight. This formula has calculated the consensus score for each product, which we call the 360 ​​overall rating. Other renter insurance guides: United States. The 360 ​​reviews have an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission, but this in no way affects our editorial independence.