If you've rented a property, you've probably faced property owners who requested proof of a renter's insurance before considering your rental application. This kind of insurance offers many of the same benefits as homeowner's insurance, but it usually doesn't cover damage to the structure of a dwelling. Different policies offer different levels of protection, but most cover damage caused by fire, theft and personal liability. While some policies provide cover for a list of named perils, which you should study carefully, other policies cover open perils and will compensate for most damages, no matter what the cause. An open perils policy usually has a higher premium, but you get coverage for unexpected disasters that may be excluded from a named perils list. For example, if a named perils list specifies water damages, you may not be covered if damages are caused by another liquid.
One big benefit that this type of insurance provides is personal liability coverage. This will protect you financially if you accidentally damage furnishings or other non-structural items in a property you rent. More benefits include financial cover for your personal possessions in the case of fire, theft, and in some cases vandalism, up to a certain amount. Many renter's insurance providers also offer coverage in the case of 3rd party injury. For example, if a friend or family member were injured while on your rental property. It's important to know that most renter's insurance policies are not comprehensive, and you may want to supplement this insurance with an additional personal property insurance to make sure that all of your valuables are adequately covered.
Allstate. If you decide to get your car insurance from Allstate, or if you already have an Allstate auto insurance policy, then it makes a lot of sense to get your renter's insurance at Allstate too because you can get special discounts. For example, car insurance policy holders can get renter's insurance for just $4 a month! This insurance provides coverage for your possessions if they are damaged by a covered hazard or stolen. Covered perils include water damage from leaking plumbing, air-conditioning or water heaters and damage caused by fire or smoke. Liability coverage protects your finances from the medical and legal costs of injuries to visitors and damages to other people's property that happens in your rented home.
Read our review of Allstate here.
USAA. Renter's insurance from USAA is a good option if you are a U.S. military service member, veteran who has honorably served or their eligible family members. You get optional replacement cost coverage for your possessions which can cover the actual price you paid for stuff that is stolen or damaged. For example, if you paid $1,500 for a living room furniture set that's been stolen, you can get the full $1,500 covered, even if the same set now sells for only $900. Coverage offered in USAA's renter's insurance includes flood insurance, earthquake insurance and identity theft insurance. This is one of the few insurance providers that offers earthquake coverage with its renter's insurance. So if you live in an area that's prone to earthquakes, this may be the right insurance for you.
Read our review of USAA here.
GEICO provides discounts on its renter's insurance policies if you live in a protected area. For example, if you live in a condo that requires a code or electronic device to enter the complex, you could get a discount. If you install a sprinkler system, burglar alarms, or smoke alarms you can get discounts for that as well. GEICO's handy personal property insurance calculator makes it easy to add up the value of your belongings so you can get a pretty good idea of how much coverage you will need.
Read our review of GEICO here.
Esurance. Renter's insurance coverage from this provider gives you financial protection for your belongings. Your belongings will be covered against burglary, theft, and vandalism. Your personal belongings are also covered for damages caused by fire, lightning, smoke, windstorms, hail and freezing. This insurance also covers water damage from leaking pipes or appliances, which many other renter's insurance policies from other providers don't cover. If you get renter's insurance in addition to a car insurance policy from Esurance, you can get up to 30% of your renter's insurance premium waived automatically. If you are looking for an insurer that offers good value for money, this may be a good choice.
Rad our review of Esurance.
State Farm offers solid renter's insurance that insures your belongings against fire, theft and vandalism. As a renter's policy holder, you can get a 10% discount on certain ADT (anti-theft device) installations. You also get a 10% discount on ADT service fees. You also get a discount on certain security systems when you buy them at Lowe's®, and installing these devices will save you up to 7% on your premium. If you're looking for a solid renter's insurance that also offers some basic opportunities to save on insurance bills, this provider may work well for you.
Progressive provides renter's insurance coverage for liability, medical liability, theft, fire and smoke. If you live in an area prone to freezing temperatures and snowstorms, you'll be glad to know that this insurer offers great coverage for cold weather. It covers your belongings against damage caused by building collapse due to snow or windstorms, frozen plumbing or freezing of an air-conditioning system. Items damaged by water leaking from an appliance or pipe are also covered. You can get a discount when you bundle renter's insurance with another Progressive policy.
Farmers offers flexible renter's insurance coverage which you can set to match the value of your belongings. You get liability coverage for other people's property damage in your home, and medical liability coverage for visitors that are injured on your property. Your insurance will cover the costs of temporary housing, if you have to stay somewhere else while your rented home is being repaired, up to the amount stated in your policy. You can also get identity theft coverage (optional) that can help you cover the costs if your identity is stolen. You also get help and legal advice. Replacement cost coverage comes as an optional feature and covers the actual cost of replacing your stolen or damaged goods.
Nationwide renter's insurance covers your personal property from damage, loss caused by fire, theft, water backup, earthquakes and most other natural disasters. You also get liability and medical payments coverage for visitors injured while on your property. If you store your belongings in another location, like an RV or a trailer, they too will be covered up to set limits. If you own one or more firearms you can get coverage for these as well. You have the option of getting full replacement cost coverage for your belongings (although the reimbursement process is a bit complicated). You can get a discount of up to 20% if you also insure your car with them. Installing fire safety or anti-theft equipment can also save you up to 15%. If you don't end up making claims, your premiums can go down by as much as 20%. This is a good average renter's insurance that can be very affordable if you also insure your car with Nationwide.
MetLife gives you good basic renter's insurance coverage for your personal property. A value added benefit this company provides is its identity protection service. If your identity is stolen, you will get support and advice in recovering it. The GrandProtect® policy bundles your car and renter's insurance into a single policy with just one deductible. If your home and car are damaged in the same incident, like a fire or hurricane, you only have to pay one deductible. If you want a quick, simple solution to bundle all your insurance under one solid policy, then MetLife provides a good way to do that.