The best renters insurers offer affordable rates and coverage that is practical, along with dependable service. These companies make it easy and fast to get a renters policy.
Lemonade State Farm and Farmers Insurance are three companies that we recommend as the best for value and convenience. They each have apps that make it easier to get a quote and apply for insurance quickly and easily.
They also have small discounts for getting a quote in advance, paperless billing or enrolling in auto-pay. And they're a good place to start if you want to bundle your renters policy with other types of insurance, such as car, home or umbrella policies.
A renters insurance policy will cover your personal belongings and protect you against liability if someone is injured on your property. You can also replace your belongings up to their policy limits if you lose or damage them.
There may be optional add-ons for jewelry or collectibles. Some companies also provide coverage for loss of use or additional living expenses if you are displaced from your apartment due to a covered peril.
There are many rental insurance companies to choose from, including some big names in the business such as State Farm and Farmers. Although some renters hesitate to switch to another insurance company from their landlord because of the inconvenience it could cause, this is an option well worth considering.
What is most important is to determine how much liability you'll need, as well as what damages you could have to pay out if there was a claim. You can compare the quotes of several insurance companies to see which company offers the lowest rates for the coverage level you require.
When evaluating the policies of a company, you should also look at their complaint ratio. This is a measure that compares how many complaints a company receives to its size. The number of complaints received by an insurance company can indicate its financial stability.
Some insurance companies are better at handling claims than others. A company with a lot of complaints is less likely to be able to pay claims in a timely manner.
Also, consider the number of ways that you can make a complaint and the ease with which it can be done. Some companies will send an adjustor to your house or visit you, while others allow you to submit a claim via mobile app or online.
If you live in a flood-prone area, it's worth asking if the company offers renters insurance for areas affected by flooding. You might not find this extra elsewhere, and you could save a lot of money.
Some insurance providers offer a diminishing deductible. As long as you pay your premium, your deductible will decrease every year. This can be a very important benefit, especially for people with poor credit or those who are worried about the safety of their home.