Average Renters Insurance Cost -Renters insurance is a crucial yet often overlooked aspect of protecting one’s personal belongings and liability while renting a home or apartment. This article will explore the average cost of renters insurance, the top providers in the market, their websites, phone numbers, customer reviews, pricing, pros and cons, and company histories. Additionally, we will provide FAQs and tags to help you navigate the complexities of renters insurance.
Introduction to Renters Insurance
Renters insurance provides coverage for personal property, liability, and additional living expenses in case of covered events such as theft, fire, or natural disasters. While homeowners insurance covers the structure of the home, renters insurance focuses on the renter’s personal belongings and liability.
Average Cost of Renters Insurance
The average cost of renters insurance in the United States is around $15 to $20 per month, or $180 to $240 per year. However, rates can vary significantly based on factors such as location, coverage limits, deductible amounts, and the insurance provider.
Top 10 Renters Insurance Providers
1. State Farm
Website: State Farm
Phone Number: 1-800-782-8332
Company History
Founded in 1922 by George J. Mecherle, State Farm has grown to become one of the largest insurance companies in the United States. Known for its slogan, “Like a good neighbor, State Farm is there,” the company offers a wide range of insurance products, including renters insurance.
Pricing
State Farm offers competitive rates for renters insurance, with average premiums ranging from $15 to $25 per month.
Pros
- Personalized Service: Strong network of local agents providing customized service.
- Comprehensive Coverage: Offers personal property, liability, and additional living expenses coverage.
- Discounts: Multi-policy discounts for bundling renters insurance with auto or other policies.
- Financial Strength: High financial ratings ensure reliability in claims handling.
Cons
- Variable Customer Service: Quality of service can vary by agent and location.
- Limited Online Management: Some services require interaction with local agents.
Customer Reviews
State Farm is praised for its personalized service and comprehensive coverage options. Customers appreciate the local agent network and range of discounts. However, some have reported mixed experiences with customer service.
2. Geico
Website: Geico
Phone Number: 1-800-841-3000
Company History
Founded in 1936 by Leo and Lillian Goodwin, Geico originally provided insurance to government employees and military personnel. Today, it serves millions of customers across the United States and is known for its affordable rates and extensive advertising campaigns featuring the Geico Gecko.
Pricing
Geico offers competitive rates for renters insurance, with average premiums starting at around $12 per month.
Pros
- Affordable Rates: Competitive pricing for a variety of coverage options.
- User-Friendly: Easy online quotes, policy management, and mobile app.
- Discounts: Multiple discounts, including for safety features and bundling with auto insurance.
- Strong Financial Backing: Backed by Berkshire Hathaway.
Cons
- Limited Personal Interaction: Primarily online and phone-based service.
- Variable Coverage Options: Coverage options can vary by state.
Customer Reviews
Geico receives high marks for its affordability and ease of use. Customers appreciate the straightforward online experience and responsive customer service. Some customers have reported limited coverage options in certain areas.
3. Allstate
Website: Allstate
Phone Number: 1-800-255-7828
Company History
Allstate was founded in 1931 as part of Sears, Roebuck & Co. It has grown to become one of the largest personal lines insurers in the United States, known for its “You’re in Good Hands” slogan. Allstate offers a wide range of insurance products, including renters insurance.
Pricing
Allstate’s renters insurance premiums average around $15 to $25 per month.
Pros
- Comprehensive Coverage: Offers personal property, liability, and additional living expenses coverage.
- Local Agents: Personalized service through a network of local agents.
- Discounts: Multi-policy, safety device, and claim-free discounts.
- Financial Stability: Strong financial ratings ensure reliable claims payment.
Cons
- Higher Premiums: Generally higher rates compared to some competitors.
- Mixed Customer Service: Service quality can vary by location.
Customer Reviews
Allstate is praised for its comprehensive coverage options and local agent network. Customers value the personalized service and range of discounts. However, some have reported higher premiums and mixed experiences with customer service.
4. Liberty Mutual
Website: Liberty Mutual
Phone Number: 1-800-290-7933
Company History
Founded in 1912, Liberty Mutual is one of the largest property and casualty insurers in the United States. The company offers a wide range of insurance products, including renters insurance, and is known for its customer-centric approach.
Pricing
Liberty Mutual offers competitive rates for renters insurance, with average premiums starting around $12 to $20 per month.
Pros
- Comprehensive Coverage: Offers personal property, liability, and additional living expenses coverage.
- Discounts: Multi-policy, safety device, and online purchase discounts.
- Flexible Policies: Customizable coverage to fit individual needs.
- User-Friendly: Easy online quotes, policy management, and mobile app.
Cons
- Variable Rates: Premiums can vary widely based on individual factors.
- Mixed Customer Service: Quality of service can vary by location.
Customer Reviews
Liberty Mutual receives high marks for its comprehensive coverage options and flexible policies. Customers appreciate the range of discounts and online tools for managing policies. However, some have noted variable rates and mixed customer service experiences.
5. Farmers
Website: Farmers
Phone Number: 1-888-327-6335
Company History
Farmers Insurance was founded in 1928 by John C. Tyler and Thomas E. Leavey. Known for its “We Are Farmers” slogan, the company offers a wide range of insurance products, including renters insurance.
Pricing
Farmers offers competitive rates for renters insurance, with average premiums starting around $15 to $25 per month.
Pros
- Comprehensive Coverage: Offers personal property, liability, and additional living expenses coverage.
- Local Agents: Personalized service through a network of local agents.
- Discounts: Multi-policy, safety device, and claim-free discounts.
- Financial Strength: High financial ratings ensure reliable claims payment.
Cons
- Higher Premiums: Rates can be higher compared to some competitors.
- Mixed Customer Service: Service quality can vary by location.
Customer Reviews
Farmers is well-regarded for its comprehensive coverage options and local agent network. Customers appreciate the personalized service and range of discounts. However, higher premiums and mixed customer service experiences are noted by some customers.
6. USAA
Website: USAA
Phone Number: 1-800-531-8722
Company History
Founded in 1922, USAA (United Services Automobile Association) serves military members and their families. Known for its exceptional customer service and financial products, USAA offers a wide range of insurance products, including renters insurance.
Pricing
USAA offers competitive rates for renters insurance, with average premiums around $12 to $20 per month.
Pros
- Exceptional Customer Service: High ratings for customer service and claims handling.
- Comprehensive Coverage: Offers personal property, liability, and additional living expenses coverage.
- Discounts: Multi-policy, safety device, and military discounts.
- Financial Strength: High financial ratings ensure reliable claims payment.
Cons
- Eligibility Restrictions: Only available to military members and their families.
- Higher Premiums: Rates can be higher compared to some competitors.
Customer Reviews
USAA is highly rated for its exceptional customer service and comprehensive coverage options. Customers appreciate the range of discounts and strong financial backing. However, eligibility restrictions and higher premiums are noted by some customers.
7. Nationwide
Website: Nationwide
Phone Number: 1-877-669-6877
Company History
Founded in 1925, Nationwide has grown to become one of the largest insurance and financial services companies in the world. Known for its “On Your Side” slogan, Nationwide offers a wide range of insurance products, including renters insurance.
Pricing
Nationwide offers competitive rates for renters insurance, with average premiums around $15 to $25 per month.
Pros
- Comprehensive Coverage: Offers personal property, liability, and additional living expenses coverage.
- Discounts: Multi-policy, safety device, and claim-free discounts.
- Financial Strength: High financial ratings ensure reliable claims payment.
- Local Agents: Personalized service through a network of local agents.
Cons
- Higher Premiums: Rates can be higher compared to some competitors.
- Variable Customer Service: Quality of service can vary by location.
Customer Reviews
Nationwide is well-regarded for its comprehensive coverage options and strong financial backing. Customers appreciate the personalized service and range of discounts. However, higher premiums and variable customer service experiences are noted by some customers.
8. Lemonade
Website: Lemonade
Phone Number: 1-844-733-8666
Company History
Founded in 2015, Lemonade is a modern insurance company that leverages artificial intelligence and behavioral economics to offer renters insurance at competitive rates. Known for its user-friendly app and fast claims process, Lemonade has quickly gained popularity.
Pricing
Lemonade offers some of the lowest rates for renters insurance, with average premiums starting around $5 to $15 per month.
Pros
- Affordable Rates: Some of the lowest premiums in the market.
- Fast Claims Process: Quick and easy claims handling through the mobile app.
- User-Friendly: Simple online quotes and policy management.
- Social Impact: Donates unclaimed premiums to charity through its “Giveback” program.
Cons
- Limited Coverage Options: May not offer as many coverage options as traditional insurers.
- No Local Agents: Primarily online and app-based service.
Customer Reviews
Lemonade is praised for its affordability, ease of use, and fast claims process. Customers appreciate the straightforward online experience and social impact initiatives. However, some have noted limited coverage options and the absence of local agents.
9. Erie Insurance
Website: Erie Insurance
Phone Number: 1-800-458-0811
Company History
Founded in 1925, Erie Insurance has grown to become a regional insurer with a strong presence in the Midwest and Mid-Atlantic regions of the United States. Known for its excellent customer service and competitive rates, Erie offers a wide range of insurance products, including renters insurance.
Pricing
Erie offers competitive rates for renters insurance, with average premiums around $12 to $20 per month.
Pros
- Excellent Customer Service: High ratings for customer service and claims handling.
- Comprehensive Coverage: Offers personal property, liability, and additional living expenses coverage.
- Discounts: Multi-policy, safety device, and claim-free discounts.
- Local Agents: Personalized service through a network of local agents.
Cons
- Regional Availability: Coverage is limited to certain states.
- Higher Premiums: Rates can be higher compared to some competitors.
Customer Reviews
Erie Insurance is highly rated for its excellent customer service and comprehensive coverage options. Customers appreciate the range of discounts and personalized service. However, regional availability and higher premiums are noted by some customers.
10. Progressive
Website: Progressive
Phone Number: 1-800-776-4737
Company History
Founded in 1937, Progressive is one of the largest providers of car insurance in the United States. It has expanded its offerings to include a wide range of insurance products, including renters insurance. Known for its innovative approach and extensive advertising campaigns, Progressive is a popular choice for renters insurance.
Pricing
Progressive offers competitive rates for renters insurance, with average premiums starting around $12 to $20 per month.
Pros
- Innovative Approach: User-friendly online quotes, policy management, and mobile app.
- Comprehensive Coverage: Offers personal property, liability, and additional living expenses coverage.
- Discounts: Multi-policy, safety device, and claim-free discounts.
- Financial Strength: High financial ratings ensure reliable claims payment.
Cons
- Variable Rates: Premiums can vary widely based on individual factors.
- Mixed Customer Service: Quality of service can vary by location.
Customer Reviews
Progressive receives high marks for its innovative approach and comprehensive coverage options. Customers appreciate the range of discounts and user-friendly online tools. However, some have noted variable rates and mixed customer service experiences.
FAQs
1. What factors affect the cost of renters insurance?
The cost of renters insurance is influenced by several factors, including the location of the rental property, the coverage limits, the deductible amount, the insurance provider, and the renter’s claims history and credit score.
2. Is renters insurance mandatory?
Renters insurance is not legally required, but many landlords and property management companies require tenants to have it as part of the lease agreement to protect against potential liability and property damage.
3. What does renters insurance typically cover?
Renters insurance typically covers personal property, liability, and additional living expenses. Personal property coverage protects against loss or damage to belongings, liability coverage protects against lawsuits for bodily injury or property damage, and additional living expenses cover the cost of temporary housing if the rental unit becomes uninhabitable.
4. Can I bundle renters insurance with other policies?
Yes, many insurance providers offer discounts for bundling renters insurance with other policies, such as auto or life insurance. Bundling can help you save on premiums and simplify policy management.
5. How do I file a claim for renters insurance?
To file a claim, contact your insurance provider as soon as possible. Provide them with detailed information about the incident, including photos, receipts, and any relevant documentation. Your insurance provider will guide you through the claims process and help you get reimbursed for covered losses.
