Best Renter Insurance Programs in 2023

Most people are familiar with homeowner’s insurance, which is as the name implies, insurance to protect the owner of a home. However, there is also special insurance to protect you if you are a renter and not the owner, commonly called “Renters Insurance”. Unfortunately, around half of all renters don’t obtain this insurance.

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Homeowner insurance does not protect you or your belongings if you’re a renter. That is what renter insurance does. For example, if there is a significant fire in your home, the homeowner (landlord) insurance would cover damages to the building – but not for any of your belongings in or around the home. Same is true for damages due to flood, earthquake, theft and vandalism. To cover loss or damages to your personal property and belongings, you need to obtain renter insurance.

Thankfully you can get renter insurance starting at just under $20 per month. Your specific cost will depend on your location, the value of your belongings, the types of items you want protected and any optional supplemental coverage you may choose. One of the most important supplemental coverages to get is called “replacement value”. This type of coverage will pay you to replace your lost property with a new one, not just the cash value, which is the depreciated value. For example, if your sofa is destroyed, typical cash value coverage will only pay you what its worth as if you sold it. With replacement coverage, the insurance company will buy you a brand new comparable sofa – thus why it’s called replacement value.

Listed below are the best renter insurance companies in 2023.


American Family Insurance

This company offers coverage for under $20 per month, plus they have a lot of nice extra features. One of them is that they will reduce your deductible over time without increasing your premium payments. Plus their standard coverage includes your personal property, medical bills, liability, replacement costs for stolen items, and hotel expenses if you’re unable to stay in your rental home because of a covered event. Optional coverages include identity theft protection, coverage for a home office. They have multi-policy discounts, such as combining with auto coverage, to lower your cost even more.

Erie Insurance

This is a smaller regional insurance company that has been ranked as offering the very best customer service. The bigger states they serve include Illinois, New York, Ohio and Pennsylvania. Their renter insurance policies start at $15 per month. They provide personal property and liability coverage for renters in covered states, as well as living expenses coverage if you need to stay in a hotel after damage to your home. Erie also offers multi-policy discounts.

Farmers Insurance

Not only for farmers, despite its name. This company is highly ranked for claims satisfaction and customer service. Coverage includes personal liability, personal property, replacement costs for personal property, medical payments, identity theft, and additional living expenses. They offer many types of discounts, including multi-policy and having a home security system and being a non-smoker. Customer service and claim service is available 24/7.

Liberty Mutual

This company can provide renters coverage starting at only $5 per month. They stand out in their claims process, by making it simple to file a claim online with a step-by-step process in its portal that asks for incident details and photos. Standard policies include liability coverage, personal property, medical payments, and additional living expenses. Extra coverage is available for personal property replacement costs, jewelry, or damage caused by earthquakes. The company operates in all 50 states so you can get covered no matter where you rent.


This very large, national insurance company offers renter insurance in all 50 states. They are known for excellent customer service and have the ability to insure very valuable items. Basic policies include coverage to repair or replace property, liability and identity theft protection. Additional coverage is available to insure specialty items, such as electronics, musical instruments, luxury items, and sports equipment. They provide 24/7 customer service.


Nationwide has coverage starting at $20 per month. Basic policy covers personal property, loss of use, personal liability, medical payments to others, damages due to building additions and alterations, and unauthorized credit card charges. A special feature is their excellent add-on package for covering high-value items such as collectibles. Optional coverage available includes earthquakes, water damage, and theft protection for personal belongings that are stored in a vehicle. Multi-policy discounts are available, plus discounts for having burglar and smoke alarms.

State Farm

This is another large and nationwide insurance company offering renter’s coverage. They are also very popular in offering auto insurance and offer discounts for having multiple policies with them. They have coverage starting at under $10 per month. They have a very large network of agent’s offices to get personal service – but you can get a quick and easy quote online with them. They also offer discounts for having a security system and being a nonsmoker. Optional coverages include pet medical insurance and for identity theft.

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