Best Renter’s Insurance Companies In 2020

Renter’s Insurance is becoming a booming industry. There’s a common misbelief that as a renter, your landlord’s insurance covers your personal property. However, nothing could be more wrong than that. Your landlord’s insurance will only cover the physical structure of the building and not the contents inside it that you own. Therefore, it is really important to buy renter’s insurance and protect yourself from unforeseen circumstances.

An average renter’s insurance policy provides protection from common losses such as fire, theft, hurricanes, and other natural disasters. While these are the basic coverages, you can definitely go for extra coverages which may include protection from identity theft as well as cover your living expenses in case you ever need to move out of your home during repairs.

There are several factors that go into determining the best renter’s insurance. These include pricing, coverages, the financial strength of the insurer, customer service, among many others. Let’s have a look at some of the best insurance companies that are offering renter’s insurance:

State Farm:

A giant in the insurance industry, State Farm boasts of comprehensive insurance policies of all shapes and sizes. For those whose main concern is cost, State Farm is the best bet as it offers buyers to customize their coverage according to their needs. Additionally, it also provides coverage for high-value belongings as a bonus. With an “A+” A.M. Best rating affordable, and offering great customer service, State Farm is a good option for renter’s insurance.

Lemonade:

Lemonade, a New York-based insurance startup claims to offer the fastest quotes and claims in the industry. Moreover, their app-based approach makes for an interactive experience for potential customers who can benefit from the cheap rates that Lemonade has to offer. Highly customizable in nature, with the possibility of monthly adjustments, Lemonade replaces traditional agent experience with their AI bot Maya, helping customers get paid in less than three seconds. For someone looking for a highly efficient claims service, quick service, and cheap rates, Lemonade proves to be the right insurance provider.

USAA:

USAA, which caters specifically to military personnel, has a remarkable presence in the USA when it comes to providing different varieties of insurance policies. The benefits of USAA insurance can be enjoyed by renters as well who receive comprehensive and affordable renters insurance policies that include replacement cost coverage, protection against theft, and natural disasters. Additionally, USAA’s policies also cover floods, earthquakes, windstorms, and lightning- which are usually left out by competing insurance companies- With an A++ superior A.M. Best rating, USAA is the best choice for those who are part of the military services and wish to buy affordable insurance.

Allstate:

Allstate Insurance is the second-largest personal insurer in the USA. With a comprehensive line of insurance products ranging from auto, home, motorcycle, and life, it also provides highly customizable renter’s insurance policies with a great variety of discounts, such as the multi-policy discount, safe-home discount as well as the ‘easy pay’ plan. With an A+ A.M. Best rating, Allstate also promises a unique digital experience with the introduction of its mobile apps, making it the best choice for technology-savvy policyholders.

Among all these options, it is tough to pick out one that fits all sizes. But surely, as a consumer, you are the best judge of which insurance company to go for. Do visit their individual websites to find out more about the kind of services they deliver.