Best renters insurance companies in 2024

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Renters insurance provides crucial coverage for your valuables and protection against liability claims. If you are a tenant looking for a new policy, Amica might be your best bet.

In 2024, Amica earned a 4.61 overall rating and took the top spot in Insure.com’s list of the best renters insurance companies.

However, if you qualify for USAA insurance, it might be an even better choice. USAA earned a 4.65 overall score but was not ranked because only members of the military and their families qualify for USAA coverage.

Key Takeaways

Amica is the best renters insurance company of 2024, earning an overall score of 4.61.
State Farm offers the cheapest renters insurance coverage, at an average of $195 a month.
Customer service reputation and financial stability are important factors when choosing a renters insurance company.

Our take: The best renters insurance of 2024

Amica is the best company for renters insurance in 2024. Based on our expert analysis of rates and rating metrics, it earned a 4.61 overall rating.

Amica’s average annual premium of $200 makes it one of the more affordable choices for renters insurance. It also has the lowest National Association of Insurance Commissioners complaint ratio, at only 0.23.

Finally, Amica earned a solid A+ rating from AM Best.

USAA earned a slightly higher overall score than Amica — 4.65. However, USAA is only available to military members and their families, so it isn’t ranked.

Cheap isn’t everything, but with costs increasing we heavily considered cost in our ranking.

“During these tough economic times it’s important to consider [renters] insurance costs and ways to save as part of your household budget—without cutting corners on coverage,” says Carole Walker, executive director of the Rocky Mountain Insurance Association, a consumer insurance resource.

It is worth noting that USAA had the lowest average monthly renters insurance premium in our survey at $191 a month. So, if you qualify for coverage, USAA is worth checking into.

Insure.com’s choice: Best renters insurance companies in the U.S.

The best way to get the right coverage at a great price is to compare renters insurance companies. We compared renters insurance companies using average rates from Quadrant Data Services, third-party ratings from agencies like AM Best and internal rankings using our comprehensive best home insurance study.

Here is how the best renters insurance companies in the U.S. stack up among the top companies.

Company	NAIC complaint ratio	AM Best	Insure.com best home insurance companies survey score**	Annual premium	Overall rating
Amica	0.23	A+	4.22	$200	4.61
State Farm	0.95	A++	4.37	$195	4.55
Auto-Owners	0.33	A++	4.06	$223	4.51
Erie	0.38	A+	4.66	$279	4.50
American Family	0.37	A	4.25	$274	4.29
Allstate	0.90	A+	4.25	$272	4.22
Nationwide	0.87	A	4.33	$297	4.12
Progressive	8.45	A+	4.33	$215	4.08
Farmers	0.54	A	4.10	$325	4.03
Travelers	0.54	A++	4.18	$421	3.89
USAA*	0.36	A++	4.23	$191	4.65

*USAA is only available to military families.

**Because renters insurance is offered by the same companies that write homeowners insurance, we used the survey data from our 2024 Best Home Insurance Companies ranking, which included a survey of home insurance customers including renters. See methodology.

Best national renters insurance companies

These are the best companies from the list above that offer renters insurance nationwide. Note that availability may be limited in specific areas.

Company	NAIC complaint ratio	AM Best	Insure.com best home insurance companies survey score	Annual premium	Overall rating
Amica	0.23	A+	4.22	$200	4.61
State Farm	0.95	A++	4.37	$195	4.55
Allstate	0.90	A+	4.25	$272	4.22
Progressive	8.45	A+	4.33	$215	4.08
Farmers	0.54	A	4.10	$325	4.03
Travelers	0.54	A++	4.18	$421	3.89
USAA*	0.36	A++	4.23	$191	4.65

*USAA is only available to military families.

Best regional renters insurance companies

These are the best companies for renters insurance that offer coverage in limited areas and may or may not be available to you.

Company	NAIC complaint ratio	AM Best	Insure.com best home insurance companies survey score	Annual premium	Overall rating
Amica	0.23	A+	4.22	$200	4.61
Auto-Owners	0.33	A++	4.06	$223	4.51
Erie	0.38	A+	4.66	$279	4.50
American Family	0.37	A	4.25	$274	4.29
Nationwide*	0.87	A	4.33	$297	4.12

*Nationwide is available in most, but not all states.

A closer look at the top renters insurance companies

Here is a breakdown of the top renters insurance companies, and why they are featured on our list.

Amica

Amica earned a 4.61 rating overall, putting it at the top of the survey. The company offers an affordable average monthly premium of $200 and the lowest National Association of Insurance Commissioners complaint ratio, 0.23.

Amica earns an A+ rating from AM Best but isn’t ranked in J.D. Power’s annual renters insurance survey.

State Farm

State Farm earned a 4.55 rating overall, good enough for second place in the survey. The company’s average monthly premium of $195 was the lowest among ranked companies.

It earns an excellent A++ rating from AM Best, but its complaint ratio is on the high side at 0.95. It landed above average on J.D. Power’s 2023 renters insurance survey at 844/1,000.

Auto-Owners

Auto-Owners earned a strong 4.51 rating overall. The company’s average monthly premium of $223 was near the middle in the survey. It earned an A++ rating from AM Best and has the second-lowest complaint ratio in the survey, at 0.33.

Auto-Owners isn’t ranked by J.D. Power for renters insurance.

Erie

Erie earned a 4.5 rating overall. The company’s average monthly premium of $279 is on the higher side, but it has a low complaint ratio of 0.38. AM Best gives the company an A+ for financial stability.

Erie topped J.D. Power’s list of the best renters insurance companies at a rating of 881/1,000.

American Family

American Family earned a 4.29 rating overall, placing it right in the middle of the survey. The company’s average monthly premium of $274 was on the higher side in the survey, but it has the third-lowest complaint ratio at 0.37. It has an A rating from AM Best.

American Family landed in second place on the J.D. Power renters insurance study with a score of 856/1,000.

Allstate

Allstate earned a 4.22 rating overall. The company’s average monthly premium of $272 is relatively high, and its complaint ratio of 0.9 was the second-highest in the survey. It has a solid A+ rating from AM Best.

Allstate ranked just below average on J.D. Power’s renters insurance study with a score of 835/1,000.

Nationwide

Nationwide earned a 4.12 rating overall. The company’s average monthly premium is a high $297, and its complaint ratio of 0.87 is also relatively high. AM Best gives the company an A rating.

Nationwide ranked in fourth place with J.D. Power at a score of 852/1,000.

Progressive

Progressive earned a 4.08 rating overall. The company’s average monthly premium of $215 is the third-lowest among the insurers that were ranked. AM Best gives it an A+ rating. However, its complaint ratio with the NAIC is 8.45, far and away the highest in the survey.

Progressive also ranked at the bottom of J.D. Power’s study, with a score of 804/1,000.

Farmers

Farmers earned a 4.03 rating overall. The company’s average monthly premium is the second-highest in the survey, at $325, but its complaint ratio is a modest 0.54. It has an A rating from AM Best.

Famers earned the industry average rating from J.D. Power at 842/1,000.

Travelers

Travelers earned a 3.89 rating overall, landing the final place in the top 10. The company’s average monthly premium of $421 is the highest in the survey, however. Its complaint ratio is 0.54, and it has the best possible rating from AM Best, an A++.

Travelers ranked just below average with J.D. Power at 835/1,000.

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How we picked Insure.com’s top-rated renters insurance companies

To choose the best renters insurance companies, we started with average rates provided by Quadrant Data Services. We then researched third-party rankings from AM Best and the National Association of Insurance Commissioners (NAIC), and finally pulled ratings from our overall ranking of the best home insurance companies for 2024, which includes Insure’s survey of home insurance customers across the nation.

While we reviewed J.D. Power scores and presented them where available, we didn’t include them in our rating due to the limited number of companies in the study.

Best renters insurance companies by state

Although Amica took the top honors across the U.S., other companies scored higher in some states. Here is a breakdown of the best renters insurance companies by state.

State	Best renters insurance provider
Alaska	Western National Mutual
Alabama	Auto-Owners
Arkansas	Farm Bureau Mutual Ins Co of AR
Arizona	American Family
California	Farmers
Colorado	Chubb
Connecticut	Chubb
Washington, D.C.	Chubb
Delaware	Cumberland Insurance
Florida	Nationwide
Georgia	Auto-Owners
Hawaii	AIG
Iowa	Auto-Owners
Idaho	American Family
Illinois	Auto-Owners
Indiana	Indiana Farmers
Kansas	Shelter Insurance
Kentucky	Auto-Owners
Louisiana	State Farm
Massachusetts	Vermont Mutual
Maryland	Travelers
Maine	State Farm
Michigan	Auto-Owners
Minnesota	Secura Insurance
Missouri	Shelter Insurance
Mississippi	Southern Farm Bureau
Montana	Chubb
North Carolina	State Farm
North Dakota	State Farm
Nebraska	State Farm
New Hampshire	Vermont Mutual
New Jersey	Chubb
New Mexico	State Farm
Nevada	American Family
New York	Chubb
Ohio	Auto-Owners
Oklahoma	Shelter Insurance
Oregon	State Farm
Pennsylvania	Erie Insurance
Rhode Island	State Farm
South Carolina	Auto-Owners
South Dakota	Auto-Owners
Tennessee	Tennessee Farmers
Texas	Texas Farm Bureau
Utah	State Farm
Virginia	State Farm
Vermont	Vermont Mutual
Washington	PEMCO
Wisconsin	West Bend Mutual
West Virginia	Westfield Insurance
Wyoming	Nationwide

What is the average cost of renters insurance?

The average cost of renters insurance nationwide is $263 a year. However, it’s important to note that costs vary from renter to renter. The average cost also differs by state and by the amount of coverage you need.

So, you may pay more or less than the average figure you see here. Use a renters insurance calculator to get a better idea of your costs.

Renters insurance calculator

$359/year

Estimated renters insurance rates in Florida

$30

Monthly renters insurance cost in Florida

44%

Compared to national average

Largest renters insurance companies

Big doesn’t mean better, but a big company does generally have a solid financial footing. Market share also indicates how many people have chosen the company, a mark of trust. The largest combined homeowners and renters insurance companies in the U.S. by market share are as follows.

Company	Market share
State Farm	17.79%
Allstate	8.92%
Liberty Mutual	6.89%
USAA	6.81%
Farmers	5.91%
Travelers	4.98%
American Family	4.61%
Nationwide	2.68%
Chubb	2.56%
Citizens	2.11%
Progressive	1.94%
Erie	1.75%
Auto-Owners	1.69%
Universal Insurance Holdings	1.20%
Tokio Marine America	0.92%
CSAA Insurance (AAA)	0.87%
Auto Club Enterprises (AAA)	0.79%
Cincinnati Financial	0.79%
Mercury Insurance	0.75%
Amica	0.75%
Country Insurance	0.66%
The Hartford	0.65%
Auto Club Group (AAA)	0.63%
The Hanover	0.62%
Heritage Insurance	0.62%

Things to consider when shopping for renters insurance

Everybody wants to get the best price when shopping for renters insurance. And price should be a major consideration.

However, other factors can be just as important. You want to make sure you get the coverage you need and find an insurance company you can trust to be there when you need it.

Finding a company that offers great customer service and has a strong financial foundation is as important as finding one with great rates.

The best way to shop for renters insurance is to gather quotes from a number of companies and compare them. Your current auto insurance company is a good place to start, and you may even be able to get a discount for bundling.

Frequently asked questions

What companies provide cheap renters insurance in 2024?

Among the insurers in our ranking, State Farm offers the cheapest renters insurance, at an average of $195 a month. It is followed by Amica ($200) and Progressive ($215).

However, it’s worth noting that if you are eligible for USAA, it has the cheapest renters insurance at $191 a month.

How much renters insurance do you need?

The amount of renters insurance you need is based on the assets you need to protect. If you have a lot of expensive electronics, clothes, jewelry and other possessions, you will likely want to make sure you have a robust amount of coverage.

“Your landlord’s insurance only covers the building, not your belongings,” says Walker.

To determine how much coverage you need, Walker suggests creating an inventory of all your property, including furniture, electronics, clothes, and more. Include photos or video documentation, along with any receipts or appraisals.

Then, determine how much you would need to pay out of pocket to replace those items.

“This can not only help you in purchasing a policy, but provide important documentation if you need to file a claim,” Walker says.

In addition, it is important to purchase enough liability coverage to fully protect your finances in case you are responsible for significant damages to another person or their property. If you fail to purchase adequate protection, you could be responsible for paying many thousands of dollars in damages and legal fees if you are sued.

What our expert says

Carole WalkerExecutive director of the Rocky Mountain Insurance Information Association.

“During these tough economic times it’s important to consider [renters] insurance costs and ways to save as part of your household budget—without cutting corners on coverage.”

Methodology

Insure.com commissioned renters insurance rates from Quadrant Data Services based on a sample policy with $40,000 in personal property coverage, $300,000 in liability coverage and a $1,000 deductible. Rates are based on a good credit score where credit is applicable. Rates were sampled from across 34,588 ZIP codes and 149 insurance companies.

To rate the best renters insurance companies, we considered the average rate nationwide for the policy outlined above, AM Best financial stability rating, the National Association of Insurance Commissioners (NAIC) complaint ratio and the survey from our own in-house rating of home insurance companies compiled for our Best Home Insurance Companies of 2024 list. The survey asked home insurance customers, including renters insurance, to rate their insurance company on customer satisfaction, recommending the company to others, whether they plan to renew, and claims handling. These four were equally weighted to create the survey score used in the ranking. See the full methodology for the Best Home Insurance Company survey and ranking here.

The J.D. Power 2023 U.S. Home Insurance study is the most recent study, and ranks companies out of 1,000. The industry average for this study is 842. Ratings are presented but not used for Insure’s rankings as not all companies were included in the study.

Chris Kissell

Contributing Researcher

Chris Kissell is a Denver-based writer and editor with work featured on U.S. News & World Report, MSN Money, Fox Business, Forbes, Yahoo Finance, Money Talks News and more.

On this page

Our take: The best renters insurance of 2024
Insure.com’s choice: Best renters insurance companies in the U.S.
A closer look at the top renters insurance companies
How we picked Insure.com’s top-rated renters insurance companies
Best renters insurance companies by state
What is the average cost of renters insurance?
Largest renters insurance companies
Things to consider when shopping for renters insurance
Frequently asked questions
What our expert says
Methodology