insure logo

Why you can trust Insure.com

quality icon

Quality Verified

At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry.

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 ratioAM BestInsure.com best home insurance companies survey score**Annual premiumOverall
rating
Amica0.23A+4.22$2004.61
State Farm0.95A++4.37$1954.55
Auto-Owners0.33A++4.06$2234.51
Erie0.38A+4.66$2794.50
American Family0.37A4.25$2744.29
Allstate0.90A+4.25$2724.22
Nationwide0.87A4.33$2974.12
Progressive8.45A+4.33$2154.08
Farmers0.54A4.10$3254.03
Travelers0.54A++4.18$4213.89
USAA*0.36A++4.23$1914.65

*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.

CompanyNAIC complaint ratioAM BestInsure.com best home insurance companies survey scoreAnnual premiumOverall rating
Amica0.23A+4.22$2004.61
State Farm0.95A++4.37$1954.55
Allstate0.90A+4.25$2724.22
Progressive8.45A+4.33$2154.08
Farmers0.54A4.10$3254.03
Travelers0.54A++4.18$4213.89
USAA*0.36A++4.23$1914.65

*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 ratioAM BestInsure.com best home insurance companies survey scoreAnnual premiumOverall rating
Amica0.23A+4.22$2004.61
Auto-Owners0.33A++4.06$2234.51
Erie0.38A+4.66$2794.50
American Family0.37A4.25$2744.29
Nationwide*0.87A4.33$2974.12

*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.

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
AlaskaWestern National Mutual
AlabamaAuto-Owners
ArkansasFarm Bureau Mutual Ins Co of AR
ArizonaAmerican Family
CaliforniaFarmers
ColoradoChubb
ConnecticutChubb
Washington, D.C.Chubb
DelawareCumberland Insurance
FloridaNationwide
GeorgiaAuto-Owners
HawaiiAIG
IowaAuto-Owners
IdahoAmerican Family
IllinoisAuto-Owners
IndianaIndiana Farmers
KansasShelter Insurance
KentuckyAuto-Owners
LouisianaState Farm
MassachusettsVermont Mutual
MarylandTravelers
MaineState Farm
MichiganAuto-Owners
MinnesotaSecura Insurance
MissouriShelter Insurance
MississippiSouthern Farm Bureau
MontanaChubb
North CarolinaState Farm
North DakotaState Farm
NebraskaState Farm
New HampshireVermont Mutual
New JerseyChubb
New MexicoState Farm
NevadaAmerican Family
New YorkChubb
OhioAuto-Owners
OklahomaShelter Insurance
OregonState Farm
PennsylvaniaErie Insurance
Rhode IslandState Farm
South CarolinaAuto-Owners
South DakotaAuto-Owners
TennesseeTennessee Farmers
TexasTexas Farm Bureau
UtahState Farm
VirginiaState Farm
VermontVermont Mutual
WashingtonPEMCO
WisconsinWest Bend Mutual
West VirginiaWestfield Insurance
WyomingNationwide

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.

CompanyMarket share
State Farm17.79%
Allstate8.92%
Liberty Mutual6.89%
USAA6.81%
Farmers5.91%
Travelers4.98%
American Family4.61%
Nationwide2.68%
Chubb2.56%
Citizens2.11%
Progressive1.94%
Erie1.75%
Auto-Owners1.69%
Universal Insurance Holdings1.20%
Tokio Marine America0.92%
CSAA Insurance (AAA)0.87%
Auto Club Enterprises (AAA)0.79%
Cincinnati Financial0.79%
Mercury Insurance0.75%
Amica0.75%
Country Insurance0.66%
The Hartford0.65%
Auto Club Group (AAA)0.63%
The Hanover0.62%
Heritage Insurance0.62%

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. 

expert

What our expert says

expert-image
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.

author image
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.

ZIP Code Please enter valid ZIP