The best companies for renters' insurance offer reasonable rates, comprehensive coverage, and reliable customer service. It is also easy and quick to obtain a policy.
Lemonade State Farm and Farmers Insurance are three companies that we recommend as the best for value and convenience. The apps make it easy for tenants to obtain a quote or apply for coverage.
Some offer small discounts when you request a quote, go paperless or sign up for automatic payments. They're also a great place to begin if you are looking to bundle your policy with other insurance policies, like car, home, umbrella, or even paperless billing.
Renters insurance covers your personal property and provides liability protection in case someone is injured at your home. It will also pay to replace your possessions up to the policy's limits if they are stolen or damaged.
It may also include optional add-ons that could be helpful if you have expensive jewelry or collectibles. Some companies will also cover additional living costs or loss of use if your apartment is destroyed by a covered event.
There are many rental insurance companies to choose from, including some big names in the business such as State Farm and Farmers. Renters can hesitate to switch from the insurance provided by their landlord to a different company due to potential inconvenience. But it is a good option to explore.
The most important thing to consider is the amount of liability you will need, and what type of damages you might have to pay if a claim goes through. Comparing quotes from multiple insurance companies will help you find the best rates and coverage for your needs.
When evaluating the policies of a company, you should also look at their complaint ratio. This is a measure that compares how many complaints a company receives to its size. Complaints can be an indication of whether an insurer is financially stable, so it's a good idea to take them into account when shopping for your coverage.
Some insurance providers are better than others at dealing with claims. If a company receives many complaints, it may be less likely than others to pay out their claims on time.
In addition, look at how easy it is to make a claim and how many different ways you can file your claims. Some insurance companies may send a claims representative to your home while others will allow you to file the claim online.
It's worth asking the company about renters coverage for flood-prone areas if you reside in one. You might not find this extra elsewhere, and you could save a lot of money.
Some insurance providers offer a diminishing deductible. It means that your deductible is reduced every year, so long as you keep paying your premium. This is an important benefit, particularly if you have a low credit score or are concerned about your property's safety.