Even if you don’t own your apartment building, disaster can still strike. Protecting your belongings and assets with insurance is a great way to ease the financial burden in the event of a loss—whether it’s a burst pipe from an upstairs neighbor or a stolen package from the lobby.
We have compiled a list of the top renters insurance companies for apartment dwellers to help you make an informed decision on your next provider. Read on to find the best companies based on average premiums, reviews, coverage options, and more.
Top apartment renters insurance companies at a glance:
Lemonade
Lemonade is highly rated because of its tech-forward approach, competitive pricing, and simple processes. Claims filing and applying for a policy are made easy with the company’s use of AI and are handled entirely in the app. A vast majority of straightforward claims are approved almost instantly, so Lemonade’s team can dedicate more time and resources to resolving complex claims faster than traditional insurers.
With policies starting from $5/month, Lemonade is an incredibly affordable option for city renters, and is currently expanding across the US. If you are an apartment renter with basic insurance needs, on a budget, and enjoy managing your life digitally, Lemonade is for you.
State Farm
State Farm’s agent network provides value specifically when apartment-related claims get complex. State Farm offers standard renters coverages and a list of endorsement opportunities. With available add-ons and plenty of discounts, many types of renters can be happy with State Farm’s coverage, though service speed can vary depending on your local agent.
Allstate
One of America’s most popular insurance companies, Allstate earns strong third-party ratings across the board. Allstate offers standard renters coverages and a list of endorsement opportunities, particularly for high-value items. But with policies starting at higher average rates, it is one of the more expensive companies on this list. Renters with complex coverage needs and the budget to cover higher premiums should consider Allstate.
Nationwide
Nationwide is a solid choice for your renters insurance coverage if you already have coverage through them for another line of insurance. With the multi-policy discount, other discount opportunities, and standard replacement cost coverage, Nationwide renters policies can fulfill most apartment renters’ needs at a decent price.
USAA
A consistent winner in the insurance industry because of its low prices, USAA is no different when it comes to its renters product. With excellent ratings across the board and one of the most affordable average rates on this list, USAA is a great option for military members and veterans who qualify.
Top apartment renters insurance companies
There are a lot of factors that determine which insurance carrier might be right for your unique apartment renters insurance needs, and ratings from reputable third-party organizations like J.D. Power, AM Best, and the NAIC offer important insights into a company’s financial standing, number of customer complaints, and customer satisfaction.
These organizations typically rank insurance companies’ auto and homeowners products, but their scores are generally applicable to companies as a whole and to other insurance lines like renters.
See below for these organizations’ ratings for top renters insurance companies.
Renters insurance companies ranked by cost
One of the most important factors in choosing an apartment renters policy is the cost per month. Renters insurance is significantly less expensive than homeowners and typically costs around $188 per year. The cost of renters insurance primarily depends on the value of the property being insured. In order to provide a rate estimate, we used a personal property limit of $50,000 from popular companies in the U.S.
Top renters insurance companies by cost
| Insurance company | Average Yearly Renters Insurance Premium | Monthly Rate |
| Lemonade | $60 | From $5/month |
| State Farm | $179 | $15 |
| USAA | $186 | $15 |
| Nationwide | $253 | $21 |
| Allstate | $372 | $31 |
How to find the best apartment renters insurance company for you
Like with any insurance product, the best way to determine the right insurance company for you starts with taking a comprehensive look at your coverage needs, budget, and other insurable items.
While the process can be overwhelming, it can be made easier with expert tips on how to prioritize your needs and organize other factors to consider. While many renters choose to start with Lemonade, you should evaluate all options to find a policy that fits your requirements.
Coverage options
A typical renters policy will cover personal property, liability, additional living expenses, and medical payments. These elements make up the core of a renters policy and will be included in every insurance company’s package, no matter which carrier you choose.
If you require additional protection, it’s important to understand which coverages you need and whether the insurance company you’re considering offers these endorsements.
Common renters insurance endorsements
● Sewer and drain backup
● Jewelry, furs and similar valuables coverage
● Electronic equipment
● Identity theft protection
● Earthquake coverage
Bundling
One of the most popular discounts in the insurance world is the multi-policy discount, meaning that you are eligible for discounts on your coverage if you have more than one insurance line through the same company. Many of the companies on this list offer several other insurance products that you may consider switching to in order to get the bundling discount.
However, keep in mind that even with a bundling discount, your rate could be better elsewhere; some insurance providers are just more expensive than others, even if your risk profile remains unchanged. Shopping and comparing quotes before the end of every policy period is one of the best ways to secure the cheapest rates. Don’t be afraid to switch companies — if you receive a better quote from Company B midway through your policy with Company A, paying the initial cancellation fee could be worth the future savings.
Discounts
The discounts offered by most insurance companies tend to be quite small, and the range of discounts also varies widely by company. But this doesn’t mean they’re not worth inquiring about.
Common renters insurance discounts
● Multi-policy
● Pay in full
● Paperless
● Senior discount● Claims-free