The best companies for renters' insurance offer reasonable rates, comprehensive coverage, and reliable customer service. The best renters insurance companies are quick and simple to work with.
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.
They also have small discounts for getting a quote in advance, paperless billing or enrolling in auto-pay. You can also bundle your renters insurance with other policies such as home, car or umbrella.
Renters Insurance will protect all your belongings, and you are protected against any liability that may arise if an accident occurs on your property. Your possessions will be replaced up to the limits of your policy if stolen or damaged.
It may also include optional add-ons that could be helpful if you have expensive jewelry or collectibles. Some companies offer coverage for additional living expenses or loss of usage if you have to leave your apartment because of a covered peril.
There are many rental insurance companies to choose from, including some big names in the business such as State Farm and Farmers. Some renters may be reluctant to switch their insurance from the landlord to another provider because of potential inconveniences, but it's an option worth considering.
The amount of liability and the types of damages that you might be required to pay should a lawsuit proceed are important factors to consider. Comparing quotes from multiple insurance companies will help you find the best rates and coverage for your needs.
You should also consider the complaint ratio of an insurance company when evaluating their renters policies. This is a comparison of their number of complaints to their size. When shopping for coverage, you should consider complaints as they can indicate if an insurer is financially sound.
Some insurance providers are better than others at dealing with claims. If a company has a high number of complaints, that's a sign that it might be less likely to pay out 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 insurers will visit your home to make a claim, or send an adjustor. Other companies let you submit a request online or by mobile phone.
It's worth asking the company about renters coverage for flood-prone areas if you reside in one. It's an added benefit that you may not be able get anywhere else. It could also save you significant money on premiums.
Some insurance companies have a deductible that decreases over time. As long as you pay your premium, your deductible will decrease every year. This can be very beneficial, especially if your credit rating is low or you're concerned about the security and safety of your home.