What Is The Best Renters Insurance?

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As a renter, you may feel as though you don’t need renters insurance to cover the items that you have in your apartment. However, different factors make having renters insurance an excellent idea, especially if you can’t trust the structure of your rented building.

But there are those tenants who feel, but they would benefit from insurance policies that gave them the most coverage while they’re renting their units, whether it’s because their items are precious in worse or emotional value, or merely because they have lost everything in an apartment fire before.

In this article will be taking a look at what the best renters insurance for cautious tenants are, and what it is about these insurance policies that make them the best.

How We Rate Our Choices

We base our ratings off of some different factors; these factors include:

Coverage Options:  as a cautious tenant, you’re likely going to be looking for a policy that gives you all the coverage options that you could want for your plan. As a result, we will be looking at companies that provide you the most choices so you can have peace of mind.

Cost: we want to make sure that you get the most bang for your buck, and because we are eager to find that for your policy needs, higher-rated companies are going to be better for your pocketbook.

Financial Rating:  A company has to have an excellent Financial rating if it’s a company that you can trust to pay out on time. While we sincerely believe we’ve included only top rated companies in this area, the best will get placed at the top of our list.

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The Best Renters Insurance For A Cautious Tenant

State Farm

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6/6 stars

State Farm provides a large number of insurance policies that cover everything from life insurance, car insurance, and even renters insurance and it’s available all across the United States. What we like about state farm is the fact that it is widely available at competitive rates so you won’t have to break your budget to get reasonable coverage.

In fact, on average State Farm rates below average for coverage prices especially concerning property coverage. You’ll get great coverage for your home despite the rates being significantly lower than other companies. Such coverages include things like:

  • Liability
  • Medical payouts
  • Property amount

The online quote process is pretty thorough but what a lot of people came to realize is that not every option comes available while you’re applying for your policy.  If you want to utilize the maximum amount of coverage possible, you may want to talk to a local agent instead of just asking online to see what options are made available to you and your area.

This factor also applies to premium rates as well. Unfortunately, in places that are considered high risks, such as parts of Texas, Florida, and even Detroit, you may find that your rates will go up in comparison to what the national average is on their prices just because of the area you live.

Once again, talking with a local agent will be able to provide you with the best options for your area so it’s imperative that you discuss what you want and they might be able to work out something that will still fall within your budget.

Just like with any insurance company, there are price limits on what you can getting reimbursement if any of your stuff brakes or damaged in any way. However, compared to a lot of other agencies their limits are comparable if not better.

Electronics are covered up to $5,000 and offer coverage options for business property that may have been in your home for up to $1,500. State Farm even covers more unique items that may get found in a home.

For example, if you have a waterbed and you decide to have waterbed coverage if your bed springs a leak and ruins the apartment below you, State Farm will cover you and the damages.

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USAA

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5/6 stars

USAA is an insurance company that caters explicitly to active military and military veterans as well as their immediate family. So while this is somewhat restrictive, we felt that it was appropriate to include it as a way for those who have served and those serving as the active military to have renter’s insurance if they need extra coverage for their items.

At one point it wasn’t needed if you lived on base, but as of January 2015, many members of the military lost renter’s insurance that was provided by privatized military housing property management companies. As a result, USAA turned out to be the best choice for coverage, offers excellent rates and fantastic coverage.

The only thing that USAA does not cover is it does not provide loss-of-use coverage. Loss of use coverage is coverage that reimburses you for additional living expenses if you find yourself suddenly homeless and you need a place to stay until you’ve been cleared to go back home or you see a new location.

Most insurance companies who offer renter’s insurance will provide at least $4,000 in coverage at the minimum so it can be difficult for those who lose their home in a fire and have no place to go until there given different, accommodations.

But we love about USAA is the fact that there are no limits on what they cover. For those who qualify the premiums are much lower and automatically cover things like flood coverage or identity theft, and they’ll even include things like moving and storage.

The best part is, you don’t need endorsements for these coverages, unlike other companies that require approvals for anything higher than their policy limits, USAA does not, and that makes it easier for families that travel a lot and find themselves renting frequently.

USAA does offer endorsements, and if you utilize them, it will reduce your deductible instead of increasing your coverage.

Any online services that you want to utilize before you’re registered will have to wait until after you’ve become a policy member. You can contact USAA agents by phone and airlines are available 24/7. Once you become a member, you can also utilize their mobile app to handle any of your account preferences or claims.

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Liberty Mutual

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4/6 stars

Liberty mutual’s premiums are probably one of the higher once on this list. However, this is also the company that provides insurance coverage for just about anything you can think of including high claims areas.

As stated before Liberty Mutual charges more for renters insurance than its other competitors but the coverage is good, and you can even take advantage of things like group discounts and computer and smartphone coverage endorsements. Applying online is easy, and you can also interact in a live chat session if you have questions or concerns about your policy.

With this company, you’ll have coverage over liability, medical payout, and property. Liberty Mutual does cover live in use expenses so if you have to live in a hotel while your apartment is undergoing repairs or you’re searching for a new place; your insurance company will cover it, so you don’t have to pay out-of-pocket.

This company would also be a good choice if you live in an area of frequent natural disasters or other companies would deny clients because of the number of claims that they received. For people who rent in Louisiana, for example, would benefit from having renters insurance through Liberty Mutual in case of a hurricane or other flooding.

Your policy will also cover any of your property that I was outside when it was damaged, even if it’s in your car or the middle of a move. If the damage gets done to another property that originated from your apartment to a rental home, Liberty Mutual will cover that as well, and it will get covered under liability which covers up to $100,000.

The online quote system is straightforward and provides you with a quick estimate as to the value of your property given the number of rooms in your apartment. This way isn’t the most accurate method of finding out what your rental space is worth, but the website does offer a rental insurance calculator that gives you a more precise look at how much your items are worth.

Liberty Mutual averages its coverage limits at about 2500 for electronics, firearms, and any silverware that you may have had. This company covers up to $1,500 for jewelry and any other claims that you wish to make you can discuss with an insurance agent.

If you need more coverage for your electronics oh, you might have to look into endorsements which comes with a $50 deductible instead of the $500 deductible that usually comes with renters insurance.

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Nationwide Mutual Insurance

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3/6 stars

Nationwide is one of the largest Insurance underwriters that also offer renters insurance as well as home and car insurance policies. Nationwide offers many opportunities for discounts especially if you have other systems through them that you can bundle up.

Their overall rating is listed highly thanks to the fact that their policyholders can customize their coverage with a good number of add-ons, so you’re guaranteed to get the most extensive coverage options available. Not to mention they have a stable financial rating which makes getting your payout when trouble strikes that much easier.

That said, you should be careful if you live in an area such as Detroit where premiums and rates will go up significantly in price just because it’s a high-risk area. Most of the time when it comes to reimbursement on high ticket items, companies are comfortable paying anywhere from a thousand to $5,000 for lost or stolen items.

Nationwide is much more strict in this regard and we’ll set it to limits to $500. If you have expensive items that you plan on Ensuring, then you will have to up your plan which then of course ups your premiums every month. Regardless, anything that’s damaged or lost that your insurance covers will replace it to as close to new condition as possible.

The insurance also covers rented building and any additions that qualify with your rental. Any damages to the exterior hallway or car garages will even come included and reimbursed to you. Applying online is easy, and the application process is comprehensive, with agents available at all hours to answer any questions you may have.

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Farmers Insurance Group

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2/6 stars

Nationwide is one of the largest Insurance underwriters that also offer renters insurance as well as home and car insurance policies. Nationwide offers many opportunities for discounts especially if you have other systems through them that you can bundle up.

Their overall rating is listed highly thanks to the fact that their policyholders can customize their coverage with a good number of add-ons, so you’re guaranteed to get the most extensive coverage options available. Not to mention they have a stable financial rating which makes getting your payout when trouble strikes that much easier.

That said, you should be careful if you live in an area such as Detroit where premiums and rates will go up significantly in price just because it’s a high-risk area. Most of the time when it comes to reimbursement on high ticket items, companies are comfortable paying anywhere from a thousand to $5,000 for lost or stolen items.

Nationwide is much more strict in this regard and we’ll set it to limits to $500. If you have expensive items that you plan on Ensuring, then you will have to up your plan which then of course ups your premiums every month. Regardless, anything that’s damaged or lost that your insurance covers will replace it to as close to new condition as possible.

The insurance also covers rented building and any additions that qualify with your rental. Any damages to the exterior hallway or car garages will even come included and reimbursed to you. Applying online is easy, and the application process is comprehensive, with agents available at all hours to answer any questions you may have.

American Family Insurance

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1/6 stars

If you happen to live in an area where American Family Insurance does provide renter’s insurance, then this would be an excellent company to have a policy. However, as this company does not cover all regions in the United States, it would be best to talk to a local agent and get an idea of what they can offer you for your area.

Other than that, American Family Insurance does provide competitive prices and rates, and that includes their renter’s insurance which gives you good coverage for the speed that you’re paying. Their website does not provide all the options available for plans and finding a local agent to talk to about your coverage options is the best way to get the rates that you need.

It’s also worth mentioning that if you live in an area where floods are more likely to occur, American Family Insurance does not cover floods so if you do choose them to include the majority of what you need, you will need to get a hold of separate flood protection from a different company.

Other than that, they do cover damages to your possessions that are caused by fires, left, natural disasters, and vandalism. It can cover water damage if an upstairs neighbor has a pipe break or their tub leaks, but that’s an extra expense for the coverage.

American Family Insurance also covers debris removal and any mold damage that occurs to your items, and you can count on them to cover you if you have suffered from Identity Theft. It is essential to speak with your agent about the differences that the company considers to be acts of God versus acts of theft or vandalism before you sign for a policy.

There aren’t limits to high-value items such as electronics or firearms, and they even provide limited coverage for business property that you might have had on your property when the disaster occurred.this would be an ideal plan for someone who has high-priced computers or computer parts.

While their financials rating is considered excellent, American Family Insurance’s loss-of-use payout does vary by the state which is an important concept to go over with your agent that you’re working with to determine if American Family Insurance would be the best choice for you.

However, if it does cover your area, the maximum that the company sets is at 12 or 24 months unless the monetary limit is set in place instead. While these are considered normal for renters insurance, it’s best to go over these details and carefully consider what gives you better peace of mind.

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What We Think

As far as what we think would be the best choice in renter’s insurance, we have to a grade at State Farm is one of the best available for the average civilian. Alternatively, if you are a part of the active service or you have served in the military, then choosing USAA would be your best bet.

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