Migration is a common feature now, and with more and more numbers of people moving to different cities, almost every rental place you look for now requires you to have renter’s insurance. The great thing about renting is that the landlord is responsible for almost every aspect of building upkeep. So, even if the landlord doesn’t require it, renters insurance is a smart purchase because of two important things. It provides coverage to your personal property and it offers a liability insurance cushion in case someone sued you for injury/damages to someone else. In order to give you a head start, here are the best renters insurance companies of 2017.
Erie renters insurance won points for the best overall customer satisfaction from JD Power, scoring high on points such as contact/communication with the insurer, payment and billing, pricing, and policy offerings. Erie works perfectly for those tenants who are more concerned with a well-rounded product and experience, and less interested in convenience or costs.
State Farm, which occupies the largest chunk of the market share in casualty and property insurance, is best for those looking for the cheapest quotes available for renters’ insurance. The company offers some of the most affordable premiums on this list. State Farm renters insurance gives deductibles of $500, $1,000, and $2,000, allowing renters to customize their policies by adding additional coverage such as identity restoration, waterbed liability, and earthquake coverage at the mere click of a button. The policies from State Farm also include the ability to easily manipulate personal property category limits as well as coverage for medical payments. State farm executives also try and establish a personal connection with clients.
If you’re a technology-savvy person, then you must consider Allstate renters insurance. Allstate has always been big on the digital experience, having invested significantly in it and making it the best experience for Allstate users online. Not only do they have digital lockers but they also feature an insurance toolbox and a whole slew of experiences and activities that users can do online at the click of a button. Allstate allows people choosing renters insurance deductibles choices of $250, $500, and $1,000 as well as medical payments coverage (for guests) as well as identity theft protection. The policies also allow renters to decide and pick if they want off-premises theft protection.
Farmers renters insurance has been voted as the company that delivers the insurance quotes fastest to its customers online. The company’s website asks people to answer the least number of questions before providing them with a renters insurance quote online. Farmers is the best-suited website for a person who isn’t too bothered by the price and simply seeks a quote as quickly and as painless as possible. Renters can even adjust their policies’ additional living expenses/loss of use coverage, which starts at $5,000.
Liberty Mutual Renters Insurance
Liberty Mutual earned the title of being the most comprehensive renters insurance policies, even though their premiums tend to be a little on the expensive side. While most renters’ insurance policies usually cover the same things (loss of use, liability, and personal property), Liberty Mutual quotes policies with a liability coverage of up to $1 million–more than any other renters insurance company. Liberty Mutual also allows renters to add a category limit for jewelry (called the “Blanket Jewellery Coverage”). Liberty Mutual also possesses the highest deductibles option of a whopping $5,000, which essentially means that if a renter can possibly afford a high deductible (in this case $5,000), he/she could potentially significantly lower their rate for renters insurance. Liberty Mutual also provides renters with the option of opting out of the provision of “off-premises theft protection,” which could lower their premiums further.
USAA (United States Automobile Association)
USAA renters insurance offers the best quotes for those in the military and their families, who are the only customers it sells its policies to. Their policies are far more comprehensive and inexpensive than most renters insurance policies that are usually seen in the market, the average renters insurance premium is only about $12, which undoubtedly makes it only of the most affordable insurance premiums across all the companies in the market. However, USAA’s standout rider is what all are included in the renters insurance policies for the asking price—identity theft, storage theft, moving theft, earthquake and even flood, all of which are usually left out—are covered by renters insurance offered by USAA.
It isn’t necessary that the cheapest renters insurance policy works best for every renter; what’s more, the policies could differ vastly geographically. While renters insurance is relatively inexpensive (average annual renters insurance premium is around $187), renters need to figure out whether a cheap policy will work better for them or a slightly more expensive policy suits them better, given if the coverage and services are better.