While homeowner’s insurance is well-known, many people overlook the importance of renter’s insurance. As a renter, you need protection for your belongings, and that’s where renter’s insurance comes in. Sadly, almost half of renters skip this crucial coverage.
Your landlord’s homeowner insurance doesn’t cover your personal property or belongings in case of a fire, flood, theft, vandalism, or other incidents. To ensure you’re protected from such losses, you need to obtain renter’s insurance. The good news is that renter’s insurance is relatively inexpensive, with policies starting at just under $20 per month. The exact cost will depend on factors like your location, the value of your belongings, and any supplemental coverage you choose.
One vital aspect of renter’s insurance is replacement value coverage. Unlike cash value coverage, which only pays out the depreciated value of your belongings, replacement value coverage will buy you new items to replace what you lost. For example, if your couch is damaged, a cash value policy will only pay you the current value of your old couch, while replacement value coverage will buy you a brand new couch.
Here are the top renter’s insurance programs of 2025:
American Family Insurance
American Family Insurance offers coverage starting at under $20 per month, and they have several attractive features, such as reducing your deductible over time without raising your premium payments. Their standard policy includes personal property, medical bills, liability, replacement costs for stolen items, and hotel expenses if you can’t stay in your rental due to a covered event. Optional coverages include identity theft protection and coverage for a home office. You can save even more with multi-policy discounts, like bundling with auto insurance.
Erie Insurance
Erie Insurance is a smaller regional company with a reputation for outstanding customer service. They offer renter’s insurance policies starting at $15 per month in states like Illinois, New York, Ohio, and Pennsylvania. They provide personal property and liability coverage, as well as living expenses coverage if you need to stay in a hotel after damage to your home. Erie also offers multi-policy discounts.
Farmers Insurance
Despite its name, Farmers Insurance is not only for farmers. This company is highly ranked for claims satisfaction and customer service. Coverage includes personal liability, personal property, replacement costs for personal property, medical payments, identity theft, and additional living expenses. They offer many discounts, including multi-policy, home security system, and non-smoker discounts. Their customer service and claim service are available 24/7.
Liberty Mutual
Liberty Mutual can provide renters coverage starting at just $5 per month. They excel in their claims process, making it simple to file a claim online with a step-by-step process in their portal that asks for incident details and photos. Standard policies include liability coverage, personal property, medical payments, and additional living expenses. Extra coverage is available for personal property replacement costs, jewelry, or damage caused by earthquakes. The company operates in all 50 states, making it easy to get coverage no matter where you rent.
MetLife
MetLife is a large national insurance company that offers renter’s insurance in all 50 states. They are known for excellent customer service and have the ability to insure very valuable items. Basic policies include coverage to repair or replace property, liability, and identity theft protection. Additional coverage is available to insure specialty items like electronics, musical instruments, luxury items, and sports equipment. They provide 24/7 customer service.
Nationwide
Nationwide has coverage starting at $20 per month, and their basic policy covers personal property, loss of use, personal liability
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