To keep living costs low, many people choose to rent their home, rather than buy. To protect your personal belongings, purchasing a renters insurance policy is important.However, choosing the right insurance on your own can be overwhelming. There are dozens of providers on the market, and it can be difficult to navigate the marketplace if you don’t know what you’re looking for.Fortunately, we’ve crafted the definitive one-stop guide to finding the best renters insurance on the market. Keep reading to see which companies ranked the highest.
- 关之琳回应高尔夫American Family关之琳回应高尔夫 – #1 choice for renters insurance.
- 关之琳回应高尔夫State Farm关之琳回应高尔夫 – Best for most people.
- 关之琳回应高尔夫USAA关之琳回应高尔夫 – Best overall if you qualify.
- 关之琳回应高尔夫Allstate关之琳回应高尔夫 – Best for online resources and digital experience.
- 关之琳回应高尔夫Nationwide关之琳回应高尔夫 – Best for Discounts.
- 关之琳回应高尔夫Lemonade关之琳回应高尔夫 – Best for affordable coverage.
After poring over mounds of reviews, customer ratings and speaking with an insurance agent of over 15 years, we found American Family to be the clear #1 choice for the best renters insurance, according to J.D. Power’s 2019 U.S. Home Insurance Study of Renters Insurance. American Family is a good choice for people who care about the overall insurance experience, including customer service and claims handling, rather than price alone.Speaking of price, we got a sample quote for a 26-year old single female, living in Rhode Island, which came to $24 per month. However, American Family claims that most of their policies cost around $15 a month. American Family’s affordability, paired with its unrivaled customer-service interaction, policy offerings, price, billing processes and policy information, set it apart from the crowd.?In our research, much like with home insurance, we found that local and regional options like state Farm Bureaus can often be the best fit because these companies offer unique insight into the region they cover. However, for this article we chose to focus solely on national companies, available to the majority of Americans.Although American Family ultimately shined the brightest, many outstanding companies were in the running.
USAA is often considered the gold standard for insurance companies. The company boasts excellent add-on coverage, including identity-theft protection and flood protection, something that’s next to impossible to find elsewhere. To take advantage, you must be enlisted or have served in the United States military, but if you qualify, it’s hard to find a better option on the national market. USAA ranks high in all areas of coverage, including the claim process. If you qualify, contact a USAA representative to get a price quote.
Nationwide came in below American Family in most areas of coverage. However, Nationwide’s renters policies are top-tier when covering the contents of your home or apartment. They even provide coverage for loss of use — or the out-of-pocket expenses you’ll encounter if you need to find another place to live.Nationwide has coverage for medical payments to others, personal liability, credit card coverage for unauthorized usage and building additions and alterations. It’s website also does a nice job stating what you need to know about renters insurance. It didn’t outdo Allstate or American Family in those areas, but might give you the cheapest quote thanks to its many discounts.Our sample quote came to just $18 per month, which makes Nationwide the least expensive provider on our list. That’s why we recommend Nationwide for renters who prioritize price over extensive policy options.?
?Whether you’re buying your dream house or renting your first apartment, there’s no place like home — and we believe that’s worth protecting.In our research, we unequivocally found that American Family offers a fairly standard renter’s policy. But its optional coverages and discounts are worth noting and quite comprehensive, fully customizable and backed by a solid company. Overall, according to Consumers Advocate, on a scale of 1 to 5, American Family renter’s insurance ranked:
- ? ? 4.0/5 – Coverage Options
- ? ? 4.3/5 – Add-Ons & Discounts
- ? ? 3.5/5 – Customer Service
- ? ? 4.3/5 – Financial Strength
American Family Insurance offers a wide range of discounts for customers who opt to bundle their renters insurance with other policies. You’ll also receive a discount if you have been claim-free for at least five years, and started using smart technology, like devices that monitor air quality, fire, temperature, humidity or intruders. You can even qualify for additional discounts if you opt for a preferred method of payment, if you become a loyal customer or if you have a parent that is also a member of American Family Insurance.
Although American Family does not have a financial strength rating with Moody’s Investor Services or S&P global, the company holds an A (Excellent) rating for stable long-term issuer credit outlook and financial strength with the insurance-centered credit rating agency AM Best. American Family also has over 8.3 million active members, making it financially stable with a proven ability to fulfill future policyholder obligations.One customer we spoke with said, “The customer service is great. I even spoke to a real human. My claim was handled fairly and quickly. I really couldn’t have asked for more.”As with any kind of insurance, we would recommend consulting with a personal agent to make sure you’re getting the biggest bang for your buck. In general, talking with an agent about your insurance policy can help you avoid financial pitfalls and find one to fit your individual needs.
We spent more than 50 hours breaking down dozens of reviews and independent ratings to get a grasp on the companies that had the most to offer. We spoke with customers of various firms to get a sense of how large enterprises treat their customers when it comes time to file a claim. Finally, we sat down with an experienced agent to gain insight on the intricacies of purchasing renters insurance, and what to look for in a policy.Overall, we learned that renters insurance is extremely individualized. Insurance, in effect, is purchasing the peace of mind that your belongings will be protected should tragedy strike.An important note for any renter to know: Your landlord’s homeowners insurance policy will typically only cover the actual building you live in. This essentially means that everything inside those walls is your responsibility to protect, which is why choosing the best insurer is a must.
This helps you replace day-to-day items, such as furniture or clothes, that are damaged or lost in any covered perils. Typically, there is some form of monetary limit for what your insurer will cover.For expensive, easily movable items (e.g. your limited-edition Rolex or 1970 Gibson Les Paul), an additional floater insurance policy may be a smart item to add. This assures that the full value for your items will be returned should catastrophe strike.
This helps pay for medical expenses for others injured in your home, regardless of whether you are legally liable. This coverage isn’t always included in renters insurance policies and covers only houseguests, not anyone living at the residence.
?While most homeowners would never think of skipping out on purchasing an insurance policy, studies show that renters aren’t following suit. Only 37% of renters purchased an insurance policy. This is especially surprising considering how affordable renters insurance coverage can be.According to the Insurance Information Institute, the average price of renters insurance is actually dropping. Between 2017 and 2016, the average cost fell by 2.7 percent, which was down 1.6 percent from the year before. As of 2017, the average cost of renters insurance is $180 per year. That’s drastically cheaper than even the most affordable home insurance policy, yet a huge percentage of renters still go uninsured.The biggest reason is ignorance of the necessity of renters insurance. Many new renters wrongly believe their landlord’s policy covers their belongings in the house. Others think that they are in a low-risk area for any perils. The biggest lie renters tell themselves is that they don’t own anything worth insuring.While no one will force you to safeguard your belongings, every savvy renter should at least look into a policy. It’s much cheaper to insure it on the front end, than to lose it all on the back end. When we asked Pippin for his best piece of advice to someone deciding whether or not to purchase renters insurance, he said: “I would recommend they check it out for themselves. [People] would be surprised at how affordable coverage can be.”What makes a great renters insurance company:
- ? ? A+ customer service
- ? ? Fair claims payment
- ? ? Reasonable premiums
- ? ? Unique discount offers
In all types of insurance, causes of loss are known as perils. For example, if your favorite suit is consumed by a raging fire, the fire is the peril. Typically with renters insurance, your insurer will list the perils covered by your policy, the most basic of which are highlighted below:
- ? ? Vandalism
- ? ? Theft
- ? ? Fire
- ? ? Lightning
- ? ? Water damage (not flooding)
- ? ? Smoke damage
- ? ? Falling objects
- ? ? Wind
We interviewed G.K. Pippin, a North Carolina Farm Bureau insurance agent of over 15 years, and asked him what renters tend to overlook. He said: “The liability exposure as a tenant to the landlord and possibly their neighbors is in a multiple unit housing.For example, say you’re cooking in your kitchen and you walk away for a second, and you come back to a fire. Without renters coverage, you are responsible for that fire and all the damage it causes.”
This pays for items lost in any covered peril, minus the depreciation. Essentially, you’ll get paid the estimated current value of the item, and not what you spent on it. In other words, don’t expect too much for that Beanie Babies collection.Actual Cost Value typically results in a lower premium, but can be a bit frustrating (and laborious) when filing a claim.?
Whether you’re renting a house or hopping from apartment to apartment to find the perfect fit, your home is your sanctuary. It’s where you live and thrive, and we love helping you make it the best it can be.While there’s no one-size-fits-all choices for insurance, we (along with many other reviews and reputable companies) believe that American Family is the best renters insurance choice to shield your home and your wallet. Given how regionalized and individualized renters insurance is, we encourage you to speak with local agents and educate yourself on the specific insurance needs of a home in your area.
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