Best Renters Insurance
Based on In-Depth Reviews

Best for Quick Quotes & Claims 

Lemonade is a peer-to-peer property insurance brokerage service that manages homeowners and renters insurance policies. Founded in 2015, the company has quickly expanded from just one state to twenty-three states, the District of Columbia, and Germany by 2019. They launched themselves with the message “a tech company doing insurance, not an insurer doing an app.” 

Through this insurtech start-up, customers can get a quote, purchase insurance, file claims, and monitor their policies either through Maya, Lemonade’s online AI system, or the mobile app, which also uses their artificial intelligence software. This allows Lemonade to offer some of the lowest premiums in the industry – starting at $5 monthly – because they’ve cut down on back-end costs.

Lemonade offers customizable coverage that caters to the needs of individual renters, an intuitive interactive online system, and a socially-minded business philosophy.

Screenshot lemonade.com July 15, 2019 

Coverage Options & Customization

Like all standard insurers, Lemonade’s basic policy includes coverage for personal property, personal liability, loss of use, and medical payments to others. However, their starting coverage options are some of the lowest in the industry, with their personal property coverage starting at $10,000. This is one of the factors that enables them to boast premiums that start at $5; the higher the personal property coverage, the higher the premium becomes. 

In addition, their basic coverage also includes damage caused by fire and smoke, crime and vandalism, bad weather (wind, lightning, and hail), and water damage, such as that caused by burst pipes and in-building flooding.

Note, however, that their coverage doesn't include earthquakes damage except in California and Arkansas, bites from "high-risk" dog breeds, or flooding caused by an external source.

In addition, they don't offer an option to add roommates to the renters insurance policy, which is a standard choice most companies offer. Nonetheless, renters can add their landlord and their spouse to their policy without added premiums, but significant others entail a $1.75 fee per month.  

For a man or woman living in Greenwich Village, New York, example rates per month would be as detailed below. For this example, we used a $500 deductible as a standard for all, with no add-ons. Note that Lemonade’s deductibles can go as low as $250, but for comparative quotes across carriers, we went with $500, since this is the lowest most companies offer.

As seen, increases in personal property and loss of use affect premium costs the most. Nonetheless, even at $20,000 in personal property, $6,000 in loss of use, and $2,000 in medical payments the premiums quote only increases to $7.59 per month ($91.08/y). (Note, of course, that this is without adding extra coverages).

Add-ons & Policy Options

Lemonade offers a range of riders—blanket coverage for valuables above the category— for jewelry, fine art, bikes, cameras, and musical instruments. The limits for each of these vary, as do the coverages available.

Discounts

Lemonade’s only available discounts, according to their policy webpage, are for “smart” technology like fire and burglar alarms. They also offer a product called Zero Everything that can be activated once per policy and allows clients in select areas to file claims with no deductibles, without fear of having their rates increased, and at replacement cost value. This policy is only available in select areas.  

Claims Process & Claims Satisfaction

With their integrated AI algorithms, Lemonade states that they can process a large amount of common claims (about 30% of them) in as little as 3 seconds. According to their webpage, their algorithms examine customers’ claims through the mobile app, check them for fraud, and then determine whether the claim can be paid instantly or whether the case needs to be delegated to their team.

Because Lemonade is such a young company with limited availability across the states, they have yet to appear on JD Power’s Claims Satisfaction Report, which is based on responses from 6,374 homeowners polled between April and November 2018. In their 2018 “Insurance Shopping Study”, JD Power stated that overall, insurtech customer awareness is still low, with only 6% of prospective customers indicating an awareness of Lemonade and other such companies.

Lemonade has a complaint index of 0.86 (the national median is 0.77) for 2018 according to the National Association of Insurance Commissioners, with a total of 5 complaints. 

Online Content

Lemonade’s online content is geared towards raising consumer awareness about the ins and outs of the insurance industry. They use simple and direct language to explain the basics of insurance, coverage, deductibles, liability, premiums, and more. Their Insurance Dictionary is an excellent resource for consumers who want to learn more about insurance policies.

Screenshot lemonade.com, July 15, 2019

In addition, they are active in the community through social media and blog categories like “Insurance 101” and “Life-hacks,” which caters to young-professionals.

Social Mindedness

Lemonade’s Giveback program encourages users to pick a cause or charity when signing up to their services. At the end of the year, all unclaimed premiums (money not paid out in claims), minus expenses, are put towards the Giveback program and the causes chosen by the users. 

In 2018, they were able to channel $162,135 to 15 nonprofit organizations, including Citymeals on Wheels, the American Red Cross, Teach for America, and a water project to bring drinking water to a community in Cambodia.

Screenshot lemonade.com July 15, 2019

Potential Downsides

Lemonade, like other insurtech companies, is a very young player in the insurance landscape. Although they have exponentially grown since they first began offering insurance in 2016, and have amassed popularity thanks to their apparently generous policy offerings, it is important to proceed with caution. 

In addition, the way their online resources are organized can make it difficult to find clear and comprehensive information, which can lead to seemingly contradictory policies. For example, there’s currently very little information on what the limits are for electronic equipment and there are no apparent add-ons for them at the quote stage. 

While they mention that jewelry coverage is capped at $1,500 (and if you have an engagement ring priced at the average $2,800 or more, you definitely need the add-ons), there’s no mention of electronic equipment. What if a $2,000 television screen is stolen? Is that covered by the personal property coverage or should you have gotten an additional endorsement for it? This information is not readily apparent at first glance from their website.

Policy 2.0

In 2016, Lemonade launched an interactive, collaborative, open-source policy creator with the stated goal of making insurance policies, and specifically policy-making, accessible to the general consumer. The policy creator will allow consumers to collectively participate in the co-creation of their renter insurance policies by employing “contemporary English that everyone understands.”

Policy 2.0 is currently only available in Germany, and it is unknown when it will be available in the United States. Concerns have been raised about the legality, practicality, and overall wisdom of this policy given, particularly, that consumers generally lack the legal expertise to draft legally-binding policy documents.

In addition, in the United States, the Department of Insurance regulates insurance policies. Each state’s DI is responsible for establishing their own particular limits on what an insurer can legally exclude or not in their policies. These are obstacles Lemonade will need to overcome in order to make Policy 2.0 available to U.S. customers.

Best For Renters with Small Home-Based Businesses

State Farm is an insurance company that offers both financial and insurance services, the latter of which they sell through their agents. The online quote process offers some degree of customization, allowing customers to increase or decrease their personal property coverage, liability, deductible, and other available extras and see how these change their estimated premiums. 

You can obtain a quote with just your name, email, and address (you don’t have to give your social security number), and you are under no obligation to consult an agent. However, in order to actually make a purchase, you would need to speak with the agent they assign to your quote. 

State Farm’s premiums are relatively low. An individual in their early 30s living in an apartment in New York’s Greenwich Village, with $20,000 in personal property, $100,000 in personal liability, $1,000 in medical payments to others, and a $500 deductible, would have premiums of  $10.42 per month (or $125 annually).

In addition to low rates, one of the things we like the most about State Farm is that customers can bundle their renters insurance with business insurance.

Screenshot Statefarm.com July 15, 2019.

Coverage Options

State Farm offers the four basic areas of insurance coverage--personal property, liability, loss of use, and medical payments to others--though it’s not clear that this last one is included until you obtain a quote.  

Though they mention directly that certain types of property (including, but not limited to boats, money, collections, and particularly expensive items) need special coverage, there is no information on their value limits or why these items might require special coverage (see our helpful information for an explanation). 

We did like that State Farm offers a pet medical insurance coverage that can be added to renters insurance through a third party: Trupanion.

Add-Ons & Discounts 

Like all insurance providers, State Farm offers additional coverage for high-value items, from bikes, cameras, and collectibles to fine art, hearing aids and medical devices, jewelry, and sports equipment. From the information on the website, the limit amounts for each item category is not evident. As always, we recommend thoroughly consulting with an agent about your personal coverage needs.

 When you get a quote, the company details the extra coverages you might need and for which items: jewelry and furs have a limit of $1,000; silverware and goldware have a $2,500 limit; business personal property has a $1,500 limit, and firearms are included at a $2,500 limit.

The Personal Articles Policy offers some welcome surprise coverage add-ons such as worldwide coverage, replacement cost coverage, optional no deductible, and broad coverage for prosthetic devices. 

State Farm also offers optional coverages for pairs of jewelry (if one needs to be replaced), inflation (which automatically adjusts your annual coverage based on inflation), and wedding presents (giving your gifts temporary coverage).

Finally, for an additional premium, you can also get a personal liability umbrella; coverage for cyber events, identify theft, and fraud; earthquake damage; additional business property; and incidental business liability. These must all be discussed and requested with an agent.

When it comes to discounts, State Farm offers less than its competitors. The only discounts we found for renters are fairly standard: for bundling with auto insurance; for installing safety devices like smoke detectors, burglar alarms, and other monitoring systems; and for choosing a higher deductible.

Business Bundle Options

As mentioned above, State Farm’s option to bundle with business insurance is one of the company’s most attractive features. In addition to the common auto and motorcycle bundles, State Farm also offers business property coverage and incidental business liability coverage with renters insurance.

Their small business section also contains advice and information on how to insure a small home-based business.

Online Content & Customer Satisfaction

State Farm’s online content is limited to essential information, which could potentially cause confusion for first-time buyers unaware of the intricacies of standard policies. For example, when explaining renters insurance, they state that it covers items in the home, “including electronics like televisions and computers, bicycles, furniture, and clothing.” While true, electronics and bicycles are often not covered by basic personal property coverage. Instead, consumers commonly need to purchase extra coverage for these items.

 Similarly, when discussing renters insurance coverage, the language is slightly vague, mentioning “property” in general, rather than the more specific “belongings”--the only things renters insurance actually covers.  After reviewing their content, we recommend you carefully discuss the policy with an agent before purchasing.

Screenshot Statefarm.com July 15, 2019

All in all, State Farm’s online resources don’t match up to those of some of their competitors in terms of user-friendliness and information organization.  The FAQs section is difficult to find and contains little information pertinent to renters insurance, no online chat service, and the only way to contact agents is by manually searching, selecting, and contacting one. 

State Farm’s reviews are something of a mixed bag--it has a significantly low NAIC complaint ratio of 0.20 (the national median is .77). 

In JD Power’s 2019 Customer Claims Satisfaction study, however, it rated below the industry average. And the overall customer satisfaction index for renters insurance from their 2018 Home Insurance study placed State Farm in third place, “about average”. 

Finally, the 2018 US Insurance Shopping Study ranked them ten points under the industry average, while the 2019 Digital Experience study rated them also “about average”, though a few points under the industry average.

Claims Process

In order to file a claim, customers can report the claim online, go through the State Farm mobile app, or call their agent 24/7. State Farm reviews the claim, provides information on repair options (if needed), provides estimates, and makes a decision.

Their page on claims provides a basic list of what to do and what documents to have ready when filing a claim, though they do not give any estimates on how long their claims process can take.

Best for Standard Coverage & Customizability

Liberty Mutual is an insurance company that, like most other carriers, offers a wide range of products. Their renters insurance policies are available in all 50 states and offer basic coverage options. As a standard coverage provider, they can be comfortably compared to insurers like Nationwide and Farmers for affordable coverage options.

Liberty Mutual offers a helpful insurance estimate calculator that lets customers add up the value of their possessions (by categories like electronics, appliances, clothing, etc.) in order to get an idea of what their monthly insurance costs might be. At an estimated $20,000 in personal property, the cost to insure is $16-17 a month according to this calculator.

However, after getting a personal quote using our previous factors (early-30s individual living in Greenwich Village in New York with $20,000 in personal property and a $500 deductible), we received a quote for $24.33 a month. This included 20% of personal property in loss of use (i.e. $4,000), $100,000 in liability and $1,000 in medical payments. This is the highest quote we obtained out of the nine carriers whose entire quote process we could get through. For comparison, the same parameters yielded a quote of $12.56 monthly from Farmers.

Coverage Options, Add-Ons, Discounts & Customizability

In addition to the standard coverage options of personal property, liability, additional living expenses, and medical payments to others, Liberty Mutual offers other common add-ons such as scheduled property coverage, cover for your home computer and personal electronics, and replacement cost. Customers can also add optional earthquake, water damage, and identity fraud coverage. 

Comparable coverages are also offered by Nationwide, which offers additional standard coverage for building additions and alterations as well as credit card coverage (identity theft), and add-ons for replacement cost, earthquake, and water damage coverage; and by Farmers, which offers replacement cost coverage and identity theft cover (named “Identity Shield”).

On the main website listing their coverage options, Liberty Mutual only mention that they offer discounts for bundling and for being claims-free for five years or more. However, under the “Explore” drop-down menu, customers can browse additional discount options for military personnel, early shoppers, having “smart” and protective devices, auto-pay, purchasing online, and going paperless.

Similar coverages, add-ons, and discounts are available through Nationwide and Farmers insurance too, with the latter offering discount incentives to non-smokers. Farmers’s bundling options offer multi-policy deals with pet insurance. 

Customer Service & Online Content

Liberty Mutual’s website offers limited information on renters insurance, coverage options, and especially on what their add-ons entail. We recommend that customers talk about their coverage needs with an agent before making a purchase.

One helpful tool on their website is a renters insurance coverage calculator. It allows customers to add up estimated coverage for different areas (which can make it easy for you to see whether there are any particular categories like “electronics” where you might actually need more endorsement or floater coverage). The calculator lets you see an estimate of the cost it would take to insure all of those possessions and what the monthly premiums might be.

Finally, like most insurance providers (including Nationwide and Farmers), Liberty Mutual offers a mobile app that allows customers to manage their policies and file claims. In addition, the app lets customers carry a digital copy of their insurance ID card with them.

Customer Satisfaction

 Liberty Mutual’s NAIC complaint index for homeowner policies in 2018 was 8.43 (considerably above the national median of 0.77). According to the Better Business Bureau (BBB)’s customer reviews the average score for Liberty Mutual, out of 303 reviews, is one star, with over 1,000 customer complaints filed.  

This, again, is comparable to Nationwide’s overall ratings. Unlike Liberty Mutual, Nationwide Property & Casualty Insurance Company had a 0.31 homeowners policy complaint index ratio in 2018 (in comparison to the national median of .077), while Nationwide Mutual Insurance Company has a 0.41 complaint index. However, similarly, they have a 1-star average rating score based on 91 reviews on the Better Business Bureau (BBB) website.

Farmers, on the other hand, has a 1.5 star rating out of 55 reviews on the BBB, with 724 customer complaints filed.

 Claims Process 

Claims with Liberty Mutual can be filed 24/7 online, through the mobile app, or by calling a representative. The company advertises that it takes only 5-10 minutes to file, though Liberty Mutual does not provide any estimates on how long it takes to process. 

In the Home Insurance Claims page, Liberty Mutual offers more details concerning the steps in the claims process, including resources on finding a contractor. It also features a guide on sample cost estimates and claim payments that can give you an idea of how much it would cost to repair certain types of damages and how much you would get from Liberty Mutual (both replacement cost and cash value). They also have a helpful handout on “understanding your property claim payments,” specifically how cash value payment amounts differ from replacement value, and how your deductible works.

Nationwide, in comparison, has dedicated information on what to do in certain instances (such as losses caused by wind, water, hail, or theft), and they mention that some claims “may be settled over the phone”. Claims with Farmers Insurance, like Liberty Mutual, can be filed online, through the mobile app or by calling a representative.

Potential Downsides

Liberty Mutual is a solid, financially solvent, standard insurance provider, with few extras or unique features that make them stand out above the rest. Other than their coverage calculator, their online resources are on a par with Nationwide’s and Farmer’s in terms of limited/basic information and organization. All three insurers rank as either “about average” (on claims satisfaction study) or “the rest” (for renters insurance) on JD Power’s satisfaction studies. Liberty Mutual almost scored “better than most” on the insurance shopping study, and Farmers scored a third place on the Digital Experience study.

 More worryingly, in the BBB website, Liberty Mutual carries two government action alerts, one for false advertising in California, and another for allegations that it “improperly canceled approximately 200 homeowners insurance policies” since 2012.

Honorable Mentions

Of the twenty-two insurance companies we vetted, we highlighted nine because they stood out as having distinct “best for” features. The following companies, however, deserve honorable mentions for offering benefits to more niche audiences.

Jetty for Airbnb Coverage

Jetty offers basic coverage (personal coverage, liability, loss or use) at low rates (between $10-$20 according to their website). They offer “Power-Ups,” essentially endorsement/riders and floaters for valuables and electronics. 

Most surprisingly, they offer coverage for damages caused by bedbugs (which is not offered by any other insurer) and Airbnb host theft protection. In addition, they offer deposit service and lease guaranty.

Nonetheless, they do not seem to offer any kind of coverage against weather or natural disasters, and the information on their website is vague albeit copious. Customers can request a quote online, but only if the system recognizes the address. Otherwise, quotes have to be requested by phone. Claims, likewise, can only be filed over the phone with a third party who process it.

Allstate for Online resources & Digital Experience

Allstate’s insurance coverage is comparable to that of Nationwide and Farmers, although their personal property coverage starts from $25,000.

Allstate, however, shines in their online resources and digital experience. Their website is full of insightful and comprehensive resources and articles explaining the ins and outs of renters insurance. Of particular note is their inventory calculator called “What’s Your Stuff Worth?”, which lets customers playfully estimate the value of their belongings through an interactive platform. It should be noted that their calculator is overly generous in its calculations. An empty bedroom with only one bed, for example, is estimated as being worth $4,900. Adding a rug and mirror brings that up to $5,110.

Finally, Allstate is particularly noteworthy for its financial solvency, ranking second in NAIC’s 2019 homeowners multiple perils report.

USAA for Military Coverage

United Services Automobile Association (USAA) offers one of the more comprehensive insurance coverages on the market, but they are only available to military personnel and their families. In addition to personal property, liability, and loss of use, USAA offers flood (except for underground seepage), earthquake, replacement cost, and moving coverage automatically. 

It’s important to note that coverage limits for different “valuable personal property” differ, especially where it concerns military equipment. That said, their website boasts generous customization and a wide range of coverages. On the other hand, while we were not able to obtain a quote, the website indicates that premiums start at $12 a month, but only if your personal property coverage is set at an extremely low $2,500. We, therefore, recommend that further discussions are pursued with an agent.

In NAIC’s 2019 report on the top insurance groups and companies based on premiums written and market share percentage, USAA ranked fourth, holding 6.25% of the market share.

AARP for Policyholders Over 50

The Hartford offers renters insurance in conjunction with AARP to the latter’s members. Although premiums are higher than the industry standard (our quote, modified for someone over 50 was for $20 a month), there are many customizable extra coverage options, including equipment breakdown, green rebuilding, refrigerated products loss, assisted living care, among others. 

AARP also offers “ProtectorPLUS Zero Deductible Benefit,” a $5,000-deductible waive for losses over $27,500. In addition, customers benefit from loyalty discounts as well as discounts for security devices.

It’s important to reiterate that AARP’s renters insurance is provided through Hartford, which ranked in NAIC’s 2018 Top 25 Groups and Companies.

Best for Frequent Movers & Loyalty Discounts

American Family Insurance offers renters insurance in 19 states, including AZ, CO, GA, IA, ID, IL, IN, KS, MN, MO, NE, NV, ND, OH, OR, SD, UT, WA, and WI. 

Although the coverage offered by American Family is fairly standard in the industry, one of their unique features is the ability to easily switch policies to another location, without having to cancel it. This is particularly convenient for consumers who move frequently and don’t want to have to cancel their renters policy every single time. It should be noted, that premiums may change slightly with each move, since location is an influencing factor in calculating premiums. In addition, American Family’s loyalty rewards make them a valuable long-term investment.

Screenshot Amfam.com March 2024. 

Coverage Options & Customization

American Family’s standard plan encompasses the four basic areas: property, liability, loss of use, and medical expenses to others. We couldn’t find how much coverage is available for each, or the limits customers can expect in a standard policy. 

Customization is limited during the quote process, as you cannot choose amounts for property, liability, and loss of use, or any add-ons, or the deductible. Instead of being able to get the quote fully online, your details are passed on to an agent who will contact you. 

Surprisingly, American Family’s website indicates that renters insurance “may” cover for damages caused by mold and bacteria. Given that most insurers do not cover this because it is the responsibility of either the renter or their landlord to take care of mold, pests, and any infestations in the property, it is worth consulting with an agent to confirm the limitations of mold coverage.

There are additional coverage options available for identity theft protection, travel protection—which includes trip cancelations, although they do not offer more information about what this entails—, pet insurance (but only up to $1,000), and home-based business insurance.

Add-Ons, Discounts & Extras

Although the online quote form asks whether you own jewelry that is worth more than $1,500 and specific personal property that is over $1,000, the rest of the website does not mention how much more coverage a customer can get through add-ons (riders or floaters) or what kinds of items need specific personal property coverage.

In their 101 section, which is different from their FAQs section, they state that sewer-back up, septic back-up, and sump pump overflow coverage is also additional, advising customers to speak with their agent about purchasing this.

American Family offers several of the common discounts like bundling with other insurance policies, having smart devices such as sensors that monitor temperature, humidity, and potential problems like water leaks, and being claims-free for at least five years. In addition, customers might also qualify for discounts by using auto-pay, paying the year in full, and going paperless.

Screenshot Amfam.com March 2024

The two most unique discounts offered by American Family are loyalty and generational discounts. In the former, if you are a loyal customer for a while (although, note, they do not specify how long it needs to be) you can get a reduced renters insurance premium. Similarly, if either you or your parents are already customers, you can get more discounts on your policy.

American Family offers an app called DreamVault designed to help you create a room-by-room inventory of your belongings. However, as of June 2019, the link to the app leads to a broken error page.

Customer & Community Service 

In order to file a claim with American Family, customers can report the claim through the MyAmFam mobile app, by filling out a lengthy online form, by phone, or with their agent. Claims can be filed 24/7, and they are evaluated by a claims representative. Like most carriers, they do not give a specific time estimate of how quickly they aim to resolve claims. 

Nonetheless, they do offer an emergency water removal program for when a pipe breaks and they aim to respond with service within 4 hours or less of your call. 

Online Content

The online content of the American Family Insurance website is below the average compared to other insurers. The information on renters insurance is basic and lacks tangible examples, premium ranges, or indications of what the various limits on coverage are.

In other cases, the information could lead to misunderstandings—especially concerning what is covered and what is not. For example, in the section on what renters insurance covers, American Family states that theft, whether from your apartment or away from your apartment, is covered. They do not mention that, typically, your property is not protected if it’s been loaned to someone else or its being kept temporarily off of your place. This is the kind of question customers should clarify with an agent.  

Potential Downsides

The main drawback with American Family is the lack of clear information on their website and the need to obtain most policy information directly from an agent. The site itself states that to find coverage limits, customers need only look at their policy or call an agent--leaving potential customers in the dark about coverage limits. As mentioned above in our State Farm review, studies have shown that two of the “essential characteristics consumers seek from carriers [are] ease and accessibility”.

This means that when comparison shopping, consumers are completely in the hands of the agents and might not be entirely equipped to inquire smartly about the coverage options they could be having. 

Best for Educational Resources

QuoteWizard is an insurance marketplace for comparison shopping that, in theory, lets customers compare and contrast quotes across multiple carriers based on the same information. The way they operate is that they provide you with some potential carriers in your area who can offer the insurance you are looking for, while also passing on your personal details to their (and other) agents who proceed to contact you with quotes and potential deals. Because they do not directly provide you with quotes on their website after giving them basic personal information, we do not recommend that you use QuoteWizard for comparison shopping. 

The marketplace’s best feature is their vast and detailed articles on renters (and other types of) insurance.

Coverage Options & Customizability 

We input the same details for an early-30s individual renting in NY that we have used in our previous quotes, and QuoteWizard recommended Lemonade. We weren’t asked for many customizable details beyond the amount of personal coverage option we needed (we went with our standard $20,000). We used the same information but changed the location to Virginia, and we were still given only one recommendation: Lemonade.

Even after changing the details to an early 50s individual needing $30,000 in personal coverage living in a different type of home, QuoteWizard still only gave us the same recommendation. It was only when we selected a state where Lemonade does not provide coverage that we received two different matches.

Moreover, after being given a recommendation, clicking on “see rates” merely takes you to the carrier’s website where you would need to complete the quote process all over again. That means that you actually get to see no quotes on QuoteWizard. For a comparison-shopping website, they offer surprisingly limited options to shop by comparing insurance providers.

It is also surprising that, beyond getting matched with providers, QuoteWizard does not offer any discounts or incentives for using their services.

Customer Service & Satisfaction

It should be noted that one of QuoteWizard’s biggest customer complaints is the number of phone calls customers receive after putting in their personal details to obtain a quote. On the Better Business Bureau, they have an average of 1-star reviews, with 42 negative reviews out of 43.

 Online Content

In addition to the main advantage of comparison shopping, QuoteWizard’s biggest benefit is the large amount of information on renters insurance, terminology, types of coverage, and what to watch out for. They also provide additional articles and references to back up their information, and it’s all divided into handy, understandable sections written in layman’s terms.

Whether you use them for comparing quotes across carriers or not, we recommend you check out their detailed articles on what kinds of factors affect your premiums and expert advice. 

Potential Downsides

As we’ve already intimated, QuoteWizard is not recommended as a comparison-shopping website. We particularly do not advise giving them personal information (such as contact details) unless you are interested in being frequently contacted by agents looking to do business with you.

Best For Discounts

Progressive is a casualty insurance company that provides a wide range of insurance coverage, including automobile, homeowners, flood, travel, and umbrella insurance.

In 2015, Progressive acquired American Strategic Insurance, enabling them to provide renters insurance through them. Currently, they do not offer renters insurance coverage in Arkansas, Hawaii, Idaho, Montana, New Hampshire, Rhode Island, South Dakota, Vermont, or Wyoming. 

Their quote process can be completed online, but they do require your social security number, which only three of the 22 companies we vetted asked for as well, including Progressive. 

Coverage Options

Progressive offers the four basic areas of coverage - personal property, personal liability, loss of use (ALE), and medical payments to others, with personal coverage starting at $15,000 and going up to $500,000. Note that coverage limits on specific item categories (which Progressive calls “sub-limits”) include:

• Cash and gold: $250

• Silverware: $2,500

• Furs and precious stones: $1,000

• Home-based business property: $2,500

• Watercraft and trailers: $1,000

• Firearms: $2,500

Customers have the option of choosing a flat amount of coverage for ALE between $3,000 and $5,000 or a percentage of their personal property coverage (up to 40%). So, for example, if you have $20,000 worth of personal property coverage, at 40%, you would have $8,000 worth of Loss of Use.

It should be noted that, currently, the link for more information on “personal liability” on the Progressive website leads to their page on Personal Injury Protection (PIP), a different type of insurance coverage that is not offered in most states. Similarly, the link for “medical payments to others” also leads to the PIP article.

On their website, Progressive lists 13 of the 16 named perils in the standard ISO HO4 renters insurance policy as being covered. It is worth discussing this in-depth with a representative or agent. 

Add-Ons & Discounts

The Progressive website does not make it clear which particular riders/endorsements and floaters are available with their renters policies, so it is recommended that consumers considering this insurer consult with their agent during the quote process.

The only additional coverages Progressive seems to offer consumers are for water back-up, which covers water damage caused from a backed-up sump pump or sewers, and personal injury, which their website indicates is intended to cover “rare but expensive lawsuits and situations,” such as those arising from slander or libel against you. Note that this appears to contradict the information stated in their personal injury page as well as the information obtained when using the customer support Chat Now feature: “Personal injury protection pays for medical costs and lost wages if you’re injured in an auto accident”. It is unclear whether these (personal injury and personal injury protection) are two separate types of coverage.

Finally, flood insurance coverage is listed as one of the “optional renters insurance coverages”, although this is, naturally, provided through the National Flood Insurance Program (NFIP) and not directly with Progressive.

Progressive offers many of the standard industry discounts such as multi-policy bundling, (which can save customers up to 5%), getting a quote at least three days before the start of the policy, going paperless, and paying in full. 

Screenshot Progressive.com July 15, 2019

In addition, they also offer discounts for living in a gated or secured community, and when customers select the bundling option, they benefit from having a single deductible if they file a claim for damages to both of the policies. For example, if your car is stolen, broken into, and your property inside is taken, you can file for damages on both your auto and renters insurance policies and only have to pay one single deductible.

Progressive does not seem to offer discounts for protective devices, such as fire and burglar alarms. 

Claims Process & Customer Satisfaction

Claims can be filed 24/7 either by logging in to your online account or by calling the underwriting insurance company partner directly. For example, if your renters insurance is with ASI (American Strategic Insurance), you can fill out their online claims form, log into your ASI myPolicy account, or call them directly. Note that some of Progressive’s insurance partners are not equipped to handle online claims; they can only be filed by phone. A list of Progressive Home Advantage partners can be found here.

 Progressive also has a separate claims team dedicated to managing weather-related claims, such as hurricanes, hailstorms, tornados, and floods. 

Progressive was rated “better than most”, coming in second in JD Power’s 2019 “Digital Experience Study – Shopping”, indicating customers had a better-than-most experience when using their digital services to shop for products. They also ranked “about average” in the “Service” aspect of the “Digital Experience Study”. 

Progressive’s renters insurance is underwritten by American Strategic Insurance (ASI), which has an “about average” customer satisfaction index rating in JD Power’s 2018 “Home Insurance Study”, though it was for homeowners insurance and not for renters.

According to the National Association of Insurance Commissioners, Progressive has a complaint index of 1.82 for homeowners policies above the 0.77 national median, while ASI has one of 0.80. 

Online Content

Progressive has streamlined its information on renters insurance to the basics, narrowing down the information to three main areas: renters, which comprises an overview; coverages, which establishes the above-mentioned parts included in their basic insurance policy; and discounts.

Screenshot Progressive.com July 15, 2019

Customers can follow links to more detailed short articles.The experience is further facilitated by recommendations from the AI-run customer support Chat Now feature. Given the reduced amount of information, we recommend that customers consult directly with an agent to discuss any in-depth details before making a purchase.

Potential Downsides

There is no mobile app support for renters insurance. Although Progressive has an app for iPhone and Android that can manage auto, motorcycle, boat, trailer, and mobile home products, they currently don’t offer support for property products like home, renters, condo, or umbrella policies. 

Progressive also recommends combining insurance policies with roommates, to save money. As we discuss in our Helpful Information section below, most insurance experts actually discourage this practice. 

 Although Progressive offers a good range of discounts, including for going paperless, paying-in-full, and getting your quote in advance, they do not offer other industry standards such as discounts for safety and preventive devices like sprinklers or burglar and fire alarms.

Best for Path to Homeownership

Amica Mutual Insurance is a cooperative insurance company that offers renters insurance in 48 states (with the exception of Arkansas and Hawaii). Their coverage options are standard for the industry and their premiums average higher than other carriers for the same benefits and coverages. Nonetheless, Amica’s financial strength and customer satisfaction indexes typically rate among the highest in the industry, unsurprising given that they have been in the insurance business for 112 years.

In addition, Amica offers renters with the option of gaining credit they can put towards homeowners or condo insurance, making them one of the only insurers that reward customers on the path to homeownership. 

Coverage Options & Customizability 

Amica’s coverage options are very basic – personal property, personal liability, and loss of use. Additional customizable coverage options include full repair or replacement of personal property up to the limit of your coverage, scheduled personal property for valuables (i.e. floaters), smart devices and computer coverage (i.e. endorsements), and identity fraud.

The quote process allows customers to choose Amica’s “quick quote,” an express quote that provides a standard coverage of $10,000-$20,000 in personal property, a $500 deductible, $100,000 in liability, identity fraud, and special computer coverage of $1,500 with a $100 deductible.

Alternatively, customers can also customize their quote, although there’s limited freedom in what can be added. For example, there’s no option to add the aforementioned replacement coverage or schedule personal property during the quote process. That means that, although it is possible to obtain a quote estimate, the estimate would not include all of the types of coverage a buyer could potentially need.

For consistency in our quoting estimates, we went with $20,000 in personal property even though there’s a minimum of $10,000 for personal property (which is comparable to Lemonade’s low coverage options), and with no extra coverages. Nonetheless, computer coverage is available up to a $4,500 coverage limit with a comfortable $250 deductible, water back-up and sump overflow starts at $5,000 with $500 deductible, to $50,000 with a $2,500 deductible.

In summary, an individual in NY with $20,000 in personal property, $6,000 in loss of use, $300,000 in liability, and $2,000 in medical payments (note that only personal property was customizable), with no other add-ons, would have monthly payments of about $18 (or $216 a year). It should be noted that the lowest possible rate with Amica, according to their website, is $17 per month (they advertise rates as low as $4 a week).

Amica also offers a “recommended” quote of $40,000 for personal property, $12,00 for ALE, $500,000 in liability, and $5,000 in medical payments, which brings the “recommended” quote up to $26 per month, or $312 per year. It is not clear from the quoting process or from the website information why Amica recommends this higher coverage when renters insurance property coverage is $25,000-$30,000 on average.

It should be noted that purchasing a policy, however, cannot be completed online. Instead, customers need to call an agent and mention their “quote ID” number so that they can be matched to the online quote.

Add-Ons, Discounts & Extra Features

As we mentioned above, Amica’s additional coverage options are quite limited to the standard insurance riders/endorsements (such as those that cover computer and electronic devices), floaters (scheduled property), and policy options (like replacement cost). It is possible that other similar, standard types of coverage are also available, but these would have to be discussed directly with an agent because they are not mentioned on their website.

Amica Mutual’s discounts are fairly basic and standard, from loyalty discounts after two years and discounts for multi-line bundling (up to 15%, which is comparatively one of the highest discounts in the market), to being claims-free for three years, having autopay, and e-billing.

Amica’s most notable difference is its “earn credits for tomorrow” feature, as part of their “Renters Essentials” package. For every year you are with Amica, you will earn a $100 credit that can accrue up to $500, which can be put toward an Amica home or condo insurance policy if you become a homeowner. That means that Amica encourages and supports renters on a path to homeownership and rewards term for their saving savviness.

Customer & Community Service

In order to report a claim, Amica customers can log into their online account or call a representative. If you are not an Amica customer, claims can still be filed online or by calling a representative. After a claim has been filed, your handler will contact you to let you know if a representative (or “adjuster”) will need to schedule an appointment to see the damage. They give no estimates on the average time  it takes to resolve a claim. 

The website has a series of detailed FAQs for what to do in various scenarios (such as after theft, if your home becomes uninhabitable, or if there is additional damage discovered after a claim has been filed). Further, Amica has a “home loss checklist” with additional instructions on the steps to take if something happens.

Amica Mutual also offers a repair assistance program, as well as support through their Storm Center.

Customer Satisfaction

 Amica Mutual is the top-rated insurance provider in JD Power’s 2019 Property Claims Satisfaction study, beating the industry average by 28 points. They ranked at the top for homeowners insurance customer satisfaction in 2018 as well, although they didn’t place at all in the renters insurance customer satisfaction part of the study. It should also be noted that in the 2019 Digital Experience study, they were also significantly below the industry average, in 13th place.

Nonetheless, on NAIC’s complaint index ratio report, Amica Mutual’s index is 0.24 compared to the 0.77 national median.

Online Content

Amica’s website is very user-friendly and easy to navigate, but it is also extremely limited in the information provided to customers, with descriptions and explanations averaging about two sentences.

In contrast, the claims section of the website is very detailed, including information on what to do in various scenarios, who to contact, and the type of information you should have at hand.

“Amica Mobile” is an app that allows customers to manage their policies, report and track claims, and make payments.

 Potential Downsides 

Of the companies we vetted, Amica is the only one [check this by the end of the vertical!] that outright states that their insurance premiums are calculated based on consumers’ “insurance credit scores.” This is based on the consumer’s “payment history, length of credit history, types of credit in use, and new applications for credit.” However, they also indicate that having a good credit score does not necessarily translate to better premiums.

Best for Quick Quotes & Claims 

Lemonade is a peer-to-peer property insurance brokerage service that manages homeowners and renters insurance policies. Founded in 2015, the company has quickly expanded from just one state to twenty-three states, the District of Columbia, and Germany by 2019. They launched themselves with the message “a tech company doing insurance, not an insurer doing an app.” 

Through this insurtech start-up, customers can get a quote, purchase insurance, file claims, and monitor their policies either through Maya, Lemonade’s online AI system, or the mobile app, which also uses their artificial intelligence software. This allows Lemonade to offer some of the lowest premiums in the industry – starting at $5 monthly – because they’ve cut down on back-end costs.

Lemonade offers customizable coverage that caters to the needs of individual renters, an intuitive interactive online system, and a socially-minded business philosophy.

Screenshot lemonade.com July 15, 2019 

Coverage Options & Customization

Like all standard insurers, Lemonade’s basic policy includes coverage for personal property, personal liability, loss of use, and medical payments to others. However, their starting coverage options are some of the lowest in the industry, with their personal property coverage starting at $10,000. This is one of the factors that enables them to boast premiums that start at $5; the higher the personal property coverage, the higher the premium becomes. 

In addition, their basic coverage also includes damage caused by fire and smoke, crime and vandalism, bad weather (wind, lightning, and hail), and water damage, such as that caused by burst pipes and in-building flooding.

Note, however, that their coverage doesn't include earthquakes damage except in California and Arkansas, bites from "high-risk" dog breeds, or flooding caused by an external source.

In addition, they don't offer an option to add roommates to the renters insurance policy, which is a standard choice most companies offer. Nonetheless, renters can add their landlord and their spouse to their policy without added premiums, but significant others entail a $1.75 fee per month.  

For a man or woman living in Greenwich Village, New York, example rates per month would be as detailed below. For this example, we used a $500 deductible as a standard for all, with no add-ons. Note that Lemonade’s deductibles can go as low as $250, but for comparative quotes across carriers, we went with $500, since this is the lowest most companies offer.

As seen, increases in personal property and loss of use affect premium costs the most. Nonetheless, even at $20,000 in personal property, $6,000 in loss of use, and $2,000 in medical payments the premiums quote only increases to $7.59 per month ($91.08/y). (Note, of course, that this is without adding extra coverages).

Add-ons & Policy Options

Lemonade offers a range of riders—blanket coverage for valuables above the category— for jewelry, fine art, bikes, cameras, and musical instruments. The limits for each of these vary, as do the coverages available.

Discounts

Lemonade’s only available discounts, according to their policy webpage, are for “smart” technology like fire and burglar alarms. They also offer a product called Zero Everything that can be activated once per policy and allows clients in select areas to file claims with no deductibles, without fear of having their rates increased, and at replacement cost value. This policy is only available in select areas.  

Claims Process & Claims Satisfaction

With their integrated AI algorithms, Lemonade states that they can process a large amount of common claims (about 30% of them) in as little as 3 seconds. According to their webpage, their algorithms examine customers’ claims through the mobile app, check them for fraud, and then determine whether the claim can be paid instantly or whether the case needs to be delegated to their team.

Because Lemonade is such a young company with limited availability across the states, they have yet to appear on JD Power’s Claims Satisfaction Report, which is based on responses from 6,374 homeowners polled between April and November 2018. In their 2018 “Insurance Shopping Study”, JD Power stated that overall, insurtech customer awareness is still low, with only 6% of prospective customers indicating an awareness of Lemonade and other such companies.

Lemonade has a complaint index of 0.86 (the national median is 0.77) for 2018 according to the National Association of Insurance Commissioners, with a total of 5 complaints. 

Online Content

Lemonade’s online content is geared towards raising consumer awareness about the ins and outs of the insurance industry. They use simple and direct language to explain the basics of insurance, coverage, deductibles, liability, premiums, and more. Their Insurance Dictionary is an excellent resource for consumers who want to learn more about insurance policies.

Screenshot lemonade.com, July 15, 2019

In addition, they are active in the community through social media and blog categories like “Insurance 101” and “Life-hacks,” which caters to young-professionals.

Social Mindedness

Lemonade’s Giveback program encourages users to pick a cause or charity when signing up to their services. At the end of the year, all unclaimed premiums (money not paid out in claims), minus expenses, are put towards the Giveback program and the causes chosen by the users. 

In 2018, they were able to channel $162,135 to 15 nonprofit organizations, including Citymeals on Wheels, the American Red Cross, Teach for America, and a water project to bring drinking water to a community in Cambodia.

Screenshot lemonade.com July 15, 2019

Potential Downsides

Lemonade, like other insurtech companies, is a very young player in the insurance landscape. Although they have exponentially grown since they first began offering insurance in 2016, and have amassed popularity thanks to their apparently generous policy offerings, it is important to proceed with caution. 

In addition, the way their online resources are organized can make it difficult to find clear and comprehensive information, which can lead to seemingly contradictory policies. For example, there’s currently very little information on what the limits are for electronic equipment and there are no apparent add-ons for them at the quote stage. 

While they mention that jewelry coverage is capped at $1,500 (and if you have an engagement ring priced at the average $2,800 or more, you definitely need the add-ons), there’s no mention of electronic equipment. What if a $2,000 television screen is stolen? Is that covered by the personal property coverage or should you have gotten an additional endorsement for it? This information is not readily apparent at first glance from their website.

Policy 2.0

In 2016, Lemonade launched an interactive, collaborative, open-source policy creator with the stated goal of making insurance policies, and specifically policy-making, accessible to the general consumer. The policy creator will allow consumers to collectively participate in the co-creation of their renter insurance policies by employing “contemporary English that everyone understands.”

Policy 2.0 is currently only available in Germany, and it is unknown when it will be available in the United States. Concerns have been raised about the legality, practicality, and overall wisdom of this policy given, particularly, that consumers generally lack the legal expertise to draft legally-binding policy documents.

In addition, in the United States, the Department of Insurance regulates insurance policies. Each state’s DI is responsible for establishing their own particular limits on what an insurer can legally exclude or not in their policies. These are obstacles Lemonade will need to overcome in order to make Policy 2.0 available to U.S. customers.