State farm
NerdWallet Rating: 4.5/5
NAIC Complaints: Lower than expected.
Credit: Diego M. Radzinschi/ALM
nationally
NerdWallet Rating: 4.5/5
NAIC Complaints: Close to expected.
Credit: Susan Montgomery / Shutterstock.com
Hanover
NerdWallet Rating: 4.5/5
NAIC Complaints: Much less than expected
Credit: Courtesy image
Farmers insurance
NerdWallet Rating: 4.5/5
NAIC Complaints: Lower than expected.
Credit: Ken Walter / Shutterstock.com
Car owners
NerdWallet Rating: 4.5/5
NAIC Complaints: Lower than expected.
Credit: Courtesy image
AAA
NerdWallet Rating: 4.5/5
NAIC Complaints: Lower than expected.
Credit: Diego M. Radzinschi/ALM
American family
NerdWallet Rating: 4.5/5
NAIC Complaints: Lower than expected.
Credit: Courtesy image
Erie Insurance
NerdWallet Rating: 5/5
NAIC Complaints: Lower than expected.
Credit: Courtesy image
Al Bilad Finance
NerdWallet Rating: 5/5
NAIC Complaints: Much less than expected.
Credit: Courtesy image
United States of America
NerdWallet Rating: 5/5
NAIC Complaints: Much less than expected.
Credit: Frankelion/Wikimedia Commons
Amica
NerdWallet Rating: 5/5
NAIC Complaints: Much less than expected.
Credit: Courtesy image
Going into 2024, the average insurance rate for renters coverage in the U.S. is about $148 a year, or about $12 a month, according to NerdWallet, which based the rate on a 30-year-old renter with $30,000 in personal property coverage. And 100 thousand dollars. In liability coverage and $500 deductible.
The cost of renters insurance, like most types of coverage, depends largely on where the policyholder is located. For example, renters in Wyoming and Alaska see average premiums of about $8 per month, while renters in Louisiana and Mississippi average costs of about $21 per month, NerdWallet reported.
According to Policygenius, renters insurance is one of the most affordable types of policies because they do not insure an actual residence, only personal property, liability, and living expenses.
Much like other types of property insurance, renters coverage can either pay replacement costs or actual cash value (ACV). When a claim occurs on a replacement cost policy, the insurance company pays the replacement value of the items as if they were new, while ACV pays the depreciated amount of the property.
The slideshow above reviews the top-rated renters’ insurance companies, according to NerdWallet. NAIC grievance ratings are tied to company size and are based on grievances filed with state regulators over a three-year period.
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