The Best Renters Insurance Company
Renters insurance is also known as an HO-4 policy and is an insurance policy that protects a renter’s personal belongings against theft, fire, and certain natural disasters or accidents. Most renters insurance policies provide liability protection, medical payments, and will pay additional living expenses when a covered loss stops the tenant from living in the home. The structure is not covered in an HO-4 policy.
In 2020, 33% of homes were occupied by renters according to the U.S. Census figures. This is a massive market for insurance carriers and thankfully, most insurers offer a renter insurance policy allowing you to bundle it with your auto insurance for extra discounts. And with average renters insurance rates as low as $15 per month* - it’s definitely worth considering.
So what company takes the crown of The Best Renters Insurance Company?
We have reviewed a number of the top renters insurance providers to see which ones ranked high on review sites, and customer satisfaction, along with the different types of cover included as standard, and came up with our top renters insurance company.
Lemonade Insurance
An online insurance company with a tech-focused business model. It uses technology throughout the quote, claims, and customer service processes to offer some of the lowest prices on the market. Lemonade takes a percentage of all renter’s insurance premiums to cover its operational costs and uses the remainder of the money to pay out covered claims. The funds leftover at the end of the year is then donated to a charity chosen by policyholders.
Lemonade is a great choice for renters insurance if you’re looking for basic renters insurance coverage as its standard policies include personal property, personal liability, and loss of use.
What does Lemonade renters insurance cover?
The Lemonade policy covers your personal property against damage and theft, plus legal claims for damage or injury you accidentally cause to others. Plus, if your home becomes unlivable due to specific types of damage Lemonade can help cover the costs of temporary living arrangements.
If the items in your apartment belong to your landlord, it isn’t covered under your renters policy. So any furnishings that came with the property when you moved in are not covered. Your Lemonade renters insurance policy doesn’t cover stuff that any of your roommates own, so they would need to get their own individual renters policies to cover these.
Personal Liability & Medical Bills
Lemonade’s renters insurance cover extends to instances when a person gets injured in an accident in your home. This means that hospital bills or legal fees from a lawsuit are covered up to the limit stated. It also extends to specific damages caused by you when you’re away from home.
Temporary Living Expenses
If covered accidents or incidents cause your home to become unlivable, you might need to live in a hotel until the home is repaired. Most of Lemonade’s renters insurance policies will cover these and other expenses, possibly including cash that you need for laundry and food.
Read our full review of Lemonade’s renters insurance here >
*source NAIC
To compare renters insurance quotes from multiple carriers, try our free online Quick Quote tool or call a licensed agent to see how much it costs to protect your personal belongings with Lemonade and other insurance carriers.