The renter’s insurance premiums on an average range per month from $15 to $30, as per other factors and location. The need for renter’s insurance policies is that it covers you from potential liabilities, fire, and theft, including your dog biting one of the neighbors. There are a few nuances in selecting an insurance company and a policy. Here are listed the top-rated renter’s insurance companies of 2022.
It is one of the top renter’s insurance companies available in 50 states. The USAA is limited to the U.S. military members, active on duty or retired, and to their family immediate members. USAA offers coverage for your temporary living expenses and personal belongings. The standard policy of USAA includes flood coverage.
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Illinois-based, Bloomington, State Farm is into renters insurance. They were selling auto insurance and now are the homeowner’s insurance company. State Farm has agents in a large network and offers high customer service, which now includes pet insurance.
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Based in Erie, Pennsylvania, in 1925, Erie Insurance is prominent for its leisure and auto insurance. Now, it offers homeowners, businesses, renters, life, and property insurance. The renter’s insurance policies here are low-cost.
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Founded in 1928 the Farmers Insurance now sells various types of insurance policies covering over 10 million households. Adding riders including theft identity, mold, and home improvements is the offer. Highly customizable policies, and household discounts. Engineers, doctors, teachers, nurses, police, dentists, and firefighters are eligible for discounts.
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Established in 2015, Lemonade is a new crop from the online-only startup companies. They offer peer-to-peer insurance, where the premiums go into a community pot and claims settlement is out of it. This insurance company approves policies and claims instantly. Their rates are from $5 as renters insurance and the homeowner’s insurance at $25 a month.
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Based in Boston, in 1912, Liberty Mutual is the largest casualty insurer and global property in the U.S. Their renter’s insurance starts from a month with a $5 premium and offers a replacement cost coverage option. Apart from renters insurance, they offer homeowners, auto, general liability, workers compensation, and specialty insurance lines.
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The renter’s insurance offers three coverage types and include personal possessions, additional living expenses, and liability. Decide what you want:
1. Personal possessions include bedding, clothes, small appliances, and hobby equipment.
2. Additional living expenses cover hotel bills, restaurant meals reimbursement, and other costs beyond normal living.
3. Liability coverage pays for medical bills and legal fees of any guest injury in your place.
Use the personal property calculator and figure out the renter’s insurance you require. Take inventory of each room and note everything. Take into consideration what needs replacement to avert a disaster, and buy enough coverage. Do not miss out on valuable items such as expensive jewelry.
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