Reddit’s Best Renters Insurance Recommendations (2024)
Reddit can help you understand the experiences and opinions of other renters insurance customers.
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Written bySarah Sharkey
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7+ years writing insurance and personal finance content
Contributor to top media, including USA Today
A passionate personal finance advocate, Sarah’s writing has graced the pages of many of the personal finance and insurance industries’ top web publications.
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Edited bySara Getman
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Sara Getman is an Associate Editor at Insurify and has been with the company since 2022. Prior to joining Insurify, Sara completed her undergraduate degree in English Literature at Simmons University in Boston. At Simmons, she was the Editor-in-Chief for Sidelines Magazine (a literary and art publication), and wrote creative non-fiction.
Outside of work, Sara is an avid reader, and loves rock climbing, yoga and crocheting.
Updated October 25, 2024
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If you rent an apartment or home, renters insurance is an important protection from perils, similar to homeowners insurance. If you’re looking for firsthand information about renters insurance, Reddit can come in handy.
Here’s how to get coverage and where to find cheap renters insurance policies with the help of Reddit.
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What’s the best renters insurance, according to Reddit?
When you wade into Reddit, you’ll quickly realize many opinions are floating around. You won’t find that one single renters insurance company claims first place in the hearts of Redditors. But you’ll find several companies mentioned in a positive light.
Below are some of the best renters insurance companies Reddit users recommend.
Progressive
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This Redditor praised Progressive for handling multiple renters insurance claims. Others on the thread recommended bundling auto and renters insurance through Progressive to unlock cheap rates. Although this Redditor had a great experience, many others didn’t. On Trustpilot, Progressive has earned almost 1,000 1-star reviews.[1]
State Farm
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State Farm earned multiple positive comments in the renters insurance subreddit. Most cited great rates and responsive customer service. The major insurance company also earned an above-average customer satisfaction rating in J.D. Power’s 2024 Home Insurance Study.[2] The downside is that State Farm doesn’t offer renters insurance in every state. Many Redditors confirmed they couldn’t obtain coverage through the company in their area.
Lemonade
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Lemonade earned the praise of multiple Redditors. The streamlined online process and attractive rates made Lemonade the right choice for some renters on Reddit.
Farmers
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One Redditor suggested that Farmers is a good option for renters insurance. The user stated they had used the insurance company for 17 years. Over the years, Farmers has delivered on a smooth claim-filing process.
GEICO
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Many Redditors reported cheap renters insurance rates through GEICO. Although none of the users reported filing a claim through the company yet, the affordable rates make it an attractive option for many renters.
Redditor renters insurance tips
As you navigate renters insurance, many Redditors offer helpful tips to make the most of your coverage. Below are some of the best renters insurance tips from Reddit.
Get coverage
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If your landlord doesn’t require renters insurance, you might be tempted to skip this extra expense. Although renters insurance involves adding a line item to your budget, the coverage offers important financial protection that you may need. In this tip, a Redditor shares a devastating story of a young couple facing serious financial consequences after their rented home burned down. If they had a renters insurance policy in place, some of this financial hardship could have been avoided.
Get replacement cost coverage
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Replacement cost coverage pays to replace your damaged items at the original value. In contrast, actual cash value coverage only pays for the current actual value of the item. For example, if your couch is worth $500 today but would cost $1,800 to replace, replacement cost coverage will come in handy when replacing your items.[3] This Redditor recommends paying for a policy with replacement cost coverage for greater peace of mind.
Obtain your own policy
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Generally, a renters insurance policy doesn’t cover your roommate’s items. Whether or not your roommate gets a renters policy, you should obtain your own to cover your belongings.
Record your belongings
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If you have to file a claim, having evidence of the items you lost can make for a smoother process. This Redditor recommends taking a video of your home each year to create a record of your belongings. For example, you can open drawers to show their contents and highlight valuable items during the recording. The recording could be useful later if you need to file a claim.
Flood coverage may require a separate policy
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Renters insurance policies typically don’t cover damage from floods. If you live in a flood-prone area, you might need to purchase a separate flood insurance policy to protect your finances from this threat.
How to save money on renters insurance, according to Reddit
Although renters insurance offers peace of mind, no one wants to overpay for a policy. Below are some tips from Redditors to help you save on this insurance coverage.
Bundle different insurance policies
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Many insurers allow you to bundle your renters insurance policy with other coverage. When you bundle, you can often tap into a discount. For example, if you bundle your renters insurance policy with auto insurance or life insurance, you might score savings. In this post, a Redditor verifies they saved money by bundling their renters and car insurance.
Check for discounts
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Many insurance companies offer a suite of discounts. For example, you might snag a discount based on your employer or where you went to college. It never hurts to ask if you qualify for any discounts.
Shop around
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Insurers take many factors into account when determining premiums. Each insurer has a different method of determining rates. With that, shopping around to get quotes from multiple insurers can help you find the cheapest renters insurance for your situation.
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Choose a higher deductible
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In general, a higher deductible leads to lower premium payments. This Redditor recommends opting for a higher deductible to lock in savings. From there, you can tuck those monthly savings away into an emergency fund to better prepare for any unexpected issues that come your way.
Best subreddits for finding renters insurance information
Reddit is full of subreddits about personal finance topics, including renters insurance. Below are some of the best subreddits to find answers to your questions about renters insurance.
r/Apartmentliving: This subreddit has suggestions about the best renters insurance companies.
r/Frugal: Within this subreddit, you can find lots of information about whether the cost of coverage is worth it.
r/Youshouldknow: Redditors post helpful tips on how to save on renters insurance and other things you should know about it.
r/personalfinance: Redditors discuss a wide range of personal finance topics, including renters insurance details.
Reddit renters insurance FAQs
If you’re shopping for renters insurance and researching advice on Reddit, the following questions and answers might be helpful.
How does Reddit work?
Reddit is a public online platform containing various forums where users ask questions and start discussions. The different forums are called subreddits and are dedicated to specific topics, such as car insurance, music, news, DIY, and more.
How much does renters insurance typically cost?
A renters insurance policy with $100,000 in personal liability coverage and $30,000 in personal property coverage costs an average of $19 per month, according to Insurify data.
Is renters insurance required?
Renters insurance isn’t required by state law. But a landlord can require tenants to purchase a renters insurance policy as a term of the lease.
What does renters insurance cover?
Renters insurance protects renters from financial loss after covered damages to their personal property. For example, if your furniture is destroyed in a fire, renters insurance will help you replace your items.
How can you choose the best renters insurance policy for your needs?
Start by taking an inventory of your possessions to determine an approximate value and consider how much liability coverage you want to carry. Once you know what type of coverage you want, shop around to compare rates across multiple insurers to find the most affordable rates for your situation.
Sources
- Trustpilot. "Progressive."
- Jdpower.com. "2024 U.S. Home Insurance Study."
- Ncdoi.gov. "Actual Cash Value vs. Replacement Cost Value."
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Sarah SharkeyInsurance Writer
Sarah Sharkey is a personal finance writer who enjoys helping people make savvy financial decisions. She covered insurance and personal finance topics. You can find her work on Business Insider, Money Under 30, Rocket Mortgage, Bankrate, and more. Connect with her on LinkedIn.
Sara Getman is an Associate Editor at Insurify and has been with the company since 2022. Prior to joining Insurify, Sara completed her undergraduate degree in English Literature at Simmons University in Boston. At Simmons, she was the Editor-in-Chief for Sidelines Magazine (a literary and art publication), and wrote creative non-fiction.
Outside of work, Sara is an avid reader, and loves rock climbing, yoga and crocheting.
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