Home Renters Insurance: Finding the Best and Cheapest

What is home renters insurance? It is insurance coverage for anyone who is not yet a home owner.

What Does It Cover?

Renters insurance policies covers two things:

1. Replacing or compensating you for your physical possessions if they are destroyed or stolen.
2. Payments for others if they or their property is harmed when you are responsible.

Disasters

Renters insurance will cover certain disasters, but not others. Covered disasters include windstorms, theft, and fire. However, earthquakes and flooding usually are not included unless there are riders attached. Such riders might not always be available.

Is Renters Insurance Like Homeowners Insurance?

Renters insurance has a more narrow scope than homeowners insurance. When you rent, it’s not your responsibility to insure the structure you are living in or make necessary repairs. That falls on your landlord.

Where renters insurance kicks in is in regards to the possessions you own inside your residence. They might be lost to a storm leveling your building or someone breaking into the apartment you rent. You also get liability coverage.

Who Needs Renters Insurance?

Basically, anyone who rents a place where their possessions are store needs renters insurance. This covers nearly all residences and even some spaces that aren’t residences:

• Houses: Standalone homes can store quite a few people and things. The landlords homeowners insurance won’t protect your liability or possessions.
• Condos: Whoever owns the condo you live in might be responsible for fixing things back up if the unit floods, but they won’t replace anything you lost to water damage.
• Apartments: The more apartments there are in one building, the more things can happen. Many apartment complexes mandate renters insurance coverage as part of their lease agreements.
• Mobile homes: While mobile homes are not permanent structures, people do live in them. If you rent one, you need the same insurance coverage as a house or apartment.
• Storage units: These units aren’t designed for human habitation, but you can keep things there. Theft and disaster can still strike.

Commonly Covered Events

The actual details will vary from one policy to the next, but renters insurance will typically cover the destruction or loss of personal items, including smartphones, jewelry, and clothing. There are 16 specific events that are typically covered:

1. Civil commotion or riot
2. Damage from aircraft
3. Damage from land vehicles
4. Explosion
5. Falling objects
6. Lightning or fire
7. Hail or windstorm
8. Malicious mischief or vandalism
9. Particular household appliances or systems freezing
10. Particularly sudden and accidental damage due to electric currents generated artificially
11. Sudden accidental bulging, burning, cracking, or tearing of particular household systems
12. Smoke
13. Theft
14. Volcanic eruption
15. Water or steam damage from appliances or particular residential systems
16. Weight from sleet, snow, or ice

Liability Coverage

If someone is hurt in your home and you are deemed responsible, renters insurance can cover compensation and medical payments that might otherwise destroy your finances for a long time.

Lack of Habitation

Should your residence be destroyed to the point you can’t live there, your renters insurance should help you out with hotel stays and restaurant meals until you have a new place to live.

Buying Renters Insurance

Buying renters insurance isn’t much different from getting car insurance. Higher deductibles mean lower premiums, and shopping around can get you the best rates. In fact, many famous car insurance companies also provide renters insurance.

Looking for Homeowners Insurance Instead?

Getting a home insurance cover can be a pretty worthy investment. It can help prevent incurring expensive costs in case damage occurs to your house and its valuables. As a result, you could save a significant amount of money in such cases.

Most of us consider cost when choosing homeowners insurance coverage. But, if you compare quotes from different quality companies, you’ll save awesomely on your monthly bill.

However, insurance rates tend to vary between companies and states. Therefore, it is critical to find the best profile that will fit your needs perfectly and then get your quote.

Are you looking for cheap and affordable homeowners insurance? Well, this ultimate guide comes in handy. It will discuss the cheapest homeowners insurance companies, essential tips for saving on your policy. More importantly, it’ll help you find the best homeowners insurance provider for your desires and home.

Top 6 Cheapest Homeowners Insurance Companies in 2021

As of 2021, the most affordable homeowners insurance providers include:

1. Lemonade: Easy and Fast to Register
2. Allstate: Great Choice for Medium-Sized Homes
3. Liberty Mutual: Excellent Home Insurance Discounts
4. State Farm: The Cheapest for Houses with Large Rebuilding Cost
5. Travelers: Rich Experience
6. Progressive: Best Home and Auto Bundle

We curated this list of the cheapest homeowners insurance companies basing on the policies of the ten most prominent names in this industry. Let’s now learn about the prices, coverage options, and discounts of these insurance providers.

1. Lemonade Homeowners Insurance

This insurance provider stands out in their customers’ eyes for one simple reason: its price. But, what else about this company is so good that made it our top choice?

Lemonade homeowners insurance offers multiple benefits to its users. Perhaps the most beneficial trait of Lemonade is the simplified and fast application process. It’ll take you about three minutes to complete the process, which usually takes a lot more time with other providers.

Additionally, Lemonade offers excellent customer service, which is open 24/7 and can assist any questions or concerns via phone and email. This factor makes it easier for users to get everything done promptly.

Lemonade Coverage and Special Features

Lemonade provides affordable and comprehensive coverage for different types of losses. Here are the popular coverage types you can expect from the Lemonade homeowners insurance policy:

• Liability
• Personal property
• Dwelling
• Mobile electronics coverage
• Loss of use coverage
• Medical compensation to others

It also offers add-on coverage options like:

• Earthquake protection
• Water backup protection
• Landlord property destruction protection
• Extra personal property protection for jewelry, fine art, bikes, cameras, musical instruments, and more

Lemonade Discounts

It also offers special discounts on belongings, which are going to reduce your monthly bill even more. Some of these discounts include:

• Material Discount
• Fire Protection
• Protection Equipment Discount
• Gated Community Discount
• Bundling Discount

Pros and Cons of Lemonade Homeowners Insurance

Pros

• Transparent pricing
• Free-agent 24/7 customer service
• Easy application process (only 3 minutes to complete)
• The payout for claims quickly
• Easy to use mobile app

Cons

• Limited to only 23 states
• No option for bundling with auto insurance

2. Allstate Homeowners Insurance

Allstate offers a range of options for customers living in an average-sized home (about 2300sq.ft) on different needs. It provides both standard coverage and additional add-ons that will suit various home security situations.

Coverage and Special Features

Allstate also boasts some of the most significant comprehensive policies. The primary coverage offered here include:

• Personal liability
• Personal property
• Dwelling and other structures
• Loss of use
• Medical payment to others

Here are the special add-ons and features Allstate offers:

• Earthquake and flood protection
• Yard and garden coverage
• Business property
• Sports equipment coverage
• Green improvement reimbursement

Allstate Discounts

The company provides some of the best discounts in the market. They include:

• Easy Pay
• Multi-Policy
• Early Signing
• Claims-Free
• Protective Device
• Homebuyer Discount
• Welcome Discount
• Loyalty Discount

Allstate Pros and Cons

Pros

• Offers multiple covers and discounts
• Provides exceptional endorsements for valuables
• 24/7 customer care service

Cons

• High deductibles
• You must call the insurance agents to get the quote

3. Liberty Mutual Homeowners Insurance

Liberty Mutual is a well-known and highly recommended insurance provider. They provide thousands of home, auto, life, business, and other insurance policies for their customers to choose from.

Moreover, Liberty Homeowners Insurance offers some of the best comprehensive plans at low rates. The company provides its customers with several policy options which are based on different home types and locations.

Customers can also choose one of their home insurance quotes based on their house’s size, construction, and location.

Coverage and Special Features

• Loss of use
• Dwelling and other facilities
• Personal liability
• Personal property
• Medical payments to others

The company also offers additional benefits and add-ons like:

• Flood insurance
• Inflation protection
• Identity fraud coverage
• Umbrella liability coverage
• Scheduled personal property coverage

Liberty Mutual Discounts

• Claims-Free Discount
• Early Shopper Discount
• Safe Homeowner Discount
• Newly Purchased Home Discount
• New Roof Discount
• New/Renovated Home Discount
• Multi-Policy Discount
• Insured to Value Discount
• Preferred Payment Discount
• Paperless Policy Discount

Liberty Mutual Pros and Cons

Pros

1. Open 24/7 to issue your claims
2. You can get a quote without calling an insurance agent
3. Offers liability coverage of up to $1 million

Cons

1. Gives only six endorsement options
2. Doesn’t offer liability coverage for some dog breeds

4. State Farm Insurance Company

State Farm is one of the largest and well-known insurance providers in the country. They provide thousands of policies to their customers, classified into several categories such as auto, home, renters, life, etc.

State Farm also offers its customers some of the best homeowners insurance plans at a reasonable price. If you’re planning to get a policy from State Farm, check out their home insurance quotes to find the plan that’s best for you.

Coverage and Special Features

• Dwelling and extended dwelling
• Ordinance or law coverage
• Loss of use coverage
• Personal liability
• Personal property
• Special form construction coverage

The company also offers coverage for items such as:

• Home systems
• Loss assessment
• Personal injury liability
• Water and sump backup
• Energy efficiency upgrades

State Farm Discounts

Even though this homeowners insurance company doesn’t offer many discount opportunities, you can still save on your insurance premiums. Some of the discounts it offers include:

• Roofing Discount for qualifying impact-resistant roofs
• Home Alert Protection Discount for fire, burglar, smoke, etc.
• Multiple Line Discount

State Farm Pros and Cons

Pros

1. Pros Great discounts
2. Provides exceptional endorsements for valuables
3. The premiums are on a flat rate basis which means they don’t change for the renewal period.

Cons

1. Limited discount opportunities
2. Set deductibles that may not fit your needs perfectly.

5. Travelers Insurance Company

Travelers boast the most experience than other companies on this list. With this company, you can buy a policy of $250,000 to cover dwelling and $125,000 personal coverage at about $90 every month.

Coverage and Special Features

Other than standard coverage options, Travelers provides endorsements and reduced deductible benefit that makes it stand out from the competition. You can find different deductibles to choose from and customize your premiums.

The primary coverage types offered by the Travelers policy include:

• Personal property
• Liability coverage
• Loss of use
• Medical payments to others
• Dwelling and other structures

Some of the add-ons you can get by buying the Travelers policy include:

• Water backup protection
• Coverage for Jewelry and valuable items
• Green home equipment protection
• Identity theft protection

Travelers Discounts

Even though Travelers doesn’t have many discounts to offer, it’ll still help you save money on your policy. The deals the company offers include:

• Loss-free
• Multi-policy for owners of any other insurance product
• Homebuyer for homes bought within 12 months
• Protective devices like fire alarms, smoke detectors
• Green home for having LED certified green property

Travelers Pros and Cons

Pros

1. Over 160 years of industry experience
2. Special discount for green homes
3. A large number of deductible options

Cons

1. Fewer discount options than its competitors

6. Progressive Homeowners Insurance

This Homeowners Insurance Company provides you with complete coverage for your home and belongings. It’s a good alternative if you’re looking for an affordable homeowners insurance policy that can give well-rounded protection to your family.

Homeowners Policy Highlights

Progressive offers three different policies and many endorsements to help you customize the plan to your needs well.

• Renters insurance is available that covers your belongings and liability up to the amount you specify in your policy.
• Personal automobile liability coverage is included for use while driving someone else’s car with permission.
• Identity theft protection can help you get back on track after a stolen identity incident, including assistance restoring financial records and credit.

You can also buy the Progressive policy to protect your house and valuables, including jewelry, computers, collectible items, etc. Condominium owners can also get this type of coverage.

Coverage and Special Features

Here’s what to expect from your Progressive HomeQuote Explorer:

• Loss of use
• Dwelling and other structures
• Personal liability coverage
• Personal property

Other additional coverage provided by Progressive include:

• Personal injury
• Identity theft protection
• Water backup

Progressive Discounts

The most significant benefit of registering for a progressive policy is that you can get a multi-policy bundling discount and the Single-Deductible gift which allows customers who buy a home and house auto bundle to combine both policies into one. This saves money in case of a claim. The discounts offered by this company include:

• Multi-policy including auto insurance policies
• New home
• Protective devices
• Pay in full
• New purchase
• Quote in advance
• Paperless

Progressive Pros and Cons

Pros

1. Online quote tool is easy to use
2. Reputable company with excellent financial backing
3. Available in many countries

Cons

1. It requires customers to provide their Social Security number to get a quote
2. Third-party insurance providers offer policies

Tips for Finding the Cheapest Homeowner Insurance Company

Choose your deductible wisely

The higher the deductible, the lower your premium will be. But for that, you have to pay out of pocket in case any damages occur. You can choose a high deductible for covering the lowest rates or a low one if you’re buying coverage for peace of mind and want to afford higher total premiums.

Shop and compare

Comparing insurance quotes can be a little overwhelming at first. But with the use of online tools like HomeQuote Explorer, you’re able to get multiple bids from different companies in just minutes. Browse the site and compare each policy before making your final decision.

Think about special offers

Various homeowners’ insurance companies will offer discounts and special offers to customers willing to take time and effort in shopping. Some companies may offer rebates on newly installed smoke alarms or security systems, while others offer discounts for paying your premium upfront.

Ask about discounts

Never be shy when it comes to asking questions. If you provide more details, it’ll become easier for an insurance company to give you the best deal. You can ask about discounts, potential savings, and any other available options.

Shop around

Before finally settling on an insurer, compare your current quotes with those provided by other insurance companies. It’s better to take your time and make a decision after comparing rates from at least three or more providers.

Choose a trustworthy company

It pays to do some background checking on the people who will be responsible for protecting your family and belongings in case of disaster. Read customer reviews about the insurance company you intend to work with first.

Final Words

There are lots of reasons that you should consider buying a homeowners policy. Finding the best homeowner insurance company also brings the customer many benefits.

Above all, buying homeowner insurance can protect your houses against damages, fire, or any other unexpected incidents which may happen. When comparing the best homeowners insurance companies in the country, use this guide to get the best deals.