The Best Renters Insurance for Seniors in 2023

Lemonade - Lowest Premiums

4.6 / 5

What We Like Most:

• Low premiums
• Fraud-protection service
• Missing-item coverage
• Smooth application process

Overview

For seniors looking for the lowest premiums in renters insurance, Lemonade is the one to beat, with plans that cost an average of $12.80 per month but some as low as $5 per month. Their base insurance plan covers personal property, personal liability, and loss of use, meaning damage, theft, and various disasters are covered. Notably, neither flood nor earthquake damage is covered in their plans.

Lemonade’s renters insurance plans offer discounts for properties with security and safety systems such as fire alarms, burglar alarms, and sprinklers. They also offer a bundling discount. Lemonade plans include coverage for rented properties as well as co-ops and condo owners.

Personal property add-ons include jewelry, art, instruments, and cameras. These have a cap, so it’s important to note the coverage limits you need in the policy you choose. Lemonade is offered in only 27 states and operates mostly online, so you may not always be able to speak to an agent.

We recommend Lemonade for renters who prioritize finding the lowest prices and who don’t live in areas that are susceptible to uncovered disaster damage. Lemonade also provides stellar home insurance.

Nationwide - Best Fraud Protection

4.5 / 5

What We Like Most:

• Cruise insurance plan
• A+ credit rating from A.M. Best
• Pre-existing condition coverage period of 60 days
• Can be purchased 24 hours in advance

Overview

Nationwide is one of the most respected names in home insurance and their approach to renters insurance is no different. They have a skilled team of agents that are trained to handle your cases personally, which makes them a great choice for renters who value individual assistance.

Their plans include basic coverage for personal and property liability, loss of use, medical payments, and more. Their plans also include features that many plans don’t, such as coverage for stolen credit cards, forged checks, and counterfeit money. Therefore, we recommend Nationwide for those who are security-minded.

Nationwide also covers building alterations made after the policy was purchased. They have an accessible mobile app as well as a renowned team of representatives. Their plans cost around $12.60 per month on average.

USAA - Best for Veterans

4.5 / 5

Call for best price:
(855) 933-2095

What We Like Most:

• Reasonable rates for senior drivers
• Extremely friendly discounts if you store your vehicle
• Offers car replacement and accident forgiveness
• Offers ride-share insurance if you drive for Lyft or Uber

Overview

USAA offers renters insurance plans for veterans, active service members, and their families. No one else can apply, so the seniors who can make the most of their personal property, liability, and loss of use coverage are a relatively small pool.

Nevertheless, we love the way USAA bundles uncommon coverage types like flood and earthquake into their plans, which is great for renters in California, Florida, and other disaster-prone areas.

They serve all 50 states and even offer an add-on for expensive electronics and other valuable personal property. Their plans cost around $11.66 per month on average. Veterans and their families should consider USAA among the best options for renters insurance, especially for disaster coverage.

Chubb - Best Premium Option

4.3 / 5

What We Like Most:

• Diverse discounts
• High coverage limits
• Personalized customer service
• Online services

Chubb offers high coverage limits for premium prices. They’re our recommendation for expensive renters insurance, backed up by premium features and unique coverage types. Their policies are most useful for renters with high-value property to protect and a high income that can handle their premiums.

Chubb’s renters insurance policies include cash settlements, extended replacement cost coverage, and even a risk consulting service. This brings us to its customer service, which is some of the best in the business. Those who value personalized customer care will feel spoiled by Chubb’s many assistance options, both online and in person.

The numerous discounts offered by Chubb include those for gated communities, burglar alarms, and other security features. They don’t have as many add-ons as some other plans, however. Their plans cost around $13.80 per month on the low end.

American Family - Best for Home-Based Businesses

4.2 / 5

What We Like Most:

• Numerous discounts available
• Below-average rates
• Equipment failure discount
• Strong financial stability

American Family is a trusted name in home insurance. Their renters insurance, which can cost as little as $13 per month, covers basic liabilities like personal property, loss of use, injury liability, and medical payments. They also have numerous add-ons for jewelry, furs, fraud expenses, injuries, equipment breakdown, pet injuries, diminishing deductible coverage, and home business protection.

We like American Family for the sheer number of discounts they offer, including those for bundled policies, smart home technology, and for having family members who are current American Family customers. They also offer discounts for choosing to autopay for your plan as well as for paying upfront and in full.

American Family is a great pick for those who run a business from home and who could make good use of their various discounts.

State Farm - Fastest Quotes

4.6 / 5

What We Like Most:

• Available in 45 states
• Competitive pricing
• Over 19,000 local agents for personalized service
• Bundled savings

Overview

State Farm is the nation’s largest provider of auto insurance policies. Their renters insurance is built on this reputation with competitive prices and instant quotes available on their website. Their policies cover basic coverage, such as personal liability, loss of use, medical payments, and property. They also offer inflation coverage, which not every company does. Note that their property coverage includes theft and fire damage, but not flood damage, business services, or vehicles.

In fact, State Farm doesn’t offer many discounts compared to other companies, though they have one for bundling renters and auto insurance policies. Their rates are affordable, at around $12 per month on average. Thanks to their enormous network and accessible website, it’s easy to contact a State Farm representative and get a quote.