That is a loaded question, but the simple answer is usually the one that can be coupled with your car insurance to offer you the maximum discounts. Also make sure that you ask what the minimum coverage limit is to obtain REPLACEMENT coverage. If you are insured with one of the larger auto insurance companies they will offer a competitive product for your contents. Also be sure to add the personal liability coverage of at least $100,000, but higher limits are more desirable and not that much more per month.
Greetings! I agree with what Rich says in his answer to your question. Just for informational purposes I wanted to add that the "best" Renters Insurance may be different from person to person. For the most part, pricing for Renters Insurance pricing is primarily based on the amount of coverage for your property/belongings, and your geographic location (likely, zip code). I too would highly suggest Replacement Cost Coverage. It makes a difference on how a claim may be paid out. The value to replace your item(s) or their current dollar value (depreciation factored in). Have a conversation with the Agency that handles your Auto Insurance, chances are they can help get the RIGHT Renters coverage for you...and that is always Best.
We've all heard the radio commercial "get renters insurance for $4/month". How does this apply to you? Can you really get renters insurance for $4/month? Probably, but is it right for you? Probably not.
A renters policy is really just a homeowners policy without the building coverage. This is coverage for your "stuff" as well as your liability. There are a few things to keep in mind to be sure you're getting what you need, not just whatever's least expensive. Discounts are great but I've never had a client that thanked me for a discount after they had a claim. Here are some things to keep in mind when choosing your renters coverage:
Personal Property(your Stuff) - there are two ways an insurance company can settle your claim, Actual Cash Value(depreciated value), or Replacement Cost. With ACV they'll estimate what your stuff is worth and write you a check up to the policy limit. With replacement cost they'll replace your stuff with new up to the policy limit. It's important to get a good estimate of what your stuff is worth so, at claim time, you know what to expect. There are some good tools to estimate this. Your agent should have a guide from Marshall Swift/Beockh that estimates based on square footage or room count. The other tool is on Allstate's website(no, I'm not an Allstate agent, I just like their tool), http://www.allstate.com/renters-insurance/what-is-renters-insurance.aspx. However you choose to estimate it, make sure you have some method. Also, I won't sell a renters policy on an ACV basis, it's too uncertain.
Personal Liability - This covers you if your sued for someone gets hurt on your property or if you hurt someone or cause damage. My recommendation is that higher is better. I will not go lower than $300,000 and usually will recommend at least $500,000. The premium difference is tiny.
Loss of Use - This often glossed over coverage is one of the hidden gems in your renters policy. If your rental home or apartment is damaged and you can't stay there, you're insurance company will pay any extra costs you incur to stay at a temporary residence while your home is being rebuilt. This is a great coverage that nobody talks about. It's usually a percentage of your contents limit and will pay for up to 12 months.
So, in my opinion, the Best renters policy is one that has a high enough limit to cover all your stuff at replacement cost, has a high enough liability limit to protect you against a lawsuit, and has loss of use coverage. $4/month? Probably not, but it's not as expensive as you think. Find a good agent and they'll help you put together the right coverage for you.
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A renters policy is really just a homeowners policy without the building coverage. This is coverage for your "stuff" as well as your liability. There are a few things to keep in mind to be sure you're getting what you need, not just whatever's least expensive. Discounts are great but I've never had a client that thanked me for a discount after they had a claim. Here are some things to keep in mind when choosing your renters coverage:
Personal Property(your Stuff) - there are two ways an insurance company can settle your claim, Actual Cash Value(depreciated value), or Replacement Cost. With ACV they'll estimate what your stuff is worth and write you a check up to the policy limit. With replacement cost they'll replace your stuff with new up to the policy limit. It's important to get a good estimate of what your stuff is worth so, at claim time, you know what to expect. There are some good tools to estimate this. Your agent should have a guide from Marshall Swift/Beockh that estimates based on square footage or room count. The other tool is on Allstate's website(no, I'm not an Allstate agent, I just like their tool), http://www.allstate.com/renters-insurance/what-is-renters-insurance.aspx. However you choose to estimate it, make sure you have some method. Also, I won't sell a renters policy on an ACV basis, it's too uncertain.
Personal Liability - This covers you if your sued for someone gets hurt on your property or if you hurt someone or cause damage. My recommendation is that higher is better. I will not go lower than $300,000 and usually will recommend at least $500,000. The premium difference is tiny.
Loss of Use - This often glossed over coverage is one of the hidden gems in your renters policy. If your rental home or apartment is damaged and you can't stay there, you're insurance company will pay any extra costs you incur to stay at a temporary residence while your home is being rebuilt. This is a great coverage that nobody talks about. It's usually a percentage of your contents limit and will pay for up to 12 months.
So, in my opinion, the Best renters policy is one that has a high enough limit to cover all your stuff at replacement cost, has a high enough liability limit to protect you against a lawsuit, and has loss of use coverage. $4/month? Probably not, but it's not as expensive as you think. Find a good agent and they'll help you put together the right coverage for you.