If you’re renting an apartment in Philadelphia, you’ll want to be sure you find the best renters insurance company to protect you and your belongings. Your landlord most likely has an insurance policy, but that only protects the building you reside in and the items they have provided for you. Renters insurance is there to help you in times of need, in case of theft, fire or another potential misfortune. Renters insurance is easy to purchase for an apartment in Philly, with the ability to get quotes from most companies online in just a few minutes.

To help you find the best renters insurance in Philadelphia, you can find the best renters insurance companies in Pennsylvania along with rates from seven of the top 10 companies.

On this page you’ll find:

• Best renters insurance companies in Philadelphia
• Average renters insurance rates in Philadelphia
• Average rent cost in Philadelphia

What are your coverage options on a renters insurance policy?

Just like any other policy, you can usually customize your renters insurance coverage to get exactly what you need. A standard renters insurance policy usually contains some form of the following types of coverage:

• Personal property coverage – This coverage pays the replacement cost for the personal items you keep in your apartment should they be damaged or destroyed.

• Personal liability coverage – Liability protection pays for medical expenses if someone is injured in your apartment.

• Loss of use coverage – Loss of use pays for your hotel and food expenditures when you are unable to stay in your apartment because of damages. This may also be called additional living expenses coverage.

Beyond these basic coverage options, you may also be able to purchase identity theft protection, guest medical payments coverage, and more additional coverage.

If you keep valuable items, like jewelry, sports equipment, or musical instruments in your apartment, you may also wish to raise your personal property coverage limits.

People who live in high-risk areas prone to flood or earthquake damage may need to purchase a special rider on their policy for those perils to be covered.

Extra coverage and riders will usually raise your renters insurance premium, but it's important to have all the protection you need.

What are the best renters insurance companies in Philadelphia?

In the table below, you can find the top 10 renters insurance companies in Philadelphia based on reviews from policyholders submitted to Clearsurance as of July 2019. Customers review and rate their insurance companies based on a variety of factors, including the customer’s overall rating of the company, the insurer’s customer service, as well as each policyholder’s likelihood to renew and recommend the company to a friend.

To qualify for this list, companies needed at least 25 renters insurance reviews and must sell renters insurance in the state of Pennsylvania.

*USAA is only available to active and former military members and their families.

1. Lemonade

Lemonade is ranked as the best renters insurance company in Philadelphia. The company utilizes modern technology to provide fast and affordable service through its website or app. You can easily file a claim and have it processed almost instantly. If you’re interested in getting a renters insurance quote from Lemonade, click the link below.

2. USAA

The second highest rated company in Philly is USAA. USAA’s services are only available to active and former military members and their families, however. Consumers favor USAA’s prices and customer service. Plus, USAA includes earthquake and flood insurance in its standard renters insurance policies, which most companies do not.

3. Geico

Geico is a unique insurance company because it offers insurance through other licensed companies. You can receive a quote online for your apartment and you can bundle your Geico car insurance with renters insurance to earn a discounted rate.

4. State Farm

State Farm is the most reviewed renters insurance company on Clearsurance. Although it is rated fourth for the renters insurance in Philadelphia, it ranked No. 2 for best renters insurance companies for 2019 (which required a minimum of 100 reviews). State Farm is a good option to consider to ensure your belongings are safe.

5. Nationwide

Renters insurance from Nationwide can help Philadelphia residents protect their personal belongings while living in the city. Nationwide offers basic coverage for renters with the ability to add additional coverage, such as water backup or earthquake coverage.

6. Allstate

Allstate checks in at No. 6 on the list with a rating of 4.12 out of 5 stars. You can save money in many ways with a renters insurance policy from Allstate. Allstate offers a discount if you are claim-free before switching and a bundling package with another insurance policy.

7. Erie Insurance

Erie Insurance is ranked 4.10 out of 5 stars, placing seventh on the list of best renters insurance in Philadelphia. With Erie Insurance, you can ensure your belongings are protected at a low monthly cost. Erie Insurance is a Pennsylvania-based company with its headquarters in Erie.

8. Liberty Mutual

Liberty Mutual is ranked No. 8 on the list of best renters insurance in Philadelphia. If you have auto insurance through Liberty Mutual, you can bundle your renters insurance along with it to receive a discounted price.

9. Farmers

Farmers has a 4.08 rating from consumers, placing it ninth for the best renters insurance in Philadelphia. If you purchase a policy for your apartment in Philly with Farmers, you can earn discounts if you have multiple insurance policies with Farmers.

10. Travelers

Travelers earned a 4.01 rating out of 5 stars, placing tenth for best renters insurance companies in Philly. You can protect your personal belongings (such as your furniture and TV) with renters insurance from Travelers. If you bundle your Travelers car insurance policy with your renters insurance, you could save up to 5 percent on your auto insurance policy.

How much does renters insurance cost in Philadelphia?

While the cost of renters insurance in Philadelphia varies based on you, your apartment and the coverage you choose, the company you select also matters when it comes to price. The average monthly cost for renters insurance out of the seven insurance companies we got a quote from is $21.64. In the table below, you can see monthly renters insurance rates for an apartment in Philadelphia.

To retrieve these quotes, we used a profile of a 25-year-old single male renting an apartment in Philadelphia with no roommates or pets with a policy beginning in June 2019. The policies include $20,000 in personal property coverage ($30,000 for Travelers because that is the minimum required by the company), $100,000 in personal liability and $1,000 in medical payments to others. The policies have a $500 deductible. Your rates may vary depending on your characteristics and coverage. We were unable to retrieve quotes from USAA, Erie Insurance, and Liberty Mutual.

*Geico sells renters insurance through other licensed insurance companies. The Geico quote listed is for coverage from Assurant Group.

How much does rent cost in Philadelphia?

The average monthly cost of rent to live in Philadelphia is $1,576, a 5 percent increase compared to the previous year. Rent in Philadelphia can vary based on the location within the city that the apartment is located. Some Philly neighborhoods are more expensive to rent an apartment in than others.

For example, the neighborhood of Bella vista costs an average of $2,580, which is much higher than the average cost of rent in the city. But rent in Somerton costs an average of $995 per month, which is below the citywide average.

Renters insurance is a good investment to consider when renting an apartment in Philadelphia as it can help you recover from an unexpected mishap. Potentially paying less than a dollar a day, you can secure you and your belongings with a renters insurance policy. To see the most up-to-date list of the best renters insurance companies in Philadelphia, you can view our best Pennsylvania renters insurance page.

How can you save money on your renters insurance?

If you bundle your auto policy with a homeowners insurance policy or renters policy with the same company, you will usually receive a multi-policy discount (this might also be available for bundling any additional policies, such as a life insurance policy or boat insurance policy). Some companies also offer discounts for protective devices in your apartment, such as smoke detectors or security systems, or for setting up automatic payments.

Additional insurance discounts may be available, so make sure to ask renters insurance providers about your options when you're shopping around for quotes. If you're looking for the most affordable renters insurance, get quotes from at least three companies before making a decision.

You can get online quotes from multiple companies easily by entering your ZIP code in the box below. Don't choose the cheapest company right away. Find the company that offers the renters coverage you need at a price you can afford.

Best Renters Insurance in Philadelphia: What's the bottom line?

• Lemonade: Best renters insurance for non-military members in Philadelphia
• USAA: Best renters insurance for military members in Philadelphia
• Geico: Cheapest renters insurance rates in Philadelphia

The content on this site is offered only as a public service to the web community and does not constitute solicitation or provision of legal advice. This site should not be used as a substitute for obtaining legal advice from an insurance company or an attorney licensed or authorized to practice in your jurisdiction. You should always consult a suitably qualified attorney regarding any specific legal problem or matter. The comments and opinions expressed on this site are of the individual author and may not reflect the opinions of the insurance company or any individual attorney.