The best and worst renters insurance companies for customer satisfaction
J.D. Power ranked renters insurance companies to see which had the most satisfied customers. Erie had the highest ranking, at 713, but Amica and Lemonade were close behind.
“The 2024 J.D. Power Home Insurance Study shows that four insurers earn statistically significantly higher satisfaction scores than the average insurer among renters policy customers – Erie Insurance, Amica, Lemonade, and State Farm. The scores take into account consumer ratings on trust, price for coverage, people, ease of Doing Business, product coverage, problem resolution, and digital channels,” says Crewdson.
Travelers ranked lowest at 595, and Progressive Home and Liberty Mutual were also at the bottom of the list.
Due to changes in the study methodology for 2024, this year’s scores can’t be compared with last year’s, but Erie was in the top spot for 2023, as well. Amica, which wasn’t ranked for renters insurance in 2023, took the second-place spot from American Family, while Lemonade stayed in No. 3.
| Ranking | Company | Score out of 1000 |
|---|---|---|
| 1 | Erie Insurance | 713 |
| 2 | Amica | 695 |
| 3 | Lemonade | 682 |
| 4 | State Farm | 679 |
| 5 | Automobile Club of Southern California | 674 |
| 6 | American Family | 660 |
| 7 | Safeco | 645 |
| 8 | CSAA Insurance Group | 642 |
| 9 | Allstate | 639 |
| 10 (tie) | Farmers | 638 |
| 10 (tie) | The Hartford | 638 |
| 11 | Nationwide | 627 |
| 12 | Liberty Mutual | 625 |
| 13 | Progressive Home | 619 |
| 14 | Travelers | 595 |
It's important to note that while USAA showed the highest customer satisfaction, it's not included in this study due to its limited availability. USAA's insurance coverage is exclusively for military members and their families.
How does J.D. Power rate renters insurance companies?
The redesigned 2024 Home Insurance Study by J.D. Power is a comprehensive examination of customer satisfaction in the property insurance industry. It covers various factors, including coverage offered, price, digital channels, problem resolution, trust in the company and its people and ease of working with the insurer, for both homeowners and renters insurance.
The study uses a 1,000-point scale. For 2024, the segment average for renters insurance companies was 659.
The renters insurance study uses the same metrics as the homeowners insurance study.
What other ratings should I consider when buying renters insurance?
While J.D. Power’s studies are a useful tool when buying renters insurance, they’re not the only one. Digging deeper into an insurer's track record, such as their handling of customer complaints and financial stability, provides the information necessary to make an informed decision.
For example, the National Association of Insurance Commissioners (NAIC) tracks customer complaints to see which insurers take the best care of customers. An insurer with a high complaint index score means they have more than the expected number of complaints and may be more challenging to deal with.
In addition, AM Best rates companies based on financial stability. An insurer with a low rating may have trouble paying claims and be more likely to avoid paying when possible.
Check out our best renters insurance companies rankings to see which insurer offers the best price, customer satisfaction, and financial stability.
Source:
J.D. Power. “2024 U.S. Home Insurance Study.” Accessed October, 2024.
Frequently asked questions
Which renters insurance company is best for customer satisfaction?
According to J.D. Power, Erie offers the best customer satisfaction for renters insurance. Amica and Lemonade also rank highly.
Which renters insurance company has the most complaints?
The NAIC tracks customer complaints and calculates them as a ratio of complaints to the company's market share, with 1.00 considered average. Among the companies we ranked for renters insurance, Progressive has the highest complaint ratio at 8.95.
What is the cheapest renters insurance company?
Our analysis found State Farm has the cheapest renters insurance at an average of $195 a year for a policy with $40,000 in personal property coverage, $300,000 in liability and a $1,000 deductible. However, insurance rates vary widely by person. Personal factors, such as where you are renting, age, and the amount of coverage needed, significantly impact renters insurance rates.
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