The Best Rental Insurance Companies of May 2022

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best rental insurance company

What happens if a fire destroys your one-bedroom apartment? Or, do you get enough renters insurance for that door that never shuts properly? It’s difficult to know what type of policy you need – until now. 

Here are the 12 best renters insurance companies for May 2022, with rates and coverage information to find out which policy is right for your needs. By exploring these, you will find the best rental insurance company according to your needs. 

1- American National Insurance Company

Carriers: Nationwide Life and Accident Insurance Company and American National Life Insurance Company. 

Home Office: St. Louis Division, Illinois, 600 South Grand Avenue, St. Louis, MO 63105

Financial Strength Rating: A+ (Excellent)

Stability Rating: A+ (Excellent)

Insurance Discount: None

Rating Criteria: The Company’s financial strength rating is determined by analyzing its capitalization, surplus, and equity using objective parameters. It is based on a weighted average of its property-casualty and total-loss ratios. These represent the number of losses and the number of claims the company can afford to pay per dollar of its capital.

2- Assurant Specialty Insurance Company

Carriers: Assurant Specialty Insurance Company, located at 1751 Merchants Row Road, Suite 100, Wilmington, DE 19808. 

Home Office: Orlando Division, Florida, 2211 West Highway 192 South, Orlando, FL 32809-4989.

Financial Strength Rating: A+ (Excellent)

Stability Rating: A+ (Excellent)

Insurance Discount: None 

Rating Criteria: The stable financial strength rating is based on the company’s annual operating cash flows. The rating is further supported by the fact that Assurant Specialty Insurance Company has consistently higher earnings than its competitors over a long period.

3- Liberty National Insurance Company

Carriers: Liberty National Insurance Company, located at 1751 Merchants Row Road, Suite 100, Wilmington, DE 19808. 

Home Office: Orlando Division, Florida, 2211 West Highway 192 South, Orlando, FL 32809-4989.

Financial Strength Rating: A+ (Excellent)

Stability Rating: A+ (Excellent)

Available Insurance Discount: None

Rating Criteria: The numerical rating indicates the stability of the company’s financial strength over one quarter. The stability factor is calculated based on several factors, including earnings growth, capital adequacy, and overall financial performance.

4- North American Insurance Company  

Carriers: North American Insurance Company, located at 1 Park Plaza, Suite 800, Maynard, MA 01754. 

Home Office: Boston Division, Massachusetts, 165 Berkeley Street, Boston, MA 02116.

Financial Strength Rating: A+ (Excellent)

Stability Rating: A+ (Excellent)

Rating Criteria: The Company’s financial strength rating is determined by analyzing its capitalization, surplus, and equity using objective parameters and is based on a weighted average of its excess and surplus ratios. These represent the company’s ability to withstand unexpected events.

5- Scottsdale Insurance Company

Carriers: Scottsdale Insurance Company, located at 1 Park Plaza, Suite 800, Maynard, MA 01754. 

Home Office: Boston Division, Massachusetts, 165 Berkeley Street, Boston, MA 02116.

Financial Strength Rating: B+ (Good)

Stability Rating: A+ (Excellent)

Insurance Discount: Yes

Rating Criteria: The stability factor of the company is calculated based on several factors. These may include earnings growth, capital adequacy, and overall financial performance.

6- State Farm Insurance Company

Carriers: State Farm Insurance Company, located at 1 Park Plaza, Suite 800, Maynard, MA 01754. 

Home Office: Boston Division, Massachusetts, 165 Berkeley Street, Boston, MA 02116.

Financial Strength Rating: A (Excellent)

Stability Rating: A+ (Excellent)

Rating Criteria: The rating is based on the company’s overall financial strength and stability.

7- Travelers Indemnity Company

Carriers: The Travelers Indemnity Company, located at 1 Park Plaza, Suite 800, Maynard, MA 01754. 

Home Office: Boston Division, Massachusetts, 165 Berkeley Street, Boston, MA 02116.

Financial Strength Rating: A (Excellent)

Stability Rating: A+ (Excellent)

Rating Criteria: The overall stability rating from A.M. Best is based on the company’s financial strength, where it maintains an adequate capitalization level, adequate margins, and terms and conditions of insurance that are consistent with those required by other companies in the market.

8- USAA Insurance Group

Carriers: USAA Insurance Group, located at 1 Park Plaza, Suite 800, Maynard, MA 01754. 

Home Office: Boston Division, Massachusetts, 165 Berkeley Street, Boston, MA 02116.

Financial Strength Rating: A (Excellent)

Stability Rating: A+ (Excellent)

Rating Criteria: The numerical rating reflects the insurer’s stability and overall financial strength.

9- My Property Protect 

Carriers: My Property Protect, located at 1 Park Plaza, Suite 800, Maynard, MA 01754. Home Office: Boston Division, Massachusetts, 165 Berkeley Street, Boston, MA 02116.

Financial Strength Rating: A+ (Excellent)

Stability Rating: A+ (Excellent)

Rating Criteria: The company’s financial strength rating is based on its capitalization and earnings stability.

10- United States Insurance Company

Carriers: United States Insurance Company, located at 1 Park Plaza, Suite 800, Maynard, MA 01754. 

Home Office: Boston Division, Massachusetts, 165 Berkeley Street, Boston, MA 02116.

Financial Strength Rating: A+ (Excellent)

Stability Rating: A+ (Excellent)

Rating Criteria: The company’s financial strength is measured by several factors. These include the company’s capitalization, surplus, and equity using objective parameters, weighted based on total claims and property-casualty ratio. The rating is further supported by the fact that the United States Insurance Company has shown consistent growth in assets over time.

11- Country Financial Indemnity Company

Carriers: Country Financial Indemnity Company, located at 1 Park Plaza, Suite 800, Maynard, MA 01754. 

  • Home Office: Boston Division, Massachusetts, 165 Berkeley Street, Boston, MA 02116.
  • Financial Strength Rating: A (Excellent)
  • Stability Rating: A+ (Excellent)

Rating Criteria: The company’s stability rating is based on its financial strength and the overall likelihood of its capability to meet its obligations over some time. 

12- Kansas City Life Insurance Company

Carriers: Kansas City Life Insurance Company, located at 1 Park Plaza, Suite 800, Maynard, MA 01754. 

  • Home Office: Boston Division, Massachusetts, 165 Berkeley Street, Boston, MA 02116.
  • Financial Strength Rating: A (Excellent)
  • Stability Rating: A+ (Excellent)

Rating Criteria: The company’s rating is based on a weighted average of its surplus and capitalization. Additionally, the stability and rating of the company are supported by its consistent earnings growth over the years.

Conclusion

There you have the list of best property protection insurance companies that you can choose for your rental issuance. Our top recommendation is My Property Protect, as it is the top damage protection company for all your needs. 

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