The Best Cheap Renters Insurance Companies
Our team received 3 million quotes from more than 28 companies across over 15,000 ZIP codes from Quadrant Information Services and reviewed pricing to find the cheapest renters insurance on the market. We also evaluated coverage, customer experience and industry standing to ensure customers do not have to sacrifice quality to save money.
Overall, we found that State Farm offers the cheapest renters insurance rates, averaging around $10.63 per month. Although Lemonade’s average rates are slightly higher at about $13.33 per month, its industry-leading digital experience and quick claims process make it our top pick for renters insurance on a budget.
- Lemonade Best Cheap Renters Insurnace
- State Farm Cheapest Renters Insurance
- Auto-Owners Best for In-Person Experience
- Toggle Best for Custom Pricing
- Allstate Best for Industry Experience
- Nationwide Best for Customizable Coverage
The listings that appear are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Not all companies, products or offers were reviewed in connection with this listing.
Compare the Cheapest Renters Insurance Companies
Renters insurance costs $14.91 per month on average, but you can secure a policy for less with the right provider. According to our 2025 renters insurance survey, affordable cost is the No. 1 reason customers feel satisfied with their renters insurance company.
| Company | Monthly Cost | Annual Cost |
|---|---|---|
| State Farm | $10.63 | $128 |
| Auto-Owners | $12.05 | $145 |
| Toggle | $12.59 | $151 |
| Lemonade | $13.33 | $160 |
| Nationwide | $15.35 | $184 |
| Allstate | $15.45 | $186 |
Using data from Quadrant Information Services, we obtained quotes for each provider and compared those rates to the average annual premium in the U.S. All averages were calculated using premium data from over 15,000 ZIP codes across all 50 U.S. states and Washington, D.C. based on a sample plan with $25,000 in personal property coverage and a $1,000 deductible. According to this data, the average cost of renters insurance is $14.91 per month or around $179 annually. Read our full cost methodology below.
For providers not listed in Quadrant’s database, we calculated average annual premiums using quotes we manually pulled from the provider’s website or representatives. Quotes included comparable policy details in ZIP codes across the U.S. Your cost may vary depending on your location, coverage and personal property needs.
The Best Cheap Renters Insurance Companies in Detail
While State Farm offers the cheapest overall premiums, Lemonade is our top pick because it offers the highest quality affordable coverage.
The average cost of a Lemonade renters insurance policy is $13.33 per month, which is around 7% less than the national average. While not the cheapest option on our list, Lemonade is our top pick for providing the best value for the cost of its coverage. The company scored particularly well in our review based on cost, customer convenience and brand trust. Plus, Lemonade finished third overall — higher than competitors in this review — in J.D. Power’s 2024 Customer Satisfaction Study with 682 of 1,000 points.
Lemonade may benefit renters looking for affordable premiums and those who want to spend as little time as possible interacting with their insurer. The company puts a strong emphasis on technology, using artificial intelligence (AI) to help customers quickly generate quotes and file a claim from their mobile devices. In an internal survey our team conducted in May 2024, a Lemonade customer complimented the company’s app: “It’s easy to use and has a sleek interface. That’s what I used to renew my policy.”
Has a straightforward digital sign-up process based on our experience
Provides many discounts to help lower rates
Average monthly cost of $13 per month is lower than the national average
Not scored by the credit rating agency AM Best, which can help customers assess financial strength
Offers no endorsements for severe weather events
Based on our research, Lemonade is the only provider we reviewed besides Nationwide that offers a discount on renters insurance for being claims-free. In addition, it provides a paperless discount that only Auto-Owners rivals. Other discounts the company offers include savings for safety devices such as a fire or burglary alarm. You can also achieve a lower rate by selecting a higher deductible of $2,500.
Lemonade offers more multi-policy bundling options than any other company chosen by our team as the cheapest renters insurance provider, with opportunities to bundle your policy with auto, life, homeowners and even pet insurance.
Available add-on coverages include:
- Equipment breakdown
- Landlord property damage
- Spouse
- Significant other
- Tenant pet damage
- Valuable items, such as bikes, fine art, collectibles and jewelry
- Earthquake (available in California and Arkansas)
Based on our national cost data, State Farm offers the lowest overall premiums for renters insurance at around $10.63 per month. State Farm also performed well in our other rating categories, such as customer support availability, available communication channels and brand authority. One State Farm customer who responded to our May 2024 survey noted the benefits of speaking with an agent during enrollment: “While I would have preferred an all-digital process, speaking with someone did help ensure I took advantage of any discounts I qualified for.”
Despite its cheaper premiums, State Farm includes some coverage that competitors would typically only offer as add-ons for an extra price. Standard State Farm policies include coverage for jewelry and furs, business personal property and fire department service charges. However, renters only qualify for a limited number of discounts, which could mean fewer savings opportunities.
Provides the cheapest policy among the insurers we reviewed
Holds an above-average score for customer satisfaction based on the 2024 J.D. Power survey
Has a vast network of local agents for in-person support
Offers a limited number of discounts compared to some competitors
May require customers to speak with an agent to sign-up for coverage
Our research found that State Farm doesn’t offer any unique discounts that set it apart from the providers featured in this review, with just two savings opportunities for safety features and bundling. In addition, the company limits its renters insurance bundling options to auto insurance only. However, it offers a unique pet medical insurance add-on, which no other insurer in this review features.
Other add-on coverages include:
- Earthquake damage
- Identity restoration
- Personal umbrella liability policy*
*Indicates separate policies you can purchase to supplement your renters insurance coverage.
Additional Affordable Renters Insurance Companies
While Lemonade and State Farm are our top picks, we also recommend the following renters insurance companies for cheap coverage.
Auto-Owners
A renters insurance policy with Auto-Owners costs around $12.05 per month, which is nearly 20% cheaper than the national average. The company also offers discounts that can lower costs for qualifying renters, including savings for paying your premiums on time, buying more than one type of policy, and setting up automatic and online payments. If you’d like to get a personalized renters insurance quote, the insurer has a network of agents who can work with you to find a policy that best fits your budget.
Provides several discounts to help customers lower monthly rates
Lets you work with an independent agent for a quote
Offers add-on to cover the full cost of replacing damaged items with new ones
Availability is limited to 26 U.S. states, fewer than competitors such as Allstate and Nationwide
Must contact an agent to receive a quote
While Auto-Owners limits its bundling options to auto and life insurance, the company offers a particularly unique add-on known as renters plus coverage. This extends your policy to cover refrigerated products, water and sewer backup, waterbed liability and a glass deductible waiver. Other add-ons include personal property replacement costs and scheduled personal property for high-value items.
Like Lemonade, Auto-Owners offers a discount for paperless billing in addition to other discounts such as:
- Multi-policy discount
- Payment history
- Paid-in-full discount
- Protective devices discount
- Advance quote
- Favorable loss history
- Hurricane and wind mitigation discounts
Toggle is one of the most affordable renters insurance companies we reviewed, charging an average of $12.59 monthly. Toggle is a tech-forward insurance provider that can benefit people working to build their credit, as the company’s unique Credit Lift option can help you report and get credit for your monthly rent payments. In addition, if you are looking for a more customizable renters insurance policy, Toggle offers unique add-ons, ranging from protection for pet damage to specialized coverage for tools and equipment.
Affordable provider with varying levels of available coverage
Offers many endorsements to customize coverage
Easy to add coverages and see the effect on pricing when getting a quote, based on our experience
Availability is limited to 29 U.S. states, fewer than competitors such as State Farm
No customer service reviews on Trustpilot or the Better Business Bureau (BBB)
Based on our review, Toggle does not offer standard renters insurance discounts. However, Toggle customers can access deals on other products and services, such as meal kits, streaming services, moving services, internet and dining. Note that the company limits its bundling discount to auto insurance.
Toggle offers a variety of add-on coverages to help customize your renters insurance policy. While you can find some of the same coverages with other providers in this review, the company offers more unique protections such as temporary living costs and side hustle coverage.
Other optional coverages include:
- Identity protector
- Pet parent
- Replacement cost
- Significant other
Although Allstate’s average monthly cost of $15.45 is closer to the national average, you can save money through discounts. Allstate may especially benefit senior renters who want to save on premiums. The provider offers a discount of up to 25% to renters aged 55 or older who do not work a full-time job. In addition to its senior discount, Allstate lets any customer buy a bundled policy, lowering premiums if you have both renters and auto insurance. The insurer also has an easy-pay plan that can help you save money if you set up automatic payments.
Qualifying senior citizens can save up to 25% on premiums
Offers a scheduled personal property endorsement add-on to cover specific, high-value items
Provides several policy bundling options
Has a below-average customer satisfaction score in J.D. Power’s 2024 study
Higher cost than some competitors
Allstate offers three multi-policy bundling options — the second-most out of any other provider in this review after Lemonade. This includes auto, term life and even motorcycle insurance. In addition to a bundling discount, Allstate offers discounts for having autopay, protective devices in your rental and retirees 55 and older.
Add-on coverages include the following:
- Scheduled personal property coverage for high-value items
- Personal umbrella policy
- Identity theft protection
- Flood insurance
Nationwide charges an average of around $15.35 per month for renters insurance. Although this rate is slightly higher than other insurers we reviewed, Nationwide provides discounts for buying multiple policies, installing protective devices and staying claims-free. The insurer also has brand-new belongings coverage, which helps you replace your damaged items based on the actual market value.
Provides many endorsements that allow customers to enhance coverage
Offers brand new belongings coverage to fix or replace damaged or stolen items
Extends add-on coverage for earthquakes and water backup
Might be required to speak with an agent to get a quote
Offers a limited number of discounts
Nationwide offers three discounts, including multi-policy bundling with an auto insurance plan, going claims free and having protective devices in your rental. One of the provider’s more unique add-ons is water backup coverage, which protects your rental against damage caused by backed-up sewers or drains.
Other add-ons offered by Nationwide include:
- Brand new belongings
- Earthquake
- Theft extension
- Valuables plus
How To Get Cheap Renters Insurance
Renters insurance rates are typically less expensive than homeowners insurance because renters are not responsible for covering damage to the structure of the building. The average renter can expect to pay $14.91 per month for coverage, but you might pay even less with the right provider and coverage selections. Here are some tips to help you find cheaper coverage.
Shop Around
We recommend finding renters insurance providers offering high-quality coverage and getting quotes from each one rather than relying on who generally offers the cheapest coverage. Not every insurance provider calculates risk the same, so it’s worth comparing multiple policies with equal or similar deductibles and coverage limits to find the best value.
“The best way to save money on renters insurance is to shop around. Compare different providers, coverage options and the rates offered. Doing this can help you find a policy that fits your budget while still providing adequate coverage for your personal belongings.”
Look For Discounts
Most providers offer various discounts to help you save on your renters insurance premiums, such as paying premiums annually, having a rental with fire alarms and other safety devices, or remaining claims-free. Look at the discounts offered by each provider you’re interested in to see which ones you would qualify for.
Increase Your Deductible
In renters insurance, a deductible is the amount of money you must pay out of pocket before your insurance company covers the rest in the event of a covered loss. When you choose a higher deductible, you can save money on policy premiums but will pay more out-of-pocket when you first file a claim. The opposite is also true — a low deductible will make your policy more expensive, but save you money if you need to file a claim. If you choose to increase your deductible to save money on your policy, make sure you have enough money set aside to pay the amount you select in the event of a claim.
Bundle with Another Type of Insurance
If your provider offers multiple lines of insurance, such as auto or pet insurance, bundling policies is a straightforward way to simplify your bills and save up to 25% annually. Every renters insurance company featured in this review offers some form of bundling policy. Bundling not only helps to save you money on your renters insurance, but can also simplify policy management by allowing you to make payments and coverage changes under one insurer.
Use the table below to compare bundling options offered by the cheapest renters insurance companies.
| Renters Insurance Company | Auto Insurance | Life Insurance | Pet Insurance | Homeowners Insurance | Motorcycle Insurance |
|---|---|---|---|---|---|
| Lemonade | ✔ | ✔ | ✔ | ✔ | X |
| State Farm | ✔ | X | X | X | X |
| Toggle | ✔ | X | X | X | X |
| Auto-Owners | ✔ | ✔ | X | X | X |
| Allstate | ✔ | ✔ | X | X | ✔ |
| Nationwide | ✔ | X | X | X | X |
Do Cheap Renters Policies Offer Comprehensive Coverage?
Although not every cheap renters insurance policy will offer extensive coverage, the companies in this review, for example, offer comprehensive base policies at rates below the national average. See what renters insurance experts have to say about the quality of a cheap renters insurance policy:
“Cheaper renters insurance policies are typically not as comprehensive as pricier ones, but that does not mean they do not have adequate coverage. A cheap policy should still provide enough coverage for your belongings and liability protection in case of an accident or other incident. However, it is important to carefully review the policy to make sure you understand what is and what is not covered.”
—Alex Capozzolo, Co-Founder of SD House Guys
“Going with the cheapest possible plan can make sense in cases where your lease requires you to carry renters insurance, but you don’t think you can afford it or aren’t interested in really using it.”
—Leonard Ang, CEO of iPropertyManagement
Finding Affordable Renters Insurance as a High-Risk Renter
Having a relatively low credit score, owning certain dog breeds and having a history of making renters insurance claims can make you a high-risk insurance applicant. For example, we’ve outlined the monthly cost discrepancies between rates for customers with varying credit scores based on cost data from State Farm in the table below.
| Poor Credit | Good Credit | Excellent Credit |
|---|---|---|
| $21.92 | $10.63 | $8.74 |
According to Experian, a credit score of 300 to 579 is considered poor. However, the cost difference between renters insurance policies for what’s considered poor, good and excellent credit varies by provider. Based on data from Quadrant Information Services, we found that Toggle and Lemonade offer some of the cheapest renters insurance options for customers with low credit.
If you have a low credit score, taking steps to improve it is the primary way to lower renters insurance costs. We recommend considering Toggle as your renter’s insurance provider if you’re looking to boost your credit. The company offers a unique Credit Lift program that helps you report and get credit for your monthly rent payments, which can help you start to improve your credit score.
In addition, many insurers may offer higher rates or even deny coverage based on the number of claims you have filed in the last five years. Those with a previous theft claim can expect to pay around $18 per month for renters insurance while renters with a water damage claim history will pay an average of $17. Our research shows that State Farm offers the most affordable premiums to renters with a claims history, averaging $12.19 per month regardless of the type of claim.
If you’re a high-risk renter, we recommend getting quotes from at least three providers to ensure you get the best rates available.
Find the Cheapest Renters Insurance Near You
Location plays a major role in your cost of renters insurance. Your local cost of living and risk for certain perils like property crime, as well as weather hazards such as tornadoes and hurricanes, can cause your premium to be different than someone with the same amount of coverage in a neighboring state or even city.
Use the following table to find the cheapest renters insurance companies in your state:
| State | Average Monthly Premium | Cheapest Provider | Cheapest Monthly Premium |
|---|---|---|---|
| Alabama | $19.18 | Cincinnati Financial Insurance | $11.99 |
| Alaska | $13.15 | Allstate | $6.52 |
| Arizona | $16.25 | USAA | $11.55 |
| Arkansas | $17.30 | Farm Bureau | $9.75 |
| California | $15.55 | AAA | $9.37 |
| Colorado | $13.81 | Auto Owners | $6.94 |
| Connecticut | $19.18 | Allstate | $8.37 |
| Delaware | $9.91 | State Farm | $7.54 |
| District of Columbia | $15.77 | USAA | $8.42 |
| Florida | $13.91 | Security First | $8.77 |
| Georgia | $17.28 | Farm Bureau | $8.84 |
| Hawaii | $14.84 | State Farm | $11.08 |
| Idaho | $11.70 | Oregon Mutual | $6.50 |
| Illinois | $16.18 | State Farm | $8.28 |
| Indiana | $16.04 | USAA | $7.54 |
| Iowa | $10.53 | Auto Owners | $7.09 |
| Kansas | $14.86 | State Farm | $9.44 |
| Kentucky | $14.56 | USAA | $9.25 |
| Louisiana | $21.85 | The Hanover | $12.63 |
| Maine | $12.55 | State Farm | $6.67 |
| Maryland | $19.05 | State Farm | $12.45 |
| Massachusetts | $16.16 | Merrimack Mutual | $11.03 |
| Michigan | $18.34 | Auto Owners | $2.71 |
| Minnesota | $12.47 | AAA | $6.08 |
| Mississippi | $21.04 | USAA | $9.64 |
| Missouri | $14.60 | USAA | $8.11 |
| Montana | $14.23 | State Farm | $7.57 |
| Nebraska | $14.69 | State Farm | $6.83 |
| Nevada | $16.25 | USAA | $11.31 |
| New Hampshire | $11.91 | Amica | $5.83 |
| New Jersey | $13.81 | State Farm | $6.92 |
| New Mexico | $11.19 | State Farm | $7.81 |
| New York | $13.32 | NY Central Mutual | $9.77 |
| North Carolina | $15.30 | Farm Bureau | $8.84 |
| North Dakota | $9.85 | Allstate | $7.17 |
| Ohio | $15.44 | Grange Mutual | $8.33 |
| Oklahoma | $18.01 | State Farm | $11.38 |
| Oregon | $13.93 | State Farm | $9.80 |
| Pennsylvania | $15.06 | Pennsylvania National Mutual | $5.69 |
| Rhode Island | $12.10 | Amica | $7.18 |
| South Carolina | $15.87 | Chubb | $6.20 |
| South Dakota | $10.43 | State Farm | $6.83 |
| Tennessee | $15.09 | State Farm | $11.08 |
| Texas | $15.35 | Chubb | $5.60 |
| Utah | $12.45 | State Farm | $8.41 |
| Vermont | $10.05 | State Farm | $7.42 |
| Virginia | $14.71 | Chubb | $7.18 |
| Washington | $12.62 | State Farm | $9.17 |
| West Virginia | $12.51 | State Farm | $9.42 |
| Wisconsin | $9.86 | West Bend Insurance | $6.00 |
| Wyoming | $9.57 | USAA | $7.88 |
Discover our top-rated renters insurance providers in your state using the dropdown below:
Discover the Top Renters Insurance Companies in Your State
How Much Renters Insurance Do I Need?
Although renters insurance benefits both the tenant and landlord, it is not required by law. The amount of renters insurance you need will depend on the value of your personal items, location and other relevant risk factors. In our latest renters insurance survey, conducted in May 2024, most respondents choose at least $50,000 in personal property coverage and a $500 deductible. Note that the specific coverage amounts available to you may vary depending on your chosen insurer.
Your lease agreement may also require you to meet certain coverage requirements. Specifically, landlords may require liability coverage and a policy limit of $100,000 or more. Leases typically do not include requirements for personal property coverage, but keep in mind that landlords are only responsible for damage to the structure of the building and will not cover losses or damage to your items. See the table below for recommendations on how much coverage to buy based on recommendations from the Insurance Information Institute (Triple-I).
| Coverage Area | Triple-I Recommendation |
|---|---|
| Personal property | Varies depending on your belongings |
| Loss of use | Varies depending on your living costs |
| Liability coverage | $100,000–$300,000 |
| Medical payments to others | $1,000–$5,000 |
Frequently Asked Questions About the Cheapest Renters Insurance
Based on our research, renters insurance isn’t required by law. However, your landlord or property management company may require it as a part of a lease agreement. Regardless of whether or not it’s mandatory in your situation, we recommend considering a policy as it can offer protection for your personal belongings and liability coverage in the event of an accident in your rental.
While the cost of Lemonade renters insurance depends on factors like your location and chosen deductible, its policies are generally low-cost due to its innovative technology. It can resolve simple claims in minutes using artificial intelligence, cutting costs and making insurance more affordable.
Renters insurance is significantly cheaper than homeowners insurance because it only covers your personal belongings and liability — not the whole building and property. Homeowners insurance covers the entire structure of a home and other features on a property, and as a result, generally offers more coverage than a renters policy. For renters, your landlord is responsible for covering the structure of your unit.
According to our April 2025 renters insurance survey of 1,000 respondents, most renters have a deductible between $250 and $1000, with the majority having $500. The deductible you choose should be an amount you feel comfortable paying out of pocket in the event that you need to file a claim.
Methodology: Our System for Ranking the Cheapest Renters Insurance Companies
To rank the renters insurance companies featured in this review, we started by analyzing cost data from Quadrant Information Services across more than 15,000 ZIP codes in all 50 U.S. states. Using this data, we determined the providers offering the most affordable coverage by comparing each company’s average costs to the overall national average.
As this round-up focuses on cheap renters insurance, low cost was the most important ranking factor. However, we also considered each provider’s overall rating, which we calculated using our comprehensive renters insurance methodology. This rating considers the cost, availability, ease of use, coverage and brand trust each renters insurance company extends to consumers like you.
To accurately rate each company, we gather cost data, read policy details, secret shop and consider customer reviews to gain a clear understanding of each company’s strengths and weaknesses. We also consider responses gathered from our latest 2024 renters insurance survey, financial reliability scores from AM Best and J.D. Power study customer satisfaction rankings.
Note that we routinely monitor and update data on a regular basis to ensure our rankings reflect the most up-to-date information.
*Data accurate at time of publication
