Cheapest Renters Insurance Companies of 2026
State Farm has the cheapest renters insurance for most people, at $14 per month, on average.
Find Cheap Renters Insurance Quotes in Your Area
Best cheap renters insurance companies
Why these top picks?
Cheapest renters insurance quotes
State Farm has the cheapest renters insurance overall, at an average of $14 per month.
The average cost of renters insurance is about $23 per month, or $6 per week — about the same price as a cup of coffee.
Cheapest renters insurance companies
Company | Monthly rate | Cheapest in | |
|---|---|---|---|
| State Farm | $14 | 31 states | |
| Lemonade | $16 | 13 states | |
| Amica | $20 | 3 states | |
| Allstate | $23 | 2 states | |
| Progressive | $24 | South Carolina | |
Quotes include $30,000 of personal property coverage, $100,000 of liability protection and a $500 deductible.
Your renters insurance rates will differ depending on the amount of coverage you choose. You should decide how much coverage you need before comparing renters insurance companies. That way, all of your quotes include enough coverage to protect your belongings.
Cheapest renters insurance: State Farm
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Editor's rating
- Cost: $14/mo
State Farm has the best low-cost renters insurance for most people.
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Very cheap rates
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Great for bundling with auto insurance
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Reliable customer service
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Some renters may need to call an agent to buy a policy
State Farm has the cheapest renters insurance rates in the U.S. A policy costs around $14 per month, which is $9 per month less than the national average.
You can get even cheaper rates by bundling your renters and auto insurance with State Farm.
It offers one of the best discounts for renters who bundle, and has the cheapest car insurance quotes for many people.
Renters are typically happy with the service they get at State Farm. It earned a good score on J.D. Power's renters insurance customer satisfaction survey, and it gets an average number of complaints. However, it may take longer to settle your claim than Amica, which has fewer complaints.
Cheapest for excellent customer service: Amica
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Editor's rating
- Cost: $20/mo
Amica offers top-rated customer service at an affordable price.
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Outstanding customer service
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Low-cost renters insurance
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Lots of discounts
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Limited coverage add-ons
Amica is a great choice for renters who are willing to spend a bit more for top-tier customer service.
Amica earned the highest score of any national insurance company on J.D. Power's renters insurance customer satisfaction survey. And it only gets one-third as many customer complaints as other companies its size.
Overall, Amica's rates are cheaper than average, but they don't stand out. At an average price of $20 per month, it costs about $3 per month less than the national average. But Amica offers lots of ways for renters to lower their insurance bill with discounts, including bundling and loyalty discounts.
The main downside to Amica is that it doesn't offer as many coverage options as other major companies. For example, it doesn't cover damage caused by pets. So it may not be the best choice for renters looking to customize their protection.
Cheapest with great online tools: Lemonade
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Editor's rating
- Cost: $16/mo
Lemonade offers quick online quotes and an app that makes it easy to manage your policy online.
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Great online tools
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Inexpensive renters insurance
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Lots of coverage add-ons
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Mixed customer reviews
Lemonade renters insurance is a good choice for people looking for inexpensive renters insurance online.
It only takes a couple of minutes to get a quote and buy a policy using Lemonade's website or app.
Renters insurance rates from Lemonade are consistently among the cheapest across the country, with an average price of just $16 per month. That's $7 per month less than the national average.
Lemonade offers lots of ways for renters to customize their coverage. This includes less common options like protection against mold damage and damage your pet causes to your apartment.
The biggest downside to Lemonade is that it can be difficult to talk to a person when you need help, as the company has a strong focus on online-first customer service. That's likely one reason for Lemonade's mixed customer service reviews.
While it earned a high score on J.D. Power's customer satisfaction survey, Lemonade gets three and a half times more complaints than other companies of its size. Most complaints are about Lemonade's claims process. That means it could take longer for Lemonade to pay to replace your stuff, or you may end up paying more to buy new things.
Cheapest renters insurance by state
State Farm has the least expensive renters insurance in 31 states.
However, the cheapest company nationally isn't always the most affordable option near you. Lemonade has the cheapest rates in 13 states, while Amica has the most affordable quotes in three states.
Best inexpensive renters insurance by state
State | Company | Monthly rate |
|---|---|---|
| Alabama | State Farm | $18 |
| Alaska | Allstate | $13 |
| Arizona | State Farm | $10 |
| Arkansas | State Farm | $17 |
| California | Lemonade | $13 |
How to get cheap renters insurance
There are three steps to finding inexpensive renters insurance: Compare quotes from multiple companies, look for discounts and get rid of coverage you don't need.
Compare rates from multiple companies. There's a difference of $27 per month between the most and least expensive renters insurance companies. That's a difference of $324 per year.
It's also important to remember that some companies offer better rates for certain types of renters. For example, if you have a poor credit score, you might get a better rate from a company that doesn't check your credit such as ResidentShield.
It's important to remember that the cheapest company nationally may not be the best choice for you.
Insurance companies consider things like your age, the type of building you live in, your credit score and insurance history, and the amount of coverage you need when determining your quote. That's why it's so important to shop around and find the cheapest company for you.
Ask about discounts. Insurance companies don't typically offer as many discounts for renters insurance as they do for more expensive products, like auto or home insurance.
You can typically save money by bundling your renters and auto insurance or installing safety devices, like an alarm system. Some companies also offer discounts to non-smokers and retired renters. You may also be able to save by getting your policy documents and bills via email.
Get rid of coverage you don't need. The amount of coverage you have has a big effect on how much you pay for insurance. It's important that you have enough coverage to protect you and your belongings. But you don't want to pay extra for coverage you don't need.
Start by creating a home inventory to get a feel for how much personal property coverage you need.
Then, decide whether you need replacement cost coverage. This coverage can be pricey. It's worth it if you have brand-new stuff and want to make sure you can replace it with the exact same items if something is damaged. However, if your apartment is furnished with second-hand finds, it may not be worth paying extra for this coverage.
You also need to consider how much personal liability insurance and medical payments coverage you need.
Do I need renters insurance?
Renters insurance is never required by law. However, many landlords will require you to get renters insurance, in large part because the liability coverage can pay for damage you might cause and lower the risk other costs might fall on the landlord.
Even if you aren't required to get renters insurance, it's often a good idea to get a policy. If there's a fire or some other event that destroys your stuff, it's a big expense to replace all of it. And you can get a lot of coverage for only a couple hundred dollars per year.
Frequently asked questions
Who has the cheapest renters insurance?
State Farm has the most affordable renters insurance rates. A policy from State Farm costs $14 per month, on average. However, rates vary based on where you live, so it's important to compare quotes from multiple companies when shopping for renters insurance.
What is a reasonable amount for renters insurance?
The average cost of renters insurance in the United States is $23 per month. However, average rates can vary by up to $20 depending on where you live. You can typically find cheaper rates at State Farm, Lemonade and Amica.
What decreases the cost of renters insurance?
The best ways to lower your renters insurance bill is by shopping around for quotes from multiple companies, asking about discounts and getting rid of coverage you don't need. You can also consider raising your deductible. However, it's important to choose a deductible you can easily afford in an emergency.
Methodology
To find the cheapest and best renters insurance, ValuePenguin collected renters insurance quotes from eight top companies available across the country. Quotes are for a single 30-year-old woman who lives alone and has no prior insurance claims. Rates include the following coverages:
- Personal property: $30,000
- Personal liability: $100,000
- Medical payments: $1,000
- Loss of use: $9,000
- Deductible: $500
To determine the best cheap companies for different types of renters, ValuePenguin editors considered average cost, coverage options and discounts, availability and customer satisfaction scores. To gauge customer satisfaction, our editors considered 2024 J.D. Power home insurance customer satisfaction scores along with data from the National Association of Insurance Commissioners (NAIC) complaint index.
About the Author
Senior Writer
Lindsay Bishop is a Senior Writer at ValuePenguin, where she educates readers about home, auto, renters, flood and motorcycle insurance.
Lindsay began her career in the insurance and financial industry in 2010. She was a licensed auto, home, life and health insurance agent and held Series 6 and 63 financial licenses.
After a hiatus from the financial sector, Lindsay returned to the industry as a content writer for ValuePenguin in 2021. She enjoys having the opportunity to help readers make smart decisions about their insurance so they can be prepared for anything life throws their way.
When Lindsay isn't writing about insurance, you can find her spending time with family, enjoying the outdoors on Sunday long runs or riding her Peloton.
How insurance helped Lindsay
As a homeowner for 15 years located in South Carolina, Lindsay has plenty of experience navigating the coastal insurance market and managing the claims process. That includes successfully negotiating a full roof replacement claim.
Expertise
- Home insurance
- Car insurance
- Flood insurance
- Renters insurance
- Motorcycle insurance
Referenced by
- CNBC
- Yahoo Finance
- Miami Herald
Education
- BS/BA Economics, University of Nevada Las Vegas
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
