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Updated: Dec 01, 2023
Written by
Senior Writer
Edited by
Senior Editor
Reviewed by
Insurance Information Institute

After analyzing dozens of the best renters insurance companies, we at the Guides Home Team compiled this list of the best cheap renters companies. Overall, State Farm consistently offers the best rates, averaging around $11?per month, which is about 15% cheaper than its peers. Lemonade’s average rates are slightly higher — about $13 per month — but its industry-leading digital experience and quick claims process make it our top pick for cheap renters insurance.

Get a quote from our top renters insurance provider, Lemonade.


The Best Cheap Renters Insurance Providers

After in-depth research, we found the following providers to offer the cheapest renters insurance on the market today.

Lemonade Renters Insurance

Our Top Pick
Our Top Pick


Average Monthly Cost: $13.33
Why We Picked Lemonade

Lemonade is great for college students looking for cheap renters insurance and want to spend as little time interacting with their provider as possible. The company puts a strong emphasis on technology, allowing customers to quickly generate quotes online and complete most tasks, including filing a claim, from their mobile devices. Lemonade’蝉 claims are powered by artificial intelligence, allowing the company to settle straightforward claims in minutes.

Compare Cost

Discounts and Add-ons


  • Lower rates for a high deductible choice of $2,500
  • Safety devices
  • Claim history


  • Landlord property damage
  • Valuable items, such as bikes, fine art, collectibles and jewelry
  • Significant other
  • Water backup damage
Toggle Renters Insurance Our Pick for Custom Pricing

Average Monthly Cost: $12.59

Why We Picked Toggle

Toggle is a tech-forward renters insurance provider that can be a good choice for anyone working to build their credit. As a renter, the monthly payments you make to your landlord are not reported to the three major credit reporting bureaus responsible for maintaining credit score data. However, Toggle’蝉 unique Credit Lift option can help you report and get credit for your monthly rent payments.

If you are looking for a more customizable option for your renters insurance, Toggle may be worth considering. It includes more unique options for add-on coverage, ranging from protection for pet damage to specialized coverage for the tools and equipment if you have a side hustle. This allows the monthly cost of your policy to be very flexible, with the most basic tier of coverage averaging $5.09 per month.

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Discounts and Endorsements

Based on our research, Toggle currently offers a diminishing deductible discount and a multi-policy discount. Although it does not offer any additional discounts on renters policies, Toggle users do receive a wide variety of discounts on products and services such as meal kits, streaming services, moving services, internet, and dining.

The company also offers multiple policy endorsements, including:

  • Identity protector
  • Temporary living costs
  • Pet Parent
  • High-value items
  • Side hustle

State Farm Renters Insurance

Our Pick for Affordable Premiums

Average Monthly Cost: $11.00

Why We Picked State Farm

We found that State Farm consistently offers cheap premiums compared to many of its competitors. It also performed well in our other rating categories, such as support availability, communication channels and brand authority, making the company a sound choice for renters looking for cheap policies.

Despite its affordable premiums, State Farm packs in some types of coverage that competitors would typically charge extra for as additional coverage options. Standard State Farm policies include coverage for jewelry and furs, business personal property and fire department service charges. However, the company has fewer discount options for a top provider.

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Discounts and Add-ons


  • Safety features
  • Multi-policy bundling


  • Backup of sewer or drain
  • Special computer coverage
  • Identity restoration
  • Earthquake damage

Allstate Renters Insurance

Our Pick for Seniors

Average Monthly Cost: $14.17

Why We Picked Allstate

During our review process, Allstate led the ratings with the highest score of 98.5. It scored well for everything from affordability and savings to flexibility and extra coverage. Additionally, the company has outstanding customer service and expertly takes care of its policyholders’ needs.

Allstate’蝉 discounts are another method for reducing your cost of renters insurance. In addition to typical discounts, such as bundling and staying claims-free, Allstate rewards retired seniors and renters who enroll in autopay with lower prices.

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Discounts and Add-ons


  • Retired seniors discount
  • Autopay
  • Claim-free history
  • Bundling with an Allstate auto policy


  • Scheduled personal property add-ons
  • Identity theft protection

American Family Renters Insurance

Our Pick for Customer Service

Average Monthly Cost: $14.42

Why We Picked American Family

American Family is known for providing outstanding customer service while maintaining competitive prices. In addition to offering round-the-clock access to support, the company has received a low number of complaints, indicating high satisfaction among current policyholders. The company can connect renters with a local agent to handle concerns, and you can submit claims online through the customer portal for a simple, stress-free experience after a loss.

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Discounts and Add-ons


  • Multi-policy bundling
  • Smart home
  • Autopay, full pay and paperless billing
  • Loyalty discount
  • Generational discount


  • Identity theft coverage
  • Up to $1,000 in pet insurance
  • Travel protection
  • Home-based business liability and property protection


Our Pick for Valuable Endorsements

Average Monthly Cost: $14.67

Why We Picked Nationwide

Nationwide’蝉 national average monthly premium is $14.66 for a policy that covers your belongings, personal liability, medical expenses and loss of use. Beyond basic coverage, Nationwide offers Brand New Belongings, an optional feature that covers your personal property at replacement cost. It also has a generous discount for bundling with auto insurance.

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Discounts and Add-ons


  • Bundling
  • Claims-free


  • Brand New Belongings
  • Building ordinance or law
  • Identity theft protection
  • Water backup



Compare Cheap Renters Insurance Providers

Here are the cheapest renters insurance companies we reviewed based on premium:

Star Rating
At Least
Monthly Cost
Provider Star Rating Monthly Cost Annual Cost Learn More
$13.33 $160.00 Get Quote
$12.59 $151.14 Get Quote
$11.00 $130.87 Read Review
$14.17 $160.10 Read Review
$14.42 $173.00 Read Review
$14.67 $175.93 Read Review
N/A N/A Read Review
N/A N/A Read Review
N/A N/A Read Review
N/A N/A Read Review
N/A N/A Read Review
N/A N/A Read Review
N/A N/A Read Review
N/A N/A Read Review
N/A N/A Read Review
No results were found.

*All sample quotes in this article are based on $30,000 in personal property coverage for a single male renter.


Our Recommendation

Although not every one of the companies above is included in our overall ranking for best renters insurance providers, they offer some of the industry’蝉 lowest premiums. If you’re looking for a quick sign-up and easy-to-use mobile app, Lemonade might be your choice and is among our choices for the best overall renters insurance (if it is available in your state).

It’蝉 important to buy a policy that meets your individual needs, rather than just picking the cheapest option. “Comparing quotes from different providers can help you find the most affordable coverage that meets your needs,” said Matt Teifke, founder and CEO of Teifke Real Estate. With how easy it is to get an online quote, there’蝉 no reason not to shop around. We recommend getting quotes from three or four companies for a personalized quote and to learn more about their coverage and claims processes before making your final decision.



How To Find the Cheapest Renters Insurance

Renters insurance rates are less expensive than homeowners insurance because renters aren’t responsible for covering damage to the structure they live in. Still, it may be difficult for you to justify spending an average of $14.93 per month on coverage you hope not to use.

If you’re paying too much, consider the following ways to reduce the cost of renters insurance:

When you choose a higher deductible, you save money on policy premiums. The opposite is true, too – a low deductible will save you money when you file a renters insurance claim at the expense of a higher premium.

Most providers offer various discounts to help you save on your renters insurance premiums, such as paying annually or remaining claims-free.

If your provider offers multiple lines of insurance, bundling your policies is a great way to simplify your bills and save up to 25% annually.

Insurance providers don’t all calculate risk similarly, so it’s worth comparing multiple policies that are roughly equivalent in terms of deductibles and coverage limits.

The Guides Home Team also consulted industry experts on shopping for cheap renters insurance. Here are their top tips:



Find the Cheapest Provider in Your Area

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.

Search the following table for the cheapest renters insurance companies in the top five most populous cities in each state:

Discover our top rated renters insurance providers in your state using the dropdown below:



What Does Renters Insurance Cover?

Learn about the basics of renters insurance, including coverage categories, covered perils, and available coverage levels using the drop-downs below:

Coverage Categories

The cornerstone of renters insurance, this coverage protects your belongings from theft and damage caused by certain risks, otherwise known as perils.

This provides compensation for legal fees that result from the lawsuits for property damage or bodily injury that you, your family or your pets are responsible for.

This no-fault medical coverage allows an injured party to have some of their medical bills paid by your insurer rather than suing you for their injury.

If your property becomes uninhabitable due to a covered loss, this coverage pays for additional expenses incurred while your home is rebuilt, such as hotel bills, restaurant meals and fuel costs.

Also called riders or floaters, endorsements are separate policies that enhance basic coverage. There may be higher limits for valuable personal property, identity theft protection and more.

Covered Perils

  • Fire or Smoke
  • Lightning
  • Vandalism
  • Theft
  • Explosion
  • Wind
  • Accidental/Sudden Water Damage

Coverage Levels

Actual Cash Value (ACV)

This pays for what your belongings are actually worth, including a deduction for depreciation. It comes with a lower premium, but likely won't pay enough to replace damaged or lost items.

Replacement Cost

Replacement cost coverage costs more in premiums but could save you money in the long run. This comprehensive coverage pays for the value of a new equivalent item.

Note that replacement cost coverage typically costs 10% more in premium.

How Much Renters Insurance Do I Need?

Although renters insurance benefits both the tenant and landlord, it is not required by law. However, many landlords stipulate in their lease agreements that their tenants must have renters insurance. This lowers their liability in the event that someone is injured in your rental unit and reduces the likelihood they will be sued for damages to personal property.

Specifically, landlords seek liability coverage and may require a policy limit of $100,000 or more. You won’t have to meet a threshold for personal property coverage, but it may be wise to purchase it since landlords are only responsible for damage to the building itself and will not cover loss or damage to your items.

Learn more: Is Renters Insurance Worth It?



Cheapest Providers for Different Situations

Not all providers calculate risk similarly, leading to very different rates in certain common situations. Here are the cheapest companies for tenants with poor credit scores or recent claims on their records.

Cheap Renters Insurance for Poor Credit

In some states, renters insurance carriers can reference parts of your credit score through what’蝉 known as a credit-based insurance score. They use this information to help inform your overall risk profile, with poor credit often leading to higher premiums.

Cheap Renters Insurance for Claims History

If you have filed a claim recently, even at a previous address or through another insurer, it signals that you’re more likely to file again in the future. Most insurers will offer higher rates or even deny coverage altogether based on the number of claims you have filed in the last five years.



Bundling Renters Insurance

Bundling renters insurance with another insurance product, usually an auto policy, is a powerful way to save money on insurance. Savings can be anywhere from 5% to 25%, depending on the provider. In addition to cutting costs for renters insurance, bundling your policies makes it more convenient to get a quote, manage your policy or file a claim.

According to the Insurance Information Institute, other common renters insurance discounts include savings for:

  • Installing security devices
  • Installing safety devices, such as deadbolts or smoke detectors
  • Maintaining good credit
  • Staying with the same insurer
  • Being over 55 years old



Frequently Asked Questions About Cheap Renters Insurance



Other Insurance Resources From MarketWatch Guides?


Through in-depth research of the industry, we created a comprehensive rating system to rank renters insurance providers. We researched each company by gathering cost information and requesting quotes, combing through policy information, secret shopping and reading customer reviews to understand the customer service experience, and accessing financial reliability scores.

We used these rating factors to determine the best renters insurance companies to help with your decision when looking at policies:

  • Cost: 40%
  • Availability and ease of use: 25%
  • Coverage: 20%
  • Brand trust:: 15%

We routinely monitor and update data on a regular basis to ensure the reviews reflect the most up-to-date information and advice. See our full methodology here

A.M. Best Disclaimer



How We Gather Cost Data

We at the MarketWatch Guides Team gathered renters insurance quotes for the providers in this article using data from Quadrant Information Services. Quadrant is a leading source of property and casualty insurance solutions and data.

The sample renter our quotes are based on is a 30-year-old single male with good credit and no prior claims history. Our sample policies featured a $1,000 deductible and the following coverage and limits:

  • Personal property: $30,000
  • Loss of use: $9,000
  • Liability: $100,000
  • Medical payments: $1,000 

For each provider, we gathered a quote for 50% of the ZIP codes in every state the provider is licensed in. We used the most populous ZIP codes for our study. We took the average of these individual quotes to calculate a national average premium per provider.

In some cases, cost data for a top renters insurance company isn’t offered in Quadrant’蝉 database. To gather price information for these providers, we manually pulled quotes directly from insurers’ websites or representatives. We used the same sample homeowner demographics and comparable policy details for more than 20 ZIP codes across the U.S.

Our sample rates are for informational purposes only. Actual premiums will vary.

*AM Best rating accurate as of July 2023.

AM Best disclaimer


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