Cheap Renters Insurance Companies | December 2023

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

• Lemonade: Our top pick
• Toggle: Our pick for custom pricing
• State Farm: Our pick for affordable premiums
• Allstate: Our pick for seniors
• American Family: Our pick for customer service
• Nationwide: Our pick for valuable endorsements

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

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

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.

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:

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

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:

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

Coverage Categories

Coverage Levels

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?

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 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

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Read our comprehensive guides on the following insurance categories to find top providers and peace of mind that you have all aspects of life covered.

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