Find the Cheapest Renters Insurance Quotes in Your Area
The average cost of renters insurance for an apartment in the United States is $187 per year, or about $16 per month. That’s much cheaper than the average cost of homeowners insurance, which is $1,083 per year, or $90 per month.
However, the price of your renters policy depends on a lot of factors, including your coverage's limits, extended protections you add, the size of your deductible, and your apartment's location. Fortunately, there are many smaller and major providers of renters insurance that allow you to customize your policy so that you get affordable coverage at a price you want.
How much is renters insurance for an apartment?
Generally, the cost to insure an apartment is less than what it costs to insure a single-family home, however how much you pay for renters insurance varies depending on the coverage you want to buy. Even a cheap apartment renters insurance policy covers damages to personal property, liability and loss of use or additional living expenses. You can customize your policy's cost by changing any of the limits of your protections independently.
Some items like jewelry and firearms aren't covered by your personal property protection and have separate limits that your insurer will pay if they are damaged. Adjusting your coverage for these items or types of items by adding endorsements or floaters to your policy will increase the cost of your renters insurance.
Most apartment rental insurance policies do not cover damage caused by special hazards such as floods, earthquakes and sinkholes. To protect your apartment from these dangers, you would have to buy extended protection at an extra cost. These types of extensions can be expensive. For example, the average cost of flood insurance from the NFIP is around $700 per year.
Where to get cheap renters insurance for an apartment
We compared renters insurance prices across the country and found that Lemonade is the cheapest provider of apartment renters insurance. For a $30,000 policy in three major US renters markets across the country, Lemonade's average cost was about $50 cheaper on average than the nearest competitor.
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The results are closer city by city. Lemonade is still cheaper — anywhere from $10-$300 less expensive than competitors. Travelers and Jetty are also cheap options if you don't think Lemonade is right for you. Since the quality of a renters insurance policy depends on more than just price, we've reviewed some of the best options for renters below.
Lemonade: Best cheap online renters insurance
Lemonade is the best option for you if you want to get a quick, cheap online quote — the whole process takes less than three minutes. This newer insurance provider offers the cheapest renters insurance for apartments in all three of the markets we tested. You can usually purchase a $30,000 policy for less than $12 a month.
Lemonade's intuitive interface makes it easy to get a cheap policy by allowing you to customize your coverage. After Lemonade's chatbot-style AI asks you a few questions about your personal information, you'll get a quote that you can adjust by changing your policy's limits.
Even though Lemonade was the cheapest insurance provider we found, it's only available in about half the country. If you're one of many renters that live in a state that doesn't get coverage — like Florida, Washington or Massachusetts — you still have other cheap options.
Jetty: Another affordable online insurer for renters
If you're looking for cheap coverage and you can't get Lemonade, Jetty is a great alternative. Like Lemonade, Jetty is an insurance provider that does business entirely online. Getting a quote takes less than three minutes, and it's easy to personalize your coverage to get the cost you want.
Although Jetty's coverage was not consistently as cheap as Lemonade's from city to city, it was still a cheaper option compared to bigger providers. Its average cost of $191 was only outranked by Travelers and Lemonade, and in some cities it ranked second in cost. If Jetty is your only online-only apartment renters insurance provider, it's likely it'll give you one of the cheapest quotes you can find
But while Jetty is available in far more states than Lemonade, it isn't fully nationwide yet. If you live in Florida, North Carolina, Indiana or Missouri, you'll have to look elsewhere for cheap coverage.
Travelers: Best major insurer for renters
If you are more comfortable working with a major insurance provider, Travelers offers more affordable coverage for apartment renters than any other nationally available insurer in the cities we tested. Travelers is also very useful if you want to shop for other types of policies apart from apartment or homeowners insurance.
Overall, we found that Travelers had the second cheapest average cost of $185, behind Lemonade. Regionally, even though its nearest major competitor was Allstate, you could usually get cheaper renters insurance for your apartment from Travelers.
Despite the great level of coverage and cost of Travelers, it's not as easy to customize the cost of your Travelers policy. Travelers does use a relatively clean site. However, it might be hard for some users to understand how changing their coverage options will affect the price of their policy at a glance. This means that with Travelers, it could be comparatively harder than shopping at Jetty or Lemonade to get coverage at a price you'd want.
Allstate: Best for bundling renters and car insurance
Although Allstate was not the cheapest apartment insurer, it does offer the easiest way to bundle a car and renters policy. Allstate does make it easy to save yourself money by bundling more than one policy together.
We found that before bundling, Allstate's average cost was $203 for apartment renters insurance — already a fairly inexpensive option among its competitors. If you're shopping for car insurance with your renters policy, you won't be able to use an online-only company like Lemonade or Jetty. In this case, or if you would simply rather work with a major provider, Allstate is a good choice.
Do I need to get renters insurance for my apartment?
Renters insurance is not mandated by law, but some landlords require you to buy a policy before leasing an apartment. Luckily, even a cheap renters insurance policy for your apartment can often provide you with adequate protection. But it's still important that you think about how much coverage is right for you.
When buying insurance, you should consider the cost of your assets or the amount of property that you want to make sure you can replace if something happened to your stuff. You should think about how likely it is that you'll face a lawsuit from someone else over an injury you'd be responsible for. And you should also calculate how much money it would cost you to stay somewhere else if your apartment was rendered unlivable for a long period of time.