Cheapest Renters Insurance Companies of 2023
Cheapest Renters Insurance Companies of 2023
The average cost of renters insurance is $18 per month, but you can get the cheapest renters quotes from Lemonade starting at $12 per month.
Find Cheap Renters Insurance Quotes in Your Area
Renters insurance is an affordable way to ensure you won't have to pay to replace your belongings if your apartment or rented house is damaged, broken into or destroyed.
To evaluate renters insurance companies, we calculated the average costs of coverage for every state nationwide. In addition to prices, we looked at the features offered by these companies and the number of opportunities for policyholders to reduce the cost of their renters insurance premiums. Since the cost of renters insurance can vary depending on the amount of protection you want to buy, we recommend using our quote box to get prices in your area.
How cheap is renters insurance?
The average cost of renters insurance is about $18 per month, or $212 per year for a $30,000 policy — about the same as one cup of coffee a week.
Compare cheap renters insurance in your area
Company | Average monthly cost | Cheapest in |
|---|---|---|
| Lemonade | $12 | 23 states |
| State Farm | $14 | 11 states |
| Travelers | $17 | 3 states |
| Amica | $17 | 2 states |
| Nationwide | $18 | 5 states |
Quotes are based on $30,000 of personal property coverage, $100,000 of liability protection and a $500 deductible.
Renters insurance premiums are largely influenced by the amount of coverage you purchase. We recommend determining how much coverage you need before comparing renters insurance companies to make sure that your quotes have high enough limits to protect your belongings.
Cheapest renters insurance: Lemonade
Insurer details
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Editor's rating:
- Demotech financial stability rating: A (Exceptional)
- J.D. Power rank: 1st out of 7 insurers
- Unique value: Mobile app for purchasing and paying for insurance
Lemonade renters insurance is a great match for customers looking for cheap insurance in a hurry. It only takes a couple of minutes to request a quote and compare prices using Lemonade's online renters insurance tool.
Renters insurance rates from Lemonade were consistently among the cheapest across the country, with an average price of just $12 per month.
The biggest downside to Lemonade is that it can be difficult to talk to a person when you need help, as the company has put a strong focus on online-first customer service.
Best customer service: Amica
Insurer details
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Editor's rating:
- Demotech financial stability rating: A (Exceptional)
- J.D. Power rank: Not rated
- Unique value: Top-notch customer service
For renters who are willing to spend a bit more than the minimum for top-tier customer service, we recommend Amica. It's reliably ranked as one of the best insurers in the country, with very few complaints from its customers.
Overall, Amica's rates are cheaper than average, but they don't stand out. We found an average price of $17 per month — about a dollar less than the national average. But renters may be able to reduce the amount they pay by taking advantage of Amica's discounts, including bundle and loyalty discounts.
Best for working with an agent: State Farm
Insurer details
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Editor's rating:
- AM Best rating: A++ (Superior)
- J.D. Power rank: 2nd of 7 insurers
- Unique value: Affordable rates with great claim service, widespread availability
For renters who want a one-on-one relationship with an insurance agent, State Farm is a solid choice. It's the second-cheapest and second-best-rated renters insurer in the country. State Farm's average price is $14 per month: That's only $2 per month more than Lemonade. Additionally, customers insured with State Farm may be able to reduce their rates even further by bundling renters insurance with another policy.
State Farm offers a variety of endorsements, including increased limits for certain property items and identity theft restoration services. It's relatively easy to maximize your coverage while keeping your prices low using State Farm's online form, but if you'd rather work with an agent, you could check out any of the insurer's local offices.
State Farm is also available in nearly every state. Other renters insurance companies can be harder to find across the U.S.; however, online quote availability can be spotty, so you might have to call an agent to get a quote.
Cheap customizable renters insurance: Nationwide
Insurer details
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Editor's rating:
- AM Best rating: A+ (Superior)
- J.D. Power rank: 4th of 7 insurers
- Unique value: Cheap upgrades to a basic policy
Nationwide is a great choice if you want many coverage options to select from. Customers may add to Nationwide's standard renters insurance with a variety of endorsements. The company offers water backup protection, extended property protection and replacement cost coverage, among others.
The price of a standard Nationwide renters insurance policy is about $18 per month. But you won't necessarily have to choose between enhancing your policy and having affordable renters insurance. Although adding optional coverage will raise your premium, endorsements only tend to increase your price by about $2 each, depending on your limits.
Frequently asked questions
Who has the cheapest renters insurance?
Lemonade has the most affordable renters insurance rates. On average, a policy costs $12 per month, or $140 per year. However, rates fluctuate based on where you live, so it's important to compare quotes from multiple companies when shopping for renters insurance.
How can I lower the cost of renters insurance?
Many insurers allow renters to pick and choose the coverages they want in their policies. Fewer coverages and lower coverage limits mean less protection, but they also mean lower rates each month. Other than adjusting your policy to eliminate excessive coverage, the best way to make sure that you're getting a good price is by comparing quotes from multiple insurance companies.
Why does my landlord require me to get renters insurance?
There are two reasons landlords require tenants to get renters insurance. The first is that your landlord wants to avoid being sued. If a guest is injured in your apartment, but you don't have coverage, that victim may try to sue your landlord instead. Second, if your property is damaged and your landlord may be held culpable, they want your insurance to cover it — not theirs.
Can I cancel renters insurance during my lease?
If your landlord required you to get renters insurance when you first moved in, you're obligated to keep an active policy until you move out. Your landlord may ask to be included as an "interested party" on your policy, which means that the insurer has the landlord's contact information and will let them know if the policy is canceled.
Methodology
We collected renters insurance quotes from seven top insurers available across the country to find which had the most affordable rates for renters. All sample quotes are for a single 25-year-old man who lives alone, and include the following coverages:
Coverage | Limits |
|---|---|
| Personal property | $30,000 |
| Personal liability | $100,000 |
| Medical payments | $1,000 |
| Loss of use | $9,000 |
| Deductible | $500 |
Listed coverage applied where available.
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.