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Cheap Renters Insurance (2022)

In this guide, we examine three of the cheapest renters insurance companies in the industry to help you find an affordable policy that provides the coverage you need.

Home with two-car garage. iStock

State Farm, Lemonade, and Toggle have some of the cheapest renters insurance policies with starting prices around $5 per month.

To help you find the most affordable renters insurance options, the This Old House Reviews Team compared cheap renters insurance providers and looked at pricing, coverage, and available discounts to help determine which one is the best renters insurance company for you.

Top 3 Cheapest Renters Insurance Providers

  • Lemonade: Best Endorsements for Valuables
  • State Farm: Cheapest Apartment Renters Insurance
  • Toggle: Best for Renters with Little Personal Property

We choose the three cheapest renters insurance providers based on the prices they advertise on their websites and quotes we received from them. Here’s a rundown of their coverage, benefits, and optional coverage options.


Lemonade is a newer insurance company that’s been in business since 2015.

Policies start at $5 per month and the company adds coverage for portable electronics to the standard personal property, loss of use, liability, and medical payments coverage.

Pros and Cons of Lemonade Renters Insurance

✔ Provides up to $1 million of liability coverage
✔ Offers up to $250,000 worth of personal property coverage
✔ Giveback program donates unused premium money to the charity of your choice

✘ Only available in 28 states
✘ Doesn’t offer bundled insurance options

Endorsement Options: Lemonade has a long list of endorsement options, including ones that allow you to add valuable items for less than a dollar more per month:

  • Earthquake protection
  • Jewelry
  • Fine art
  • Bikes
  • Cameras
  • Musical instruments
  • Significant other (not married)
  • Water backup
  • Landlord property damage

Learn More: Lemonade Renters Insurance Review

Get a Quote: To get a free quote from Lemonade, visit the company’s website.

State Farm

State Farm has close to 90 years of experience in the insurance industry. The company’s renters insurance policies provide standard coverage for personal property, loss of use, liability, and medical payments to others protection.

With a State Farm renters insurance policy, renters will generally pay about $12 per month for coverage.

Pros and Cons of State Farm Renters Insurance

✔ Coverage is available nationwide
✔ No personal property limit
✔ Customers can file a claim online or through a mobile app

✘ Doesn’t provide 24/7 customer service
✘ Must contact your local agent for policy and claims questions

Learn More: State Farm Renters Insurance Review

Get a Quote: State Farm Renters Insurance Quote


Toggle was created by Farmers Insurance Group, a company that has been in the industry since 1928 and an A+ rating from the Better Business Bureau (BBB).

Toggle’s renters insurance policies include coverage for loss of use, liability, medical payments to others, and personal property.

Toggle’s coverage is unique because it splits personal property coverage into six categories. You get a blanket $1,000 to put toward protecting your belongings, and then you can buy additional coverage in the following six categories:

  • Technology
  • Furniture and appliances
  • Fashion and jewelry
  • Creative and maker
  • Active
  • Collectibles

Pros and Cons of Toggle Renters Insurance

✔ Offers unlimited medical payments to others coverage
✔ Policies start as low as $5 per month if you have few personal belongings
✔ Rewards program decreases your premium every year that you’re claims-free until you reach a $50 premium

✘ Only available in 25 states
✘ Loss of use coverage only available as an endorsement

Learn More: Toggle Renters Insurance Review

Our Conclusion

If you’re looking for cheap renters insurance around $15 per month, consider signing up for a plan through State Farm, Lemonade, or Toggle. To compare policy pricing, we recommend getting free renters insurance quotes from all three providers.

For a free quote from Lemonade, visit the company’s website. To get quotes from other companies in your area, enter your zip code using the tool below:

Comparing the Cheapest Renters Insurance

If you’re not sure which renters insurance policy is best for you, compare the providers below.

Compare Top Cheap Renters Insurance Companies

Provider Monthly Price Discounts Available State Availability Customer Service
Provider Monthly Price Discounts Available State Availability Customer Service
State Farm About $12 2 50 Phone
Lemonade As low as $5 3 28 Online
Toggle As low as $5 - 25 Online

Frequently Asked Questions about Cheap Renters Insurance

How much does renters insurance cost?

As of 2017, the average renters insurance policy cost $15 per month, according to the Insurance Information Institute. The companies in this review all have starting renters insurance rates that are cheaper than that price. However, the cost of a policy will vary by state, person, and property, so get a few quotes from different providers to compare your options.

Learn More: How Much Does Renters Insurance Cost?

How can I lower the cost of renters insurance?

Here are a few tips on how to lower your premium:

  • Look for Discounts: Most insurance providers offer discounts for bundling insurance policies or staying claims-free. Both Lemonade and State Farm offer a discount for having safety features in your home, and State Farm offers a discount for bundling renters and auto insurance. If you’re looking for companies with more discounts, check out Allstate and American Family.
  • Choose a Higher Deductible: When you increase your deductible, your premium will be lower, which could save you money every month.
  • Pay Annually or Semi-Annually: Monthly premiums allow you to break up the cost of a policy, but it ends up costing more because your provider tacks on interest each month. If you can afford to pay for an entire policy upfront or split it into two or four payments a year, you’ll keep more money in your pocket.

What does renters insurance cover?

A renters insurance policy covers liability, loss of use, personal property, and medical payments to others coverage for the following events:

  • Fire
  • Lightning
  • Hail
  • Wind
  • Falling objects
  • Vandalism
  • Riots
  • Theft
  • Explosions
  • Water damage except for flooding
  • Weight of snow, sleet, or ice
  • Smoke damage

Learn More: What Does Renters Insurance Cover?

Is renters insurance required?

No state requires renters insurance by law, but your landlord may require insurance for you to live on their property.

How do I cancel renters insurance?

You can cancel your renters insurance policy by contacting your insurance agency. Depending on the company and state, you won’t be charged a cancellation fee and you’ll be eligible for a prorated refund.

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