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Cheap Renters Insurance (2021)

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 cheap 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 Companies of 2021

  1. State Farm: Cheapest Apartment Renters Insurance
  2. Lemonade: Best Endorsements for Valuables
  3. Toggle: Best for Renters with Little Personal Property

We picked 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.

1. State Farm: Cheapest Apartment Renters Insurance

State Farm has close to 90 years of experience in the insurance industry.

Pros & Cons of State Farm

Pros Cons
Pros Cons
✔ Coverage is available nationwide ✘ Doesn’t provide 24/7 customer service
✔ No personal property limit ✘ Must contact your local agent for policy and claims questions
✔ Customers can file a claim online or through a mobile app

State Farm Renters Insurance Coverage

The company’s renters insurance policies provide standard coverage for personal property, loss of use, liability, and medical payments to others protection. Renters will generally pay about $12 per month for coverage.

2. Lemonade: Best Endorsements for Valuables

Lemonade is a newer insurance company that’s been in business for about 4 years.

Pros & Cons of Lemonade

Pros Cons
Pros Cons
✔ Offers up to $250,000 worth of personal property coverage ✘ Doesn’t offer bundled insurance options
✔ Giveback program donates unused premium money to the charity of your choice ✘ Only available in 27 states
✔ Provides up to $1 million of liability coverage

Lemonade Renters Insurance Coverage

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.

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

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

3. Toggle: Best for Renters with Little Personal Property

Toggle was created by Farmers Insurance Group, a company that has over 90 years of industry experience and an A+ rating from the Better Business Bureau (BBB).

Pros & Cons of Toggle

Pros Cons
Pros Cons
✔ Offers unlimited medical payments to others coverage ✘ Only available in 25 states
✔ Policies start as low as $5 per month if you have few personal belongings ✘ Loss of use coverage only available as an endorsement
✔ Rewards program decreases your premium every year that you’re claims-free until you reach a $50 premium

Toggle Renters Insurance Coverage

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

Our Conclusion

If you’re looking for renters insurance that’s cheaper than $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:

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

Compare Renters Insurance Companies

Companies State Farm Lemonade Toggle
Companies State Farm Lemonade Toggle
Get a free quote Not available through This Old House Visit Site Not available through This Old House
Monthly Price About $12 As low as $5 As low as $5
Discounts Available 2 discounts 1 discounts No discounts
Unique Add-Ons Waterbed, computer Fine arts, bikes, cameras, musical instruments Side hustle, landlord property damage
Customer Service Hours vary by department Online Online
BBB Rating A B+ N/A

Frequently Asked Questions

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.

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

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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