Cheapest Renters Insurance (2023)
Updated February 19, 2024
Compare Quotes From Top Providers
Finding an affordable renters insurance policy is easier than you think. Lemonade, State Farm, 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 that meet your needs and budget, the This Old House Reviews Team compared renters insurance providers and looked at pricing, coverage, and available discounts to help determine which one is the best renters insurance company for you.
6 Cheapest Renters Insurance Providers
Here are the six cheapest renters insurance providers based on the prices they advertise on their websites and quotes we received.
- Lemonade: Easiest Sign-up
- Liberty Mutual: Best Discounts
- State Farm: Best Endorsements
- Allstate: Best Coverage Options
- Toggle: Best for Renters with Little Personal Property
- Farmers: Most Customizable Coverage
Lemonade: Easiest Sign-up
- J.D. Power Rating: 853 out of 1000
- AM Best Rating: NR
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.
Get Your Free Renters Insurance Quote: Lemonade Quote
Learn More: Lemonade Renters Insurance Review
*AM Best ratings are accurate as of August 2023.
Liberty Mutual: Best Discounts
Liberty Mutual is one of the longest-standing renters insurance providers on the market. It offers comprehensive and customizable coverage for personal property, liability and medical payments, and additional living expenses if you’ve been displaced.
Renters looking for expanded coverage can look into personal property at replacement cost, blanket jewelry, and earthquake damage coverages, while those who want a wallet-friendly price can enjoy basic policies that start at just $5 per month.
Learn More: Liberty Mutual Renters Insurance Review
State Farm: Best Endorsements
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.
Get Your Free Renters Insurance Quote: State Farm Quote
Learn More: State Farm Renters Insurance Review
Allstate: Best Coverage Options
Allstate is an established insurance company with a good J.D. Power rating in 2021, an A+ (Superior) rating with AM Best, and comprehensive coverage offerings. Allstate’s first insurance policy was $41 per year in 1930, and it maintains affordable rates nine decades later.
A renters insurance policy with Allstate averages at $16 per month, but that could drop to as low as $4 per month if you bundle with an Allstate auto policy. Budget-conscious shoppers can also lower their premiums when they remain claims-free, are retired, or enroll in autopay.
Learn More: Allstate Renters Insurance Review
Toggle: Best for Renters with Little Personal Property
- J.D. Power Rating: N/A
- AM Best Rating: A
Toggle was created by Farmers Insurance Group, a company that has been in the industry since 1928.Toggle’s renters insurance policies include coverage for loss of use, liability, medical payments to others, and personal property. Basic policies are very inexpensive, starting at just $5 per month.
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:
- Furniture and appliances
- Fashion and jewelry
- Creative and maker
Learn More: Toggle Renters Insurance Review
Farmers: Most Customizable Coverage
As opposed to Toggle’s unique approach, Farmers provides renters insurance for the typical named perils that most major insurers cover. A standard Farmers policy provides personal property, loss of use, liability, and medical payments to others. Our secret shoppers were quoted $11.40 per month using sample data for a married couple in Raleigh, North Carolina.
Five deductible options—from $100 to 2,500—and a variety of discounts can help renters reduce the already low cost of coverage. Look for standard discounts such as being claims-free or installing protective devices as well as unique options like being a nonsmoker.
Learn More: Farmers Renters Insurance Review
Comparing the Cheapest Renters Insurance
If you’re not sure which renters insurance policy is best for you, compare the providers below.
As low as $5
Call or chat: 24/7 emergency response
As low as $5
Call: 24/7 Video call: Varies by location
As low as $5
Call or email
Varies by state
Call or chat: Business hours
How To 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 Renters Insurance Covers
A renters insurance policy covers liability, loss of use, personal property, and medical payments to others coverage for the following events:
- Falling objects
- Water damage except for flooding
- Weight of snow, sleet, or ice
- Smoke damage
If you’re looking for cheap renters insurance around $15 per month, consider signing up for a plan through Lemonade, State Farm, or Toggle. To compare policy pricing, we recommend getting free renters insurance quotes from all three providers.
Use the quote tool below to compare quotes from the top providers that meet your unique needs:
FAQs About Cheap Renters Insurance
Is renters insurance really worth it?
As a tenant, purchasing an affordable renters insurance policy around $5 per month from Lemonade is worth it. The policy will protect you against damage to your property and potential legal liabilities.
How much does renters insurance cost?
As of 2019, the average renters insurance policy cost $174 annually or $14.50 per month, according to the Insurance Information Institute (III). 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.
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.
The This Old House Reviews team is committed to providing comprehensive and unbiased reviews to our readers. This means earning your trust through transparency and having the data to back up our ratings and recommendations.
With that in mind, we created an objective rating system to score each home insurance company. Here’s what that review process looks like:
- We analyze the information on each company’s website. This allows us to determine what products and services are offered by each home insurance provider.
- We get a sample quote from the companies by either talking to a sales representative or by using the online quote tool. This tells us what a policy looks like and costs.
- We test customer service by talking to a company representative, finding out their hours of operation, and determining what technological features are available for customers.
- We update all of this information on a continuous basis, storing it in a proprietary database that allows us to compare dozens of home insurance companies against each other.
With this data, we created a rating methodology to score each home insurance company. Our rating system is a weighted, 100-point scale based on the following factors:
- Coverage (30): We rated home insurance companies higher if they offered the six main types of homeowner protection—dwelling, other structures, personal property, loss of use, liability, and medical payments to others coverage.
- State availability (7.5): Companies scored higher if they covered more states than their competitors.
- Customer service (15): This factor is based on our communications with the company representatives, as well as the companies’ claims and quotes processes, availability throughout the week, and customer service information found on their websites.
- Technology (12.5): Technology can increase the efficiency of filing and tracking home insurance claims. Companies scored higher if they had technology options like mobile apps and online chat functions.
- Reputation (20): We gauged trustworthiness based on years of experience and Better Business Bureau (BBB) ratings.
- Additional benefits (15): Companies that offered optional features, like discounts and endorsements, scored higher than competitors that didn’t.
Our Reviews team has a full-time researcher who collects and regularly updates data points from every company to help us compare them on key factors such as coverage, service, and dependability.
To share feedback or ask a question about this article, send a note to our Reviews Team at email@example.com.
Ratings listed in this article are accurate as of October 2022.