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.

For a free quote from Lemonade, visit the company’s website. To get quotes from other companies in your area, call 855-948-5219 or enter your zip code using the tool below:

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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

  • J.D. Power Rating: 870 out of 1000
  • AM Best Rating: N/A

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

Get Your Free Renters Insurance Quote: Lemonade Quote

Learn More: Lemonade Renters Insurance Review

*AM Best ratings are accurate as of September 2022.



Liberty Mutual: Best Discounts

  • J.D. Power Rating: 806 out of 1,000
  • AM Best Rating: A*

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. 

If you live in a higher-risk location, you can still maintain low rates by qualifying for any of the following discounts:

  • Claims-free
  • Early shopper
  • Multi-policy
  • Preferred payment
  • Online purchase

*AM Best ratings are accurate as of September 2022.

Pros and Cons of Liberty Mutual Renters Insurance

✔ Customer service is available on the weekends
✔ Good selection of discounts
✔ More than 100 years of experience providing insurance

✘ Limited options for extra coverage
✘ Personal property coverage limit is $25,000

State Farm: Best Endorsements

  • JD Power Rating: 866/1000
  • AM Best Rating: A++

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

Get Your Free Renters Insurance Quote: State Farm Quote

Learn More: State Farm Renters Insurance Review



Allstate: Best Coverage Options

  • J.D. Power Rating: 833 out of 1,000
  • AM Best Rating: A+

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.

Pros and Cons of Allstate Renters Insurance

✔ Discounts bundled renters and auto policies
✔ Offers optional coverage for flood damage
✔ Allows you to cover items at actual cash value or replacement cost value

✘ Isn’t explicit about covered losses
✘ Limits options for extra coverage

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.

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
Starts policies as low as $5 per month if you have few personal belongings
✔ Decreases your premium every year that you’re claims-free until you reach a $50 premium

✘ Available only in 25 states
✘ offers loss of use coverage only as an endorsement

Farmers: Most Customizable Coverage

  • J.D. Power Rating: 831 out of 1,000
  • AM Best Rating: A

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.

Pros and Cons of Farmers Renters Insurance

✔ Multiple discounts available
✔ Six deductible options
✔ Non-smoking discount

✘ Discounts vary by state
✘ Must call for list of named perils

Comparing the Cheapest Renters Insurance

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


Monthly Price

Discounts Available

State Availability

Customer Service


As low as $5



Call or chat: 24/7 emergency response

Liberty Mutual

As low as $5



Call 24/7

State Farm




Call: 24/7 Video call: Varies by location





Call: 24/7


As low as $5


Call or email



Varies by state


Call or chat: Business hours



Our Conclusion

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:

Compare Renters Insurance Policies & Rates
Answer a few simple questions and we’ll take care of the rest.



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:

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



FAQs About Cheap Renters Insurance



Our Methodology

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

AM Best Disclaimer