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Cheapest Renters Insurance (2023)

Updated February 19, 2024

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Our top pick for the cheapest renters insurance policy with a reputable company is Lemonade.

Author Icon By Brenda Woods Updated 02/19/2024

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:

Compare Renters Insurance Policies & Rates
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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

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.

Lemonade Easiest Sign-Up
Pros and Cons
Pros 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 Cons Only available in 28 states Doesn’t offer bundled insurance 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

Since Lemonade already offers some of the cheapest renters insurance premiums available, they do not offer as many discount options. You may still qualify for a discount if:

  • You bundle renters with another lemonade policy such as auto, health, or pet insurance.
  • Your home has protective devices such as a fire or burglar alarms.

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

Liberty Mutual Best Discounts
Pros and Cons
Pros Customer service is available on the weekends Good selection of discounts More than 100 years of experience providing insurance Cons Limited options for extra coverage Personal property coverage limit is $25,000

Liberty Mutual advertises several endorsements you can add to your renters insurance plan to make it perfect for your needs. Here are some examples:

  • Jewelry Replacement: If lost or stolen, Liberty Mutual will replace your jewelry with no deductible necessary.
  • Replacement Cost Value: In the event of a covered loss, Liberty Mutual will pay you the cash value of the current cost of your belongings in today’s market rather than the original cost of your items.
  • Earthquake Protection: Covers the cost of damage to your personal property in the event of an earthquake.

Although Liberty Mutual offers low cost renters insurance to begin with, they have several discounts you may qualify for to make your premium even cheaper:

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

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.

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

State Farm offers a wide range of endorsements to help you create your ideal renters insurance plan that covers everything you need. Here are the add-ons they advertise on their website:

  • Earthquake damage
  • Jewelry
  • Computers
  • Waterbed
  • Identity restoration
  • Additional liability coverage
  • Additional business property
  • Incidental business liability

State Farm names the following three discount options on their website that you may be eligible for on your renters insurance policy:

  • Bundling with auto insurance
  • Protective devices
  • Higher deductibles

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.

Allstate Best Coverage Options
Pros and Cons
Pros 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 Cons Isn’t explicit about covered losses Limits options for extra coverage

You can add these items onto your Allstate renters insurance policy for an additional cost:

  • Extended coverage on jewelry, watches, and furs
  • Scheduled personal property—More protection for valuable items that have already been appraised.
  • Identity theft restoration—Helps with legal fees and lost work when your identity is stolen.
  • Increased coverage on business property—If you keep business documents or other business-related materials at your home, you can cover them with this add-on.

Allstate offers five renters insurance discounts:

  • Multi-policy discount—Discount for bundling with auto
  • Safe home discount—You can save up to 15% on your policy if you have safety devices such as fire and burglar alarms installed.
  • Easy pay plan—Set up auto-pay to save 5% on your policy.
  • 55 and retired discount—If you’re retired and at least 55 years old, you can save 25% on your policy.
  • Claim-free discount—Save up to 20% on your policy if you have never filed a renters claim. That amount increases each year you stay claim-free.

Learn More: Allstate Renters Insurance Review

Toggle: Best for Renters with Little Personal Property

  • J.D. Power Rating: N/A
  • AM Best RatingA

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:

  • Technology
  • Furniture and appliances
  • Fashion and jewelry
  • Creative and maker
  • Active
  • Collectibles
Pros 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 Cons Available only in 25 states Offers loss of use coverage only as an endorsement

The following endorsements are offered by Toggle for renters insurance policies:

  • Pet Parent Coverage: This protects damage your domesticated animal causes including dogs, cats, birds, reptiles, and rodents.
  • Replacement Cost Coverage: Toggle’s base policy is an actual cash value policy, so it replaces your items according to what they’re worth now. With this add-on, you can get a replacement cash value policy, which replaces the items as if they were new.
  • Side Hustle Coverage: This add-on protects your work and equipment if you have a side job that you work from home.
  • Identity Protector Coverage: This add-on sends you monitoring alerts and gives you professional support if your identity is stolen.
  • Significant Other Coverage: If you live with a significant other that you aren’t married to, you can add them to your policy for an extra fee.
  • Loyalty: Your deductible decreases for each year you stay with Toggle
  • Multi-Policy: Bundle with auto and save
  • Claims-Free: Discounts for those who have haven’t filed a claim before

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.

Farmers Most Customizable Coverage
Pros and Cons
Pros Multiple discounts available Six deductible options Non-smoking discount Cons Discounts vary by state Must call for list of named perils

Farmers only advertises one endorsement option which is identity shield, but there are other insurance policies you can purchase to complement your renters such as pet and umbrella liability insurance.


Farmers offers discounts to renters who:

  • Purchase multiple policies: If you purchase car, life, and umbrella policies from Farmers along with your renters insurance policy.
  • Don’t smoke: Farmers also offers unique incentives for non-smoking households.
  • Have protective devices: If you have an authorized security system or fire alarm.

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.


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

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

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
Fill out this quick form and get matched with your perfect provider.

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.

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 reviews@thisoldhousereviews.com.

Ratings listed in this article are accurate as of October 2022.

AM Best Disclaimer