5 Cheapest Renters Insurance Providers of April 2024 (2024)

The Cheapest Renters Insurance Providers

Renters insurance costs $15 per month on average, but most renters will be able to secure a policy for less with the right provider. After in-depth research, we found the following providers to offer the cheapest renters insurance on the market today, all offering policies below the national average.

  • Lemonade: Our top pick
  • State Farm: Our pick for affordable premiums
  • Toggle: Our pick for custom pricing
  • Allstate: Our pick for seniors
  • Nationwide: Our pick for valuable endorsem*nts

We at the Guides Home Team strive to provide authoritative ratings and recommendations on the best cheap renters insurance companies. To that end, we comprehensively analyzed 20 top renters insurance companies by poring over provider websites, speaking to representatives and gathering third-party data from reputable sources likeAM BestandJ.D. Power. Our cost analysis uses sample premiums provided by Quadrant Information Services, a leading source of property and casualty insurance solutions and data.

Using this data, we scored providers against our objective rating methodology and narrowed down our recommendations to the top five cheap renters insurance companies based on cost, coverage, claims experience, financial stability and more.

Learn more about our methodology.

Lemonade Renters Insurance

Our Top Pick

5 Cheapest Renters Insurance Providers of April 2024 (1)


Our Rating

Cost: 4.8
Availability and Ease of Use: 5
Brand Trust: 5
Coverage: 3.5

Our Review

A.M. BestNRJ.D. Power854/1000


Why We Picked Lemonade

Lemonade is great for renters who are looking for cheap insurance and want to spend as little time interacting with their provider as possible. The company puts a strong emphasis on technology, allowing customers to quickly generate quotes online and complete most tasks, including filing a claim, from their mobile devices. Lemonade’s claims are powered by artificial intelligence, allowing the company to settle straightforward claims in minutes.

Compare Cost

Discounts and Add-ons


  • Lower rates for a high deductible choice of $2,500
  • Safety devices
  • Claim history


  • Landlord property damage
  • Valuable items, such as bikes, fine art, collectibles and jewelry
  • Significant other
  • Water backup damage

State Farm Renters Insurance

Our Pick for Affordable Premiums


Our Rating

Cost: 4.3
Availability and Ease of Use: 5
Brand Trust: 4.7
Coverage: 3.5

Our Review

A.M. BestA++J.D. Power844/1000


Why We Picked State Farm

We found that State Farm consistently offers cheap premiums compared to many of its competitors. It also performed well in our other rating categories, such as support availability, communication channels and brand authority, making the company a sound choice for renters looking for cheap policies.

Despite its affordable premiums, State Farm packs in some types of coverage that competitors would typically charge extra for as additional coverage options. Standard State Farm policies include coverage for jewelry and furs, business personal property and fire department service charges. However, the company has fewer discount options than some of the other options on this list.

Compare Cost

Discounts and Add-ons


  • Safety features
  • Multi-policy bundling


  • Backup of sewer or drain
  • Special computer coverage
  • Identity restoration
  • Earthquake damage

Toggle Renters Insurance

Our Pick for Custom Pricing

5 Cheapest Renters Insurance Providers of April 2024 (3)


Our Rating

Cost: 4.3
Availability and Ease of Use: 3.6
Brand Trust: 4.5
Coverage: 4

Our Review

A.M. BestAJ.D. PowerNR


Why We Picked Toggle

Toggle is a tech-forward renters insurance provider that can be a good choice for anyone working to build their credit. As a renter, the monthly payments you make to your landlord are not reported to the three major credit reporting bureaus responsible for maintaining credit score data. However, Toggle’s unique Credit Lift option can help you report and get credit for your monthly rent payments.

If you are looking for a more customizable option for your renters insurance, Toggle may be worth considering. It includes more unique options for add-on coverage, ranging from protection for pet damage to specialized coverage for the tools and equipment if you have a side hustle. This allows the monthly cost of your policy to be very flexible, with the most basic tier of coverage averaging $5.09 per month.

Compare Cost

Discounts and Endorsem*nts

Based on our research, Toggle currently offers a diminishing deductible discount and a multi-policy discount. Although it does not offer any additional discounts on renters policies, Toggle users do receive a wide variety of discounts on products and services such as meal kits, streaming services, moving services, internet, and dining.

The company also offers multiple policy endorsem*nts, including:

  • Identity protector
  • Temporary living costs
  • Pet Parent
  • High-value items
  • Side hustle

Allstate Renters Insurance

Our Pick for Seniors


Our Rating

Cost: 5
Availability and Ease of Use: 4.2
Brand Trust: 4.7
Coverage: 2.5

Our Review

A.M. BestA+J.D. Power835/1000


Why We Picked Allstate

During our review process, Allstate led the ratings with the highest score of 98.5. It scored well for everything from affordability and savings to flexibility and extra coverage. Additionally, the company has outstanding customer service and expertly takes care of its policyholders’ needs.

Allstate’s discounts are another method for reducing your cost of renters insurance. In addition to typical discounts, such as bundling and staying claims-free, Allstate rewards retired seniors and renters who enroll in autopay with lower prices.

Compare Cost

Discounts and Add-ons


  • Retired seniors discount
  • Autopay
  • Claim-free history
  • Bundling with an Allstate auto policy


  • Scheduled personal property add-ons
  • Identity theft protection

Nationwide Renters Insurance

Our Pick for Valuable Endorsem*nts


Our Rating

Cost: 4.5
Availability and Ease of Use: 4.6
Brand Trust: 5
Coverage: 4

Our Review

A.M. BestAJ.D. Power852/1000


Why We Picked Nationwide

Nationwide’s national average monthly premium is $14.66 for a policy that covers your belongings, personal liability, medical expenses and loss of use. Beyond basic coverage, Nationwide offers Brand New Belongings, an optional feature that covers your personal property at replacement cost. It also has a generous discount for bundling with auto insurance.

Compare Cost

Discounts and Add-ons


  • Bundling
  • Claims-free


  • Brand New Belongings
  • Building ordinance or law
  • Identity theft protection
  • Water backup

Compare Cheap Renters Insurance Providers

Based on our 2024 survey of 1000 respondents with renters insurance, cost is the factor that people consider to be the most important when choosing a provider. Here are the cheapest renters insurance companies we reviewed based on premium alone:

ProviderMonthly CostAnnual Cost
State Farm$10.50$126

Using data from Quadrant Information Services, we obtained multiple quotes for each provider in this article and compared them to the average annual premium in the United States. According to this data, theaverage cost of renters insuranceis$179.19 annually. Read ourfull cost methodologybelow.

For providers unavailable in Quadrant’s database, we calculated the average annual premiums using quotes we manually pulled from the provider’s website or representatives. Quotes include comparable policy details in ZIP codes across the U.S. Your cost may vary depending on your location, coverage and personal property needs.

Our Recommendation

Although not every one of the companies above is included in our overall ranking for best renters insurance providers, they offer some of the industry’s lowest premiums. If you’re looking for a quick sign-up, an easy-to-use mobile app and a fast online claims system, Lemonade is a good fit for you.

It’s important to buy a policy that meets your individual needs, rather than just picking the cheapest option. “Comparing quotes from different providers can help you find the most affordable coverage that meets your needs,” said Matt Teifke, founder and CEO of Teifke Real Estate. With how easy it is to get an online quote, there’s no reason not to shop around. We recommend getting quotes from three or four companies for a personalized quote and to learn more about their coverage and claims processes before making your final decision.

How To Save Money on Renters Insurance

Renters insurance rates are less expensive than homeowners insurance because renters aren’t responsible for covering damage to the structure they live in. Still, it may be difficult for you to justify spending an average of $15 per month on coverage you hope not to use.

If you’re paying too much, consider the following ways to reduce the cost of renters insurance:

When you choose a higher deductible, you save money on policy premiums. The opposite is true, too – a low deductible will save you money when you file a renters insurance claim at the expense of a higher premium.

Most providers offer various discounts to help you save on your renters insurance premiums, such as paying annually or remaining claims-free.If your provider offers multiple lines of insurance, bundling your policies is a great way to simplify your bills and save up to 25% annually.

Insurance providers don’t all calculate risk similarly, so it’s worth comparing multiple policies that are roughly equivalent in terms of deductibles and coverage limits.

Bundling Renters Insurance

Bundling renters insurance with another insurance product, usually an auto policy, is a powerful way to save money on insurance. Savings can be anywhere from 5% to 25%, depending on the provider. In addition to cutting costs for renters insurance, bundling your policies makes it more convenient to get a quote, manage your policy or file a claim. Discover the cheapest renters insurance providers when bundling with auto insurance using the chart below.

Look for Renters Insurance Discounts

According to the Insurance Information Institute, other common renters insurance discounts include savings for:

  • Installing security devices
  • Installing safety devices, such as deadbolts or smoke detectors
  • Maintaining good credit
  • Staying with the same insurer
  • Being over 55 years old

The Guides Home Team also consulted industry experts on shopping for cheap renters insurance. Here are their top tips:

“The best way to save money on renters insurance is to shop around. Compare different providers and theircoverage options, as well as the rates they offer. Doing this can help you find a policy that fits your budget while still providing adequate coverage for yourpersonal belongings.”

Shaun Martin, Owner,We Buy Houses In Denver

“The biggest mistake consumers make when shopping for renters insurance is focusing only on price. While affordability is important, it’s crucial to consider the policy’stypes of coverageand limits, as well as theinsurance company‘s reputation and customer service.”

Andrew ALokenauth,Fluent in Finance

“Cheaperrenters insurance policiesare typically not as comprehensive as pricier ones, but that does not mean they do not have adequate coverage. A cheap policy should still provide enough coverage for your belongings and liability protection in case of an accident or other incident. However, it is important to carefully review the policy to make sure you understand what is covered and what is not.”

Alex Capozzolo, Co-Founder,SD House Guys

“In cases where the local law or your lease requires you to carry renters insurance, but you don’t think you can afford it or aren’t interested in really using it, going with the cheapest possible plan can make sense.”

Leonard Ang, CEO,iPropertyManagement

Find the Cheapest Provider in Your Area

Location plays a major role in your cost of renters insurance. Your local cost of living and risk for certain perils like property crime, as well as weather hazards such as tornadoes and hurricanes, can cause your premium to be different than someone with the same amount of coverage in a neighboring state or even city.

Use the following table to find the cheapest renters insurance companies in your state and city:

Discover our top rated renters insurance providers in your state using the dropdown below:

What Does Renters Insurance Cover?

Learn about the basics of renters insurance, including coverage categories, covered perils, and available coverage levels using the drop-downs below:

The cornerstone of renters insurance, this coverage protects your belongings from theft and damage caused by certain risks, otherwise known as perils.

This provides compensation for legal fees that result from the lawsuits for property damage or bodily injury that you, your family or your pets are responsible for.

This no-fault medical coverage allows an injured party to have some of their medical bills paid by your insurer rather than suing you for their injury.

If your property becomes uninhabitable due to a covered loss, this coverage pays for additional expenses incurred while your unit is repaired, such as hotel bills, restaurant meals and fuel costs.

Also called riders or floaters, endorsem*nts are separate policies that enhance basic coverage. There may be higher limits for valuable personal property, identity theft protection and more. This additional coverage can also help protect you from natural disasters not addressed by your basic policy such as floods and earthquakes.

Covered Perils

  • Fire or Smoke
  • Lightning
  • Vandalism
  • Theft
  • Explosion
  • Wind
  • Accidental/Sudden Water Damage

Coverage Levels

The two main levels of renters insurance coverage are known as actual cash value and replacement cost. The option that you select can greatly impact the dollar amount covered in the event that one of your belongings is lost, damaged, or destroyed.

5 Cheapest Renters Insurance Providers of April 2024 (8)

Actual Cash Value (ACV)

This pays for what your belongings are actually worth, including a deduction for depreciation. It comes with a lower premium, but likely won’t pay enough to replace damaged or lost items.

5 Cheapest Renters Insurance Providers of April 2024 (9)

Replacement Cost

Replacement cost coverage costs more in premiums but could save you money in the long run. This comprehensive coverage pays for the value of a new equivalent item.

Note that replacement cost coverage typically costs 10% more in premium.

How Much Renters Insurance Do I Need?

Although renters insurance benefits both the tenant and landlord, it is not required by law. However, many landlords stipulate in their lease agreements that their tenants must have renters insurance. This lowers their liability in the event that someone is injured in your rental unit and reduces the likelihood they will be sued for damages to personal property.

Specifically, landlords seek liability coverage and may require a policy limit of $100,000 or more. You won’t have to meet a threshold for personal property coverage, but it may be wise to purchase it since landlords are only responsible for damage to the building itself and will not cover loss or damage to your items.

Cheapest Providers for High-Risk Renters

Not all providers calculate risk similarly, leading to very different rates in certain common situations. Here are the cheapest companies for tenants with poor credit scores or recent claims on their records.

Cheapest Renters Insurance for Poor Credit

In some states, renters insurance carriers can reference parts of your credit score through what’s known as a credit-based insurance score. They use this information to help inform your overall risk profile, with poor credit often leading to higher premiums.

Cheapest Renters Insurance With a Claims History

If you have filed a claim recently, even at a previous address or through another insurer, it signals that you’re more likely to file again in the future. Most insurers will offer higher rates or even deny coverage altogether based on the number of claims you have filed in the last five years.

Frequently Asked Questions About Cheap Renters Insurance

While the cost of Lemonade renters insurance depends on factors like your location and chosen deductible, its policies are generally cheap due to its innovative technology. It can resolve simple claims in minutes using artificial intelligence, cutting costs and making insurance more affordable.

According to our research, State Farm and Toggle tend to offer the cheapest renters insurance policies at $10.50 and $12.59 per month, which is about 20% less the national average.

Renters insurance isn’t required by law, but most landlords require tenants to have insurance as part of their lease agreement. This means that most renters will need insurance.

The cost of renters insurance depends on your location, coverage limits, claims history and other factors. According to our data, the average monthly premium in the U.S. is $180 per year, which is about $15 per month.

Damage from floods and earthquakes is not typically covered by a standard renters policy. Some insurers may offer these coverages as endorsem*nts, but you can also get supplemental coverage from a specialty insurer. Flood insurance can be purchased through the federally backed National Flood Insurance Program or dozens of private flood insurers. In California, earthquake insurance is typically purchased through the California Earthquake Authority.

Other Insurance Resources From MarketWatch Guides

Read our comprehensive guides on the following insurance categories to find top providers and peace of mind that you have all aspects of life covered.

  • Leading Pet Insurance Companies
  • Top Travel Insurance Companies
  • Best Homeowners Insurance Providers
  • Leading Renters Insurance Companies
  • Affordable Renters Insurance Providers
  • Top Term Life Insurance Providers
  • Budget-friendly Homeowners Insurance Companies


Through in-depth research of the industry, we created a comprehensive rating system to rank renters insurance providers. We researched each company by gathering cost information and requesting quotes, combing through policy information, secret shopping and reading customer reviews to understand the customer service experience, and accessing financial reliability scores.

We used these rating factors to determine the best renters insurance companies to help with your decision when looking at policies:

  • Cost: 40%
  • Availability and ease of use: 25%
  • Coverage: 20%
  • Brand trust:: 15%

We routinely monitor and update data on a regular basis to ensure the reviews reflect the most up-to-date information and advice. See our full methodology here

A.M. Best Disclaimer

How We Gather Cost Data

We at the MarketWatch Guides Team gathered renters insurance quotes for the providers in this article using data from Quadrant Information Services. Quadrant is a leading source of property and casualty insurance solutions and data.

The sample renter our quotes are based on is a 30-year-old single male with good credit and no prior claims history. Our sample policies featured a $1,000 deductible and the following coverage and limits:

  • Personal property: $30,000
  • Loss of use: $9,000
  • Liability: $100,000
  • Medical payments: $1,000

For each provider, we gathered a quote for 50% of the ZIP codes in every state the provider is licensed in. We used the most populous ZIP codes for our study. We took the average of these individual quotes to calculate a national average premium per provider.

In some cases, cost data for a top renters insurance company isn’t offered in Quadrant’s database. To gather price information for these providers, we manually pulled quotes directly from insurers’ websites or representatives. We used the same sample homeowner demographics and comparable policy details for more than 20 ZIP codes across the U.S.

Our sample rates are for informational purposes only. Actual premiums will vary.

*AM Best rating accurate as of April 2024.AM Best disclaimer

If you have questions about this page, please reach out to our editors at editors@marketwatchguides.com.

5 Cheapest Renters Insurance Providers of April 2024 (10)

Mike MillerSenior Writer

Mike Miller is a writer with a decade of experience producing product and service content to help consumers make informed purchasing decisions. Mike has a bachelor’s degree in creative advertising. In his spare time, Mike enjoys riding and fixing motorcycles, reading a good book and spending time with his wife and two cats.

5 Cheapest Renters Insurance Providers of April 2024 (11)

Sabrina LopezSenior Editor

Sabrina Lopez is an editor with over six years of experience writing and editing digital content with a particular focus on home services, home products and personal finance. When she is not working on articles to help consumers make informed decisions, Sabrina enjoys creative writing and spending time with her family and their two parrots.

5 Cheapest Renters Insurance Providers of April 2024 (12)

Mark FriedlanderAdvisor

Mark Friedlander is Director, Corporate Communications, at the Insurance Information Institute (Triple-I), a New York-based nonprofit research and education organization focused on providing consumers with a better understanding of insurance. Mark serves as a national spokesperson for the Triple-I, handling a wide array of insurance industry media issues. His responsibilities also include spearheading the association’s hurricane season communications strategy and its member company support and media outreach in Florida, where he is based.

5 Cheapest Renters Insurance Providers of April 2024 (2024)


What company has the cheapest renters insurance? ›

Which company offers the cheapest renters insurance? According to our research, State Farm and Toggle tend to offer the cheapest renters insurance policies at $10.50 and $12.59 per month, which is about 20% less the national average.

How to decrease the cost of renters insurance? ›

How can I save on renters insurance? You may be able to lower the cost of your policy with several renters insurance discounts, such as having multiple policies with Progressive, quoting in advance, paying in full, receiving documents by mail, and living in a gated or secured community.

What is the most common amount for renters insurance? ›

Renters insurance is relatively inexpensive. According to NerdWallet, the average renters policy costs about $15 per month for up to $30,000 in personal property coverage. That's solid coverage for less than the cost of a few cups of coffee a week.

Is lemonade renters insurance good? ›

Whether someone considers Lemonade renters insurance as good or not likely depends on their coverage needs. If you're a renter who does not have a significant amount of valuable personal property, Lemonade's affordable premiums and easy buying process can make it a good choice.

Why is my renters insurance so high? ›

Insurance is all about risk, so customers that live in areas with higher risks of claims usually have to pay more for coverage. Some location-based factors that impact renters insurance rates can include: The rate of crimes, especially theft, in your ZIP code.

Is Progressive Renters insurance good? ›

Progressive earned the No. 8 spot in our rating of the best renters insurance companies. The company offers optional water backup and personal injury coverage, as well as a discount for living in a gated community – options not provided by all insurers in our rating.

What is a good deductible for renters insurance? ›

You'll choose your deductible when you buy a renters insurance policy. A higher deductible means your claims will cost you less money out of pocket. Typically, renters insurance deductibles are $500 or $1,000, but companies often provide a range of options.

Is it better to have a lower deductible renters insurance? ›

If you want lower out-of-pocket expenses for unexpected repairs, go with a lower deductible (and higher premium). If you prefer a lower insurance premium, choose a higher deductible, and expect to pay more when you file a claim. Learn how to get cheap homeowners insurance.

Is it better to have a higher or lower deductible for renters insurance? ›

A higher renters insurance deductible may be better if you have money saved up and would prefer to lower your premiums. However, a lower deductible may be better if you would rather pay higher premiums in exchange for your insurance company covering a greater percentage of each claim.

What is the average renters insurance in the US? ›

How Much Does Renters Insurance Cost? Renters insurance costs an average of $157 a year for a policy with $15,000 of personal property coverage. The average cost of renters insurance for a policy with $30,000 is $199 annually, and a $50,000 policy costs an average of $260 a year.

What does a standard renters insurance policy cover? ›

Most renters policies will cover losses due to fire, smoke, theft or vandalism, and certain kinds of water damage. They don't cover losses due to floods. Visit the National Flood Insurance Program for information about flood coverage.

How important is renters insurance? ›

Renters insurance protects your belongings from loss, damage, or destruction following things like burglaries, fires, tornadoes and other covered events. Plus, renters insurance also protects your liability (and your money) if someone is injured at your rental home or apartment.

What is the downside of Lemonade? ›

The Lemonade app with its AI technology allows for fast claims processing, but it does require users to submit a video when filing a claim, which may be a downside for homeowners who'd prefer not to submit a video of themselves.

Why is lemonade insurance so cheap? ›

Lemonade's use of AI and machine learning means it has lower overheads and can offer rates as low as $25/month. But that doesn't mean we've forgotten how important a human touch is.

What is the lemonade insurance controversy? ›

“Revolutionary” insurance company Lemonade is in the spotlight once more, as it faces a class action lawsuit which alleges it is mishandling customers' biometric data. The lawsuit was filed in the US District Court – Southern District of New York by lead complainant Mark Pruden.

How much does renter insurance cost in CA? ›

The Cost of Renters Insurance in California

According to data collected by Quadrant Information Services in 2023, renters insurance costs $187 per year or $15.58 per month on average in the state of California.

How much is renters insurance per month in Virginia? ›

Compare Renters Insurance Premiums in Virginia

Based on our list of top renters insurance companies in Virginia, average premiums range from $8.50 to $16.85 annually. The state monthly average cost of renters insurance is $11.33 which is lower than the national average of $15 per year.

Is renters insurance really worth? ›

Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected loss, renters insurance may be worthwhile.

How much is renters insurance per month in Tennessee? ›

But, the average renters insurance cost in Tennessee is $272 per year or $23 per month for coverage limits of $40,000 for personal property coverage, $100,000 in liability coverage and a $1000 deductible. These are average rates and actual premium costs may differ.

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