Good news: renters insurance is affordable. In fact, it’s one of the cheapest insurance products out there. We looked at 10,000 renters insurance quotes and found that policies range from $150 to $330 a year, depending on the provider.

If you’re looking for low-cost renters insurance, we’ve got you covered.

Who has the cheapest renters insurance?

We found that the cheapest renters insurance companies are Amica, State Farm, Nationwide and Travelers. Their rates range from $13 to $17 a month. And several additional companies offer affordable renters insurance beyond those four:


Of the cheapest renters insurance quotes we got, most are sold by well-known national companies. There are some benefits to getting renters insurance from a larger company like State Farm, Allstate or Geico. They include:

  • Getting a discount for bundling with car insurance.
  • Adding endorsements to customize coverage.

Lemonade, founded in 2015, is the only company on this list that isn't several decades old. The insurer prioritizes a more modern consumer experience, with speed and convenience at the forefront. Lemonade’s website says you can get a renters policy in place in just 90 seconds. We found that their rates are in the middle of the pack, at $18 a month.

No matter which provider you go with, renters insurance policies are usually standardized. That means you’ll get similar coverages and exclusions from every provider. However, you can tweak your coverage limits and add endorsements.

Important: renters insurance rates are different for everyone, depending on where you live and how much stuff you have. The companies that gave us the cheapest quotes might not be the cheapest for you. If you’re looking to get the cheapest possible policy, the smartest thing you can do is shop around and compare renters insurance quotes.

Looking for cheap renters insurance?

Where renters insurance is cheapest

The cost of renters insurance varies quite a bit depending on your address. This is because insurance risks differ across states. You’re more likely to file a claim in some regions, and insurance providers charge higher rates in those areas. These states have the cheapest monthly renters insurance rates:

  • North Dakota: $11
  • South Dakota: $11
  • Minnesota: $12
  • Wisconsin: $12
  • Iowa: $12

In general, these states have lower rates of property crime and natural disasters — two risks responsible for a majority of renters insurance claims. Conversely, states with the most expensive renters insurance are all part of or near Tornado Alley. This is how much renters insurance costs per month in the most expensive states:

  • Mississippi: $21
  • Oklahoma: $20
  • Louisiana: $20
  • Texas: $19
  • Alabama: $19

How to get cheap renters insurance quotes

When you get renters insurance quotes, you’ll need to have some information handy about where you live and who you are. For example, many companies will ask:

  • How old you are.
  • Where you live.
  • Your property type, for instance, an apartment or house.
  • Security features of your home, like sprinkler systems or burglar alarms.
  • The value of your belongings.

This information determines how cheap your quote is, along with policy specifics. There are four parts of a renters insurance policy: (1) personal property, (2) personal liability, (3) loss of use and (4) medical payments to others. Your quote should include coverage limits for all of these coverages.

The coverage limits are one of the most important parts of your quote because they indicate how much you’re insured for. A coverage limit is the maximum amount of money the renters insurance company will pay out if you file an approved claim. When you compare rates to find the cheapest company for you, make sure the coverage limits are as similar as possible — or else you’re not comparing apples to apples.

Renters insurance policies are standardized, and most people have a policy called the HO-4. Because policies don't differ much, there isn’t a lot of variation in the disasters that companies cover. How much you’ll pay may vary between companies, however.

For more information about what a standard renters insurance policy covers, check out our guide on what renters insurance covers.

How to make your renters insurance cheaper

To get your cheapest renters insurance rates, we recommend taking full advantage of discounts and shopping around. Here are some ideas for getting the lowest rates you can.

Shop around

Don’t assume that rates are the same between companies. By getting quotes from a few companies, you give yourself options and have the opportunity to pick the policy that’s best for you. Saving $20 a month on your renters insurance premium translates to a few hundred dollars a year.

Shave a few bucks off your renters insurance premiums.

Raise your deductible

Raising your deductible lowers your renters insurance premium. Similarly, lower deductibles generally mean higher rates. Your deductible is the amount you have to pay toward a claim before your renters insurance company kicks in to help.

For example, imagine you have a $1,000 deductible and you file a claim for $5,000. Before your renters insurance policy reimburses you, you’ll first have to pay $1,000 toward the damages.

There is one caveat, however: you should only raise your deductible if you’ll be able to afford it in the event of a loss. That means if you aren’t ready to foot a $5,000 expense, you should not have a deductible that high.

Bundle renters and auto insurance

Purchasing multiple insurance policies from the same company could earn you a bundling discount, which commonly ranges from 5% to 10%. Bundling your renters and auto insurance policies, for instance, can also be convenient — having your policies under the same roof reduces the number of companies you must interact with.

Make your home safer

Many people can get cheaper rates by reducing their home’s risk of damage. For example, consider installing a burglar alarm or centrally monitored smoke detector. Small improvements to the safety of your home can save you a few bucks a month and get you your cheapest rates.

Decrease policy limits

Renters insurance has a few coverages, including personal liability and personal property coverage. Every coverage has a maximum payment amount. For instance, it's common to have personal property coverage up to $30,000. Any losses above $30,000 will not be covered.

If you lower your policy limits, you’ll probably save a few bucks a month on your renters insurance. However, it’s important to remember that you’re reducing how much protection you have. For this reason, we only recommend decreasing your policy limits if you think you have too much coverage.

For example, say your current renters insurance policy has $70,000 of personal property coverage, but you estimate that you only have $40,000 worth of belongings. This is an instance when lowering your coverage amount can be a smart way to make your premium cheaper.


We analyzed quotes from all 50 states, for 25 or more addresses in each state. Fourteen companies in total were considered. The policy coverage limits and specifications were as follows:

  • $30,000 personal property.
  • $100,000 personal liability.
  • $1,000 medical payments to others.
  • $500 deductible.

Monthly rates were calculated by dividing annual rates by 12. Lastly, information regarding specific insurers was sourced directly from the carriers’ websites. LLC has made every effort to ensure that the information on this site is correct, but we cannot guarantee that it is free of inaccuracies, errors, or omissions. All content and services provided on or through this site are provided "as is" and "as available" for use. LLC makes no representations or warranties of any kind, express or implied, as to the operation of this site or to the information, content, materials, or products included on this site. You expressly agree that your use of this site is at your sole risk.