Cheapest Renters Insurance (2024)
Erie, American Family, and Travelers offer the cheapest renters coverage, with monthly rates of $14, $15, and $17, respectively.
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Written byAnna Baluch
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4+ years writing insurance and personal finance content
MBA from Roosevelt University
Anna leverages her personal finance and insurance knowledge to create educational content that helps people make smart financial decisions.
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Edited byEvelyn Pimplaskar
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10+ years in insurance and personal finance content
30+ years in media, PR, and content creation
Evelyn leads Insurify’s content team. She’s passionate about creating empowering content to help people transform their financial lives and make sound insurance-buying decisions.
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Updated October 10, 2024
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Table of contents
Also known as HO-4 insurance, renters insurance protects tenants and their personal belongings in case of covered events, like a fire. If you rent a house or apartment, your landlord or property manager may require you to buy renters insurance.
Generally, renters insurance policies provide personal property coverage, personal liability coverage, medical payments coverage, and loss of use coverage.[1] Renters insurance is a relatively low-cost way to protect your belongings and financial well-being.
Here’s what you should know about renters insurance, how it works, and how to find cheap renters policies.
Quick Facts
Standard renters insurance doesn’t cover earthquakes, floods, high-value items, or maintenance issues.
You can customize your coverage through various add-ons, such as an equipment breakdown add-on or a home business add-on.
Most renters insurance companies offer discounts that can lead to cheaper premiums.
The cheapest renters insurance companies
Premiums for renters insurance can vary based on multiple rating factors, including by company. You can find some of the cheapest coverage through insurers such as Erie, American Family, and Travelers.
But as you look for a renters policy and explore your options, be sure to look beyond the cost. While affordable rates are important, so are other qualities, such as financial strength ratings, customer service, and available discounts.
The table below shows the cheapest renters insurance policies for $30,000 in property insurance and $100,000 in liability coverage.
Insurance Company ▲▼ | Average Monthly Cost ▲▼ |
|---|---|
| Erie | $14 |
| American Family | $15 |
| Travelers | $17 |
| ASI | $17 |
| Allstate | $17 |
| USAA | $18 |
| Auto-Owners | $18 |
| State Farm | $18 |
| Farmers | $19 |
| Chubb | $19 |
| Nationwide | $20 |
| Allied | $25 |
| Encompass | $26 |
| Country | $31 |
Erie: Best for lowest rates
$14 per month
A regional insurer, Erie offers the cheapest renters insurance coverage, according to Insurify data. In addition to cheap premiums, the company has a few add-ons, like earthquake and home-sharing insurance. Plus, it advertises several discounts, such as a safety discount, an advanced quote discount, and a multi-policy discount. But Erie operates only in Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Pennsylvania, Tennessee, Virginia, West Virginia, Wisconsin, and Washington, D.C.
Pros
Consistently cheap rates for renters insurance
Multiple available discounts
Cons
Not available in every state
Can’t buy a policy online
State Farm: Best for local service
$18 per month
The largest U.S. property insurer by market share, State Farm employs local agents who can help you find the right renters policy for your unique needs, and it operates in most states. It also offers two optional add-ons, identity restoration protection and earthquake damage coverage. As long as you know basic information about your rental unit, you can get a quote online.
Pros
Available in most states
Can purchase a policy online
Cons
May not be the cheapest option for all areas
Only two add-on coverages available
American Family: Best for optional coverage
$15 per month
American Family, another regional insurer, has a long list of renters policy add-ons, including equipment breakdown coverage, sewer protection, pet insurance, credit-monitoring coverage, travel protection, and more. You can also save money on a policy through its advertised discounts, such as the multi-policy discount, loyalty discount, paperless discount, and auto-pay discount.
Pros
Numerous optional add-on coverages available
4.7 stars (out of 5) on Trustpilot
Cons
Available in only 19 states
No discount for safety features
Auto-Owners: Best for discounts
$18 per month
Auto-Owners advertises more discounts than other renters insurance companies. You can choose from a multi-policy discount, safety feature discount, student discount, green discount, and several others. In addition, you may work with a local insurance agent to learn more about your coverage options and get a renters insurance quote.
Pros
Offers numerous discounts, including for storm mitigation in certain states
Optional coverage available for personal property replacement cost
Cons
Available in only 26 states
Only 12 reviews, mostly negative, on Trustpilot
USAA: Best for military members
$18 per month
USAA provides renters insurance and other products to the military community. If you’re active-duty military, a veteran, or a qualifying family member, you can lock in affordable coverage. USAA offers a Technology Coverage Endorsement, which protects your electronics from common accidents. You can also score a discount if you live in military housing.
Pros
Six advertised discounts for renters insurance
Consistently high scores for customer service from J.D. Power
Cons
Limited to the military community
Not all discounts are available in all locations
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What does renters insurance cover and not cover?
Standard renters insurance usually provides coverage for the following:[2]
Personal items
A renters insurance policy protects your furniture, electronics, small appliances, clothing, decor, and other personal belongings.
Liability
Liability insurance may cover legal fees and related costs associated with third-party bodily injury and property damage claims. It can also apply to accidental damage that you cause to another person’s possessions.
Medical expenses
If someone sustains an injury in your rental, medical expense coverage can kick and pay for some of their medical bills, regardless of fault.
Loss of use
Also known as additional living expenses insurance, loss of use coverage is designed to reimburse you for temporary living expenses, such as hotel costs and restaurant meals, if you can’t live in your home after a covered loss.
Even though renters coverage is fairly comprehensive, it doesn’t cover everything. It typically won’t pay for damage from:
Certain natural disasters
If a flood or earthquake damages your home, renters insurance won’t help. You’ll need additional coverage.
High-value items
To protect jewelry, furs, antiques, and other expensive items, you’ll have to invest in a high-value items add-on.
Maintenance issues
Landlords (and, in some cases, tenants) are responsible for maintenance and repairs, so renters coverage won’t pay for things like mold damage, pests, or broken appliances. It also excludes protection for the building, roof, and siding — your landlord’s property insurance covers those things.
Before you take out a renters policy, make sure you understand what it includes and what it doesn’t. This can help ensure you have quality coverage and reduce the risk of unwanted financial surprises down the road.
Average cost of renters insurance
The average cost of renters insurance in the U.S. is $19 per month for $30,000 in personal property coverage and $100,000 in liability coverage. It’s important to note that premiums vary by state. Factors like your location, the age and construction of the property, its proximity to fire protection, and the deductible you choose all affect the cost of your renters insurance policy.
Here’s a closer look at the monthly average cost of a renters policy by state. These rates are for $30,000 in personal property protection and $100,000 in personal liability insurance.
State ▲▼ | Average Monthly Cost ▲▼ |
|---|---|
| Alabama | $18 |
| Alaska | $5 |
| Arizona | $18 |
| Arkansas | $23 |
| California | $19 |
| Colorado | $15 |
| Connecticut | $20 |
| Delaware | $14 |
| Florida | $18 |
| Georgia | $22 |
| Hawaii | $15 |
| Idaho | $15 |
| Illinois | $20 |
| Indiana | $18 |
| Iowa | $12 |
| Kansas | $15 |
| Kentucky | $18 |
| Louisiana | $34 |
| Maine | $15 |
| Maryland | $16 |
| Massachusetts | $19 |
| Michigan | $16 |
| Minnesota | $14 |
| Mississippi | $24 |
| Missouri | $19 |
| Montana | $19 |
| Nebraska | $19 |
| Nevada | $18 |
| New Hampshire | $14 |
| New Jersey | $15 |
| New Mexico | $18 |
| New York | $15 |
| North Carolina | $10 |
| North Dakota | $12 |
| Ohio | $16 |
| Oklahoma | $18 |
| Oregon | $16 |
| Pennsylvania | $12 |
| Rhode Island | $16 |
| South Carolina | $20 |
| South Dakota | $12 |
| Tennessee | $18 |
| Texas | $20 |
| Utah | $15 |
| Vermont | $12 |
| Virginia | $16 |
| Washington | $12 |
| Washington, D.C. | $13 |
| West Virginia | $19 |
| Wisconsin | $11 |
| Wyoming | $18 |
How to choose the best cheap renters insurance
These tips can help you zero in on affordable renters insurance coverage for your specific needs:
Understand your insurance needs. First, determine what type of coverage you need. Are you looking for a basic policy? Or do you prefer extra coverage with multiple add-ons?
Shop around. Get renters insurance quotes from at least three different companies. Then, compare premiums, coverage options, deductibles, and reputation. Be sure to prioritize coverage quality and reputation alongside cost.
Look for discounts. Fortunately, most insurers offer discounts that may lead to more competitive rates. You may save money on renters insurance with a multi-policy discount or a safety device discount, for example.[3]
Read customer reviews. Check out reputable third-party review sites, like the Better Business Bureau (BBB) and Trustpilot. Find out what current and former customers have to say about various renters insurance companies.
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Good to Know
Renters insurance can reimburse you for damaged or stolen items in one of two ways: at actual cash value or for replacement cost. You’ll decide which type of reimbursement you want when you buy your policy. Actual cash value pays you the cost of the personal item, less depreciation. Replacement cost pays the full amount required to buy a new item and doesn’t factor in depreciation.[3]
Cheap renters insurance FAQs
Renters insurance provides important financial protection if a covered event causes damage to your possessions. Many landlords and property managers require tenants to buy renters insurance. Here are the answers to some frequently asked questions about renters insurance.
Can you get renters insurance if you have bad credit?
When you apply to rent an apartment or house, the landlord or management company will probably review your credit. Insurance companies also consider the information in your credit record to generate a credit-based insurance score. The score helps them predict how likely a policyholder may be to file a claim.
If you have poor credit — which usually leads to a poor credit-based insurance score — it may be more difficult to find affordable renters insurance.[4]
Which company has the cheapest renters insurance?
Erie offers the cheapest renters insurance rates, at an average of $14 per month for $30,000 in property coverage and $100,000 in liability insurance.
Is renters insurance required by law?
No, renters insurance isn’t a legal requirement. But your landlord or property manager may ask you to buy renters insurance if you decide to rent a house, condo, or apartment.
How can you file a renters insurance claim?
To file a renters insurance claim, start the process by contacting your renters insurance company. Generally, you can call, go online, or use your mobile device. Then, take photos and videos of the damage and complete the claim. It’s also a good idea to inform your landlord and file a police report if necessary.
Does your policy cover your roommates’ belongings?
In most cases, your renters policy doesn’t apply to your roommates’ personal items. They’ll likely need their own renters coverage.
Do you need renters insurance even if your landlord doesn’t require it?
Even if your landlord doesn’t ask for rental insurance, it’s worth the investment. With a renters insurance policy, you can protect your personal belongings after a fire, tornado, theft, or other unforeseen event.
Sources
- Insurance Information Institute (Triple-I). "Renters Insurance."
- North Carolina Department of Insurance. "A Consumer's Guide to Renters Insurance."
- National Association of Insurance Commissioners. "Renting Your Home? Protect Your Belongings with Renters Insurance."
- Experian. "Does Renters Insurance Require a Credit Check?."
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Anna BaluchInsurance Writer
Anna Baluch is a Cleveland-based personal finance and insurance expert. With an MBA from Roosevelt University, she enjoys writing educational content that helps people make smart financial decisions. Her work can be seen across the internet on many publications, including Freedom Debt Relief, Credit Karma, RateGenius, and the Balance. Connect with Anna on LinkedIn.
10+ years in insurance and personal finance content
30+ years in media, PR, and content creation
Evelyn leads Insurify’s content team. She’s passionate about creating empowering content to help people transform their financial lives and make sound insurance-buying decisions.
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