Cheapest Renters Insurance Companies (2026)
State Farm, Lemonade, and Amica are among the most affordable renters insurance companies available.
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Written byDoug Bailey
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Doug BaileySenior Content Writer
Doug Bailey is a senior content writer at Insurify. Doug is an experienced business writer having worked more than a decade as a reporter and business editor at the Boston Globe, covering financial services and the insurance industry. Most recently, Doug was a regular contributor to InsuranceNewsNet, a news and information service for the insurance and financial industry.
Doug is a native New Englander hailing from Maine and works in Insurify’s Cambridge office.
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Edited byChris Schafer
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Chris SchaferDeputy Managing Editor, News and Marketing Content
15+ years in content creation
7+ years in business and financial services content
Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.
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Table of contents
Renters insurance helps protect your belongings, provides personal liability coverage if someone gets hurt in your rental, and can pay for temporary living expenses after a covered loss. It’s one of the most affordable types of insurance available, yet many renters still go without coverage.
The cost of renters insurance varies depending on where you live, the level of coverage you choose, your deductible, and other factors. This guide breaks down the cheapest renters insurance companies in 2026, explains what “cheap” policies really include, and shows how you can save even more on renters insurance coverage.
Quick Facts
Renters insurance policies typically cost less than a monthly streaming subscription.
Renters insurance won’t cover damage to the building itself. That’s covered under your landlord’s master policy.
A renters insurance policy won’t cover flood or earthquake damage.
Cheapest renters insurance companies
While the cheapest renters insurance for you depends on several factors, including your ZIP code and personal details, the following companies routinely rank among the lowest-cost options nationwide.
These costs reflect a standard policy with $30,000 in personal property coverage.
Insurance Company  | Average Monthly Premium |
|---|---|
| State Farm | $15 |
| Lemonade | $18 |
| Amica | $22 |
| Allstate | $23 |
| Progressive | $26 |
State Farm: Best for nationwide availability
nationwide availability
State Farm
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State Farm is often the cheapest insurance option for renters, according to Insurify data. With agents across the country and straightforward coverage options, State Farm appeals to budget-conscious renters who prefer a traditional insurer with local support.
Pros
Consistently low average premiums
Extensive local agent network
Strong financial stability[1]
Cons
Fewer digital tools than some newer insurers
Limited add-ons compared to competitors
Discounts vary by state
Lemonade: Best for digital-first renters
digital-first renters
Lemonade
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Lemonade is popular with students and first-time renters thanks to its app-based experience and transparent pricing. Policies are easy to customize, and many renters find Lemonade among the cheapest renters insurance companies for basic coverage needs.
Pros
Fast online quotes and insurance claims
Affordable base rates for low coverage limits
Flexible policy customization
Cons
May not be the cheapest insurer for all areas
Only two add-on coverages available
Amica: Best for customer satisfaction
customer satisfaction
Amica
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Amica balances affordability with top-tier customer service. While not always the cheapest, its renters insurance rates remain competitive, especially for renters who value strong claims handling and long-term reliability.
Pros
Customer service available through app, chat, phone, or in person
Competitive pricing for higher coverage limits
Dividend policies available
Cons
Fewer discounts than competitors
Online tools more limited
Not always the lowest up-front price
Allstate: Best for bundling discounts
bundling discounts
Allstate
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Allstate offers affordable renters insurance, especially for renters who also insure a car or motorcycle. Bundling can significantly lower premiums, making Allstate a strong choice for renters seeking affordable coverage with broader protection.
Pros
Strong bundling discounts
Customizable coverage options
Wide national availability
Cons
Base rates higher without discounts
Mixed customer service reviews[2]
Some add-ons cost extra
Progressive: Best for policy flexibility
policy flexibility
Progressive
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Progressive renters insurance is often purchased through partner insurers, enabling flexible pricing. Renters who already use Progressive for auto insurance may find even lower renters insurance rates through multi-policy discounts.
Pros
Competitive bundle savings
Easy comparison shopping online
Flexible deductible options
Cons
Coverage handled by third-party insurers
Less direct control over claims
Pricing varies considerably by state
How to get cheap renters insurance
The best way to find cheap renters insurance is to compare quotes from multiple companies. Insurers weigh risks differently, and prices can vary significantly even for the same coverage.
Key pricing factors include location, credit history, deductible, coverage limits, and claims history. You can buy renters insurance online, through an agent, or via a comparison platform, which lets you see multiple quotes side by side to make a more accurate comparison.
How much coverage do you need?
Insurance needs vary, and choosing the right amount of coverage is essential to keep renters insurance affordable. Most policies include personal property, liability, and loss of use coverage. Standard coverage limits for personal belongings often range from $20,000 to $40,000.
You can also choose between actual cash value (ACV) and replacement cost value (RCV) coverage. ACV is generally more affordable because it covers your items for their current value and considers depreciation. RCV coverage is more expensive but reimburses you for the full replacement cost of any damage to your belongings.[3]
Creating a home inventory can help you estimate your coverage accurately so that you avoid paying for coverage you don’t need.
How much does renters insurance cost?
Renters insurance typically costs between $12 and $30 per month, according to Insurify data. The rate you pay depends on your location and coverage choices. The national average hovers around $22, but renters in lower-risk areas often pay less, while people in urban areas with higher theft rates often pay more.
Still, renters insurance remains one of the most affordable ways to protect against significant financial loss, even if you live in an area with higher rates.
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Factors that could affect renters insurance costs
Several factors influence your premium. For example, choosing a higher deductible usually lowers your monthly costs, while opting for a lower deductible raises your rates. This is because a lower deductible means you’re asking the insurer to take on more of the risk in the event of a filed claim.
Your claims history can also increase your rates, as can opting for replacement cost coverage for your personal belongings instead of actual cash value. In many states, insurers also consider credit-based insurance scores when calculating renters insurance prices. The lower your credit-based insurance score, the higher your rates will generally be.
How to save even more on renters insurance
Renters insurance is already one of the most affordable insurance options in the marketplace, but that doesn’t mean you still can’t save on coverage. Follow these strategies.
Compare renters insurance quotes
Rates vary widely by insurer, and shopping around can uncover significantly cheaper options. Try to compare at least three to five insurers, and make sure you’re comparing the total coverage offered, not just the price.
Bundle renters and auto insurance
Many insurers offer discounts when you combine renters insurance with auto insurance or another policy. Ask your insurer what bundling discounts are available. You may be able to bundle a coverage you weren’t expecting.
Increase your deductible
A higher deductible lowers your monthly premium because you’re taking on more of the up-front risk yourself. Just make sure you can afford to pay the deductible should you need to file a claim.
Improve your home security
Smoke detectors, deadbolts, and alarm systems can all help you qualify for discounts on your renters insurance and protect your belongings at the same time.
Pay annually instead of monthly
Some insurers reduce fees if you pay your premium in full. But, again, make sure you can afford to make such a payment before opting for annual over monthly.
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Cheap renters insurance FAQs
If you still have questions about how to find the cheapest renters insurance, the following answers can help.
Which company has the cheapest renters insurance?
State Farm and Lemonade frequently rank among the cheapest renters insurance companies, but rates vary by location, coverage needs, and personal factors. That’s why it’s important to compare quotes from several insurers to find the most affordable rate for you.
How much should your renters insurance cost?
Most renters pay between $12 and $30 per month, according to Insurify data. The rate you pay depends on your coverage limits, your deductible, and where you live.
What doesn’t renters insurance cover?
Renters insurance typically excludes water damage, earthquakes, pest infestations, and damage to the building itself.[4] Coverage for damage to the building falls under your landlord’s master policy.
How can you lower your renters insurance bill?
Comparing quotes, bundling policies, raising your deductible, and improving security features can all help reduce costs.
Does your credit score affect renters insurance?
In many states, insurers are allowed to use credit-based insurance scores during the quoting process. This can raise or lower your renters insurance premiums based on your credit history. The better your credit history, the lower your rates are apt to be.[5]
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Sources
- AM Best. "AM Best Downgrades Credit Ratings of State Farm Mutual Automobile Insurance Company and Affiliates, Takes Various Credit Rating Actions on Subsidiaries."
- Trustpilot. "Allstate."
- National Association of Insurance Commissioners. "What’s the Difference Between Actual Cash Value Coverage and Replacement Cost Coverage?."
- Experian. "What Does Renters Insurance Not Cover?."
- NAIC. "Credit-based Insurance Scores Explained."
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Doug BaileySenior Content Writer
Doug Bailey is a senior content writer at Insurify. Doug is an experienced business writer having worked more than a decade as a reporter and business editor at the Boston Globe, covering financial services and the insurance industry. Most recently, Doug was a regular contributor to InsuranceNewsNet, a news and information service for the insurance and financial industry.
Doug is a native New Englander hailing from Maine and works in Insurify’s Cambridge office.
Chris SchaferDeputy Managing Editor, News and Marketing Content
15+ years in content creation
7+ years in business and financial services content
Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.
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