Cheap Renters Insurance Companies in June 2024

A renter’s insurance policy offers important financial protection, covering items that are excluded by your landlord’s coverage. It can help pay to repair or replace personal items that are stolen or damaged by fire, flooding, or other incidents. It also provides coverage if you’re held responsible for another person’s injury or property damage.

And while it might be challenging to budget for an additional insurance policy, know that renters insurance is relatively inexpensive. The eight companies in our review offer policies ranging from $13 to $30 per month.

Comparing cheap renters insurance companies 2024

U.S. military and their families

*J.D. Power ranking score based on a 1,000-point scale. Trustpilot scores range from 1 to 5.

Our reviews of cheap renters insurance companies in 2024

Best for older renters: Allstate


Average annual cost

Average annual cost

‌Allstate is one of the country’s most easily recognized brands. The company’s renters insurance has an average annual cost of $258, putting it near the middle of the companies in our review. You can save money by bundling a renters policy with an Allstate car insurance policy. The company also offers discounts for those aged 55 and older and for those who choose to pay the policy premium via automatic withdrawal from a savings or checking account.

An Allstate renters insurance policy includes standard coverages for renters, including personal property, liability, additional living expenses, and medical. Quotes are available online at the Allstate website or through one of the company’s agents. And Allstate offers policy access through both its website and handy smartphone app.


  • Discount for those age 55 and older.
  • Obtain a quote online or through an agent.


  • Poor Trustpilot customer satisfaction rating.

Best for customer satisfaction: American Family

At $366 per year, American Family (AmFam) is the most expensive insurer in our review. However, it consistently scores very well in key customer satisfaction measures, including Trustpilot and the most recent study of the renters insurance market by J.D. Power.

The company offers a discount for bundling a renters and car insurance policy, along with discounts for smart homes, choosing paperless billing, opting for automatic payment withdrawal, paying in full, and being a loyal customer. It also offers a “generational discount” for those whose parents were AmFam customers.

A standard AmFam renters policy includes personal property, liability, loss of use, and medical expense coverage. Additional options are available for high-value personal property (such as jewelry), identity fraud, personal injury, and damage to electrical appliances.

AmFam offers quotes online or through its network of agents. Customers can also make payments and handle other simple policy service tasks online or through the MyAmFam app.


  • High ratings by J.D. Power and Trustpilot.
  • Good selection of discounts.
  • Good selection of optional coverages.


  • The most expensive insurer in our review.

Best for ease of use: Lemonade

Founded in 2015, Lemonade is still a relative newcomer to insurance. But the company has a lot going for it, including being easy to work with. At $181 annually, the average cost of a Lemonade policy is the second-lowest in our review.

Lemonade promises a 90-second turnaround for online renters insurance quotes and boasts that many claims can be settled in seconds. The Lemonade iOS and Android apps are both highly rated in their respective stores. In the most recent J.D. Power study of the renter’s insurance market, Lemonade ranked third, with 854 points. Its Trustpilot score of 4.4 is among the highest in our review.

In addition to the personal property, liability, medical expense, and temporary living expense coverages that make up a standard renters policy, Lemonade offers extra coverage for high-value personal items and equipment breakdown coverage for appliances. Discounts include those for bundling a Lemonade renters and car insurance policy and for having safety features in the home.

A.M. Best does not rate lemonade but has an A rating for financial strength from Demotech.


  • Robust online experience.
  • High ratings by J.D. Power and Trustpilot.


  • Does not have local agents.

Best for bundling: Liberty Mutual

A Liberty Mutual renters insurance policy costs an average of $290 annually. That places it on the higher side of the companies in our review. Fortunately, that cost can be brought down with discounts for bundling policies, enrolling in automatic payment withdrawals, buying online, being claim-free, and getting a quote before the current policy expires.

Renters policies include the standard coverages—personal property, liability, loss of use, and medical payments. Optional coverage for expensive jewelry is also available.

And because Liberty Mutual offers such a wide range of vehicle, property, business, and life insurance policies, it can be a great option for bundling coverage.

‌Liberty Mutual offers quotes online or through an agent, along with online and app options for customer service.


  • Wide range of additional policy types.
  • Above average rating by J.D. Power.


  • High cost.
  • Low Trustpilot rating.

Best for discounts: Progressive

Car insurance may be the first thing that comes to mind when you think of Progressive. However the company has grown its property insurance business significantly in recent years, including renters coverage. At $272 per year, a Progressive renters policy is on the more expensive side of the companies in our review.

The good news is that Progressive offers many discounts that can mitigate the higher cost. These include discounts for having multiple Progressive policies (bundling), getting a quote at least three days before the policy start date, receiving documents by email, paying in full, and living in a secure/gated community. Progressive also offers a single deductible, so if a covered car and home are damaged in a single incident, the customer pays only a single deductible for the two claims.

A Progressive renters policy includes the standard personal property, liability, loss of use (additional living expense), and medical payments coverage. The company also offers optional coverage for water backup and personal injury.

Those interested can get a Progressive renters insurance quote online or through an independent agent. The company also offers policy access online or through its app.


  • Excellent selection of discounts.
  • Quote online or through an agent.


  • Policy cost is on the higher side.
  • Below average ranking by J.D. Power.

Best for lowest cost: State Farm

At just $156 per year, State Farm has the cheapest renters insurance policy in our review. Its low cost can be further reduced with discounts for bundling multiple State Farm policies and for having home protection features such as smoke detectors.

Regarding coverage, a State Farm renters policy provides standard personal property, liability, and additional living expense (loss of use) coverages. Options such as identity theft coverage, earthquake coverage, identity restoration coverage, personal umbrella, and pet medical insurance are also available. Beyond that, State Farm offers a wide range of personal insurance, banking, and investment products.

State Farm quotes are available on the company website, app, or through an agent. The company’s A++ rating is A.M. Best’s highest, meaning customers can be confident in State Farm’s financial stability.


  • Lowest cost in our review.
  • A.M. Best A++ rating.

Best for U.S. military: USAA

It’s quite common to see USAA recommended as a top choice for the U.S. military community. That’s with good reason. The company’s insurance products and other financial services are available exclusively to active and honorably retired U.S. military members and their families. We did not find an independent cost for a USAA renters policy, but the company website states that coverage is available for as little as 33 cents per day ($120 per year).

USAA renters insurance includes personal property, liability, loss of use, and medical payments coverages. It also features standard flood and earthquake coverages, which are generally not part of a standard renters policy. The company even provides coverage for privately owned military gear and members who are deployed abroad.

Discounts include those for bundling, being claim-free for three or more years, having protective devices in the home, living on a military base, or being enrolled in a service academy or military college.

Members should call USAA’s toll-free number or visit the company’s website for a quote. Claims can be reported on the USAA website or app. USAA has an A++ rating from AM Best, the analyst’s highest rating for financial stability.

J.D. Power rates USAA but does not rank the company, given its niche market. But its rating in J.D. Power’s most recent study of the renters insurance market is higher than that of any other company.


  • Coverage options geared toward U.S. military members’ needs.
  • Low cost.

Best for optional coverages: Erie

Pennsylvania-based Erie Insurance took the top spot in J.D. Power’s most recent study of the renters’ insurance market. At an average cost of $276 per year, the company falls around the middle, pricewise, of companies in our review.

That cost can be brought down with several discounts. The company offers a bundling discount for combining a renters policy with an Erie auto, life, or umbrella policy. Erie also offers discounts for having safety features in the home, for getting a quote more than seven days in advance of the policy start date, and for being an older customer.

As with a typical renters policy, Erie offers personal property, personal liability, additional living expenses, and medical payment coverage. It also offers optional coverage for expensive items such as jewelry, firearms, credit card fraud, loss of items in your refrigerator due to a power loss, and coverage for watercraft and trailers.

One knock against Erie is that the company doesn’t offer online quotes. You must work with a local agent to get a quote and buy a policy. The company does offer payments and other services on its website or through its smartphone app.


  • Wide selection of optional coverages.
  • Top-ranked renters insurance by J.D. Power.


  • No online quotes.
  • Low Trustpilot customer satisfaction rating.


We gathered information from several leading renters insurance companies, relying primarily on their websites. Third-party ratings and rankings information came from A.M. Best, Trustpilot, and the J.D. Power 2023 U.S. Home Insurance Study (which includes ratings of renters insurance companies). Pricing is from a recent review of renters insurance companies in U.S. News.

We evaluated each company to develop our “best for” ratings, focusing on standout features and/or high ratings.

Policy costs are averages based on multiple quotes. We share these for general comparison purposes only. Please understand that your renter’s insurance cost may vary dramatically from the figures shown.

How to get the cheapest renters insurance

There’s really no such thing as “one-size-fits-all” insurance—a policy that works for a family member or friend might fail to give you the coverage you need. So, you will want to do the proper research when buying renters insurance. Consider the following tips:

Shop around to get the best combination of coverage and price

Costs vary between insurance companies. As we’ve seen in our own review, there’s a $210 annual difference in price between the cheapest and most expensive renters insurance policy. You owe It to yourself to check with at least three or four insurers to ensure you get the best price.

Ask about discounts

All of the insurers in our review offer multiple policy discounts. When you get a quote, be sure to ask about these and any other ways to save.

Consider bundling your policies

Many insurers offer generous discounts for having multiple policies, such as renters and car insurance.

Talk to an independent insurance agent

Independent agents represent multiple companies. They can take much of the shopping burden off your shoulders by checking with the companies they represent to see which offers the best price.

Are there alternatives to renters insurance?

Many landlords require tenants to have renters insurance as a lease condition. Beyond that, renters insurance is typically not a requirement. It’s not uncommon for renters to self-fund their emergency expenses, ideally setting aside savings for the purpose.

Exercise caution, however, if considering this alternative. Add up the value of your belongings and figure out if your savings could really replace them if needed. And remember that renters insurance also provides personal liability coverage, protecting you from potentially devastating lawsuits.

More about cheap renters insurance

A landlord’s insurance policy typically covers the property they own—the building itself, any common areas, and permanent appliances. A renter’s policy picks up where the landlord’s policy leaves off. It provides coverage for the things you own, such as your clothing, furniture, and electronics. It also provides important financial protection if you’re responsible for someone’s injury or property damage or are forced to move out of your home temporarily.

What does renters insurance cover?

A renters insurance policy typically includes the following coverages:

  • Personal property: Reimburses the value of your belongings if they’re stolen or destroyed by a fire, storm, or other covered event.
  • Personal liability: Provides coverage if you’re responsible for someone’s injuries or property damage.
  • Additional living expense: Reimburses you for the cost of alternative living arrangements (such as a hotel) if your rented home is uninhabitable due to a fire or other incident.
  • Medical expenses: Helps cover the cost of medical care related to injuries sustained by guests in your rented home.

How to determine how much renters insurance you need

Renters insurance provides financial protection if your personal belongings are stolen or destroyed by fire or other catastrophe. So you need to have a good understanding of your belongings’ value to determine how much renters insurance you need.

An important step is to complete a home inventory. This is simply a list of your belongings, their date of purchase and purchase price, a brief description of their current condition, and an estimate of their current value. Save receipts if you can, and take photos of each item.

When you’ve completed your home inventory, you can use it to determine a coverage amount (limit) for your personal property coverage.

You should also consider your lifestyle and assets to determine your need for personal liability coverage. If you’re a “social butterfly” who frequently has guests in your home (and potential liability for injuries to those guests), you may want to consider higher limits for your personal liability coverage.

Learn more about how to determine how much renter coverage you need.

What does renters insurance not cover?

While renters insurance covers many losses, certain incidents are often excluded.

These include the following:

  • Damage to or theft of business property.
  • Damage to or theft of expensive jewelry, artwork, furs, or firearms.
  • Injuries caused by pets.
  • Damage caused by flooding or earthquakes.

However, you can typically buy additional coverage or policies to provide the necessary protection.

TIME Stamp: Affordable renters insurance is easy to find

The best renters insurance companies provide important financial protection if your personal belongings are stolen or destroyed or you’re held responsible for someone’s injury or property damage. And policies are relatively cheap. Our review of eight leading companies showed average costs between $13 and $30 per month.

Frequently asked questions (FAQs)

Is renters insurance necessary?

It’s becoming more common for landlords to require tenants to get renters insurance as a condition of their leases. So, you’ll want to check with your landlord to understand their requirements.

Otherwise, renters insurance is typically not required by law (as with car insurance). Nevertheless, considering the financial protection offered by renters insurance, it’s something you should consider having.

Does renters insurance cover floods and earthquakes?

Renters insurance typically does not cover watershed flooding or earthquakes. However, separate coverage for these events is available.

How much do most people pay for renters insurance?

Renters insurance is reasonably affordable. Policies from the eight companies in our review cost an average of $13 to $30 per month.

Can I buy cheap renters insurance online?

Most of the companies in our review offer online quotes for renters insurance. However, some companies require you to complete the purchase with a local agent or over the phone with a company representative.