Cheap Renters Insurance

Protect your possessions for an affordable price

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Renters insurance protects your personal belongings, reimburses you for living expenses if you have a  covered loss, and shields you from liabilities if someone gets hurt or damages their property while at your home. Renters insurance can also be a wise financial move because your landlord’s insurance only covers the cost of building repairs after a disaster like a fire. If your furniture, electronics, or clothes are damaged or stolen, renters insurance can help cover the costs of replacing them. In fact, many landlords require tenants to have renters insurance. 

We put together a list of the top five cheap renters insurance companies so that you can financially protect yourself at an affordable rate. We evaluated prices, coverage offerings, deductibles, customer service, claims filing, and unique features to find which insurers offer the overall best value at the lowest premiums. 

Best Cheap Renters Insurance of 2021

Best Overall : State Farm


State Farm

 State Farm

State Farm offers an affordable basic renters insurance policy combined with customizable coverages, decent customer satisfaction scores, and the potential to keep all your insurance needs under one roof. Available coverage increases for things like liability and business property, and policy add-ons like earthquake damage and identity restoration also help round out coverages for renters who want more protection. 

Cost and Deductibles for a Standard Policy

We received a quote of $94 per year based on our sample renter profile (see “Methodology” section). Deductible options range from $500 to $10,000.

Discounts

State Farm renters insurance discounts include:

  • Multi-policy
  • Home safety devices: burglar alarm, smoke detector, home monitoring system
  • Customer loyalty
  • Claim-free

Customer Satisfaction

State Farm scored about average for customer satisfaction in J.D. Power’s Insurance Digital Experience Study, although its score was below average in the renters insurance segment of J.D. Power’s Home Insurance Study. These rankings show that while you may enjoy managing your State Farm account digitally, you may not be as satisfied with your policy overall.

What We Like
  • Easily adjustable coverage on quotes

  • Multi-policy discount when you have auto and renters insurance policies

  • Additional endorsements for earthquake damage, business property, and more

What We Don't Like
  • Not many discount options

Read full review of State Farm

Best No-Frills Policy : Liberty Mutual


Liberty Mutual

 Liberty Mutual

Liberty Mutual’s website claims its renters policies are available for as little as $5 a month. Our quote came in a little higher at $7.25 per month, but it was still the second-most-affordable renters insurance we were offered with our sample quote profile (see Methodology). Liberty Mutual’s standard policy includes all the basic coverages, plus a few extras, like additional living expenses (ALE) if you’re displaced. But it only has four additional coverage options to choose from if you want more protection.

Cost and Deductibles for a Standard Policy

Our sample quote was $87 for a year of coverage. Deductible options range from $500 to $5,000.

Discounts 

Liberty Mutual offers a number of discounts on renters insurance, including:

  • Claim-free
  • Online purchase
  • Automatic payments
  • Early shopper (for quoting before your current policy expires)

Customer Satisfaction

Liberty Mutual did well on J.D. Power’s Insurance Digital Experience Study, finishing third out of 19 insurers in the service category and scoring above average in the shopping category. This shows that Liberty Mutual’s customers consider its digital platform to be more functional and intuitive than those of its competitors. However, it scored well below average in the renters insurance segment of J.D. Power’s Home Insurance Study, ranking #10 out of 13 insurance companies.

What We Like
  • Affordable policies that cover just the basics

  • Desktop and mobile platforms are easy to navigate

  • Clear, easy-to-obtain discounts

What We Don't Like
  • Only up to $25,000 of personal property coverage available

Read full review of Liberty Mutual

Best for Speedy Quotes : MetLife


MetLife

 MetLife

MetLife is a great option if you want cheap renters insurance quickly, without the hassle of choosing individual coverages for your quote. Its cheapest policies, which are part of its “Value” and “Value Plus” packages, offer fixed coverages and deductibles at reasonable levels. These packages still include an impressive array of features like fungus and mold remediation and identity theft protection.

Cost and Deductibles for a Standard Policy

Our quote was $117 per year. Deductible options range from $250 to $10,000.

Discounts 

MetLife offers several discounts on renters insurance, including:

  • Claim-free
  • Paperless
  • Multi-policy
  • Protective devices

Customer Satisfaction

MetLife’s above-average scores on both the shopping and service sections of J.D. Power’s Insurance Digital Experience Study show that customers are happy with their experience buying and managing their policies electronically. The company wasn’t ranked as part of the renters segment of the Home Insurance Study.

What We Like
  • Policies include coverages that may be add-ons at other insurers

  • Specialty packages available for pricier valuables like electronics and musical instruments

  • Several packages to choose from, depending on your needs

What We Don't Like
  • Coverage and deductibles aren’t customizable in lower-priced packages

  • Website doesn’t have much info about renters insurance; need to get a quote for more information

Best Affordability : Lemonade


Lemonade

 Lemonade

Lemonade renters insurance policies start at just $5 per month. The company’s personal property coverage is available in increments of $10,000, so we chose $20,000 for our quote instead of the $15,000 we used for other companies. Even so, Lemonade’s $6.50-per-month quote was the cheapest of all competitors we researched. Had we gone for $10,000 in property coverage, our monthly rate would have indeed been just $5. The downside is that Lemonade’s renters insurance policies are only available in 27 states and Washington, DC. 

Cost and Deductibles for a Standard Policy

Our quote was $78 per year. Deductible options range from $500 to $2,500.

Discounts

Lemonade lists a 10% bundling discount when you combine renters and pet insurance. The company doesn’t advertise any other discounts, but we noticed our quote was 33 cents less per month when we checked a box to say we had safety devices like fire and burglar alarms.

Customer Satisfaction

Lemonade’s overall customer satisfaction was through the roof in the renters insurance segment of J.D. Power’s Home Insurance Study—its score was 24 points above the average, earning it first place out of 13 insurers. This performance shows that Lemonade impressed its policyholders with its customer service, coverage offerings, price, claims process, and billing and policy information.

What We Like
  • Up to $250,000 in personal property coverage available

  • Extra coverage options for jewelry, fine art, bikes, cameras, and musical instruments

  • #1 out of 13 insurers in the J.D. Power Home Insurance Study

What We Don't Like
  • Highest deductible level is $2,500

  • Only one advertised discount

  • Not available in all states

Best Customer Service : Farmers


Farmers

 Farmers

Farmers’ affordable renters insurance quotes beat out several competitors, but where the company really seems to shine is in its customer service. Farmers also scored higher than most other companies on this list for overall customer satisfaction in the renters insurance segment of J.D. Power’s Home Insurance Study. The only insurer that finished ahead of Farmers was Lemonade, which has limited availability.

Cost and Deductibles for a Standard Policy

Our quote came in at $148 per year. Deductible options range from $500 to $2,500. 

Discounts

Farmers offers a variety of renters insurance discounts, including:

  • Welcome discount
  • Non-smokers
  • Home safety devices
  • Claim-free
  • Multi-policy

Customer Satisfaction

Farmers ranked fifth out of 13 companies in the renters insurance category of J.D. Power’s Home Insurance Study, scoring better than any other nationwide insurer on this list. However, its below-average scores in the service and shopping categories of J.D. Power’s Insurance Digital Experience Study reveal that its digital platforms could use a makeover.

What We Like
  • Custom property limits available, up to a max of $150,000

  • Great variety of discounts

  • Solid customer service rankings

What We Don't Like
  • Initial online quotes don’t include service fees

  • Digital tools may not offer a smooth user experience, per J.D. Power studies

Final Verdict

Renters insurance covers your personal belongings, additional living expenses, liability protection, and more—often for only $10 to $20 per month. Companies like State Farm and Liberty Mutual focus on the basics, though their customer service scores aren’t as good as Farmers’. Other insurers like Metlife and Nationwide have more options, but may come with a higher base rate. We recommend comparing quotes from at least three renters insurance companies before buying a policy. 

Compare Providers

Best Cheap Renters Insurance of 2021
INSURANCE COMPANY WHY WE PICKED IT
State Farm Best Overall
Liberty Mutual Best No-Frills Policy
MetLife Best for Speedy Quotes
Lemonade Best Affordability
Farmers Best Customer Satisfaction

FAQs

Who Can Get Renters Insurance? 

Anyone who rents an apartment, condominium, or house is eligible for renters insurance—and should consider buying it. College students living in a dorm should check whether they’re covered by their parents’ home insurance, and if not, consider buying renters insurance.

Roommates living with you aren’t covered unless they’re specifically included in your policy. Some insurers don’t let you add someone unrelated, though, and states like Florida only allow you to share your policy with a spouse.   

What Does Renters Insurance Cover and Not Cover? 

Renters insurance protects your possessions against loss from perils like explosives, fire and smoke, lightning, theft, vandalism, water damage not caused by floods, and windstorms. Basic policies normally reimburse you for your item’s depreciated value, unless you upgrade your policy to pay the cost of replacing your belongings. 

Lawsuits from guests who get hurt at your premises or whose belongings are damaged are also covered. In addition, your renters policy may cover your living expenses up to a certain amount if you’re displaced because your home is uninhabitable. 

Standard renters insurance policies don’t cover damage caused by floods and earthquakes. Insurers may offer these as riders, but you can also purchase separate policies. Building damage is also excluded, since the landlord owns the structure. 

How Much Does Renters Insurance Cost?

The latest report from the National Association of Insurance Commissioners lists the national average renters insurance cost at $180 per year. State averages range from a low of $120 in North Dakota to a high of $258 in Mississippi. 

Factors that influence your cost include your:

  • coverage limits
  • deductible
  • insurance company
  • optional coverages 
  • eligibility for discounts

How Should I Choose a Cheap Renters Insurance Policy?

It’s easiest to start your search with companies that sell homeowners insurance, as they probably also offer renters insurance. These two types of policies are similar, except for the fact that renters insurance doesn’t cover the building. Asking friends and family for recommendations and reading online reviews can help narrow down your choices. If you already have car insurance, you may want to see if your insurer also offers renters coverage—and a multi-policy discount.

When you’re ready to start shopping for renters insurance, get at least three quotes to compare. It’s also worth reaching out to an agent from each company to see how responsive they are. It might give you a clue to what your service might be like if ever you file a claim. 

Don’t just compare quotes based on price. Also compare each policy’s coverage on expensive items like computers and jewelry, which may be excluded or underinsured. In some cases, it might be worth spending a little more to get a policy that covers your valuable belongings.

Methodology

We compared 16 insurers offering renters insurance to gauge which five offered the best combination of coverage options, deductible selections, discounts, and customer service and claim satisfaction at the most affordable price. 

We pulled quotes for basic renters insurance using a sample profile: a 35-year-old woman with no prior claims living in an apartment in Illinois—a state whose average renters insurance price is similar to the national average.

Article Sources

  1. Insurance Information Institute. "Your Renters Insurance Guide." Accessed Jan. 6, 2021. 

  2. State Farm. "Renters Insurance Coverage." Accessed Jan. 6, 2021. 

  3. State Farm. "Renters Insurance Discounts." Accessed Jan. 6, 2021. 

  4. J.D. Power. “Home Insurance Customer Service and Reputation—Not Price—Drive Lifetime Customer Value, J.D. Power Finds.” Accessed Jan. 6, 2021. 

  5. J.D. Power. “Property & Casualty Insurers Raise Digital Games as COVID-19 Elevates Customer Expectations, J.D. Power Finds.” Accessed Jan. 6, 2021. 

  6. Liberty Mutual. "Renters Insurance." Accessed Jan. 6, 2021. 

  7. Liberty Mutual. "Renters Insurance Discounts." Accessed Jan. 6, 2021. 

  8. MetLife. "Home Insurance," see "Renters FAQs: How can I save on a renters insurance policy from MetLife Auto & Home?" Accessed Jan. 6, 2021. 

  9. Lemonade. "About Lemonade." Accessed Jan. 6, 2021. 

  10. Lemonade. "Pet Health Insurance with Super Fast Everything." Accessed Jan. 6, 2021.

  11. Farmers Insurance. "Renters Insurance Discounts." Accessed Jan. 6, 2021.

  12. Government of the District of Columbia. "What You Need to Know About Renters Insurance." Accessed Jan. 6, 2021. 

  13. Allstate. "Can You Share Renters Insurance With Roommates?" Accessed Jan. 6, 2021. 

  14. United Policyholders. "Renter's Insurance 101: What Does Renter's Insurance Cover?" Accessed Jan. 6, 2021. 

  15. Insurance Information Institute. "Renters Insurance." Accessed Jan. 6, 2021. 

  16. National Association of Insurance Commissioners. “Dwelling Fire, Homeowners OwnerOccupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner’s Insurance Report: Data for 2017,” Page 139, 164, and 174. Accessed Jan. 6, 2021. 

  17. State Farm. "How Much is Renters Insurance?" Accessed Jan. 6, 2021.