MoneyGeek analyzed average renters insurance premiums across major national providers to identify the cheapest options. Amica leads with the lowest average annual premium of $107, 41% below the national average of $185. See how each insurer's rates compare to the national average.
Cheapest Renters Insurance: The Most Affordable Companies in 2026
Updated: February 18, 2026
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Key Takeaways: Finding Affordable Renters Insurance
Amica offers the cheapest renters insurance nationally at an average of $9 per month or $107 per year for $20,000 in personal property coverage.
Lemonade follows as the next most affordable company nationwide, and it's the cheapest option in 15 states and Washington, DC — the highest number of any provider in our review.
Compare quotes from multiple insurers and bundle policies to find cheap renters insurance. Potential savings: 25% or more on your annual premium.
Cheapest Renters Insurance Companies
| Amica | 4.79 | $107 | -41% |
| Lemonade | 4.74 | $122 | -33% |
| State Farm | 4.69 | $134 | -26% |
| American National | 4.62 | $152 | -17% |
| USAA | 4.58 | $162 | -11% |
| Allstate | 4.57 | $164 | -10% |
| Progressive | 4.57 | $165 | -10% |
| Nationwide | 4.54 | $174 | -4% |
Top 3 Cheapest Renters Insurance Companies Reviewed
Amica
MoneyGeek Rating
4.8/ 5
4.8/5Affordability
5/5Customer Experience
4.2/5Coverage
Average Annual Premium
$107Based on our methodology's base profile of a policy with $20K in personal property coverage and $100K in liability coverage with a $1,000 deductible.Average Monthly Premium
$9Based on our methodology's base profile of a policy with $20K in personal property coverage and $100K in liability coverage with a $1,000 deductible.Number of Discounts
5
Lemonade
MoneyGeek Rating
4.7/ 5
4.7/5Affordability
4.7/5Customer Experience
4.4/5Coverage
On Lemonade's site
Average Annual Premium
$122Based on our methodology's base profile of a policy with $20K in personal property coverage and $100K in liability coverage with a $1,000 deductible.Average Monthly Premium
$10Based on our methodology's base profile of a policy with $20K in personal property coverage and $100K in liability coverage with a $1,000 deductible.Number of Discounts
3
State Farm
MoneyGeek Rating
4.7/ 5
4.7/5Affordability
4.9/5Customer Experience
4/5Coverage
Average Annual Premium
$107Based on our methodology's base profile of a policy with $20K in personal property coverage and $100K in liability coverage with a $1,000 deductible.Average Monthly Premium
$134Based on our methodology's base profile of a policy with $20K in personal property coverage and $100K in liability coverage with a $1,000 deductible.Number of Discounts
5
Cheapest Renters Insurance Provider by State
Renters insurance costs vary widely by state. The cheapest provider depends on your location. Lemonade offers the lowest rates in 15 states and Washington, DC, followed by State Farm in 10 states and USAA in 8 states. The table below shows which insurer provides the cheapest coverage in each state.
| AK | Allstate | $71 |
| AL | Cinncinnati Insurance | $120 |
| AR | Farm Bureau | $94 |
| AZ | Lemonade | $81 |
| CA | Capital Insurance | $106 |
| CO | Lemonade | $68 |
| CT | Lemonade | $79 |
| DC | Lemonade | $74 |
| DE | State Farm | $88 |
| FL | Citizens Property Insurance | $100 |
| GA | Farm Bureau | $87 |
| HI | State Farm | $104 |
| IA | Shelter Insurance | $79 |
| ID | USAA | $81 |
| IL | Lemonade | $76 |
| IN | USAA | $77 |
| KS | State Farm | $99 |
| KY | USAA | $96 |
| LA | The Hanover | $150 |
| MA | Vermont Mutual Insurance | $125 |
| MD | USAA | $128 |
| ME | State Farm | $80 |
| MI | Auto-Owners Insurance | $34 |
| MN | AAA | $54 |
| MO | USAA | $74 |
| MS | USAA | $125 |
| MT | State Farm | $88 |
| NC | Farm Bureau | $79 |
| ND | Farm Bureau | $66 |
| NE | State Farm | $76 |
| NH | Amica | $70 |
| NJ | NJM Insurance | $53 |
| NM | Lemonade | $72 |
| NV | Lemonade | $99 |
| NY | Lemonade | $64 |
| OH | USAA | $102 |
| OK | Lemonade | $106 |
| OR | Lemonade | $75 |
| PA | Lemonade | $104 |
| RI | Lemonade | $69 |
| SC | Auto-Owners Insurance | $115 |
| SD | State Farm | $77 |
| TN | Lemonade | $101 |
| TX | Lemonade | $111 |
| UT | State Farm | $96 |
| VA | Lemonade | $99 |
| VT | State Farm | $88 |
| WA | Lemonade | $94 |
| WI | AAA | $60 |
| WV | State Farm | $106 |
| WY | USAA | $83 |
Cheapest Renters Insurance Companies by Coverage Level
Your coverage needs affect your renters insurance premium. Higher personal property limits increase costs proportionally. Amica offers the cheapest rates across three coverage tiers, from basic $20,000 protection at $107 annually to comprehensive $100,000 coverage at $298 per year.
State Farm provides the cheapest option for maximum protection with $250,000 in personal property coverage and $300,000 in liability at $375 annually.
$20K Personal Property / $100K Liability | Amica | $107 |
$50K Personal Property / $100K Liability | Amica | $179 |
$100K Personal Property / $100K Liability | Amica | $298 |
$250K Personal Property / $300K Liability | State Farm | $375 |
Cheapest Renters Insurance for Poor Credit
Renters with poor credit pay higher insurance premiums, but Amica and Lemonade keep costs manageable at around $165 annually. Both insurers charge about $14 monthly: much less than many competitors.
| Amica | $165 | $14 |
| Lemonade | $166 | $14 |
| Assurant Insurance | $188 | $16 |
| American National | $272 | $23 |
| Nationwide | $283 | $24 |
Cheapest Renters Insurance with Previous Claims
Filing a claim raises your premiums. Amica charges $118 annually for renters with one claim in the past five years, the cheapest rate in this category. Lemonade and State Farm both charge under $150 per year, keeping coverage affordable after you file.
| Amica | $118 | $10 |
| Lemonade | $134 | $11 |
| State Farm | $148 | $12 |
| American National | $167 | $14 |
| USAA | $178 | $15 |
How to Get Cheap Renters Insurance
Compare rates and maximize discounts to lower your premium. These five strategies cut costs while maintaining full coverage.
- 1Compare Quotes From Multiple Insurers
Rates vary widely between companies. Compare quotes from at least three to five insurers. Amica, Lemonade and State Farm offer competitive rates, but the cheapest option depends on your location and profile.
- 2Bundle Renters Insurance With Other Policies
Bundling renters with auto, life or other policies saves 10% to 25% on both premiums. Most insurers offer multi-policy discounts.
- 3Increase Your Deductible
Raising your deductible from $500 to $1,000 cuts your annual premium by 10% to 20%. Pick a deductible you can afford to pay out of pocket when filing a claim.
- 4Install Security Systems and Safety Devices
Smoke detectors, burglar alarms, fire extinguishers and smart home security systems qualify for discounts at most insurers. These devices protect your belongings and reduce your premium.
- 5Maintain a Claims-Free History
Skip filing small claims when possible. Pay out of pocket for minor losses. A clean claims history qualifies you for claims-free discounts and prevents rate increases at renewal.
MONEYGEEK EXPERT TIP
“The easiest way to figure out how much renters insurance coverage to buy is to create a home inventory (a detailed list of all of your personal possessions, with their estimated value). An up-to-date home inventory will also make filing an insurance claim faster and easier. I also recommend taking a video of all your possessions to have a documented record.”
— Mark Friedlander, Director of Corporate Communications, Insurance Information Institute
Cheapest Renters Insurance: Bottom Line
Amica offers the cheapest renters insurance nationwide at $107 annually, with the best rates across multiple coverage levels and for renters with poor credit. Lemonade leads in 15 states and Washington, DC, with competitive digital-first pricing. State Farm provides the cheapest option for high-value coverage needs. Use our renters insurance calculator to get an idea of which companies may be cheapest for your renter profile. Compare quotes from at least three insurers to find the lowest rate for your specific situation and location.
Affordable Renters Insurance: FAQ
Need guidance about finding cheap renters insurance? We've answered the most common questions.
How much renters insurance coverage do I actually need to keep costs low?
Start with $20,000 in personal property coverage, which costs an average of $15 per month. Calculate your actual belongings value by inventorying your possessions: electronics, furniture, clothing and valuables. Keep costs low by choosing only the coverage you need rather than overinsuring. Make sure the amount would replace your belongings after a total loss.
Will filing a renters insurance claim increase my rates?
Yes, filing a claim increases your rates at renewal. The impact depends on the claim amount and type. Rate increases usually last three to five years. Consider paying out of pocket for small losses under $1,000 to preserve your claims-free discount and avoid rate hikes that could cost more than the claim payout over time.
How often should I shop for cheaper renters insurance rates?
Shop for renters insurance rates annually when your policy renews. Insurance companies adjust their pricing regularly. You might find savings of 20% to 40% by switching providers. Set a calendar reminder 30 to 45 days before your renewal date to compare quotes and switch if you find a better rate.
Does renters insurance cover hotel stays if my apartment becomes unlivable?
Yes, renters insurance includes loss of use coverage (also called additional living expenses) that pays for hotel stays, meals and other costs if your apartment becomes uninhabitable due to a covered event like fire or water damage. This coverage ranges from 10% to 30% of your personal property limit. A $20,000 policy would provide $2,000 to $6,000 for temporary housing expenses.
Can I cancel my renters insurance anytime if I find a cheaper option?
Yes, you can cancel renters insurance anytime without penalty at most insurers. Contact your current provider to request cancellation and provide the effective date. Secure your new policy before the cancellation takes effect to avoid coverage gaps. Many insurers refund any unused premium on a prorated basis.
Will my renters insurance rates go down after living claim-free for several years?
Your rates may stay stable or increase slightly each year even with a claim-free history due to inflation and rising replacement costs. You'll qualify for claims-free discounts that offset some increases. You'll avoid the rate hikes that come with filing claims. Shopping around annually delivers better savings than waiting for your current insurer to lower rates.
How We Found the Cheapest Renters Insurance Companies
We collected quote estimates from Quadrant Information Services across all 50 states and Washington, DC, analyzing rates from major insurers to pinpoint which companies offer the lowest premiums nationwide and in each state.
Our Sample Profile
We used a standardized renter profile to ensure consistent comparisons across insurers: an adult aged 26 to 64 with good credit and no prior claims. Each quote included $20,000 in personal property coverage, $100,000 in liability coverage and a $1,000 deductible — typical coverage amounts that balance protection with affordability.
This profile represents the average renter shopping for basic but comprehensive coverage.
Why These Coverage Amounts Matter
The $20,000 personal property limit covers most renters' belongings without overinsuring. The $100,000 liability coverage protects you financially if someone gets injured in your rental or you accidentally damage the building. A $1,000 deductible keeps premiums affordable while remaining manageable if you need to file a claim.
Geographic Analysis
Insurance companies price their policies differently in each state based on local factors like theft rates, weather risks and state regulations. We analyzed rates state-by-state to identify which insurer offers the lowest premium in your specific location, since the cheapest company nationwide might not be cheapest where you live.
Cheapest Renters Insurance Companies: Related Pages
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. He has analyzed the insurance market for over five years, conducting original research for insurance shoppers. His insights have been featured in CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
He writes about economics and insurance, breaking down complex topics so people know what they're buying.