Cheap Renters Insurance: Most Affordable Quotes in 2021

Renters insurance is necessary for anyone who doesn’t own their home and wants to protect their belongings. However, just because industry experts strongly recommend renters insurance doesn’t mean you should pay an arm and a leg. MoneyGeek analyzed renters insurance rates across all 50 states and hundreds of cities to determine which companies offer the cheapest rates for you.

While quality coverage is something every renter wants, for the vast majority of people, the cost is the most important factor for renters insurance.

MoneyGeek found that Allstate has the most affordable policies across the country, with an average price of $10 per month. State Farm comes in at a close second with an average price of $11 per month. These rates are for a sample policy with $20,000 in property coverage, $100,000 in liability coverage and a $500 deductible. Your premiums may be higher or lower depending on your situation.

Each state has its own laws and regulations regarding insurance, which means the cost of insurance can vary significantly from state to state.

MoneyGeek found that State Farm most frequently offers the cheapest renters insurance; it's the cheapest company in 18 states. Lemonade and Allstate are tied as runners-up, with both offering the cheapest renters insurance on average in 10 states. Overall, nine different companies had the cheapest rates in at least one state, so you should shop around to find out which is the cheapest option near you.

If you or your family has a military background, you should also take a look at USAA. It's excluded from this analysis because of its eligibility requirements, but is frequently among the cheapest renters insurance companies.

Many factors can impact your insurance rates in each city, including crime, weather and population density. A city with a small population and low crime rate will typically have much lower rates, which is why Fargo, North Dakota, has some of the lowest rates in the nation: it's cheapest insurer chargers our renter around $4 per month. High-density areas with higher crime rates pay more for renters insurance, which is why a sample renter in Detroit, Michigan, could pay as much as $17 a month for their coverage.

Is it possible to get cheap renters insurance online? Absolutely — an online quote system can provide you with quotes from multiple insurance companies offering cheap renters insurance. The best strategy to get cheap renters insurance is to compare quotes across several companies. While doing this, you should make sure to take advantage of available discounts and set an appropriate deductible.

To get a quote, you will need the following information:

• Name
• Date of birth
• Email address and phone number
• Address and ZIP code of your rental
• Date coverage will take effect
• Number of people living in the home full-time
• Name and type of any business conducted in the home, especially things like childcare or pet care
• Total value of your personal property
• Safety features (alarm system, deadbolt, sprinkler system, etc.)
• Credit score and insurance history

Like any insurance policy, the cost of your renters insurance depends on how much renters insurance coverage you need. Many people err on the side of saving money on their premiums, leaving them underinsured.

It is important to know exactly how much coverage you need before making a purchase. Buy too much, and you’re paying for coverage you’ll never use — buy too little, and you’re stuck paying thousands of dollars to make yourself whole again after a disaster. Industry experts recommend that you carry enough personal property coverage to replace your belongings if everything you own is destroyed and at least $100,000 in liability coverage.

It can be difficult to know where to start looking for renters insurance quotes. The frequently asked questions below can help guide you in your search for cheap renters insurance.

MoneyGeek, in partnership with Quadrant Corp, analyzed renters insurance quotes across all 50 states and dozens of major cities to determine the renters insurance companies with the cheapest rates. The cheapest premiums were determined by gathering quotes for personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.