Updated: June 16, 2025
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State Farm has the cheapest renters insurance nationally at an average of $8 per month ($101 annually) for $20,000 in personal property coverage, followed by Auto-Owners Insurance at $9 per month.
State Farm offers the lowest rates in 18 states, Allstate in nine states, and Auto-Owners in four states. This means the cheapest option depends on where you live, so compare quotes from multiple companies in your area.
Nationwide is the cheapest for renters with poor credit. State Farm is the most affordable for seniors and young people, while Auto-Owners has the cheapest rates for those with a claims history.
State Farm has the cheapest renters insurance policy overall. However, the most affordable option may vary depending on certain factors. The sections below show the best renters insurance rates by company, buyer profile and location.
State Farm offers the cheapest renters insurance policy, at $8 per month for $20,000 of coverage. Auto-Owners offers the second-cheapest renters insurance policy, at $9 per month for the same coverage.
State Farm offers the cheapest renters insurance nationally, charging an average of $8 a month for $20,000 of coverage. Our analysis found that State Farm has the cheapest renters insurance across all levels of coverage amounts.
Discount Options
To make your policy even cheaper, State Farm offers a discount if there are home security devices installed in your rented property, such as smoke detectors, fire alarms or a home monitoring system. You can also get a discount if you bundle discounts with State Farm’s other policies, such as auto insurance or life insurance.
Additional Coverage
Along with cheap renters insurance rates, State Farm also offers options to supplement your coverage. For instance, State Farm makes it easy to increase coverage for valuable items like jewelry or art. You can also opt to buy inflation coverage, which is where your coverage limits will increase automatically over time.
With policies averaging $9 per month, Auto-Owners ranks as the second-cheapest renters insurance provider nationally across coverage levels up to $100,000.
Discount Options
Auto-Owners offers a number of discount opportunities for renters, from enrolling automatic payments and bundling policies to being a retiree over 55. For instance, if you’re at least 55 and have retired, or if you bundle a home and auto insurance policy you can qualify for a renters insurance discount with Auto-Owners.
Additional Coverage Options
For renters who want to supplement their policy with additional protection, Auto-Owners' endorsements include identity theft restoration and scheduled personal property. If you want to financially protect yourself against identity fraud, for instance, you can get that coverage with this provider.
State Farm is also the cheapest renters insurance for buyers looking for higher coverage amounts. Its average rate is $12 per month for $50,000 coverage, $18 per month for $100,000 coverage and $39 per month for $250,000 coverage. The table below shows the cheapest renters insurance quotes by coverage level.
| State Farm | $ 149 | $ 12 |
| Auto-Owners Insurance | $ 168 | $ 14 |
| American Family | $ 203 | $ 17 |
| Nationwide | $ 210 | $ 17 |
| Allstate | $ 214 | $ 18 |
| Farmers | $ 296 | $ 25 |
| Chubb | $ 338 | $ 28 |
| Travelers | $ 442 | $ 37 |
The cost of your policy can vary based on your unique situation and buyer profile. Below are the cheapest renters insurance companies for various buyer types.
Buyer Type | Company | $20,000 Coverage | $100,000 Coverage |
|---|---|---|---|
Poor Credit | Nationwide | $19 | $32 |
More than Four Occupants | State Farm | $10 | $21 |
Seniors | State Farm | $8 | $17 |
Young People | State Farm | $9 | $19 |
Previous Claims | Auto-Owners | $15 | $27 |
Each state has different insurance laws and regulations, so renters insurance costs vary widely by location. We found that for $20,000 in personal property coverage, State Farm offers the cheapest renters insurance in 18 states, Allstate in nine states, and Auto-Owners in four states.
Since three different companies offer the lowest rates depending on your state, you'll want to compare quotes from multiple insurers in your area. Click your state below to learn more about the cheapest providers near you.
| State Farm | $ 145 | $ 12 |
| Auto-Owners Insurance | $ 157 | $ 13 |
| COUNTRY Financial | $ 163 | $ 14 |
| Nationwide | $ 214 | $ 18 |
| Allstate | $ 224 | $ 19 |
| Travelers | $ 359 | $ 30 |
| Foremost Insurance | $ 566 | $ 47 |
**Note: If you or your family has a military background, you should also consider USAA. It's excluded from this analysis because of its eligibility requirements, but it is frequently among the cheapest renters insurance companies.
Choosing the right renters insurance policy and provider can save you money and ensure sufficient coverage. The most affordable renters insurance options for you depend on your coverage needs. Explore the sections below to learn more about finding the best rates and what renters insurance covers.
Finding affordable renters insurance doesn't mean sacrificing quality coverage. These six strategies can lower your premiums while keeping your belongings protected
Start by comparing renters insurance quotes from multiple companies. Pricing can vary widely for identical coverage, so use online comparison tools or work with an independent agent to shop several insurers at once.
Combine renters insurance with other policies (auto, life) from the same provider for multi-policy discounts of 5% to 25%. This approach often yields the biggest savings across all your insurance needs.
Raise your deductible from $500 to $1,000 to reduce premiums by 10% to 25%. Just ensure you have enough savings to cover this higher out-of-pocket expense if you need to file a claim.
Most insurers use credit-based insurance scores to set rates. Pay bills on time, reduce debt and monitor your credit report for errors to qualify for better premiums.
Add protective features to earn discounts:
Save 2% to 10% by paying your entire premium upfront annually rather than in monthly installments. Many insurers also offer discounts for automatic payment setup.
Before starting, gather your rental address (with unit number), basic personal information, estimated value of your belongings, previous insurance information (if applicable) and a payment method. Once you have these in order, you can proceed with the following steps.
Step 1: Start Your Renters Insurance Quote
Visit the insurance provider's website or compare companies on MoneyGeek. Look for a "Get a Quote" button and enter your ZIP code when prompted to begin the process.
Step 2: Provide Property Details
Enter your complete rental address and specify the type of rental (apartment, house, condo). Note any security features that might qualify you for discounts.
Step 3: Select Coverage Amounts
Choose your desired personal property coverage amount and select a liability coverage limit (typically $100,000 to $500,000). Pick your deductible amount ($500 to $2,000).
Step 4: Apply Discounts
Most providers offer discounts for bundling with auto insurance, security features, automatic payments and paying annually instead of monthly.
Step 5: Review and Purchase
Verify all information is accurate and confirm your coverage start date. Enter payment information and complete your purchase.
Our renters insurance calculator below can provide personalized quotes based on your coverage needs to help you accurately estimate potential costs.
MoneyGeek's renters insurance calculator will give you a customized estimate of your renters insurance costs.
It's free to use, requires no personal information and we won't send you any spam.
Rates updated:
Jul 09, 2025
Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.
Find the Best Renters Insurance for You
The companies above offer the cheapest renters insurance based on national averages. We recommend using our local data to find the cheapest renters insurance in your state.
If you're not just focused on savings, we also compiled resources to help you choose the right renters insurance company.
If you want a balance of both affordability and service quality, we scored the best renters insurance companies across the country.
If you're still not sure what the function of renters insurance is, learn more about what renters insurance covers.
We crunched the numbers on the average cost of renters insurance so you can learn how rates change when you adjust coverage levels.
Ready to buy a policy? Learn how to compare renters insurance quotes to get the best deal.
The cost of your renters insurance depends on how much renters insurance coverage you need.
For Your Stuff (Personal Property): This coverage amount impacts cost most
For Liability Protection
For Medical Payments
For Living Expenses
To decide how much insurance to buy, you need to know the value of all your personal possessions, including furniture, clothing, electronics, appliances, kitchen utensils and even towels and bedding. In other words, if your home were to burn, you should have enough insurance to replace all of your possessions.
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, Corporate Communications, Insurance Information Institute
A standard renters insurance policy provides four main types of protection for tenants. Each coverage type will have a specific coverage amount when buying the policy.
Personal Property Coverage
This protects your belongings (furniture, electronics, clothes) from covered perils such as fire, lightning, theft, vandalism and certain water damage. It covers items like:
Your coverage applies not just in your home but often worldwide, so items stolen while traveling may also be covered.
Personal Liability Protection
This protects you financially if someone is injured in your rental unit or if you accidentally damage someone else's property. It covers:
Additional Living Expenses (Loss of Use)
If your rental becomes uninhabitable due to a covered peril, this coverage pays for temporary accommodations and related expenses such as:
Medical Payments Coverage
This pays for minor injuries to guests in your home, regardless of fault, covering:
Standard exclusions include flooding, earthquakes, bed bugs and normal wear and tear. Standard renters policies also set strict limits on valuables like jewelry ($500 to $1,500), electronics and collectibles. To protect these items:
Understanding your policy's specific terms, exclusions and limits is important to ensure you have adequate renters coverage protection.
What's Covered:
What's Not Covered:
Higher liability limits (at least $300,000) are recommended for pet owners to protect against expensive claims, as the average dog bite claim costs around $50,000.
When choosing renters insurance, you'll need to decide between two ways your belongings will be valued if damaged or stolen:
ACV reimburses you for what your belongings are currently worth, minus depreciation. This means:
RCV pays the full value needed to replace your items with new ones of similar kind and quality. This means:
Most insurance experts recommend RCV coverage if you can afford it, especially since the difference in premium is often just $5 to $10 per month while the difference in claim payout can be substantial.
Remember to update your coverage when you buy expensive items or your living situation changes. Your insurance should grow with you.
The right renters insurance coverage balances cost with protection. Compare cheap renters insurance offers and providers to find the best policy. This article highlights the most affordable options based on our analysis.
We also explored renters insurance coverage basics and provided guides to help you secure cheap policies. Most renters can get solid protection for $15 to $20 per month.
If you want cheaper renters insurance, compare quotes from multiple companies, bundle policies with the same insurer and choose a higher deductible. Make sure you have enough personal property coverage based on a home inventory of your belongings.
Need guidance about finding cheap renters insurance? We've answered the most common questions to help you make the right choice.
The company with the most affordable renters insurance is State Farm. The lowest rate for you depends on your location and coverage needs.
While it's true that you generally get what you pay for, with renters insurance, a lower cost doesn't necessarily mean lower quality coverage. When considering inexpensive renters insurance options, thorough research of any company is important before purchasing a policy.
We ranked the best renters insurance companies using a balanced scoring system that considers affordability, customer satisfaction ratings and financial stability metrics.
Homeowners insurance covers your personal property and liability, just like a renters insurance policy. The big difference is that homeowners insurance also covers the replacement cost for your home, making homeowners coverage much more expensive than renters insurance.
Yes, renters insurance provides more than just property coverage. It includes liability protection if someone is injured in your home and covers additional living expenses if your rental becomes uninhabitable. At just $8 to $14 monthly, this protection offers peace of mind regardless of your belongings' value.
No, standard policies only cover the policyholder's belongings. Roommates need their own policies unless they're related or specifically named. While some insurers allow adding roommates, individual policies provide better protection for each person's needs.
Renters insurance covers liability if your pet injures someone or damages their property, but not damage to your own belongings or rental property. Some insurers exclude certain dog breeds or exotic pets, so always disclose pets when getting quotes.
Most companies provide coverage within 24 hours, and many offer instant coverage upon online purchase. This is valuable when you need proof of insurance quickly for landlord requirements or when moving into a new rental.
Filing a claim may increase your premium at renewal, especially for theft or liability claims. The increase varies based on claim type, amount, your history and company policies. For small claims, consider if the payout justifies a potential increase. Many insurers offer claim-free discounts you could lose after filing.
Yes, landlords can legally require renters insurance in your lease. This protects both parties: landlords from liability claims and tenants from financial losses. You'll need to provide proof of coverage before moving in and maintain it throughout your tenancy.
Standard renters insurance limits business equipment coverage: $2,500 on-premises and $500 off-premises. You likely need a business insurance policy if you want to cover more value than the standard coverage.
MoneyGeek 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 from $20,000 to $250,000 and a $500 deductible.
Renters insurance quotes were updated in April 2025.
About Rachael Brennan
Rachael Brennan is a professional insurance writer. She has also worked in the insurance industry for more than a decade, earning her P&C license in all 50 states and her life, health and AD&D license in New York and the surrounding states. She has been published on a number of websites, including Policy Genius, Nerdwallet and Bankrate.
