Cheapest Renters Insurance: The Most Affordable Companies in 2026

Amica is the cheapest renters insurance carrier at $107 a year, 41% below the national average of $185, based on our review of renters insurance rates from 56 carriers across 897 ZIP codes. Lemonade and State Farm are the next most affordable at $122 and $134 a year.

Amica's $9-a-month rate isn't a flat number. It comes from a specific setup: $20,000 in personal property coverage, a $1,000 deductible and a clean claims record. Change any one of those and where each carrier lands in the table above can shift.

Credit affects Amica and Lemonade differently even though they start close together. Amica's premium rises $58 a year at the poor-credit tier. Lemonade's rises $44, narrowing Amica's price edge once credit becomes part of the picture.

Coverage level moves your rate more than credit does. Amica stays cheapest through $100,000 in personal property coverage, but its annual premium more than triples over that range, from $107 to $298. State Farm only takes the lead at the $250,000 tier, where it charges $375 a year.

A clean claims record protects Amica's price advantage. Amica charges $10 a month after one claim, a dollar more than its clean-record rate. The priciest carrier in our analysis charges $15 for the same claims history, a $60 difference for the exact same record.

Get quotes based on your own coverage need, credit and claims history before assuming the cheapest company above stays cheapest for you.

Erie and USAA aren't the cheapest options in our analysis, but both keep rates affordable and back them with standout service. Erie includes standard replacement cost coverage and a claims process renters rate highly. USAA posts the highest satisfaction score in the study for renters who qualify through military service.

Your state determines which company is cheapest for you. Amica leads nationally, but Lemonade holds the lowest rate in 15 states, State Farm in 10 and USAA in 8 for eligible military renters. In states where Farm Bureau or NJM leads, those regional carriers usually beat national brands on price. We recommend getting a quote from the carrier listed for your state alongside the other providers you're considering to find the best deal.

Michigan has the lowest rate in the country at $3 a month with Auto-Owners. Louisiana's cheapest company offers rates of $13 a month for the same coverage profile. That $108 annual gap has nothing to do with the renter. Local crime rates and natural disaster exposure increase rates up in high-risk states regardless of your personal record. 

The cheapest carrier in your state isn't always the cheapest for your profile. Lemonade leads in 15 states for renters with good credit and holds up well after a credit drop. Its rate rises $44 a year on average for those with poor credit, compared with $58 at Amica. USAA leads in eight states but only for military members and veterans. If your credit has taken a hit or you've filed a claim recently, get quotes from at least two carriers in your state before deciding.

We analyzed average renters insurance premiums across four coverage tiers. Amica has the lowest rate at every tier from $20,000 to $100,000 in personal property coverage. The jump from $20K to $50K adds $6 a month with Amica. The carrier you choose matters more at higher tiers.

At the $100K tier, Amica charges $25 a month, $19 less than the national average of $44. That's a $228 annual gap, more than twice the $84 difference at the $20K tier. The more coverage you need, the more the carrier choice moves your rate. Shopping around saves more at higher tiers than it does at the base level.

Most renters choose $20,000 in coverage without checking whether it's enough. A laptop, a smartphone, a television, furniture and kitchen appliances can exceed that in replacement value. Replacement cost coverage pays what it costs to buy those items new today, not what they're worth used. Count up what you own room by room before picking a tier. It takes under 20 minutes.

Poor credit raises your renters insurance premium, and how much depends on which carrier you choose. At the poor credit tier, the gap between the cheapest and most expensive carrier in our analysis is $10 a month, or $118 a year, wider than the $6 monthly gap at the good credit tier.

Amica and Lemonade both charge $14 a month at the poor credit tier, a $1 annual difference that puts them in a near tie. The choice then comes down to service style. Amica has local offices where you can meet in person to discuss claims or your policy. Lemonade skips the offices entirely and runs everything through its app.

Most carriers set your rate using a credit-based insurance score rather than your standard credit score, weighted toward factors that predict claims. Two renters with similar credit scores can pay different premiums depending on how that formula treats their history. The $10 monthly gap between what Amica and Nationwide charge for poor credit renters is driven by how aggressively each carrier weighs credit in pricing. In states where credit-based pricing is legal, moving from poor to good credit can cut your premium by more than a full year of staying claim-free.

Amica has the cheapest renters insurance overall at $9 a month, but the right carrier for you depends on your state, your credit, your coverage need and your deductible. Lemonade, State Farm and USAA each lead in different states, and switching coverage tiers or credit profiles can put a different company in front.

Erie and USAA cost more than the cheapest options but back that price with standout service, so they're worth a quote if claims handling and coverage inclusions matter as much as the bill. Whatever you choose, run quotes from at least the two or three cheapest carriers available in your state before you commit. The rate you see in a table only applies to the exact profile it's built on.