Cheap Renters Insurance: Most Affordable Quotes in 2021

On average, the cheapest renters insurance company is Allstate at $10 per month. But the cheapest for you could depend on where you live and your coverage needs.

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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.

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The Cheapest Renters Insurance Companies for 2021

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.

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  • Company
    Monthly Rate
  • 1.
    Allstate
    $10
  • 2.
    State Farm
    $11
  • 3.
    Farmers
    $13
  • 4.
    Travelers
    $13
  • 5.
    MetLife
    $14
  • 6.
    Nationwide
    $28
Allstate

Allstate renters insurance policies come with multiple types of coverage, including property coverage, guest medical and family liability coverage. Beyond its cheap base prices, there are many reasons to choose an Allstate policy.

  • The company provides access to a local agent to answer any questions you may have about your coverage.
  • Allstate also boasts a bundling discount when you purchase both renters insurance and auto insurance through them, potentially bringing your renters insurance costs to as little as $4 a month.
State Farm

State Farm insurance policies are among the cheapest in the country. But they also have additional coverage benefits if you choose to pay more per month:

  • State Farm makes it easy to increase coverage for valuable items like jewelry and business property.
  • You can opt to buy inflation coverage so that your coverage limits will increase automatically over time.

You should note that these are the renters insurance companies that MoneyGeek has determined have the cheapest rates on average. However, if you're looking for more than just savings on your monthly bill, you should also consider the quality of these providers' customer service. MoneyGeek has scored the best renters insurance companies for those who want to balance value and quality.

The Cheapest Renters Insurance Companies by State

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.

Cheapest Renters Insurance Companies in Each State - Excluding USAA

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Which Companies Offer Cheap Renters Insurance in Big Cities?

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.

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  • Cheapest Company by City
    Monthly Rate
  • Albuquerque, NM - State Farm
    $8
  • Anaheim, CA - Lemonade
    $6
  • Anchorage, AK - Allstate
    $6
  • Arlington, TX - Lemonade
    $7
  • Atlanta, GA - Lemonade
    $9
  • Aurora, CO - Allstate
    $8
  • Austin, TX - Lemonade
    $5
  • Bakersfield, CA - Lemonade
    $7
  • Baltimore, MD - Lemonade
    $6
  • Baton Rouge, LA - State Farm
    $11
  • Billings, MT - Allstate
    $8
  • Birmingham, AL - State Farm
    $11
  • Boise, ID - MetLife
    $6
  • Boston, MA - State Farm
    $10
  • Bridgeport, CT - Lemonade
    $5
  • Buffalo, NY - Lemonade
    $5
  • Burlington, VT - Co-Operative Insurance
    $8
  • Chandler, AZ - Lemonade
    $6
  • Charleston, SC - State Farm
    $10
  • Charleston, WV - Allstate
    $9
  • Charlotte, NC - State Farm
    $7
  • Chesapeake, VA - Allstate
    $8
  • Cheyenne, WY - State Farm
    $10
  • Chicago, IL - Lemonade
    $5
  • Chula Vista, CA - Lemonade
    $5
  • Cincinnati, OH - Lemonade
    $5
  • Cleveland, OH - State Farm
    $10
  • Colorado Springs, CO - Allstate
    $8
  • Columbus, OH - Lemonade
    $6
  • Corpus Christi, TX - Allstate
    $6
  • Dallas, TX - Lemonade
    $7
  • Denver, CO - Allstate
    $9
  • Des Moines, IA - State Farm
    $6
  • Detroit, MI - Farmers
    $17
  • Durham, NC - State Farm
    $6
  • El Paso, TX - Lemonade
    $5
  • Fargo, ND - MetLife
    $4
  • Fayetteville, NC - State Farm
    $10
  • Fontana, CA - Lemonade
    $7
  • Fort Wayne, IN - Nationwide
    $9
  • Fort Worth, TX - Lemonade
    $7
  • Fremont, CA - Lemonade
    $8
  • Fresno, CA - Lemonade
    $7
  • Garland, TX - Lemonade
    $7
  • Gilbert, AZ - Lemonade
    $5
  • Glendale, AZ - State Farm
    $8
  • Greensboro, NC - State Farm
    $7
  • Henderson, NV - American Family
    $10
  • Hialeah, FL - State Farm
    $9
  • Honolulu, HI - State Farm
    $8
  • Houston, TX - Allstate
    $9
  • Indianapolis, IN - Nationwide
    $10
  • Irvine, CA - Lemonade
    $6
  • Irving, TX - Lemonade
    $7
  • Jackson, MS - Nationwide
    $14
  • Jacksonville, FL - Travelers
    $8
  • Jersey City, NJ - Lemonade
    $5
  • Kansas City, MO - State Farm
    $10
  • Laredo, TX - Lemonade
    $6
  • Las Vegas, NV - American Family
    $10
  • Lexington, KY - State Farm
    $8
  • Lincoln, NE - MetLife
    $7
  • Little Rock, AR - Nationwide
    $13
  • Long Beach, CA - Lemonade
    $8
  • Los Angeles, CA - Lemonade
    $8
  • Louisville, KY - State Farm
    $9
  • Lubbock, TX - Lemonade
    $6
  • Madison, WI - Allstate
    $6
  • Manchester, NH - MetLife
    $7
  • Memphis, TN - State Farm
    $10
  • Mesa, AZ - Lemonade
    $6
  • Miami, FL - State Farm
    $11
  • Milwaukee, WI - Allstate
    $7
  • Minneapolis, MN - State Farm
    $7
  • Modesto, CA - Lemonade
    $8
  • Moreno Valley, CA - Lemonade
    $7
  • Nashville, TN - State Farm
    $10
  • New Orleans, LA - State Farm
    $10
  • New York, NY - Lemonade
    $5
  • Newark, NJ - Lemonade
    $7
  • Norfolk, VA - Allstate
    $8
  • North Las Vegas, NV - American Family
    $11
  • Oakland, CA - Lemonade
    $9
  • Oklahoma City, OK - State Farm
    $10
  • Omaha, NE - MetLife
    $8
  • Orlando, FL - Allstate
    $7
  • Oxnard, CA - Lemonade
    $6
  • Philadelphia, PA - State Farm
    $10
  • Phoenix, AZ - State Farm
    $10
  • Pittsburgh, PA - Allstate
    $8
  • Plano, TX - Lemonade
    $5
  • Portland, ME - MetLife
    $6
  • Portland, OR - MetLife
    $7
  • Providence, RI - Amica Mutual
    $8
  • Raleigh, NC - State Farm
    $6
  • Reno, NV - State Farm
    $10
  • Richmond, VA - Allstate
    $8
  • Riverside, CA - Lemonade
    $7
  • Sacramento, CA - Lemonade
    $10
  • Salt Lake City, UT - Allstate
    $7
  • San Antonio, TX - Lemonade
    $7
  • San Bernardino, CA - Lemonade
    $7
  • San Diego, CA - Lemonade
    $7
  • San Francisco, CA - Lemonade
    $7
  • San Jose, CA - Lemonade
    $6
  • Santa Ana, CA - Lemonade
    $6
  • Santa Clarita, CA - Lemonade
    $9
  • Santa Rosa, CA - Lemonade
    $6
  • Scottsdale, AZ - Lemonade
    $6
  • Seattle, WA - Allstate
    $7
  • Sioux Falls, SD - Allstate
    $6
  • Spokane, WA - Allstate
    $7
  • St. Louis, MO - State Farm
    $10
  • St. Paul, MN - State Farm
    $7
  • St. Petersburg, FL - Allstate
    $7
  • Stockton, CA - Lemonade
    $8
  • Tacoma, WA - Allstate
    $7
  • Tampa, FL - Travelers
    $8
  • Toledo, OH - Allstate
    $11
  • Tucson, AZ - State Farm
    $8
  • Tulsa, OK - State Farm
    $9
  • Virginia Beach, VA - Allstate
    $8
  • Washington, DC - Allstate
    $8
  • Wichita, KS - State Farm
    $8
  • Wilmington, DE - State Farm
    $7
  • Winston-Salem, NC - State Farm
    $7
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How Can You Get Cheap Renters Insurance?

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.

Strategies To Get Cheap Renters Insurance

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Get multiple quotes
Comparing rates among multiple companies is the best way to make sure you get the lowest possible price on your renters insurance.

carInsurance

Bundle your policies
Combining your renters insurance with your auto insurance or other policies is an excellent way to get a multi-policy discount.

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Choose a higher deductible
Raising your deductible can help keep your premiums low but make sure you have enough on hand to pay it in an emergency.

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
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How Much Coverage Do You Need?

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.

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MONEYGEEK EXPERT TIP

Renters insurance is typically very affordable, costing $13 per month on average. And it’s one of the best ways to protect your assets. Purchase as much renters insurance as you need — when in doubt, it is better to be overinsured than underinsured.

Learn More About Renters Insurance

FAQ: Cheap Renters Insurance

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.

Expert Insight on Cheap Renters Insurance

Finding renters insurance can be confusing, and getting the best renters insurance for you can seem overwhelming. MoneyGeek spoke to experts, industry leaders and academics across the country to gain insight on renters insurance and help you make an informed purchase.

  1. Is it possible to be completely protected by a cheap renters insurance policy?
  2. Is there a common mistake people make when buying cheap renters insurance and, if so, how can they avoid it?
  3. What is the most effective way to save money on your renters insurance?
Daniel A Boyer
Daniel A Boyer

Agency Owner, 30 years experience

Ben Reynolds
Ben Reynolds

CEO and Founder of Sure Dividend

Blake Hardwick
Blake Hardwick

Marketing Manager for Greenberg & Stein, PC

Nick Gromicko
Nick Gromicko

Founder of InterNACHI and Certified Master Inspector®

James Farrell
James Farrell

Associate Professor of Finance and Economics at Florida Southern College

David Echeverry
David Echeverry

Visiting Assistant Professor of Finance, Mendoza College of Business. University of Notre Dame

Catherine Helmuth
Catherine Helmuth

Assistant Professor, Department of Management, Central Michigan University

Juscelino F. Colares, JD, PhD
Juscelino F. Colares, JD, PhD

Schott-van den Eynden Professor of Business Law at Case Western Reserve University School of Law

Kuzey Yilmaz
Kuzey Yilmaz

Assistant Professor at Cleveland State University

Divya Balasubramaniam
Divya Balasubramaniam

Associate Professor of Economics; Director The Nealis Program in Asian Studies at Saint Joseph's University

John Espenschied
John Espenschied

Agency Owner of Insurance Brokers Group

Christopher Ryan, Jr
Christopher Ryan, Jr

Assistant Professor of Law at the University of Louisville

Wendy Usrey
Wendy Usrey

Senior Instructor at Colorado State University, Doctoral Candidate (Personal Financial Planning) and Licensed Independent Real Estate Broker

Demissew Ejara
Demissew Ejara

Associate Professor of Finance at The University of New Haven

Omid Kamran Disfani
Omid Kamran Disfani

Assistant Professor of Marketing at Southern Illinois University

Dr. Aniruddha Pangarkar
Dr. Aniruddha Pangarkar

Assistant Professor of Marketing at the University of Wisconsin-Green Bay

Stephen J. Larson, Ph.D., CFP®
Stephen J. Larson, Ph.D., CFP®

Professor of Finance at Ramapo College Of New Jersey

David Marlett
David Marlett

Managing Director of Brantley Risk and Insurance Center, IIANC Distinguished Professor of Insurance at Appalachian State University

Niloofar Ghorbani
Niloofar Ghorbani

Assistant Professor of Actuarial Sciences and Statistics, Department of Mathematical Sciences, High Point University

Mark Levine, PhD
Mark Levine, PhD

Professor, Daniels College of Business at The University of Denver

Heidi Petschauer, CIC
Heidi Petschauer, CIC

President, Petschauer Insurance

Tim Zhang, PhD
Tim Zhang, PhD

Assistant Professor of Finance at the University of Wyoming

Jeffrey Heninger
Jeffrey Heninger

Adjunct Professor at the Antonin Scalia Law School at George Mason University

J. Tim Query, Ph.D., C.P.A., A.R.M.
J. Tim Query, Ph.D., C.P.A., A.R.M.

Professor at the New Mexico State University, College of Business

Methodology

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.

About the Author


expert-profile

Rachael Brennan is a professional freelance writer. She has been published on a number of websites, including Adweek, Glamour and Cracked. 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.


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