Cheap Renters Insurance: Most Affordable Quotes in 2024

Enter your ZIP code to get started


Free. Simple. Secure.

Banner image
By Rachael Brennan
Reviewed byMark Friedlander
Contributions by6 experts
fact checked icon
By Rachael Brennan
fact checked icon
Reviewed byMark Friedlander
Contributions by6 experts
fact checked icon

Updated: May 22, 2024

Advertising & Editorial Disclosure

Renters insurance is necessary for anyone who doesn’t own their home and wants to protect their belongings, but you don't necessarily need to pay an arm and a leg. MoneyGeek analyzed renters insurance rates across all 50 states and Washington, D.C., and hundreds of cities to determine which companies offer the cheapest rates for you. Allstate offers the cheapest renters insurance overall, but other insurers may be the cheapest in your state, such as State Farm and Lemonade.

Table of Contents

The Cheapest Renters Insurance Companies for 2024

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.


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, MoneyGeek has resources to help you learn more about renters insurance so you can make an informed decision.

mglogo icon

With a standard renters insurance policy, you have coverage for what you own and protection from accidents, severe weather, fire, theft and vandalism. Floods and earthquakes are not covered unless you purchase a separate policy or add them as endorsements on your renters policy. Renters insurance does include liability coverage, no-fault medical coverage and loss of use/additional living expense coverage if you are displaced for a covered event. — Mark Friedlander, Director, Corporate Communications, Insurance Information Institute


The Cheapest Renters Insurance Companies by State

Although State Farm doesn't have the lowest renters insurance rates overall, it ranked number one for affordability in more states than any other insurer. MoneyGeek found that:

  • State Farm is the cheapest renters insurance company in 18 states.
  • Lemonade and Allstate are tied as runners-up, with both offering the cheapest renters insurance on average in 10 states.

Each state has its own laws and regulations regarding insurance, which means the cost of insurance can vary significantly from state to state. 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. Click your state below to learn more about

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

Which Companies Offer Cheap Renters Insurance in Big Cities?

Of the 126 cities for which MoneyGeek collected data, Lemonade is most frequently the cheapest insurer. We found it's the most affordable option in 48 cities. State Farm (35 cities) and Allstate (24) aren't far behind.

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.

This is why Fargo, North Dakota, has some of the lowest rates in the nation: its cheapest insurer, MetLife, 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 Farmers renters insurance, the cheapest insurer in that city.


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.


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

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.

mglogo icon

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. — Mark Friedlander, Director, Corporate Communications, Insurance Information Institute

Learn More About Renters Insurance

FAQ: Cheap Renters Insurance

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

Which company has the cheapest renters insurance per month?
Is affordable renters insurance reputable?
Why is renters insurance so cheap compared to home insurance?
Does my landlord's insurance cover my personal belongings?
What is Actual Cash Value vs. Replacement Cost?


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 Rachael Brennan

 Rachael Brennan headshot

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.