Compare Rates and Save on Renters Insurance

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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.

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The Cheapest Renters Insurance Companies for 2023

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.

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 personal property coverage, reimbursed living expenses, 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 renters 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, MoneyGeek has resources to help you learn more about renters insurance so you can make an informed decision.

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WHAT DOES RENTERS INSURANCE INCLUDE?

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

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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
State
Cheapest Company

Alabama

State Farm

Alaska

Allstate

Arizona

Lemonade

Arkansas

Nationwide

California

Lemonade

Colorado

Allstate

Connecticut

Lemonade

Delaware

State Farm

Florida

Travelers

Georgia

Lemonade

Hawaii

State Farm

Idaho

MetLife

Illinois

Lemonade

Indiana

Nationwide

Iowa

State Farm

Kansas

State Farm

Kentucky

State Farm

Louisiana

State Farm

Maine

MetLife

Maryland

Lemonade

Massachusetts

State Farm

Michigan

Farmers

Minnesota

State Farm

Mississippi

Nationwide

Missouri

State Farm

Montana

Allstate

Nebraska

MetLife

Nevada

American Family

New Hampshire

MetLife

New Jersey

Lemonade

New Mexico

State Farm

New York

Lemonade

North Carolina

State Farm

North Dakota

MetLife

Ohio

Lemonade

Oklahoma

State Farm

Oregon

MetLife

Pennsylvania

State Farm

Rhode Island

Amica Mutual

South Carolina

State Farm

South Dakota

Allstate

Tennessee

State Farm

Texas

Lemonade

Utah

Allstate

Vermont

State Farm

Virginia

Allstate

Washington

Allstate

Washington D.C.

Allstate

West Virginia

Allstate

Wisconsin

Allstate

Wyoming

State Farm

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.

City
Cheapest Company
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

Insurance Rates

Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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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.

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

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
Insurance Rates

Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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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

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.

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?
William Matthews
William Matthews

Adjunct Professor of Finance

Somil Jain
Somil Jain

Chief Actuarial Officer at Steadily

Karen McGrath, Ph.D.
Karen McGrath, Ph.D.

Assistant Professor of Finance at Bucknell University

Dr. Hrishikesh (Hrish) Desai
Dr. Hrishikesh (Hrish) Desai

Assistant Professor of Accounting at Arkansas State 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

David Marlett
David Marlett

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

Aniruddha Pangarkar, Ph.D., MBA
Aniruddha Pangarkar, Ph.D., MBA

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

Omid Kamran Disfani
Omid Kamran Disfani

Assistant Professor of Marketing at Southern Illinois University

Demissew Ejara, Ph.D.
Demissew Ejara, Ph.D.

Associate Professor of Finance at The University of New Haven

Christopher Ryan, Jr
Christopher Ryan, Jr

Assistant Professor of Law at the University of Louisville

John Espenschied
John Espenschied

Agency Owner of Insurance Brokers Group

Jeffrey Heninger
Jeffrey Heninger

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

Tim Zhang, PhD
Tim Zhang, PhD

Assistant Professor of Finance at the University of Wyoming

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

Catherine Helmuth
Catherine Helmuth

Assistant Professor, Department of Management, Central Michigan University

Heidi Petschauer, CIC
Heidi Petschauer, CIC

President, Petschauer Insurance

James Farrell
James Farrell

Associate Professor of Finance and Economics at Florida Southern College

Nick Gromicko
Nick Gromicko

Founder of InterNACHI and Certified Master Inspector®

Mark Levine, Ph.D.
Mark Levine, Ph.D.

Professor, Daniels College of Business at The University of Denver

Blake Hardwick
Blake Hardwick

Marketing Manager for Greenberg & Stein, PC

Ben Reynolds
Ben Reynolds

CEO and Founder of Sure Dividend

Daniel A Boyer
Daniel A Boyer

Agency Owner, 30 years experience

Niloofar Ghorbani
Niloofar Ghorbani

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

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

Professor of Finance at Ramapo College Of New Jersey

Wendy Usrey
Wendy Usrey

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

Divya Balasubramaniam
Divya Balasubramaniam

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

Kuzey Yilmaz
Kuzey Yilmaz

Assistant Professor at Cleveland State University

David Echeverry
David Echeverry

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

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 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.


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