In this guide, we examine three of the cheapest renters insurance companies in the industry to help you find an affordable policy that provides the coverage you need.
State Farm, Lemonade, and Toggle have cheap renters insurance policies with starting prices around $5 per month. To help you find the most affordable renters insurance options, the This Old House Reviews team compared these renters insurance providers and looked at pricing, coverage, and available discounts to help determine which one is the best renters insurance company for you.
Cheapest Renters Insurance Companies
We picked the three cheapest renters insurance providers based on the prices they advertise on their websites and quotes we received from them. Here’s a rundown of their coverage, benefits, and optional coverage options.
1. State Farm: Cheapest Apartment Renters Insurance
State Farm has close to 90 years of experience in the insurance industry. The company’s renters insurance policies provide standard coverage with personal property, loss of use, liability, and medical payments to others protection for about $12 per month.
2. Lemonade: Best Endorsements for Valuables
Lemonade policies start at $5 per month and the company adds coverage for portable electronics to the standard personal property, loss of use, liability, and medical payments coverage.
Lemonade has a long list of endorsement options, including ones that allow you to add valuable items for less than a dollar more per month:
- Earthquake protection
- Fine art
- Musical instruments
- Significant other (not married)
- Water backup
- Landlord property damage
3. Toggle: Best for Renters with Little Personal Property
Toggle was created by Farmers Insurance Group, a company that has over 90 years of industry experience and an A+ rating from the Better Business Bureau (BBB).
Toggle coverage is unique because it splits personal property coverage into seven categories. You get a blanket $1,000 to put toward protecting your belongings, and then you can buy additional coverage in the following categories:
- Furniture and appliances
- Fashion and jewelry
- Creative and maker
Compare Cheap Renters Insurance Options
If you’re not sure which renters insurance policy is best for you, compare the providers below.
If you’re looking for renters insurance that’s cheaper than $15 per month, consider signing up for a plan through State Farm, Lemonade, or Toggle. To compare policy pricing, we recommend getting free renters insurance quotes from all three providers, using the tool below:
Frequently Asked Questions
How much does renters insurance cost?
As of 2017, the average renters insurance policy cost $15 per month, according to the Insurance Information Institute. The companies in this review all have starting renters insurance rates that are cheaper than that price. However, the cost of a policy will vary by state, person, and property, so get a few quotes from different providers to compare your options.
How can I lower the cost of renters insurance?
Here are a few tips on how to lower your premium:
- Look for discounts—Most insurance providers offer discounts for bundling insurance policies or staying claims-free. Both Lemonade and State Farm offer a discount for having safety features in your home, and State Farm offers a discount for bundling renters and auto insurance. If you’re looking for companies with more discounts, check out Allstate and American Family.
- Choose a higher deductible—When you increase your deductible, your premium will be lower, which could save you money every month.
- Pay annually or semi-annually—Monthly premiums allow you to break up the cost of a policy, but it ends up costing more because your provider tacks on interest each month. If you can afford to pay for an entire policy upfront or split it into two or four payments a year, you’ll keep more money in your pocket.
What does renters insurance cover?
A renters insurance policy covers liability, loss of use, personal property, and medical payments to others coverage for the following events:
- Falling objects
- Water damage except for flooding
- Weight of snow, sleet, or ice
- Smoke damage
Is renters insurance required?
No state requires renters insurance by law, but your landlord may require insurance for you to live on their property.
How do I cancel renters insurance?
You can cancel your renters insurance policy by contacting your insurance agency. Depending on the company and state, you won’t be charged a cancellation fee and you’ll be eligible for a prorated refund.
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