6 Cheapest Renters Insurance Companies (2024)

Here are the six cheapest renters insurance providers based on the prices they advertise on their websites and quotes we received.

If you’re not sure which renters insurance policy is best for you, compare the providers below.

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.

A renters insurance policy covers liability, loss of use, personal property, and medical payments to others coverage for the following events:

• Fire
• Lightning
• Hail
• Wind
• Falling objects
• Vandalism
• Riots
• Theft
• Explosions
• Water damage except for flooding
• Weight of snow, sleet, or ice
• Smoke damage

If you’re looking for cheap renters insurance around $15 per month, consider signing up for a plan through Lemonade, State Farm, or Toggle. To compare policy pricing, we recommend getting free renters insurance quotes from all three providers.

Use the quote tool below to compare quotes from the top providers that meet your unique needs: