- State Farm has the cheapest renters insurance, with rates that average $11 a month.
- Erie has the best coverage options for most tenants.
- Lemonade has the most convenient shopping options.
This works out to $11 a month and is 39% less than the national average.
Lemonade is the next-cheapest company, charging an average of $12 a month.
Renters insurance rates by company
| Company | Monthly rate |
|---|---|
| State Farm | $11 |
| Lemonade | $12 |
| Allstate | $17 |
| Amica | $17 |
| U.S. average | $18 |
| Progressive | $19 |
| Assurant | $22 |
| Farmers | $23 |
| American Family | $27 |
Renters insurance is also known as tenants insurance. It covers you in an apartment, house, condominium unit or mobile home you rent from someone else. It’s not required by law, but your landlord can make you get it.
The coverages available in renters insurance and its low price often make it worth getting when you don’t need it for a lease.
State Farm is the best company for cheap renters insurance. Erie, Lemonade, Allstate and USAA each stand out for their own reasons.
Best renters insurance companies at a glance
*Higher is better. **Lower is better. Rates not available (NA) for all companies.
Satisfaction ratings are based on customer surveys by J.D. Power. The segment average is 842, and higher scores are better.
The National Association of Insurance Commissioners (NAIC) compiles complaint ratings. The average is 1.0 and lower scores are better. A 2.0 rating means twice as many substantiated complaints as average. An 0.5 rating means half as many.
The discount it offers for bundling your renters and auto insurance make it even cheaper.
State Farm is also a good company if you prefer personalized attention. Its widespread agent network makes it easy to find a State Farm agent near you.
| Pros | Cons |
|---|---|
|
Cheap rates Generous discount for bundling Personal service from local agents |
Customer service ratings are just average |
Most other companies cap their jewelry coverage at only $1,500 or less.
Erie offers replacement cost coverage for your belongings, too. This pays to replace stolen or damaged items with new ones, with no deduction for depreciation. This can give you more money to get your life back together after a major disaster or theft.
Erie also has the industry’s second-highest satisfaction score and an excellent complaint rating.
| Pros | Cons |
|---|---|
|
Valuable add-ons to customize your protection Industry’s second-highest satisfaction score Half as many complaints as average |
Only available in 12 states and the District of Columbia |
Better yet, its policies cover your belongings at replacement cost. This gives you more money to replace damaged or stolen items than actual cash value policies provide.
Lemonade’s standard coverage for jewelry tops out at $1,500, but you can pay more for extra protection.
Know that Lemonade is still a young company, only turning 10 years old in 2025 with plans to grow. As such, for now it only offers renters insurance in 28 states and the District of Columbia. It does offer discounts for bundling your renters insurance with other Lemonade products, which include pet and life insurance.
Unfortunately, it only offers car insurance in seven states. In other states, you can’t get the benefits of bundling your car and renters insurance with Lemonade — at least not yet.
| Pros | Cons |
|---|---|
|
Low rates and useful coverages High satisfaction rating Easy-to-use online shopping platform Items covered at replacement cost |
Poor complaint rating Only available in 28 states and D.C. Car and renters bundles only available in seven states |
Plus, you can get another big discount if you bundle your renters policy with your car insurance.
Allstate’s add-ons appeal to older renters in particular. These include an optional replacement cost upgrade for your belongings and extra protection for jewelry and other valuables. These give you more protection for the items you’ve amassed over the years.
| Pros | Cons |
|---|---|
|
Attractive discounts for retirees Useful add-ons for more protection |
Below-average satisfaction rating Worse-than-average overall complaint rating |
But if you qualify, you’ll get perks like replacement cost coverage for your belongings at no extra charge. Active duty members who live on base get a discount of up to 28%.
Still, one downside to USAA is its lack of personalized service. Its agents work in call centers, and you usually get a different person each time you call for assistance. On the other hand, its smartphone app and website make it easy to manage your policy electronically 24/7.
| Pros | Cons |
|---|---|
|
Industry leading customer satisfaction rating Standard replacement cost coverage Extra perks for active duty military |
Only available to current/former military and their families Lack of personalized service |
Adding up the value of your possessions can help you figure out how much renters insurance you need.
You can do this by creating an itemized list of your possessions with the value of each item and set. The personal property limit in your renters policy should match or slightly exceed their total value.
The rest of the coverages in a renters insurance policy come in default amounts, but you can usually ask for more.
Here’s how they work:
- Additional living expenses: This is sometimes called loss of use. It covers temporary living expenses if a covered disaster forces you out of your home. An amount that adds up to at least six months’ rent in your area is a good start.
- Personal liability: This covers injuries or damage you cause to others. The $100,000 default limit most companies offer is not always enough. Get more if you earn a high salary or have a high net worth. And if you have a dog or another type of pet, make sure your policy doesn’t have exclusions or limits on pet liability.
- Guest medical expenses: This covers initial treatment for a guest injured in your home, regardless of fault. A common default limit is $1,000. This is usually enough, but increasing this to $5,000 gives you more protection at an only slightly higher rate.
- Scheduled personal property: Standard renters insurance only covers valuables like jewelry and fine art on a limited basis. It usually doesn’t cost too much to add a scheduled personal property endorsement to your policy. This gives your high-value items more protection.
Most homeowners insurance companies also offer renters insurance quotes. These include companies with exclusive agents like State Farm, and independent agencies that sell insurance from multiple companies.
Start with your current car insurance company to see how much it charges for an auto and renters bundle. Then, you can compare this to the quotes you get from other companies.
It’s good to compare renters insurance quotes from at least three companies, but there’s no limit. A quote is a free, no-obligation estimate of the rates and coverage a company can provide. Your actual rate may change until you sign your policy and submit an initial payment.
Renters insurance costs an average of $18 a month for a standard policy. This includes up to $20,000 in personal property coverage and a $100,000 personal liability limit. Policies with higher limits cost more.
Renters insurance often has dog breed restrictions. Some companies won’t insure you if you have a certain breed of dog in your home. Some companies only offer limited liability coverage for injuries or damage your dog may cause. If you have a dog, make sure your policy doesn’t exclude liability for injuries or damage it may cause.
Yes. Landlords can require tenants to get renters insurance in most states. One exception is Oklahoma, where the practice is banned.
Yes. Renters insurance covers your possessions for theft, up to your policy’s personal property limit There are some exceptions, though — most companies only provide limited coverage for jewelry or other valuables, unless you pay for extra coverage. Some companies will reduce the amount of coverage you get for items stolen while away from your home, such as in your car or a storage unit.
The low cost of renters insurance and its benefits are worth it for most tenants. It can help you replace your belongings after a disaster or theft. The personal liability coverage that renters insurance provides can be particularly valuable if you accidentally damage your unit or someone else’s property. It also covers injuries you may cause to others.
Yes. The discounts you can get for bundling renters and car insurance can make renters insurance even more affordable.
No. Renters insurance usually only covers you, your spouse and other relatives who may live with you. Some companies also cover couples in committed relationships. In most roommate situations, though, each roommate needs their own renters insurance.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.