Cheapest Renters Insurance: The Most Affordable Companies in 2026

We analyzed average renters insurance premiums from 55 carriers across 480 cities. Amica leads with the lowest average annual premium of $107, 41% below the national average of $185. The cheapest carrier isn't always the right pick. A company that charges $14 a month but processes claims slowly costs more when you actually need it.

Based on adult renters (26-64) with good credit, no prior claims, $20K personal property / $100K liability coverage, $1,000 deductible.

Amica has the highest affordability score and the lowest rate in our analysis. That combination is rare. Most carriers that lead on price trade off on service quality. Amica holds a 4.8 out of 5 overall with a perfect customer experience rating.

At $14 a month, Allstate covers 42 states and scores 4.5 out of 5, the strongest combination of availability and quality at that price point. Progressive covers only nine states at the same rate, making it the weaker choice for most renters unless it's the cheapest option in their specific state.

Erie costs $15 a month but earns a perfect customer experience rating and 5.0 out of 5 on coverage breadth. For renters who've had a claim denied on a technicality, that extra $6 a month over Amica buys the most claims-friendly carrier in our analysis. USAA sits at $14 a month with a 4.6 affordability score, available only to active military members, veterans, and their immediate families.

Amica, Lemonade, and State Farm are our top three picks for most renters. See the full company breakdowns below. Two companies worth calling out separately don't have dedicated cards but stand out for specific profiles.

Erie and USAA don't have dedicated cards but stand out for specific profiles.

Renters insurance rates shift more by state than by any other single factor. Local crime rates, weather exposure, and state insurance regulations all push premiums up or down independently of which company you choose. Lemonade holds the lowest rate in 15 states and Washington, D.C. State Farm leads in 10 states, USAA in eight for eligible military renters. In states where a regional carrier like Farm Bureau or NJM leads, getting a quote from that carrier first is worth the extra step before running quotes from national brands.

Based on adult renters (26-64) with good credit, no prior claims, $20K personal property / $100K liability coverage, $1,000 deductible. USAA rates apply to eligible military members and veterans only.

Michigan has the lowest rate in the country at $3 a month with Auto-Owners. Louisiana sits at the opposite end at $13 a month, more than four times Michigan's rate for the same coverage profile. A renter in New Jersey pays $4 a month with NJM. The same profile in Louisiana pays $13. That $108 annual difference has nothing to do with the renter's behavior, credit, or claims history. Moving from a low-cost state to Louisiana alone adds more than $100 a year before you change anything else about your profile.

We analyzed average renters insurance premiums across four coverage tiers to show how much each step up costs. Amica has the lowest rate at every tier from $20,000 to $100,000 in personal property coverage. The jump from $20K to $50K adds $6 a month with Amica. Choosing the cheapest carrier matters more the higher your coverage tier goes.

Poor credit raises your renters insurance premium, but how much depends entirely on which carrier you choose. Some companies penalize poor credit more heavily than others, which means the cheapest carrier for a good credit profile isn't always the cheapest for a poor credit one. Amica charges $14 a month for renters with poor credit, $5 more than its good credit rate of $9. Nationwide charges $24 a month for the same poor credit profile, $9 more than its good credit rate. The gap between the cheapest and most expensive carrier in our poor credit analysis is $10 a month, or $118 a year. Shopping around matters more when your credit is working against you, not less.

Based on renters with poor credit, $20K personal property / $100K liability coverage, $1,000 deductible.

If your credit has improved in the past year, shopping carriers at renewal is often more effective than waiting for your current insurer to adjust your rate automatically. Most carriers don't reduce your premium mid-term without a direct request. Re-running quotes at renewal takes the same 20 minutes as your original search and often surfaces better rates than your existing carrier will offer.

Filing a claim can cost you more than the payout is worth. Two claims in five years add $4 a month on average, or $234 in cumulative rate increases over that period. That threshold covers most minor incidents: a stolen bicycle, a broken window, or small water damage that doesn't involve structural repairs. For any of those losses you can cover out of pocket, skipping the claim costs less than the rate increase you'll carry at every renewal after.

Based on $20K personal property / $100K liability, adult renter with good credit, averaged across all deductible levels.

If you've already filed a claim, carrier choice moves your rate more than your claims record does. Amica charges $10 a month for renters with one prior claim. The most expensive option in our analysis charges $15 for the same profile. That $5 monthly difference adds up to $60 a year. Your claims record is identical across both.

Based on renters with one prior claim in the past five years, $20K personal property / $100K liability coverage, $1,000 deductible.

Amica charges only $1 more for a prior claims profile than it does for a clean record, $9 versus $10 a month. Not every carrier is that forgiving. Before filing a small claim, call your carrier and ask directly whether it will trigger a rate increase. Some insurers apply no surcharge for claims under a certain dollar amount. Save claims for losses you genuinely can't cover yourself.

Your deductible is the most direct lever you have on your premium. Raising it lowers what you pay every month, but increases what you owe out of pocket when you file a claim. Our data shows the exact tradeoff at each deductible level for a standard $20K policy.

Based on $20K personal property / $100K liability coverage for an adult renter, 26-64, with good credit and no prior claims.

Moving from a $250 to a $2,000 deductible saves $41 a year, but one claim costs $1,750 more out of pocket, wiping out more than 40 years of premium savings. For most renters, a $1,000 deductible is the better call. It saves $29 a year over the $250 option, and if you file a claim, you pay $750 more out of pocket, not $1,750.

We analyzed renters insurance rates from 56 carriers across 897 ZIP codes in all 50 states and Washington, D.C., using filed rate data from Quadrant Information Services. The actual rates carriers have committed to state regulators, not broker estimates. Our analysis covers over 33 million quotes. Our standard renter profile is an adult between 26 and 64 with good credit, no claims in the past five years, renting an apartment or condo with $20,000 in personal property coverage, $100,000 in liability coverage, and a $1,000 deductible.

Each carrier received a MoneyGeek score out of 5.0, weighted across three dimensions: affordability (50%), customer experience drawn from NAIC complaint data, AM Best, J.D. Power, and app ratings (40%), and coverage breadth (10%). Rates reflect averages across all ZIP codes where each carrier operates.

Coverage level and deductible data come from a separate analysis across four coverage tiers ($20K, $50K, $100K, $250K) and five deductible amounts ($250, $500, $1,000, $1,500, $2,000). We tested the same profile with one prior claim and two prior claims to show how claims history changes your cost. All rates come from our 2026 quote data. For a full breakdown of our scoring criteria and data sourcing, see our renters insurance methodology.

Amica is the best renters insurance company we found: a 4.8 out of 5 MoneyGeek score, $9 a month, and a perfect customer experience rating. State Farm is the next call at $11 a month across 49 states, 4.7 out of 5, and ranked #1 overall in more cities than any other carrier we analyzed. If you're in one of the nine states where Erie operates, get a quote from both. Erie's $4 monthly premium over State Farm buys the most claims-friendly carrier in our analysis.