Cheap Renters Insurance: Most Affordable Quotes in 2024

MoneyGeek analyzed renters insurance rates across all 50 states and Washington, D.C. and found that State Farm is the cheapest renters insurance provider in 2024, with rates averaging $8 a month or $101 a year. However, rates can still vary depending on where you live. State Farm offers the cheapest renters insurance overall, but other insurers may be the cheapest in your state, such as Auto-Owners Insurance and Allstate.

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. While quality coverage is something every renter wants, for the vast majority of people, the cost is the most important factor for renters insurance.

Among the major companies in the U.S., State Farm has the most affordable renters insurance policies, charging an average of $8 per month. Coming in at a close second is Auto-Owners Insurance, with an average price of $9 per month. While you might find other options exclusive in your area, MoneyGeek’s study focuses on renters insurance providers who are present in most states.

However, your rates can change based on your personal property coverage limits, which pays to repair or replace belongings like furniture and electronics if they get damaged. For example, with a coverage of $100,000, State Farm's average monthly charge is $18, a $10 increase from a $20,000 limit policy.

Use the table below to see how rates can change based on provider and personal property coverage limits.

Note that MoneyGeek determined these renters insurance companies have the cheapest rates on average — but what's best and cheapest for you depends on your situation.

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.

Each state has its own laws and regulations regarding insurance, which means the cost of insurance can vary significantly from state to state. MoneyGeek found that for $20K in personal property coverage:

• State Farm is the cheapest renters insurance company in 18 states.
• Allstate is the cheapest in 9 states.
• Auto-Owners Insurance is the cheapest in 4 states.

Overall, three different companies had the cheapest rates in at least one state, underscoring the importance of shopping around to find out which is the cheapest option near you. Click your state below to learn more the cheapest providers in your area.

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.

From comparing quotes to bundling coverage, the right strategies can help you discover renters insurance that fits your budget without compromising on coverage. Navigating the insurance market might seem daunting, but with informed choices and a bit of research, affordable and comprehensive protection for your rented space is within reach.

Like any insurance policy, the cost of your renters insurance depends on how much renters insurance coverage you need — but this varies from person to person. Many people err on the side of saving money on their premiums, leaving them underinsured when the worst happens.

There are two coverage limits that impact your premiums: personal property coverage and personal liability coverage. Renters insurance has a third coverage, additional living expenses (ALE), which pays for temporary housing if your home becomes unlivable due to a covered event, but this is often set by your provider based on your personal property limits.

This component of your policy pays to repair or replace your personal belongings if they get damaged or lost under a covered peril. Generally, how much renters insurance coverage you need depends on the value of your personal property — the more items you have and the more valuable they are, the more coverage you need.

However, balance is important. 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. To properly determine your personal property coverage limits, create a home inventory. Make a record of your belongings and assign a price to it — the sum is your basis for your limit.

Personal liability coverage is a standard component of your renters insurance policy that safeguards you against financial losses if someone is injured on your property or if you're found responsible for damages. Generally, the amount of personal liability coverage you need hinges on your potential risk exposure — the more assets you have and the higher the chances of someone getting injured in your rented space, the more coverage you might consider.

Yet, it's not just about the assets you own. Think about your lifestyle and activities. If you frequently host gatherings or have a pet, there might be a higher likelihood of accidents or injuries occurring on your premises. In such cases, opting for a higher coverage limit can offer peace of mind. It's also wise to consider the legal landscape and medical costs in your area, as these can influence potential liability expenses.

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.