State Farm has the cheapest renters insurance policy overall. The most affordable option may vary depending on certain factors. The sections below show the best renters insurance rates by company, buyer profile and location.
Renters Insurance
Cheapest Renters Insurance Quotes: The Most Affordable Companies in 2025
Updated: September 4, 2025
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Cheapest Renters Insurance: Key Takeaways
State Farm has the cheapest renters insurance nationally at an average of $8 per month ($101 annually) for $20,000 in personal property coverage, followed by Auto-Owners Insurance at $9 per month for the same renters coverage.
State Farm offers the cheapest renters insurance rates in 18 states, Allstate in nine states, and Auto-Owners in four states. This means the cheapest renters insurance depends on where you live, so get quotes from multiple companies.
Nationwide is the cheapest for renters insurance with poor credit. State Farm is the most affordable for seniors and young people, while Auto-Owners has the cheapest rates for those with a claims history.
Who Has the Cheapest Renters Insurance?
Best Cheap Renters Insurance Companies
State Farm offers the cheapest renters insurance policy, at $8 per month for $20,000 of coverage. Auto-Owners offers the second-cheapest renters insurance policy, at $9 per month for the same coverage.
These providers earned high MoneyGeek scores because they consistently offer low rates across different coverage levels while maintaining strong financial stability and customer satisfaction. State Farm's 92 out of 100 score reflects its nationwide availability and extensive discount options, while Auto-Owners' 88 out of 100 score highlights its competitive pricing and valuable coverage endorsements for renters who want additional protection.
Cheapest Renters Insurance OverallState Farm
MoneyGeek Score:
92/ 100
Average Monthly Premium$8
Average Annual Premium$101
Overview
State Farm offers the cheapest renters insurance nationally, charging an average of $8 a month for $20,000 of coverage. Our analysis found that State Farm has the cheapest renters insurance across all levels of coverage amounts.
Discount Options
To make your policy even cheaper, State Farm offers a discount if there are home security devices installed in your rented property, such as smoke detectors, fire alarms or a home monitoring system. You can also get a discount if you bundle discounts with State Farm’s other policies, such as auto insurance or life insurance.
Additional Coverage
Along with cheap renters insurance rates, State Farm also offers options to supplement your coverage. For instance, State Farm makes it easy to increase coverage for valuable items like jewelry or art. You can also opt to buy inflation coverage, which is where your coverage limits will increase automatically over time.
Cheapest Renters Insurance (Runner-up)Auto-Owners
MoneyGeek Score:
88/ 100
Overview
With policies averaging $9 per month, Auto-Owners ranks as the second-cheapest renters insurance provider nationally across coverage levels up to $100,000.
Discount Options
Auto-Owners offers a number of discount opportunities for renters, from enrolling automatic payments and bundling policies to being a retiree over 55. For instance, if you’re at least 55 and have retired, or if you bundle a home and auto insurance policy you can qualify for a renters insurance discount with Auto-Owners.
Additional Coverage Options
For renters who want to supplement their policy with additional protection, Auto-Owners' endorsements include identity theft restoration and scheduled personal property. If you want to financially protect yourself against identity fraud, for instance, you can get that coverage with this provider.
Cheapest Renters Insurance Quotes by Coverage Level
State Farm also has the cheapest renters insurance quotes for buyers looking for higher coverage amounts. Its average rate is $12 per month for $50,000 coverage, $18 per month for $100,000 coverage and $39 per month for $250,000 coverage. The table below shows the cheapest renters insurance quotes by coverage level.
Less Coverage = Cheaper Renters Insurance Cost: For every additional $10,000 in personal property coverage, expect to pay roughly $1-3 more per month, depending on your location and insurer.
Data filtered by:Results filtered by:
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Coverage:$50K Personal Property
| State Farm | $ 149 | $ 12 |
| Auto-Owners Insurance | $ 168 | $ 14 |
| American Family | $ 203 | $ 17 |
| Nationwide | $ 210 | $ 17 |
| Allstate | $ 214 | $ 18 |
| Farmers | $ 296 | $ 25 |
| Chubb | $ 338 | $ 28 |
| Travelers | $ 442 | $ 37 |
Cheapest Renters Insurance Quotes by Buyer Profile
Your personal profile affects which insurance company offers you the best renters insurance rates, creating $10-20+ monthly differences between insurers for identical coverage. Companies specialize in different buyer types, so the "cheapest" option varies based on your specific situation. State Farm has the cheapest renters insurance for young people at $9/month and seniors for $8/month, while Nationwide has the cheapest rates for poor credit at $19/month. Auto-Owners has the lowest rates for buyers with previous claims at $15/month.
What Impacts Your Renters Insurance Cost:
- Age & Experience: Young renters (18-25) have higher renters insurance rates due to perceived inexperience, while seniors get discounts for stability and lower claim frequency.
- Credit Score: A higher credit score means cheaper renters insurance. Poor credit will increase renters insurance premiums by 50-100% with insurers, while others are more credit-forgiving and focus on other factors.
- Household Composition Smaller households have cheaper renters insurance than large households (4+ people)
- Claims History: You will have cheaper renters insurance if you have never files a claim. Previous claims will make you "high-risk" with insurers while others specialize in second-chance coverage at cheaper rates.
Renters Insurance Buyer | Renters Insurer | $20,000 Renters Coverage | $100,000 Renters Coverage |
|---|---|---|---|
Poor Credit | Nationwide | $19 | $32 |
More than Four Occupants | State Farm | $10 | $21 |
Seniors | State Farm | $8 | $17 |
Young People | State Farm | $9 | $19 |
Previous Claims | Auto-Owners | $15 | $27 |
Cheapest Renters Insurance Quotes by State
Each state has different insurance laws and regulations, so renters insurance costs vary widely by location. We found that for $20,000 in personal property coverage, State Farm offers the cheapest renters insurance in 18 states, Allstate in nine states, and Auto-Owners in four states.
Since three different companies offer the lowest rates depending on your state, you'll want to compare quotes from multiple insurers in your area. Click your state below to learn more about the cheapest providers near you.
Data filtered by:Results filtered by:
Select
State:Alabama
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Coverage:$100K Personal Property
| State Farm | $ 323 | $ 27 |
| Auto-Owners Insurance | $ 422 | $ 35 |
| COUNTRY Financial | $ 425 | $ 35 |
| Nationwide | $ 644 | $ 54 |
| Allstate | $ 754 | $ 63 |
| Travelers | $ 1,110 | $ 92 |
| Foremost Insurance | $ 1,182 | $ 98 |
**Note: If you or your family has a military background, you should also consider USAA. It's excluded from this analysis because of its eligibility requirements, but it is frequently among the cheapest renters insurance companies.
Cheap Insurance for Renters: Buying Guide
Choosing the right renters insurance policy and provider can save you money and ensure sufficient coverage. The most affordable renters insurance options for you depend on your coverage needs and how you shop. Explore the strategies below get the best rates and understand the coverage.
How Can You Get Cheaper Renters Insurance?
Finding cheaper renters insurance doesn't mean sacrificing quality coverage. These six strategies can lower your premiums while keeping your belongings protected:
- 1
Get three to five renters insurance quotes
Start by comparing renters insurance quotes from multiple companies. Pricing can vary widely for identical coverage, so use online comparison tools or work with an independent agent to shop several insurers at once.
- 2
Bundle your renters and auto policy
Combine renters insurance with other policies from the same provider for multi-policy discounts of 5% to 25%. This approach often yields the biggest savings across all your insurance needs.
- 3
Choose a higher renters insurance deductible
Raise your renters policy deductible from $500 to $1,000 to reduce costs by 10% to 25%. Just make sure you have enough savings to cover this higher out-of-pocket expense if you need to file a claim.
- 4
Higher credit score means cheaper renters insurance
If legal in your state, insurers use credit-based insurance scores to set rates. Higher credit score means cheaper renters insurance rates. Pay bills on time, reduce debt and monitor your credit report for errors to qualify for better premiums.
- 5
Install safety and security devices
Add protective features to get lower renters insurance rates with discounts:
- Smoke/carbon monoxide detectors (2% to 5%)
- Fire extinguishers (2% to 5%)
- Deadbolt locks (2% to 5%)
- Monitored security systems (5% to 20%)
- Water leak detectors (3% to 10%)
- 6
Pay your renters premiums annually instead of monthly
Save 2% to 10% by paying your entire renters insurance cost upfront annually rather than in monthly installments. Insurers also offer discounts for automatic payment setup.
How You Get Cheap Renters Insurance Quotes Online?
Before starting, gather your rental address (with unit number), basic personal information, estimated value of your belongings, previous insurance information (if applicable) and a payment method. Once you have these in order, you can proceed with the following steps.
- 1
Step 1: Start Your Renters Insurance Quote
Visit the insurance provider's website or compare companies on MoneyGeek. Look for a "Get a Quote" button and enter your ZIP code when prompted to begin the process.
- 2
Step 2: Provide Property Details
Enter your complete rental address and specify the type of rental (apartment, house, condo). Note any security features that might qualify you for discounts.
- 3
Step 3: Select Rental Insurance Coverage Amounts
Choose your personal property coverage amount and select a liability coverage limit (typically $100,000 to $500,000). Pick your deductible amount ($500 to $2,000).
- 4
Step 4: Apply Renters Insurance Discounts
Most providers offer discounts for bundling with auto insurance, security features, automatic payments and paying annually instead of monthly.
- 5
Step 5: Review and Purchase Your Renters Policy
Verify all information is accurate and confirm your coverage start date. Enter payment information and complete your purchase.
Cheapest Personalized Renters Insurance Quotes
Our renters insurance calculator below can provide personalized quotes based on your coverage needs to help you accurately estimate potential costs.
Renters Insurance Calculator
MoneyGeek's renters insurance calculator will give you a customized estimate of your renters insurance costs.
It's free to use, requires no personal information and we won't send you any spam.
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Rates updated:
Sep 15, 2025
Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.
Find the Best Renters Insurance Rates and Coverage
The companies above offer the cheapest renters insurance based on national averages. Check local rates in your state since pricing varies by location.
Need more than just low prices? We scored the best renters insurance companies for overall value, balancing affordability with service quality. You can also learn what renters insurance covers and how coverage levels affect your costs.
If you want a balance of both affordability and service quality, we scored the best renters insurance companies across the country.
If you're still not sure what the function of renters insurance is, learn more about what renters insurance covers.
We crunched the numbers on the average cost of renters insurance so you can learn how rates change when you adjust coverage levels.
Ready to buy a policy? Learn how to compare renters insurance quotes to get the best deal.
How to Buy the Right Amount of Affordable Renters Insurance
Finding the cheapest renters insurance starts with choosing the right coverage amounts. The cost of your renters insurance depends on how much renters insurance coverage you need.
- 1
For Your Stuff (Personal Property):
This coverage amount impacts the affordability of your renters insurance most:
- One-bedroom apartment: $20,000 to $30,000
- Budget option: $10,000 to $15,000 for young renters seeking the most affordable renters insurance
- Large homes: May need $250,000 or more
- ACV vs RCV: Choose between actual cash value (ACV) and replacement cost value (RCV). ACV pays what your belongings are worth now after depreciation. ACV is is the cheaper renters insurance coverage, but RCV gives you much better protection for only $5 to $10 more monthly.
- 2
For Liability Protection
Other coverage types in a renters insurance policy:
- Liability: $100,000 minimum, $300,000 recommended (especially pet owners, still keeps cheap renters insurance rates low)
- Medical payments: $1,000 to $5,000 standard for most affordable renters insurance policies
- Living expenses: Three to six months of rent
MONEYGEEK EXPERT TIP
The easiest way to figure out how much renters insurance coverage to buy is to create a home inventory (a detailed list of all of your personal possessions, with their estimated value). An up-to-date home inventory will also make filing an insurance claim faster and easier.
I also recommend taking a video of all your possessions to have a documented record. — Mark Friedlander, Director, Corporate Communications, Insurance Information Institute
What Does Renters Insurance Cover and Exclude?
A standard affordable renters insurance policy provides four main types of protection for tenants. Each coverage type has a specific coverage amount when buying the policy. See our detailed guide to what renters insurance covers.
What's Covered in Most Affordable Renters Insurance:
- Personal Property Coverage: Protects your belongings (furniture, electronics, clothes) from covered perils such as fire, lightning, theft, vandalism and certain water damage. Coverage applies worldwide, so items stolen while traveling may be covered.
- Personal Liability Protection: Protects you financially if someone is injured in your rental unit or if you accidentally damage someone else's property. Covers legal expenses, medical bills for injured guests, and property damage you cause to others.
- Additional Living Expenses: If your rental becomes uninhabitable due to a covered peril, this coverage pays for temporary accommodations such as hotel costs, storage fees, pet boarding, and laundry services.
Common Exclusions in Cheaper Renters Policies: Flooding, earthquakes, bed bugs and normal wear and tear aren't covered. Most affordable renters insurance policies also limit valuables like jewelry ($500 to $1,500), electronics and collectibles.
Protecting Expensive Items Without Breaking Your Budget:
- Schedule individual items: Get items appraised and add them to your policy for full value. Costs 1% to 2% of the item's value annually.
- Increase category limits: Raise sub-limits for specific categories. For example, increase jewelry coverage from $1,500 to $5,000 total. More affordable but won't cover accidental loss.
Review your policy's terms, exclusions and limits to ensure adequate coverage.
Standard exclusions include flooding, earthquakes, bed bugs and normal wear and tear. Standard renters policies also set strict limits on valuables like jewelry ($500 to $1,500), electronics and collectibles. To protect these items:
- Schedule Individual Items (Floater/Rider): Get items appraised and add them individually to your policy for their full value. This costs 1% to 2% of the item's value annually but provides comprehensive protection including accidental loss.
- Increase Category Limits: For less expensive coverage, raise the sub-limits for specific categories. For example, increase jewelry coverage from $1,500 to $5,000 total. This option is more affordable but won't cover accidental loss.
Understanding your policy's specific terms, exclusions and limits is important to ensure you have adequate renters coverage protection.
Cheapest Renters Insurance: Bottom Line
State Farm offers the cheapest renters insurance at $8 monthly, but the best rate for you depends on your location and profile. Most renters can get solid protection for $15 to $20 monthly.
Get quotes from multiple companies, bundle with auto insurance, and choose higher deductibles to save money. Don't forget to inventory your belongings so you know how much personal property coverage you actually need without overpaying.
Affordable Renters Insurance: FAQ
Need guidance about finding cheap renters insurance? We've answered the most common questions to help you make the right choice.
Which company has the cheapest renters insurance per month?
The company with the most affordable renters insurance is State Farm. The lowest rate for you depends on your location and coverage needs.
Is affordable renters insurance reputable?
While it's true that you generally get what you pay for, with renters insurance, a lower cost doesn't necessarily mean lower quality coverage. When considering inexpensive renters insurance options, thorough research of any company is important before purchasing a policy.
We ranked the best renters insurance companies using a balanced scoring system that considers affordability, customer satisfaction ratings and financial stability metrics.
Why is renters insurance so cheap compared to home insurance?
Homeowners insurance covers your personal property and liability, just like a renters insurance policy. The big difference is that homeowners insurance also covers the replacement cost for your home, making homeowners coverage much more expensive than renters insurance.
Is renters insurance worth it if I don't have many valuable possessions?
Yes, renters insurance provides more than just property coverage. It includes liability protection if someone is injured in your home and covers additional living expenses if your rental becomes uninhabitable. At just $8 to $14 monthly, this protection offers peace of mind regardless of your belongings' value.
Does renters insurance cover my roommate's belongings?
No, standard policies only cover the policyholder's belongings. Roommates need their own policies unless they're related or specifically named. While some insurers allow adding roommates, individual policies provide better protection for each person's needs.
Will my renters insurance cover damage caused by my pet?
Renters insurance covers liability if your pet injures someone or damages their property, but not damage to your own belongings or rental property. Some insurers exclude certain dog breeds or exotic pets, so always disclose pets when getting quotes.
How quickly can I get renters insurance coverage?
Most companies provide coverage within 24 hours, and many offer instant coverage upon online purchase. This is valuable when you need proof of insurance quickly for landlord requirements or when moving into a new rental.
If I file a claim, will my renters insurance cost increase?
Filing a claim may increase your premium at renewal, especially for theft or liability claims. The increase varies based on claim type, amount, your history and company policies. For small claims, consider if the payout justifies a potential increase. Many insurers offer claim-free discounts you could lose after filing.
Can my landlord require me to have renters insurance?
Yes, landlords can legally require renters insurance in your lease. This protects both parties: landlords from liability claims and tenants from financial losses. You'll need to provide proof of coverage before moving in and maintain it throughout your tenancy.
Do I need special coverage for my home office equipment?
Standard renters insurance limits business equipment coverage: $2,500 on-premises and $500 off-premises. You likely need a business insurance policy if you want to cover more value than the standard coverage.
Methodology: Cheapest Renters Insurance Rankings
MoneyGeek analyzed renters insurance quotes across all 50 states and dozens of major cities to determine the renters insurance companies with the cheapest rates. The cheapest premiums were determined by gathering quotes for personal property coverage from $20,000 to $250,000 and a $500 deductible.
Renters insurance quotes were updated in April 2025.
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About Mark Fitzpatrick
Rachael Brennan is a professional insurance writer. She has also worked in the insurance industry for more than a decade, earning her P&C license in all 50 states and her life, health and AD&D license in New York and the surrounding states. She has been published on a number of websites, including Policy Genius, Nerdwallet and Bankrate.