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Cheapest Renters Insurance Companies
If you’re searching for the cheapest renters insurance companies, it’s important to look beyond price alone. While some providers offer policies starting under $10 per month, coverage quality, customer satisfaction, and service options can vary widely. This guide highlights five top-rated providers offering affordable renters insurance, each excelling in their own way.
This review highlights the renters insurance companies offering the best mix of cost, service, and coverage options to fit your needs.
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Trusted Company Reviews #1 Pick for 2025
- Replacement cost coverage included in base plans
- Top customer satisfaction scores in J.D. Power studies
- Policyholders may receive annual dividend payments
Why we love it 💖
Amica Renters Insurance provides comprehensive coverage options to meet a wide range of customers needs at budget-friendly prices.
Our Highest Rated Cheap Renters Insurance Companies Companies
- Identity theft and water backup add-ons available
- Covers your personal property and guest injuries
- Bundling discounts with home or auto insurance
- Strong customer service with proactive agents
- Offers smooth digital renters insurance quotes and claims
- Earthquake and flood coverage included free
- Offers affordable renters insurance nationwide
- Replacement cost coverage comes standard
- Excellent customer satisfaction and support
- Tailored coverage for military gear and deployments
- Wide network of agents for in-person support
- Bundling discounts for auto and renters coverage
- Offers identity restoration and add-on protections
- Highly rated mobile app for insurance services
- Offers affordable renters insurance with solid value
- Policies start as low as $5 per month
- Fast AI-powered renters insurance quotes and claims
- Replacement cost included in basic coverage
- Leftover premiums donated to charitable causes
- Offers home insurance and pet insurance bundles
- Replacement value coverage included at no cost
- Add-ons include electronics and water backup
- Affordable renters insurance with strong value
- Customizable deductibles and endorsement options
- No online quotes or claim-filing tools
What is Renters Insurance?
Renters insurance is a policy that protects your personal belongings and liability in a rented home or apartment. It helps cover the cost of replacing or repairing items damaged due to fire, theft, or certain types of accidents. Renters insurance also includes liability coverage in case someone is injured in your rental home or if you accidentally cause damage to another person’s property.
What Does Renters Insurance Cover?
Renters insurance covers your personal property, liability, and additional living expenses if your rental becomes uninhabitable. It protects against damage due to fire, theft, smoke, vandalism, and some weather-related events. Liability coverage pays for injuries or property damage you cause to others. Some policies also reimburse hotel and other living costs if you’re forced to relocate.
Typical Renters Insurance Add-Ons
Common renters insurance add-ons include identity theft restoration, water backup coverage, earthquake protection, and extra coverage for high-value items like jewelry or electronics. These add-ons increase your coverage limits and help tailor renters insurance coverage to your needs.
Do I Need Renters Insurance?
If you rent your home, renters insurance offers essential protection. It covers your belongings and helps with liability expenses in case of accidents. Landlords’ insurance only protects the building, not your personal items. Even affordable renters insurance can provide peace of mind and financial security. While not required by any laws, some landlords may require you to obtain a renters insurance policy when signing your lease.
Which Renters Insurance Provider is Best?
Amica ranks best overall for renters insurance coverage, offering strong customer service, generous add-ons, and top satisfaction scores. However, USAA may be best if you’re affiliated with the military. For fast claims and ultra-low premiums, Lemonade is the cheapest option. Choose based on your priorities.
| Average Monthly Premium Cost | Deductible Options | BBB Rating | |
| Amica | $16 to $26 | $500 to $2,000 | A+ |
| USAA | $10 to $18 | $250 to $2,000 | A+ |
| State Farm | $10 to $18 | $500 to $1,000 | F to A |
| Lemonade | $5 to $12 | $500 to $1,000 | B |
| Erie | $11 to $16 | $250 to $2,000 | A+ |
Amica
Best Overall
Trusted Company Reviews Rating Score for Amica: 9.5
Review
Amica renters insurance balances generous protection with excellent customer service. While not the cheapest provider, it delivers unmatched service quality and add-on flexibility, including electronics and water damage coverage.
About
Amica has provided insurance services since 1907. As a mutual insurer, its policyholders are also part-owners, receiving potential dividends and solid loyalty perks. With renters insurance available in 48 states and Washington, D.C., Amica earns top customer satisfaction ratings, particularly for claims service, and stands out for its comprehensive coverage options.
Features and Benefits
Amica’s policies include valuable features even at the basic level, such as replacement cost coverage. Add-ons cover electronics, identity theft, and water backup.
- Replacement value on personal property included
- Identity theft support and electronics coverage
- Water backup and sewer protection available
- Coverage for additional living expenses
- Guest medical and liability coverage
- Customizable deductibles and coverage limits
- Dividend policy for eligible policyholders
- Bundling discount available
Why We Chose
Amica’s strong customer service, flexible coverage, and policyholder rewards make it the best overall provider among companies we reviewed. It excels in both service and protection.
Pros and Cons
Amica offers robust protection and loyalty benefits, though it’s slightly more expensive than competitors.
Pros
- Top-rated customer service and claims support
- Comprehensive renters insurance coverage
- Dividend benefits for policyholders
Cons
- Slightly higher cost than some providers
- Not available in Alaska or Hawaii
| Average Monthly Premium Cost | $16 to $26 |
| Deductible Options | $500 to $2,000 |
| BBB Rating | A+ (accredited) |
USAA
Best for Military Families
Trusted Company Reviews Rating Score for USAA: 9.5
Review
USAA renters insurance is one of the most comprehensive options available, especially for military families. Earthquake and flood protection are included even in basic policies, and add peace of mine, regardless of where your military orders send you.
About
USAA has served military members and families since 1922. With high customer satisfaction and affordable rates, its renters insurance policies include personal property coverage, liability coverage, and disaster protection at no extra charge in most policies. Policies are available in all 50 states and internationally for service members.
Features and Benefits
USAA renters insurance offers generous basic coverage, including disaster protection and digital access to manage policies and claims.
- Flood and earthquake coverage at no added cost
- Replacement cost coverage included
- Coverage for military gear and deployments
- Medical payments and liability protection
- Additional living expenses if you’re displaced
- Emergency repair and identity theft support
- Policy management via app, phone, or online
- Bundling discounts with other USAA services available
Why We Chose
USAA offers top-of-the-line value and features in its standard policies. Its quality of coverage and convenience factors are more robust and specially tailored to meet the needs of military members, veterans, and their families.
Pros and Cons
USAA delivers premium coverage at a low cost, but is only available to military-connected individuals.
Pros
- Disaster coverage included in basic policies
- High customer satisfaction ratings and affordability
- Flexible deductibles and bundling discounts
Cons
- Only available to military families
- Some delays with complex or overseas claims have been reported.
| Average Monthly Premium Cost | $10 to $18 |
| Deductible Options | $250 to $2,000 |
| BBB Rating | A+ (not accredited) |
State Farm
Best for Full-Service
Trusted Company Reviews Rating Score for State Farm: 8.6
Review
State Farm renters insurance is a reliable option that offers nationwide coverage, local agents, and solid digital tools at surprisingly low rates for a company of its size. The company markets its renters insurance as customizable and budget-friendly.
About
Founded in 1922, State Farm is the largest U.S. home and auto insurer. It serves customers through its massive agent network and user-friendly app. While its digital claims and policy options are strong, local service availability also makes it a popular choice among those who prefer having an in-person agent to work with.
Features and Benefits
State Farm renters insurance provides basic policies plus a host of add-on protections, including identity restoration and safety discounts for renters who install smoke and burglary detection systems.
- Medical payments for guest injuries
- Optional identity theft restoration
- Extra living expense coverage available
- Discounts for home safety devices
- Coverage for fire, theft, and accidents
- Bundling discount for auto and home
Why We Chose
State Farm stands out for its convenience, affordability, and flexible support options. Overall, the company earns high review marks from customers and experts alike.
Pros and Cons
Reliable, low-cost coverage makes State Farm appealing, but add-ons are more limited than some competitors.
Pros
- Strong agent support and national reach
- Low premiums and bundling options
- Easy claims through app or agents
Cons
- Limited additional living expense coverage without add-on coverages
- Some local offices have poor reviews
| Average Monthly Premium Cost | $10 to $18 |
| Deductible Options | $500 to $1,000 |
| BBB Rating | F to A (not accredited) |
Lemonade
Lowest-Cost Provider
Trusted Company Reviews Rating Score for Lemonade: 8.3
Review
Lemonade renters insurance is built for speed and affordability. With premiums starting at $5, it’s a top option for tech-savvy or first-time renters.
About
Founded in 2015, Lemonade is a B‑Corp certified insurer focused on digital simplicity. Its AI-driven platform allows users to get quotes, manage policies, and file claims in minutes. Though only available in 29 states and D.C., it’s a leader for its ultra-low-cost and rapid claims process.
Features and Benefits
Lemonade keeps things simple and fast while still delivering valuable protections with instant claims and bundling options.
- Basic plans include replacement cost coverage
- Fast quotes and claims via mobile app
- AI resolves 40% of claims instantly
- The company donates leftover premiums
- Extra coverage for jewelry and electronics available
- Also offers life, home, pet, and car insurance
- $5 monthly base premiums available
- Bundling discounts available
Why We Chose
Lemonade’s ultra-low prices and app-based service make it the go-to for affordable renters insurance with minimal time or effort required.
Pros and Cons
Lemonade is ideal for fast, low-cost coverage but lacks robust service options and has limited state availability.
Pros
- Lowest monthly cost of any provider
- Fast AI-powered claims and quotes
- Transparent flat-fee model
Cons
- Coverage limited to 29 states
- Higher-than-average complaint volume
| Average Monthly Premium Cost | $5 to $12 |
| Deductible Options | $500 to $1,000 |
| BBB Rating | B (accredited) |
Erie
Best for Small Company Feel
Trusted Company Reviews Rating Score for Erie: 7.9
Review
Erie renters insurance delivers comprehensive coverage with a personal touch. Though available in just 12 states, Erie earns high customer and expert marks for its service and value.
About
Since 1925, Erie has operated through local agents across parts of the Midwest and East Coast. The company includes replacement cost coverage in all renters policies by default and is highly rated for customer service and claims satisfaction, though it lacks the more robust online application tools that many other insurers offer.
Features and Benefits
Erie includes many features included in its basic policies and offers endorsements for electronics and water damage, despite its limited geographic reach.
- Personal property replacement cost included
- Electronics and water backup coverage add-ons
- Additional living expense protection
- Liability coverage for property damage or injury
- Guest medical coverage included
- Independent agents for personalized support
- Bundling discount for home or auto
Why We Chose
Erie offers dependable protection and local service, excellent for those who value a human touch and small company feel.
Pros and Cons
Erie offers solid value with strong agent support, though online functionality is limited.
Pros
- Coverage includes replacement cost included
- Local agents earn high marks for support and service
- Add-ons available for valuable electronics
Cons
- No online quotes or claims filing
- Only available in 12 states
| Average Monthly Premium Cost | $11 to $16 |
| Deductible Options | $250 to $2,000 |
| BBB Rating | A+ (not accredited) |
Frequently Asked Questions
These are some of the most common questions surrounding renters insurance.
Renters insurance costs typically range from $10 to $20 per month, depending on your location, coverage limits, deductible, and provider. Some budget-friendly insurers like Lemonade start as low as $5 per month, while providers like Amica may cost more but offer added benefits and customer satisfaction.
Renters insurance typically covers theft of personal belongings, whether it’s due to a break-in at your apartment, rental house, or car. Most policies include personal property coverage for items stolen in covered situations, up to your policy’s limit. Replacement value is often included or is available as an add-on for better protection.