6 Cheapest Renters Insurance Providers
Here are the six cheapest renters insurance providers based on the rates they advertise on their websites and the quotes we received.
Compare cheapest renters insurance
If you’re not sure which renters insurance policy is best for you, compare the providers below.
How to reduce the cost of renters insurance
Here are some tips on how to lower your insurance premium:
Look for discounts
Most insurance providers offer discounts for bundling policies or going claims-free. Both Lemonade and State Farm offer a discount for having safety features in your home, and State Farm offers a discount for renters’ pooling and auto insurance. If you’re looking for companies with more discounts, check out Allstate and American Family.
Choose a higher deductible amount
When you increase your deductible, your premium will be lower, which can save you money each month.
Pay annually or semi-annually
Monthly premiums allow you to split the cost of the policy, but they end up costing more because your provider pays the interest each month. If you can pay for the entire policy upfront or break it up into two or four payments a year, you’ll keep more money in your pocket.
What renters insurance covers
Your renters insurance policy covers liability, loss of use, personal property, and medical payments for others to cover the following events:
- fire
- Lightning
- He praises
- winds
- Falling objects
- Sabotage
- Riots
- theft
- Explosions
- Water damage excluding floods
- The weight of snow, sleet, or ice
- Smoke damage
Our conclusion
If you’re looking for cheap renters insurance for around $15 a month, consider signing up for a plan through Lemonade, State Farm, or Toggle. To compare policy prices, we recommend getting free renters insurance quotes from all three providers.
Use the quote tool below to compare quotes from top providers that meet your unique needs: