The cheapest renters insurance depends on what you're insuring and which company quotes you
There is no single cheapest renters insurance company for everyone. The same policy costs different amounts at different insurers, and your rate depends on your location, what you own, your claims history, and the discounts you may have access to for. A policy that costs $15 a month at one company might cost $25 at another for the same coverage.
The only way to find the lowest price for your situation is to get quotes from multiple insurers. Most people find their best rate by comparing at least three to five companies. Some of the largest renters insurers — State Farm, Allstate, GEICO, Progressive, and Lemonade — often appear in low-price comparisons, but not always for every person or location.
Key Takeaways
- Your renters insurance rate varies by insurer, location, and personal details, so comparing quotes from at least three companies is the only way to find your lowest price.
- Large national insurers like State Farm, Allstate, and GEICO often have competitive rates, but regional insurers and online-only companies sometimes beat them for specific customers.
- Bundling renters insurance with auto insurance, paying annually instead of monthly, and maintaining a clean claims history can lower your rate at any company.
- Getting quotes takes 10 to 20 minutes per company and costs nothing; most insurers let you compare online without talking to an agent.
Why the same policy costs different amounts at different companies
Insurers use different formulas to calculate risk. One company might weight your location heavily, another might focus on your age or claims history. A company that insures many renters in your city may have lower rates there than a company that insures fewer people in your area. Some insurers also use credit-based insurance scores, which can swing your rate up or down by 20 percent or more.
The coverage itself also matters. A $30,000 policy on your belongings costs less than a $50,000 policy. A $300,000 liability limit costs more than a $100,000 limit. If you compare quotes, make sure each one covers the same amount of belongings and liability — otherwise you're comparing different products, not different prices.
Companies that often have low rates
State Farm and Allstate are the two largest renters insurers in the United States and often have competitive rates, especially if you bundle with auto insurance. GEICO and Progressive also frequently appear in low-price comparisons. Lemonade and Hippo are online-only insurers that sometimes undercut traditional companies, particularly for younger renters or those in urban areas.
Regional insurers — companies that operate in only a few states — sometimes beat national companies in their home markets. Examples include Amica Mutual in the Northeast and Midwest, Safeco in the Pacific Northwest, and American Family in the Midwest and South. If you live in one of their service areas, getting a quote from a regional insurer is worth the five minutes it takes.
No single company is cheapest everywhere. A rate that is lowest in Texas might be highest in California. The only way to know which company is cheapest for you is to request quotes.
Discounts that lower your rate at any company
Bundling — adding renters insurance to an auto policy with the same company — typically saves 10 to 25 percent on your renters rate. If you have auto insurance, ask your current insurer for a renters quote before shopping elsewhere.
Paying annually instead of monthly usually saves 5 to 10 percent. Monthly payments are convenient, but you pay a fee for that convenience. If you can afford to pay the full year upfront, the savings add up.
Safety and security features can lower your rate. Deadbolts, smoke detectors, fire extinguishers, and security systems all reduce your insurer's risk. Some companies offer discounts of 5 to 15 percent for these features. Ask your insurer which ones they discount.
A clean claims history keeps your rate low. If you have filed claims in the past three to five years, your rate will be higher. If you have no claims, you may may have access to for a loyalty discount after a year or two with the same company.
Paperless billing and automatic payments sometimes earn small discounts — usually 1 to 3 percent — but they add up if you stack multiple discounts.
How to compare quotes quickly
Most insurers let you get a quote online in 10 to 20 minutes without talking to an agent. You will need your address, the value of your belongings, and information about any previous claims. Have this ready before you start.
Request quotes from at least three companies. Write down the coverage amount (how much your belongings are insured for), the liability limit, the deductible, and the monthly or annual price for each quote. This makes it easy to compare apples to apples.
If one quote is much lower than the others, read the details carefully. A low price sometimes means lower coverage limits or a higher deductible. Make sure you understand what you're getting before you choose based on price alone.
When a higher deductible lowers your rate
Your deductible is the amount you pay out of pocket if you file a claim. A higher deductible means a lower monthly premium. If you raise your deductible from $250 to $500 or $1,000, your rate might drop 10 to 20 percent.
This trade-off makes sense only if you can actually pay the deductible if you need to. If you choose a $1,000 deductible to save $5 a month, but you don't have $1,000 in savings, you're taking a risk. A deductible of $500 or $250 is usually the right balance between a low premium and an amount you can afford to pay.
Frequently Asked Questions
Is GEICO or Progressive always cheaper for renters insurance?
No. Both companies often have competitive rates, but the lowest price for you depends on your location, what you own, and your history. One person might pay $12 a month at GEICO and $18 at Progressive, while another person pays $20 at GEICO and $14 at Progressive. Always get quotes from both if you're comparing them.
Do online-only insurers like Lemonade cost less than traditional companies?
Sometimes. Online-only insurers have lower overhead costs, which can mean lower premiums. But they don't always beat traditional insurers for every customer. Get a quote from at least one online-only company when you compare, but don't assume it will be cheapest just because it's online.
Can I get a discount for having renters insurance with the same company as my auto insurance?
Yes. Most major insurers offer a bundling discount of 10 to 25 percent when you combine renters and auto policies. Ask your current auto insurer for a renters quote before you shop elsewhere — the discount might make them competitive even if their base rate is higher.
How often should I shop for new renters insurance to find a better rate?
Once a year is reasonable. Rates change, new discounts appear, and your situation may have changed. Getting fresh quotes annually takes 30 minutes and can save you $50 to $100 a year. Many people find a better rate every two to three years.
Does my credit score affect my renters insurance rate?
Yes, at many insurers. Some use credit-based insurance scores to set rates, and a lower score can raise your premium by 20 percent or more. A few states limit how much insurers can use credit scores. If your rate seems high, ask the insurer whether credit is a factor and whether they offer discounts that might offset it.