The Cheapest Renters Insurance for 2026

Renters insurance is one of the most affordable types of insurance. It costs about $165 a year, or $14 a month, on average. If you shop around, you might pay even less. But you shouldn’t have to sacrifice customer service to find a good price. The best cheap renters insurance companies offer both.

NerdWallet analyzed rates across the country to find the cheapest renters insurance companies in each state and in 25 major cities. We also calculated average nationwide rates for several highly rated companies.

All sample rates below are for a 30-year-old tenant with $30,000 in personal property coverage, a $500 deductible and $100,000 in liability coverage. Your own rates will vary based on where you live, how much coverage you choose and other factors.

We compared rates for large renters insurance companies across various U.S. states and Washington, D.C., to discover which ones were cheapest on average. These were the five cheapest. (Not all companies sell in every state.)

» MORE: The best renters insurance companies

Below are more details about each of the cheapest large companies.

Overview: Digital-first insurer Lemonade stands out for approving about 40% of claims immediately with AI. You can buy a Lemonade renters policy in minutes on the company’s app or website.

Lemonade’s policies cover your stuff on a replacement cost basis. So if a fire destroys your 10-year-old couch, you’ll get enough of a claim payout to buy a brand-new one. (Some insurers pay less for older items that have lost value.)

Discounts: Bundling, protective devices, paying annually rather than monthly.

Sample rates: Below are average Lemonade rates for various personal property coverage amounts.

• See average rates

  Coverage amount	Average annual rate	Average monthly rate
  $10,000	$80	$7
  $30,000	$125	$10
  $50,000	$185	$15
  $70,000	$240	$20
  $100,000	$310	$26

» MORE: Lemonade renters insurance review

Overview: If you’re a dog parent, you may want to consider State Farm renters insurance. Unlike some other insurers, State Farm doesn’t restrict liability coverage based on a dog’s breed. (Some companies refuse to cover pit bulls and other “aggressive” breeds.)

State Farm renters policies may include an inflation guard feature to make sure your coverage keeps up with rising costs. To get a policy, you can buy online or work with a local agent.

Discounts: Bundling, protective devices, claim-free.

Sample rates: Below are average State Farm rates for various personal property coverage amounts.

• See average rates

  Coverage amount	Average annual rate	Average monthly rate
  $10,000	$100	$8
  $30,000	$135	$11
  $50,000	$170	$14
  $70,000	$205	$17
  $100,000	$255	$21

» MORE: State Farm renters insurance review

Overview: Auto-Owners offers low rates and lots of discounts, but it’s not as digital-friendly as the other companies on this list. You’ll need to work with an agent to get a quote or file a claim, for instance.

But the company’s policyholders seem to appreciate the personalized service. Auto-Owners has a low rate of consumer complaints to state regulators. The company sells renters insurance through independent agents in 25 states.

Discounts: Bundling, claim-free, protective devices, paperless billing and payments, pay-in-full, on-time payments, advance quote.

Sample rates: Below are average Auto-Owners rates for various personal property coverage amounts.

• See average rates

  Coverage amount	Average annual rate	Average monthly rate
  $10,000	$115	$10
  $30,000	$155	$13
  $50,000	$200	$17
  $70,000	$255	$21
  $100,000	$330	$28

» MORE: Auto-Owners renters insurance review

Overview: Allstate is one of the biggest home insurers in the U.S., selling renters insurance both online and through agents. Its policies are available in all 50 states and Washington, D.C.

Allstate’s renters policies cover the basics, but you can add extra coverage for things like identity theft or pricey jewelry. You can manage your policy and pay bills through the Allstate app.

Discounts: Bundling, autopay, claim-free, protective devices, age 55+ and retired.

Sample rates: Below are average Allstate rates for various personal property coverage amounts.

• See average rates

  Coverage amount	Average annual rate	Average monthly rate
  $10,000	$100	$8
  $30,000	$165	$14
  $50,000	$225	$19
  $70,000	$290	$24
  $100,000	$385	$32

» MORE: Allstate renters insurance review

Overview: USAA renters insurance covers what few other policies do: damage from flooding or earthquakes. (Most companies charge extra for this coverage.) But its policies are available only to active military, veterans, some federal workers and their families.

Perks for active-duty renters include deductible-free coverage for military uniforms and gear. If any of your stuff is damaged or abandoned in a war outside the U.S., it’s covered without a deductible.

Discounts: Bundling, claim-free, protective devices, living on base, attending a service academy or senior military college.

Sample rates: Below are average USAA rates for various personal property coverage amounts.

• See average rates

  Coverage amount	Average annual rate	Average monthly rate
  $10,000	$105	$9
  $30,000	$160	$13
  $50,000	$200	$17
  $70,000	$235	$20
  $100,000	$285	$24

» MORE: USAA renters insurance review

State Farm is the cheapest insurer in 17 states, while Lemonade is most affordable in 11. But in many states, the lowest renters insurance rates come from small regional carriers rather than the bigger companies listed above. See the map below for the cheapest insurer in your state.

The table below also shows the most affordable renters insurance company in each state and its average annual rate.

Note: We’ve excluded USAA from this list because its policies are available only to the military community, not the general public. However, USAA offered the cheapest average renters insurance rates in Arkansas, Kentucky, Mississippi, Missouri, South Carolina, Tennessee and Wyoming.

» MORE: The average renters insurance cost

State Farm offered the lowest rates in five of the 25 cities we analyzed, while Travelers was cheapest in four others. Check out the most affordable renters insurance option in your metro area below.

Note: USAA was the cheapest option in Fort Worth, Indianapolis and St. Louis.

» MORE: Can I share renters insurance with my roommate?

In most states, insurers use credit-based insurance scores to help set renters insurance rates. These scores are similar to traditional credit scores, but they're not identical. People with poor credit may pay significantly more for renters insurance. That's because people with good credit tend to file fewer claims.

Using credit to set homeowners, renters, condo and mobile home insurance prices is not allowed in California, Maryland and Massachusetts.

Below, see which insurers offer the most affordable renters insurance for people with poor credit, on average.

Once you have a renters insurance claim on your record, you’ll typically pay more because insurers see you as more likely to file another claim. But some companies penalize claims more heavily than others. Below are the cheapest widely available insurers for renters who’ve filed a recent theft claim.

» MORE: Does renters insurance cover theft?

Why is renters insurance so cheap?

Renters insurance is much cheaper than homeowners insurance, which costs nearly $2,500 a year on average. That's because renters insurance covers only the stuff inside your home, not the cost of rebuilding the entire structure.

Follow these tips to save money on your renters insurance policy:

Shop around. The cheapest insurer in this analysis might not be the cheapest for you. We recommend getting renters insurance quotes from at least three companies. Make sure you’re comparing the same levels of coverage from each.

Bundle your policies. Many insurers offer a bundling discount when you buy more than one policy. See the best auto and renters insurance bundles.

Add safety or security devices to your home. An insurer may lower your premium if your home has devices that reduce your risk of fire or theft. These could include smoke detectors, burglar alarms or sprinkler systems.

Ask about other discounts. Depending on your insurer, you might save money by setting up autopay for your premiums, receiving your bills by email or being a nonsmoker.

Choose a higher deductible. If you’re willing to pay more out of pocket for a property claim, you’ll generally save money on your premium. For example, raising your deductible from $500 to $1,000 can save you an average of 6%, according to our analysis. That’s a relatively small discount — just $10 a year on the average renters insurance policy. The savings may not be worth the risk of having to pay an extra $500 toward a potential claim.

» MORE: Does renters insurance cover bedbugs?

Find the best renters insurance in select states

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