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Expenses can quickly add up when you are a renter. Not only is there monthly rent, but there are also many other expenses to worry about, like all of those deposits and services. Still, you cannot go without coverage.

"If you rent, you can definitely benefit from renters insurance," says Jenna Bruce, an insurance expert whose resume includes both Farmers and Soleau Insurance Agency.

Jonas Bordo, CEO and Co-Founder of Dwellsy, adds that renters insurance may be required for some renters. “Renters insurance coverage is often required by landlords -- at least personal liability protection," he says.

However, renters insurance does not have to break the bank when you know how to buy affordable renters insurance in your area. At, we combine the latest data with our expert analysis to help you find the cheapest renters insurance company.

These are 2021’s best picks for cheap renters insurance.

  • Renters insurance is typically cheaper than homeowners insurance because your landlord assumes a portion of the liability, leaving less for you to insure.
  • The average cost of renters insurance with $100,000 in liability coverage costs about $27 a month or $325 a year.
  • We rate renters insurance companies based on factors like coverage, price, discounts and service area.
  • The best cheap renters insurance companies in 2021 are Allstate, Amica Mutual, and Nationwide.

Cheap renters insurance companies

So, which company has the cheapest renters insurance?

Many of the best insurance companies offer renters insurance, but not all providers may be best suited to your personal needs. There are several types of insurers available in the U.S., whether they are major names like Allstate and Progressive or smaller, regional providers like Florida’s Direct Auto Insurance or NJM Insurance Group in the Northeast.

To compare pricing between these providers, we use a policy with $100,000 in liability coverage. The average cost of renters insurance for this coverage is about $27 a month or $326 a year, but these renters insurance companies could offer you a lower rate.

Renters insurance companyAverage cost per monthJ.D. Power Property Claims SatisfactionJ.D. Power 2021 U.S. Home Insurance Study (Renters)AM Best financial strength rating
About average
Below average, behind Nationwide
A+ (Superior)
Amica Mutual$20+894/1000
4th place, above Nationwide
Not ratedA+ (Superior)
5th place, above average
Below average
A+ (Superior)

There is more to consider when choosing the best cheap renters insurance company for you. In addition to price, important factors of consideration include available discounts, coverage area, customer satisfaction, and financial strength. We also look at a company’s service area, choosing providers that offer a broad service area to accommodate most renters.

We account for all of these factors and more in our exclusive analysis of 2021’s cheapest renters insurance companies.

Allstate: Best for cheap renters insurance for renters and auto bundles

An Allstate renters insurance policy protects against fire, water, theft with multi-faceted coverage that includes guest medical, additional living expenses, and liability coverage for your home and your guests. It ranks below-average in J.D. Power’s 2021 U.S. Home Insurance Study for renters insurance, faring better in the 2021 U.S. Insurance Shopping Study, where it ranks about average.

Eric Vaden, owner of Geico Boston-South Shore, explains how a renters and auto insurance bundle can help. "If you already have an auto insurance policy and add a renters insurance policy under the same insurance provider, that will likely trigger a discount. In many cases, this discount can cover most if not all of the renters policy premium, essentially giving you the renters coverage for a very low cost," he explains.

The average cost of Allstate renters insurance is $16 per month, but prices start as low as $4 per month when you bundle your auto insurance policy with your renters policy. Several other types of insurance are also available for bundling, including motorcycle, off-road, and term life insurance. Coverage is available in all 50 states and Washington, D.C.

Amica: Best for cheap renters insurance for college students

Amica offers standard renters insurance to include personal property, personal liability coverage, and loss of use coverage. You can also add on special types of coverage that college students need, like identity fraud, personal property replacement, and coverage for your smart devices and computers. Its exclusive Renters Essentials package is great for college students, bundling comprehensive renters insurance with special discounts and competitive pricing. To help pay for this added coverage, choose from discounts for things like autopay, loyalty, and claims-free discounts. Plus, you can save up to 15% when you bundle your renters and auto insurance.

Amica Mutual is not rated in J.D. Power’s 2021 U.S. Home Insurance Study, but it does receive great scores in its Property Claims Satisfaction, earning fourth place.

Nationwide: Best for cheap renters insurance rates

Nationwide is an excellent renters insurance provider, serving most states across the U.S. Policies cover several types of renters insurance, including personal property, liability, medical expenses, and loss of use coverage. Its signature Brand New Belongings program repairs or replaces your personal items should they be damaged in a covered event. Nationwide renters insurance begins at $20 per month and depends on the coverage you choose. A few discounts are available to help you save on your policy, such as the claims-free or protective device programs. You can also save up to 20% off when you bundle your auto insurance with your Nationwide renters insurance policy.

Nationwide underwhelms in J.D. Power’s Home Insurance Study, but it places fifth in property claims satisfaction. It also receives strong AM Best scores, signaling financial strength.

Cheapest renters insurance by state

Renters insurance costs can also vary, depending on where you live.

Compared to the average renters insurance cost of $326, some states pay much more. Mississippi, Louisiana, and Oklahoma all pay the most for renters insurance, and New Jersey, Tennessee, and Utah all mostly correspond with national averages. The cheapest renters insurance in the U.S. is found in Vermont and Wyoming.

State Average Premium
North Dakota$207
South Dakota$231
New Hampshire$247
North Carolina$297
District of Columbia$300
New York$328
West Virginia$328
New Jersey$350
New Mexico$359
South Carolina$381
Rhode Island$392

Cheapest renters insurance by city

In addition to your state, many insurers look to your city and zip code. Certain neighborhoods may be susceptible to greater risk, whether it is a high level of crime or property situated in a flood zone.

For example, two of the most expensive areas to insure in Florida are Key Largo and Long Key. Situated at the tail end of Florida, both of these areas are extremely susceptible to the Gulf’s regular hurricanes. Meanwhile, those in Elkton and Tallahassee pay the lowest renters insurance in Florida, costing over $700 less.

How can I get cheap renters insurance?

Just like car and homeowners insurance, many discounts are available for renters insurance:

  • Home discounts: Many companies will discount your policy if your rental home is equipped with security devices, fire alarms, or smoke detectors.
  • Policy discounts: One of the best ways to save is to combine your renters insurance policy with a car or life insurance policy.
  • Payment discounts: You can earn extra savings when you pay in full or enroll in paperless billing.

Some companies will even offer an extra discount when you receive good grades in school or leave your car at home while you are away at college.

Just be careful not to skip any coverage you may need, warns Jason Christiansen, the co-founder of Young Alfred. "Lacking renters insurance, you may have $10,000 in personal belongings that, if you lost these items, wouldn't completely devastate your finances. But it would be devastating if you accidentally back up the dishwasher or toilet, causing $150,000 in water damage to the 10 units below yours,” he explains.

“An event like that would be covered by your personal liability coverage."

Frequently asked questions

Where can I buy renters insurance?

Several companies offer the option of online renters insurance quotes. When looking for the best renters insurance company for you, our picks for the best cheap renters insurance companies are an excellent place to start.

Why is renters insurance so cheap?

Renters insurance is usually cheaper than homeowners insurance because there is less to insure. A landlord shares the risks of the property, leaving less liability on the renter than a homeowner would typically face.

How can I buy cheap renters insurance online?

The cost of renters insurance can vary for everyone, depending on your specific needs. The best way to buy cheap renters insurance online is to use our Renters Insurance Calculator to shop multiple renters insurance companies at once and compare pricing.

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