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Renters insurance protects everything you own; without it, there’s no coverage in the event of a fire or other loss. While adding an extra monthly bill is hard on a tight budget, it’s easy to find affordable renters insurance.

The average cost of renters insurance nationwide is $347a year, or $29 a month, according to 2022 Insurance.com data for coverage of $40,000 for personal property with $300,000 in liability and a $1,000 deductible.

Vermont Mutual is the cheapest renters insurance out of all companies surveyed at only $133 a year, or $11 a month. Among major insurance companies, the cheapest is Amica Mutual at only $189 a year, or about $16 a month.

Finding cheap renters insurance isn’t hard. Shop around and compare renters insurance quotes, and ask about discounts. Read more below, where we have listed the cheapest renters insurance companies.

KEY TAKEAWAYS
  • The average cost of renters insurance nationwide is $347 a year, or $29 a month, for $40,000 in personal property coverage and $300,000 in liability with a $1,000 deductible.
  • You can get renters insurance for as low as $11 a month, depending on the company, your coverage limits and where you live.
  • The cheapest renters insurance company among major insurers is Amica Mutual at $16 a month.

Which company has the cheapest renters insurance?

Most insurance companies that write home insurance also offer renters insurance. Rates can vary widely from company to company, so we’ve gathered 2022 rates from dozens of insurers for you to compare.

The rates below include both large and small insurance companies and are based on a policy with $40,000 in personal property coverage and $300,000 in liability coverage with a $1,000 deductible. The average cost of renters insurance for this coverage is about $29 a month or $347 a year, but these renters insurance companies could offer you a lower rate.

Cheapest Renters Insurance by Company
Company nameRates
Vermont Mutual$133
North Carolina Farm Bureau$135
West Bend Mutual$139
Union Mutual$150
PEMCO$155
Tennessee Farmers$158
MMG Insurance$159
Cumberland Insurance$168
Secura Insurance$169
Mercury Insurance$169
Donegal$171
Nodak Insurance$172
New Jersey Manufacturers$172
Georgia Farm Bureau$174
Frankenmuth Insurance$174
Wisconsin Mutual$179
Agraria Mutual$185
Amica Mutual$189
Kansas Insurance$190
American National Finance$195
Universal Insurance Holding$211
Andover Insurance$217
Co-operative Insurance$220
Auto Club$224
Automobile Club MI$232
Quincy Mutual$238
Franklin Mutual$238
North Star Mutual$247
Arbella Insurance$249
IMT Insurance$257
Indiana Farmers$259
CSAA Insurance$263
Island Insurance$265
Universal Insurance Co$268
State Farm$270
Chubb Ltd$271
USAA$284
Safety Insurance$289
Shelter Insurance$289
Allstate$292
Progressive$295
Alfa Corporation$301
Kentucky Farm Bureau$303
Farm Bureau Mutual Ins Co of AR$308
Oregon Mutual$315
American Family$320
Nationwide$323
Western National Mutual$325
NYCM Insurance$332
Heritage Insurance Holdings$334
Country Financial$338
Farm Bureau$339
Mutual of Enumclaw$341
Kemper Insurance$346
RLI Insurance$348
Erie Insurance$354
Mapfre Insurance$355
Palisades$357
Oklahoma Farm Bureau$360
Citizens Property Insurance$367
New London County Insurance$367
Westfield Insurance$396
Ocean Harbor$397
United Insurance Holdings$397
Farmers Insurance$397
FedNat Holding$399
Marysville Mutual$399
South Carolina Farm Bureau Mutual$402
Southern Farm Bureau$413
Indiana Farm Bureau Grp$435
IAT Insurance Group$472
AFR Insurance$477
National General Insurance$496
Travelers$599
Security First Insurance$600
HCI Group Inc$615
Auto-Owners$626
The Hanover$1,116
Michigan Farm Bureau$1,314
AIG$1,340
Pure Companies Grp$1,463

Cheapest renters insurance by state

Renters insurance costs can also vary, depending on where you live. In 2022, Wyoming is the cheapest state for renters insurance, while Louisiana has the highest rates.

Take a look at the average rates by state in 2022 for a renters insurance policy with $40,000 in personal property coverage, $300,000 in liability, and a $1,000 deductible.

Cheapest Renters Insurance by State
StateAverage annual rate, $40,000 personal property, $100,000 liability, $1,000 deductible
Alabama$436
Alaska$273
Arizona$348
Arkansas$501
California$276
Colorado$232
Connecticut$364
Delaware$280
Florida$395
Georgia$411
Hawaii$247
Idaho$275
Illinois$381
Indiana$370
Iowa$241
Kansas$294
Kentucky$352
Louisiana$540
Maine$250
Maryland$256
Massachusetts$255
Michigan$500
Minnesota$251
Mississippi$500
Missouri$334
Montana$345
Nebraska$347
Nevada$317
New Hampshire$204
New Jersey$259
New Mexico$266
New York$378
North Carolina$419
North Dakota$201
Ohio$330
Oklahoma$339
Oregon$323
Pennsylvania$320
Rhode Island$479
South Carolina$439
South Dakota$241
Tennessee$404
Texas$351
Utah$261
Vermont$222
Virginia$317
Washington$243
Washington, D.C.$316
West Virginia$330
Wisconsin$196
Wyoming$183

How to get cheap renters insurance

One way to get the cheapest renters insurance is to ask about discounts. Many homeowners insurance discounts are also available for renters insurance.

“One of the biggest discounts is the auto and renters bundling discount. 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," Geico insurance agent Eric Vaden says.

Whether you’re looking for the cheapest renters insurance for an apartment or a house, the best way to save on your renters insurance is to shop around. A renters insurance quote comparison should include three to five companies to help you find the lowest price on renters insurance.

Methodology

Insurance.com commissioned 2022 renters insurance rates through Quadrant Data Services for coverage of $40,000 in personal property, $300,000 in liability and a $1,000 deductible. Rates were fielded across all states and from 85 insurance companies.

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