Cheapest renters insurance for 2026: National carriers
The cheapest national company for renters insurance is State Farm at an average annual rate of $208 or $17 a month.
| Company | Avg annual rate | Avg monthly rate |
|---|---|---|
| State Farm | $208 | $17 |
| Progressive | $229 | $19 |
| Nationwide | $255 | $21 |
| Allstate | $268 | $22 |
| Travelers | $298 | $25 |
| Farmers | $347 | $29 |
| USAA | $236 | $20 |
Cheapest renters insurance for 2026: All carriers
Regional carriers offer cheaper renters insurance than national carriers in many cases. The cheapest regional insurance company, and the cheapest of all companies in Insurance.com's Quadrant Information Services data, is Cumberland Insurance at $121 a year. Take a look at the cheapest regional insurance companies for renters insurance below.
| Company | Average annual rate |
|---|---|
| Cumberland Insurance | $121 |
| NJM | $124 |
| West Bend Insurance Company | $124 |
| Western National Insurance | $141 |
| MMG Insurance | $144 |
| Vermont Mutual | $144 |
| Dongbu Insurance | $150 |
| Citizens Property Insurance | $151 |
| Farm Bureau Insurance of Tennessee | $157 |
| Mercury Insurance | $157 |
| Acuity Insurance | $160 |
| Frankenmuth Insurance | $162 |
| Grange Insurance | $166 |
| Auto Club Group - ACG (AAA) | $168 |
| Co-operative Insurance Companies | $175 |
| Nodak Insurance | $187 |
| PEMCO | $188 |
| North Carolina Farm Bureau | $189 |
| North Star Mutual | $190 |
| Amica | $191 |
| Franklin Mutual | $202 |
| NYCM Insurance | $203 |
| Quincy Mutual | $203 |
| Lemonade | $207 |
| State Farm | $208 |
| AIG | $209 |
| CSAA Insurance (AAA) | $210 |
| Universal Insurance Holding | $210 |
| IMT Insurance | $215 |
| Farm Bureau Insurance of Arkansas | $219 |
| Tokio Marine Holdings | $219 |
| Indiana Farmers Insurance | $223 |
| Agraria Mutual | $228 |
| Progressive | $229 |
| The Hanover | $229 |
| Auto-Owners | $230 |
| Union Mutual | $233 |
| Wisconsin Mutual | $235 |
| USAA | $236 |
| Iowa Farm Bureau | $241 |
| American National | $245 |
| Georgia Farm Bureau | $246 |
| Universal Insurance Co | $247 |
| Nationwide | $255 |
| Island Insurance | $265 |
| Safety Insurance | $265 |
| Louisiana Farm Bureau | $266 |
| Andover Insurance | $267 |
| Allstate | $268 |
| Shelter Insurance | $279 |
| Chubb | $282 |
| American Family | $285 |
| IAT Insurance Group | $285 |
| Alfa Insurance | $290 |
| Farmers Mutual of Nebraska | $290 |
| Kemper Insurance | $291 |
| Travelers | $298 |
| Auto Club Enterprises (AAA) | $299 |
| New London County Insurance | $303 |
| Erie Insurance | $307 |
| Oklahoma Farm Bureau | $308 |
| Arbella Insurance | $310 |
| South Carolina Farm Bureau Mutual | $320 |
| Plymouth Rock Assurance | $325 |
| Idaho Farm Bureau | $334 |
| Westfield Insurance | $342 |
| Farmers | $347 |
| RLI Insurance | $347 |
| Country Financial | $356 |
| Mutual of Enumclaw | $373 |
| Marysville Mutual | $406 |
| AFR Insurance | $421 |
| HCI Group Inc | $463 |
| Mapfre Insurance | $1,490 |
Which state has the cheapest renters insurance in 2026?
Renters insurance rates vary by state. Wyoming is the cheapest state for renters insurance at $135 a year, while Mississippi has the highest rates at $505 a year.
Below, you can compare the cheapest companies in your state for a renters insurance policy with $40,000 in personal property coverage, $300,000 in liability, and a $1,000 deductible.
| State | Average annual rate |
|---|---|
| Alaska | $267 |
| Alabama | $312 |
| Arkansas | $324 |
| Arizona | $231 |
| California | $270 |
| Colorado | $248 |
| Connecticut | $235 |
| Washington, D.C. | $255 |
| Delaware | $214 |
| Florida | $226 |
| Georgia | $346 |
| Hawaii | $237 |
| Iowa | $218 |
| Idaho | $201 |
| Illinois | $261 |
| Indiana | $274 |
| Kansas | $268 |
| Kentucky | $177 |
| Louisiana | $470 |
| Massachusetts | $348 |
| Maryland | $311 |
| Maine | $173 |
| Michigan | $225 |
| Minnesota | $217 |
| Missouri | $256 |
| Mississippi | $505 |
| Montana | $267 |
| North Carolina | $358 |
| North Dakota | $197 |
| Nebraska | $255 |
| New Hampshire | $159 |
| New Jersey | $180 |
| New Mexico | $189 |
| Nevada | $256 |
| New York | $226 |
| Ohio | $198 |
| Oklahoma | $287 |
| Oregon | $290 |
| Pennsylvania | $258 |
| Rhode Island | $274 |
| South Carolina | $306 |
| South Dakota | $215 |
| Tennessee | $301 |
| Texas | $215 |
| Utah | $249 |
| Virginia | $228 |
| Vermont | $137 |
| Washington | $245 |
| Wisconsin | $183 |
| West Virginia | $267 |
| Wyoming | $136 |
Cheap renters insurance with bad credit
At $430 a year, or $36 month, Nationwide is the cheapest company for renters insurance if you have poor credit; that's $175 a year higher than Nationwide's rate with good credit. Poor credit raises rates due to its correlation with a higher risk of claims.
Take a look at the cheapest companies for renters insurance with poor credit below, keeping in mind that the cheapest may be a smaller regional company not listed.
| Company | Average annual rate | Average monthly rate |
|---|---|---|
| Allstate | $459 | $38 |
| Farmers | $752 | $63 |
| Nationwide | $430 | $36 |
| Progressive | $478 | $40 |
| State Farm | $443 | $37 |
| Travelers | $528 | $44 |
| USAA | $667 | $56 |
How to get cheap renters insurance
Get cheaper renters insurance by shopping around, asking about discounts and increasing your deductible.
- Ask about discounts, especially for bundling. Many homeowners insurance discounts are also available for renters insurance, including the auto and renters bundling discount. “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.
- Compare multiple quotes. A renters insurance quote comparison should include three to five companies to help you find the lowest price. Compare both national and regional carriers.
- Raise your deductible. A higher deductible lowers your premium. The data on this page uses a $1,000 deductible; choosing a higher one will lower your premium. but you will have to pay that amount before the carrier will cover your claim.
What does renters insurance cover?
Renters insurance covers three main things: your personal belongings, your liability for injuries or damage to others and your additional living expenses if your home becomes uninhabitable.
- Personal property: Covers belongings such as furniture, electronics and clothing if they are damaged or destroyed by a covered event such as fire, theft or vandalism.
- Liability: Covers legal and medical costs if someone is injured in your home or due to your negligence or if you accidentally damage someone else's property. The benchmark policy on this page includes $300,000 in liability coverage.
- Additional living expenses: Pays for temporary housing and related costs if a covered loss makes your rental unit uninhabitable.
Methodology
Insurance.com commissioned renters insurance rates through Quadrant Information 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.
Learn more about our data and methodology.
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