Cheapest Renters Insurance (2024)

Lemonade is a newer insurance company that’s been in business since 2015. Policies start at $5 per month and the company adds coverage for portable electronics to the standard personal property, loss of use, liability, and medical payments coverage.

Here are the endorsements you can add to a Lemonade plan

• Additional coverage for jewelry, fine art, and more
• Appliance equipment breakdown
• Coverage for your significant other 
• Landlord property damage 
• Water backup protection
• Earthquake protection

Lemonade provides the following discounts.

• Annual premium discount: This discount is available if you choose an annual over a monthly premium.
• Bundling discount: You’re eligible if you pair your renters insurance with auto, pet, or life insurance.
• Protective devices discount: This discount is available if your home has installed fire or burglar alarms.

Toggle makes it simple to choose the level of coverage you need for your rental at the perfect price to fit your budget. Our team was able to get quotes on a basic, standard, and premium policy after submitting a name, address, and birthday with the basic policy costing only $5 per month. We had the flexibility to completely customize coverage amounts, and adding endorsements was as easy as toggling on the selections we wanted. We were able to purchase a plan in only 2 minutes that could start as early as today.

Here are the endorsements you can add to a Toggle plan:

• Pet Parent
• Replacement Cost
• Temporary Living Costs
• Side Hustle
• Identity Protector
• Significant Other

Although not explicitly stated in the quote process, we identified several discounts that customers are eligible for by speaking with a customer service representative.

• Diminishing deductible: For every year you don’t file a claim, your deductible will decrease with no added cost to your policy.
• Multi-policy: Customers who bundle with auto insurance are eligible to save with this discount.

Liberty Mutual is one of the longest-standing renters insurance providers on the market. It offers comprehensive and customizable coverage for personal property, liability and medical payments, and additional living expenses if you’ve been displaced.

Renters looking for expanded coverage can look into personal property at replacement cost, blanket jewelry, and earthquake damage coverages, while those who want a wallet-friendly price can enjoy basic policies that start at just $5 per month.

Here are the endorsements you can add to a Liberty Mutual plan:

• Blanket jewelry coverage
• Earthquake coverage
• Portable electronics coverage

Liberty Mutual offers the following discounts:

• Claims-free discount: This discount is available if you haven’t filed a claim within the past five years.
• Early shopper discount: You’re eligible for this discount if you purchase a renters insurance policy from Liberty Mutual before your existing policy ends.
• Multi-policy discount: You can save by bundling additional policies with your renters insurance, such as an auto policy.
• Online sign-up discount: You can get a 10% discount by purchasing a renters insurance policy online.
• Preferred payment discount: This discount is available when you enroll in an automatic payment plan.

State Farm has close to 90 years of experience in the insurance industry. The company’s renters insurance policies provide standard coverage for personal property, loss of use, liability, and medical payments to others protection.

With a State Farm renters insurance policy, renters will generally pay about $12 per month for coverage.

Here are the endorsements you can add to a State Farm plan. Note that State Farm offers its flood insurance endorsement via an agent only.

• Backup or sewer drain endorsement
• Cyber event, identity restoration, and fraud loss endorsement
• Earthquake endorsement
• Flood insurance endorsement

State Farm provides the following discounts:

• Bundling discount: This discount is available when you bundle multiple policies with your renters insurance plan.
• Claim record discount: Those who haven’t filed a renters insurance claim within the past five years are eligible for this discount.
• Higher deductible discount: This discount lowers your renters insurance premium when you select a higher deductible.
• Home alert protection discount: This discount is available for those living in a home with installed smoke detectors and burglar and fire alarms.

Allstate is an established insurance company with a good J.D. Power rating in 2021, an A+ (Superior) rating with AM Best, and comprehensive coverage offerings. Allstate’s first insurance policy was $41 per year in 1930, and it maintains affordable rates nine decades later.

A renters insurance policy with Allstate averages at $16 per month, but that could drop to as low as $4 per month if you bundle with an Allstate auto policy. Budget-conscious shoppers can also lower their premiums when they remain claims-free, are retired, or enroll in autopay.

Allstate offers most of its endorsements via an Allstate agent. The endorsements are the following:

• Flood insurance endorsement
• Personal umbrella policy
• Scheduled personal property endorsement

Allstate provides the following discounts:

• 55 and retired discount: This discount is for renters who are 55 and older.
• Easy Pay Plan: This discount is available when you enroll your bank account into an automatic payment plan.
• Multi-policy discount: You’re eligible for this discount when you purchase additional insurance policies with Allstate.

As opposed to Toggle’s unique approach, Farmers provides renters insurance for the typical named perils that most major insurers cover. A standard Farmers policy provides personal property, loss of use, liability, and medical payments to others. Our secret shoppers were quoted $11.40 per month using sample data for a married couple in Raleigh, North Carolina.

Five deductible options—from $100 to 2,500—and a variety of discounts can help renters reduce the already low cost of coverage. Look for standard discounts such as being claims-free or installing protective devices as well as unique options like being a nonsmoker.

Farmers provides most of its endorsements via an agent. Here is a list of endorsements it offers:

• Earthquake endorsement
• Flood insurance endorsement
• Identity Shield endorsement
• Jewelry, fur, and firearms coverage

Farmers offers the following discounts:

• Claim-free discount: You receive this discount for not filing a renters insurance claim within three years.
• Multiple policy discount: You’re eligible for this discount when you bundle life or auto insurance with your renters insurance policy.
• Security system discount: You can save on your policy if your home has installed fire alarms or security systems.
• Smoke-free discount: This discount is available to renters who have been smoke-free for two years.
• Welcome discount: This discount is for new Farmers customers.