Cheapest Renters Insurance Companies of 2023
Renters insurance is an affordable way to ensure you won’t have to pay to replace your belongings if your apartment or rented house is damaged, broken into or destroyed.
To evaluate renters insurance companies, we calculated the average costs of coverage for every state nationwide. In addition to prices, we looked at the features offered by these companies and the number of opportunities for policyholders to reduce the cost of their renters insurance premiums. Since the cost of renters insurance can vary depending on the amount of protection you want to buy, we recommend using our quote box to get prices in your area.
How cheap is renters insurance?
The average cost of renters insurance is approximately $18 per month or $212 per year for a $30,000 policy. That’s roughly equivalent to one cup of coffee per week.
Compare Cheap Rent Insurance in Your Area
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Renter’s premiums vary greatly depending on the amount of insurance you purchase.
It’s a good idea to determine the coverage you need before comparing renters insurance companies to make sure their quotes have limits high enough to protect your property.
Cheapest Rent Insurance: Lemonade
Average Monthly Premium
$12 ?
Why It’s Good
Lemonade is consistently the cheapest renter’s insurance option, and it’s easy to get insurance online.
Lemonade Rentals Insurance is great for customers looking for affordable insurance in a hurry. It takes just a few minutes to request a quote and compare prices with Lemonade’s online renter insurance tool.
Lemonade’s renter’s premium averages just $12 a month, making it one of the lowest rates in the country.
Lemonade’s biggest downside is that the company puts a lot of emphasis on online customer service, so it can be difficult to talk to a person when you need help.
Best Customer Service: Amica
Average Monthly Rate
$17 ?
Why it’s great
Amica offers great customer service and below-average pricing.
We recommend Amica to any tenant willing to pay a little more than the minimum for excellent customer service.