Cheapest Renters Insurance Companies of 2022
Renters insurance is a very inexpensive option to assure that you will not have to replace your belongings if your home is destroyed. Fortunately, this means that both economical and high-quality renters insurance is available.
We discovered that renters insurance may be purchased for as little as $18 per month on average, although it may be less depending on where you reside.
We estimated the average price of coverage in 15 of the largest renters markets in the United States to evaluate renters insurance firms. We looked examined the features supplied by these firms as well as the number of ways for policyholders to minimize the cost of their renters insurance premiums.We recommend utilizing our quotebox to acquire estimates in your region because the cost of renters insurance varies based on the quantity of protection you want to get.
*Cheapest renters insurance: State Farm
*Cheap apartment renters insurance: Farmers
*Cheap customizable renters insurance: Nationwide
*Affordable renters insurance for college students: Liberty Mutual
*Fast, cheap renters insurance: Lemonade
Cheapest renters insurance: State Farm
Overall, we discovered that State Farm offers the lowest renters insurance, with a typical coverage costing around $18 per month on average. Customers with State Farm insurance may also be able to lower their prices even further by combining renters insurance with another policy.
State Farm also offers its tenants the option of adding endorsements to their policies, such as greater limits for certain property items and identity theft restoration services.State Farm’s online form makes it reasonably simple to maximize coverage while keeping costs low, but if you’d prefer consult with an agent, you may visit any of the insurer’s local locations around the country.
State Farm is accessible in almost every state as well. Other renters insurance firms are less uniform in their coverage across the United States.
Cheap apartment renters insurance: Farmers
Farmers is known for providing low-cost renters insurance to those searching for coverage for their residences. Farmers, for example, provides renters insurance for under $12 per month in New York City, the country’s largest renters market, coming in third behind State Farm and Lemonade.Farmers might save apartment residents money if they aren’t smokers or if their landlords prohibit smoking inside. Farmers offers savings if you don’t smoke and have a security system or fire alarm.Farmers’ identity theft protection endorsement and replacement cost coverage are efficient methods to give yourself an extra degree of security from possible criminals if you live in an apartment in a large city.
Farmers may be a particularly enticing alternative for renters who don’t want a lot of coverage. You may get a policy for as little as $4,000 with a claim limit (the highest amount you’ll be reimbursed if you file a claim). When you lower your restrictions, your monthly premium usually drops as well. We never advocate decreasing the coverage on your renters insurance coverage to less than the entire worth of your goods.
Cheap customizable renters insurance: Nationwide
If you wish to have a wide range of coverage options, Nationwide is a good alternative. Customers can supplement their basic renters insurance with a range of endorsements from Nationwide. Water backup protection, extended property protection, and replacement cost coverage, for example, are all options.
A typical Nationwide renters insurance coverage costs around $25 per month. However, you won’t have to pick between improving your coverage and getting low-cost renters insurance. Although adding supplemental coverage would boost your rate, we discovered that depending on your limitations, endorsements only boost your costs by roughly $2 each endorsement.
Cheap renters insurance for college students: Liberty Mutual
Renters insurance from Liberty Mutual features modest limits, which is ideal for college students. Despite the fact that college students often do not have as much property as ordinary renters or homeowners, their belongings might be costly to replace if they are not covered by an insurance policy. Liberty Mutual provides plans with less than $10,000 of property insurance for roughly $5 a month in various cities.
Before any reductions, Liberty Mutual renters insurance costs around $19 per month. This was the second-lowest average quotation of all the businesses we looked at. In addition, Liberty Mutual’s renters insurance is among the most affordable options in several areas with big student populations, such as Chicago, Boston, and Columbus, Ohio.
Fast, cheap renters insurance: Lemonade
Lemonade renters insurance is an excellent choice for clients who need affordable coverage quickly. Requesting a quotation and comparing pricing with Lemonade’s online renters insurance form takes only a few minutes. Renters may easily determine the optimum mix of cost and protection by examining how different levels of coverage might effect their insurance.
Lemonade’s renters insurance premiums were typically among the lowest in a number of major cities, including Los Angeles, San Francisco, and Dallas. In addition, Lemonade’s renters insurance in New York was only $8 per month.
Lemonade’s major drawback is that it isn’t accessible in every state. It currently operates in most significant renter markets, such as New York, California, and Texas. Check out Lemonade’s website for a complete list of states where they conduct business.