Cheap Renters Insurance | Affordable Apartment Insurance | Roost
Advertising disclosure

Our goal is to share information and products that are truly helpful to renters.

If you click on a link or buy a product from one of the partners on our site, we get paid a little bit for making the introduction. This means we might feature certain partners sooner, more frequently, or more prominently in our articles, but we’ll always make sure you have a good set of options. This is how we are able to provide you with the content and features for free. Our partners cannot pay us to guarantee favorable reviews of their products or services — and our opinions and advice are our own based on research and input from renters like you. Here is a list of our partners.

Cheap renters insurance

Being cheap is okay, find the cheapest renters insurance

Renters insurance helps make sure you don’t have to pay for everything out of pocket if your belongings are stolen or damaged. And while renters insurance is one of the least expensive types of insurance you can buy, it’s still a monthly expense and worth considering the impact it’ll have on your budget.

Fortunately, you can get affordable renters insurance that offers adequate coverage and low rates. Most standard policies don’t cost more than $15 per month. With a bit of tweaking, we’ve even seen policies that run for as low as $5 per month.

Get $5/mo rent insurance

Cheap renters insurance: Is it worth it?

If you’re just shopping for low-priced insurance because your landlord requires it and you want to pay as little as possible, you can probably find a plan for around $75 a year.  We were even able to obtain a quote for $5 per month. But is saving a few bucks on insurance worth it? Keep in mind that most only charge about $15-$20 per month for standard coverage on average.

If you are never planning on filing a claim and only want apartment insurance to satisfy your lease agreement you can obtain low-coverage / high-deductible insurance for under $10 per month. But if something does happen and you end up being sued for property damage or bodily injury, you could be faced with paying a $5,000 deductible before your insurance kicks in. Many find that spending a couple of dollars more per month is worth it.

How are rental insurance rates determined?

When an insurance company is creating a rate for you, they’re looking at a few things. Here’re some of the factors they’re considering:

Level of coverage
Do you want $5000 or $40,000 worth of coverage? More coverage costs more money. Pick the minimum coverage you need to replace your belongings.

If you live in a high crime area or an area often hit by natural disasters like wildfires or tornados, you’ll pay a bit more. You may even need to add extra coverage for floods and earthquakes.

This is the amount you pay out-of-pocket before the renters insurance policy pays anything. The higher your deductible, the lower your premium. Just be careful to not set the deductible higher than you can comfortably pay.

Replacement cost vs. actual cash value
This one is a little tricky but important. “Actual Cash Value” is when your insurer reimburses you for how much your items are worth today. Because anything you buy tends to lose value (“depreciate”) over time, this type of policy means you’ll have to add in some of your own money to buy a new item to replace the old one. “Replacement cost” means your provider reimburses you for the cost to fully replace (at the current going rate) whatever was damaged or stolen. 

Number of policies
The more types of insurance you have with one company, the more likely they are to reduce the cost of your plans. 

Previous claims
If you’ve filed claims in the past, your rate may be higher. While this is frustrating, it is a factor that influences your rate.

The insurance company will also run your credit. If your credit is poor or marginal, you may have to pay a higher rate.

6 Ways to save on your renters insurance 

While there are many factors that may raise your rate, there are ways to lower your rate too. Many renters insurance companies offer multi-policy discounts, safety discounts, and more ways to save. Here are some of the most common:

1. Policy discounts:

• Safety discount

If you have things like deadbolts, fire sprinklers, and smoke detectors.

• Claim-free discount

If you haven’t made a claim in a year or more.

• Association discount

If you are a member of the military, are retired or are a member of a credit union.

2. Policy bundles

If you use the same carrier for renters and auto insurance, you’ll get a discount.

3. Raise your deductible

Many people have renters insurance for years and never have a claim. If that’s you, consider saving on monthly premiums by lowering your deductible.

4. Lower the value of your personal property

You may be paying for more coverage than you need. 

5. Pay for a full year

Some insurers will give you a discount when you pay for a full year’s worth of insurance premiums in advance or if you set up autopay.

6. Shop around

Sometimes insurance goes up a little bit each year or your situation changes. If you shop around, sometimes you can find an equivalent policy with a new company, for a lower cost.

“One of the biggest benefits of buying a renters insurance policy is the multipolicy discount for your auto by adding this policy. In California, as an example, the cost of a renter’s policy might run $12 per month, but the discount on your auto insurance for having a second insurance policy could save you $12 to $30 each month on the auto policy.” 

— John Espenschied, Owner, Insurance Brokers Group, Chesterfield, MO

Get $5/mo rent insurance

Who has the cheapest renters insurance? 

If you’ve spent time looking for renters insurance, you’ll see the problem here. Almost every provider says they have the lowest prices. The so-called “as low as” rate advertised on their website might only be available if you live in the middle of Wyoming so you either have to move to Wyoming or the Dakotas or accept a slightly higher rate. Or maybe there’s a unique feature you like about one policy–like bed bug coverage–but it’s only available in Los Angeles. 

Because there can be a lot of options and providers, we’ve put together a small list of affordable insurance companies to help you out. We’ll walk you through State Farm, Farmers, Nationwide, Liberty Mutual, and Lemonade policy options.

Top (Cheap) Rental Insurance Companies

Best overall cheap renters insurance: State Farm 

State Farm logo and symbol, meaning, history, PNG

Get a Quote

State Farm provides lots of affordable, high-value policies with plenty of discount options, averaging around $14-18/month. We were able to obtain a quote for under $10.

If you’re already a State Farm customer, you can probably reduce your rates by bundling your coverage. And they have an online form that allows you to adjust your coverage and lower your rates as needed. For those who prefer to work with agents in person, State Farm also has local offices across the U.S.

Best cheap apartment insurance: Farmers 

Insurance Quotes for Home, Auto, & Life : Farmers Insurance

Get a quote

Farmers’ renters insurance has discounts and endorsements that work in your favor if you live in an apartment in a big city. 

For example, if you’re in New York City, you might get Farmers insurance for as low as $12 per month. You’ll get discounts for having a security system or a fire alarm, and if you don’t smoke. The deductible is charged at 1% of the claim which may also help you save money.

Best cheap and customizable renters insurance: Nationwide  

Nationwide logo transparent – Nonprofit Risk Management Center

Get a quote

If you want to add on specific or unique coverage types, Nationwide can help you out.

With Nationwide, your coverage could range from the average of $15 to $25 or more, but that largely depends on the add-ons you choose. We were able to obtain a quote for average coverage for about $17 per month.

Best cheap renters insurance for college students: Liberty Mutual 

Liberty Mutual Home & Auto Insurance -

Get a quote

If you’re a college student without much stuff, Liberty Mutual offers crazy low limits. 

They sell policies for as low as $5 per month when you need less than $10,000 worth of protection. However, you may not be able to get this rate if you live in a high-risk area and be prepared to present your SSN to get a quote.

Best fast and cheap renters insurance: Lemonade 

DM - Lemonade Logo - DarcMatter Resource Center

Get a quote

If you need insurance today, Lemonade’s mobile app can help. 

Lemonade is a newer provider, and they’re popular with customers who want cheap insurance in a hurry. The Lemonade app has discounts and protection levels that allow you to adjust your coverage for lower rates. They’re not available everywhere yet (so far 27 states), but depending on where you live, you could pay between $5 and $15 per month with Lemonade.

Get $5/mo rent insurance

A quick note! Our goal is to gather and share info that’s up-to-date and helps you make great decisions as a renter. That said, the information you get directly from a provider could be a little different. Make sure to review their terms and conditions directly; and, if you see anything here that needs to be updated, please let us know! Advertising disclosure
Last Updated: February 25th, 2021