The Cheap Renters Insurance Companies in 2025

Everything you own fits in your apartment, from your laptop to your vintage record collection. Now, imagine protecting all of it for less than your monthly streaming subscription. That’s where renters insurance comes in.

The national average cost of renters insurance is just $20 per month, according to Compare.com, making it one of the smartest bargains in the insurance world. The real question isn’t whether you need renters insurance — it’s how to get the best coverage without overpaying.

Let’s walk through how to find rock-solid renters coverage that fits your budget.

The Cheapest Renters Insurance Companies

Shopping for renters insurance can feel a bit like shopping for car insurance — every company sets its rates differently, using factors like your location, credit history, and coverage needs to calculate your personal costs.

Here’s a look at what you’ll typically pay monthly for a renters insurance policy with $30,000 in personal property coverage and $100,000 in liability protection (insurance companies call this 30/100 coverage).

Company	Average Monthly Premium
Erie	$15
American Family	$15
Travelers	$17
ASI	$18
Allstate	$18

Erie and American Family are the cheapest renters insurance options, with policies averaging $15 per month, according to our data. But coverage options and customer service are also part of a company’s overall value — don’t overlook a company’s bad reputation in favor of a lower rate.

Next, we’ll look at each company in more detail.

#1: Erie

Average monthly premium: $15

Erie Insurance offers competitive prices made even more attractive by discounts. You can save by bundling renters and auto insurance coverage, installing an alarm system, and getting a quote at least a week before you need coverage.

You also get what the insurer calls “Xtra Protection Features,” such as coverage for jewelry, firearms, and refrigerator contents if you lose power.

The company also has outstanding customer service — it took the top spot for renters insurance in J.D. Power’s 2024 U.S. Home Insurance Study.^[1]

#2: American Family

Average monthly premium: $15

American Family has a 5% discount when you bundle your renters policy with car coverage and offers savings for smart home devices that help protect your space.

Coverage options go beyond what you’d expect, too. For instance, electrical appliance coverage spares you from expensive repair and replacement costs, while higher insurance policy limits offer more protection for expensive items like jewelry and watches.

#3: Travelers

Average monthly premium: $17

Travelers policies offer clever ways to help you save on your renters insurance costs. If you’ve been claim-free or installed smart home tech, a security system, or interior sprinklers, you can get a nice discount. You can also save with a bundling discount when adding car insurance on top of your renters coverage.

Policies cover all the essentials, and you can add extra coverage for your valuables if you have special items like jewelry or artwork.

#4: ASI

Average monthly premium: $18

American Strategic Insurance, or ASI, is part of Progressive Insurance and has discounts you might not find with other companies. You can save if you pay in full, live in a secure or gated community, or agree to get policy documents by email. Plus, getting an insurance quote just three days ahead of time makes you eligible for the advance quote discount.

You also get the convenience of a single deductible when combining renters and car insurance. That means if a disaster strikes your car and your belongings, you’ll pay only once to cover both claims.

#5: Allstate

Average monthly premium: $18

Allstate brings nearly a century of experience to the table, along with affordable renters insurance premiums. You can bundle renters and car coverage and cash in on 25% savings if you’re 55 or older.

You can also customize your coverage options to fit your needs. For instance, Allstate lets you choose between actual cash value (what your used items are worth today) and replacement cost coverage (what it costs to buy your items brand-new).

Renters Insurance Costs by State

Where you live plays a huge role in what you pay for renters insurance. Across the U.S., renters spend an average of $20 per month to protect their belongings. But insurance rates change dramatically from state to state.

Beyond your ZIP code, coverage limits, deductibles, and even your credit history can nudge your premium up or down.

Here’s a peek at the average cost of renters insurance in each state, according to Compare.com data.

State	Average Monthly Premium
Alabama	$18
Alaska	$6
Arizona	$18
Arkansas	$24
California	$20
Colorado	$16
Connecticut	$21
Delaware	$14
Florida	$18
Georgia	$23
Hawaii	$16
Idaho	$16
Illinois	$21
Indiana	$18
Iowa	$13
Kansas	$16
Kentucky	$18
Louisiana	$35
Maine	$16
Maryland	$17
Massachusetts	$20
Michigan	$17
Minnesota	$14
Mississippi	$25
Missouri	$20
Montana	$20
Nebraska	$20
Nevada	$18
New Hampshire	$14
New Jersey	$16
New Mexico	$18
New York	$16
North Carolina	$10
North Dakota	$13
Ohio	$17
Oklahoma	$18
Oregon	$17
Pennsylvania	$13
Rhode Island	$17
South Carolina	$21
South Dakota	$13
Tennessee	$18
Texas	$21
Utah	$16
Vermont	$13
Virginia	$17
Washington	$13
Washington, D.C.	$13
West Virginia	$20
Wisconsin	$11
Wyoming	$18

Alaska has the cheapest renters insurance rates, with premiums averaging just $6 per month. Other budget-friendly states include North Carolina and Wisconsin, at just $10 and $11 per month, respectively. Both states have a lower risk of natural disasters^[2] and a moderate population density^[3] — both of which help drive average rates down.

How to Get the Cheapest Renters Insurance

You don’t have to sacrifice quality coverage to snag the best deal on renters insurance. Start by figuring out exactly how much coverage you need. Take a video tour of your place or snap photos of each room to create a quick home inventory — this helps you calculate the real value of your stuff.

Once you have a policy limit in mind, here’s how to choose the right policy:

• Decide between actual cash value and replacement cost coverage.

• Choose your liability coverage limit based on your lifestyle and assets.

• Get insurance quotes from at least three insurance companies.

• Look for discounts you qualify for (e.g., bundling, security systems, good credit).

• Read recent customer reviews about claims experiences.

• Check each company’s financial strength rating (AM Best is a good source for this).

• Ask about the claims process and customer service hours.

It might be tempting to buy the cheapest policy you can find, but remember that quality coverage can pay for itself when you need to file a claim. Pick an insurer that offers fair rates plus a track record of treating customers right.

What Renters Insurance Covers (and Doesn’t Cover)

Ever wonder what would happen to all your belongings if your upstairs neighbor’s pipes burst? Renters insurance helps you bounce back from surprises like these.

A standard policy covers three main areas: your personal belongings, a guest’s injury in your home, and temporary housing if your rental becomes unlivable.

Your policy typically covers damage or other losses from:

• Fire and smoke

• Theft and vandalism

• Burst pipes and water damage

• Wind damage

• Items stolen from your car

• Medical bills for injured guests

• Legal costs if someone sues you

• Additional living expenses if you can’t live in your rental

But it doesn’t cover everything — some situations fall outside your policy’s protection. These include:

• Flood damage (you’ll need separate flood insurance)

• Earthquake damage

• Bed bugs and pest problems

• Normal wear and tear

• Your roommate’s belongings

• Items worth more than your policy’s limits

• Your car (auto insurance covers this)

• Damage from your pets

You might not know that standard policies limit coverage for valuable items like jewelry, art, and collectibles. If you own anything special — maybe a fancy engagement ring or a vintage guitar — ask your agent about adding extra coverage for it.

Cheap Renters Insurance FAQs