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Whether you're renting a studio apartment or an entire single-family home, renters insurance covers what your landlord's policy does not. If a fire destroys your rented home, renters insurance could cover your personal belongings and valuables. If someone sues you for injuries on your property, renters insurance will ensure you're covered.
Best Renters Insurance Companies of 2023
Lemonade Renters Insurance - Product Name Only : Best OverallState Farm Renters Insurance - Product Name Only : Best for Cheap Renters InsuranceErie Renters Insurance - Product Name Only : Best for DiscountsAllstate Renters Insurance - Product Name Only : Best for SeniorsFarmers Renters Insurance - Product Name Only : Best for Business ProfessionalsUSAA Renters Insurance - Product Name Only : Best for Military Members
Compare the Best Renters Insurance Companies
Renters Insurance Frequently Asked Questions
What does renters insurance cover?
Renters insurance covers personal property when damaged by a covered peril, or a loss listed in your policy, like fire, smoke, theft, and storms. Your landlord's insurance policy will typically cover the building and the structure, and your insurance covers anything inside your home.
How much is renters insurance?
The average cost of renters insurance in the US is about $15 per month, or $174 a year, according to 2019 data from the Insurance Information Institute. Premiums may vary based on zip code, any history of claims, and more. You could get additional savings by bundling your renters insurance policy with car insurance or other types of insurance.
How can I find the best cheap renters insurance?
Find the best cheap renters insurance policy by collecting quotes from at least three insurers and looking for the insurance policy with the most coverage, the smallest premiums, and the lowest deductible.
Renters Insurance Company Reviews
Lemonade
The average renters insurance, according to some reports, costs $174 annually or $14.50 per month. According to Insurify, Lemonade starts at $5 a month, significantly more affordable than the national average. However, your renters insurance will be based on several factors like where you live.
State Farm
The average annual premiums for renters insurance cost are $174, according to the Insurance Institute. However, bundling discounts may lower costs (if you bundle it with your auto or other insurance). Some apartment buildings also partner with specialty renters insurance companies, which offer more coverage and exclusive perks as long as you live in a certain building.
Erie
Erie's renters insurance starts at $15 a month, slightly below the national average. However, your renters insurance will be based on several factors, like where you live.
Allstate
Insurify finds Allstate monthly premiums start at $15 monthly, which is on par with the national average. Allstate is known for its bundling and other discounts. So if you're already a loyal Allstate company, you'll probably find your most competitive rates here. Allstate's personalized service with captive agents may also appeal to seniors.
Farmers
USAA
If you're in the military or a veteran,
Insurify states USAA is priced at $10 a month, significantly more affordable than the national average. However, as you may already know, USAA insurance coverage is limited to US military members, veterans, and their immediate families. Civilian renters are not eligible for its rock bottom pricing.
Why You Should Trust Us: How We Chose The Best Renters Insurance Companies
We aim to inform consumers, giving you the information you need to make decisions about your insurance. Our reviews and guides are not for sale. All product features are based on facts gathered. We consider industry standards, customer reviews, and other factors to get a complete perspective on each product.
Insider gathered data from several renters insurance companies based on customer service and premium prices where available. We base our sample quotes on data for two people renting a two-bedroom, one-bath, single-family with no pets in Philadelphia.
See our insurance rating methodology to learn more.
Average Annual Premium for Renters Insurance by State
Like homeowners insurance and car insurance, the cost of renters insurance will vary by state. Where you live will play a significant role in the amount you pay in premiums.
Here's the average annual premium for renters insurance by state, according to the Insurance Information Institute.
| State | Average annual premium |
| Alabama | $225 |
| Alaska | $186 |
| Arizona | $164 |
| Arkansas | $210 |
| California | $171 |
| Colorado | $161 |
| Connecticut | $180 |
| Delaware | $151 |
| District of Columbia | $159 |
| Florida | $182 |
| Georgia | $212 |
| Hawaii | $176 |
| Idaho | $148 |
| Illinois | $157 |
| Indiana | $164 |
| Iowa | $136 |
| Kansas | $162 |
| Kentucky | $157 |
| Louisiana | $247 |
| Maine | $148 |
| Maryland | $160 |
| Massachusetts | $172 |
| Michigan | $181 |
| Minnesota | $134 |
| Mississippi | $256 |
| Missouri | $172 |
| Montana | $153 |
| Nebraska | $143 |
| Nevada | $179 |
| New Hampshire | $147 |
| New Jersey | $154 |
| New Mexico | $180 |
| New York | $173 |
| North Carolina | $160 |
| North Dakota | $116 |
| Ohio | $162 |
| Oklahoma | $226 |
| Oregon | $154 |
| Pennsylvania | $152 |
| Rhode Island | $183 |
| South Carolina | $186 |
| South Dakota | $118 |
| Tennessee | $187 |
| Texas | $216 |
| Utah | $147 |
| Vermont | $151 |
| Virginia | $152 |
| Washington | $158 |
| West Virginia | $179 |
| Wisconsin | $128 |
| Wyoming | $146 |