How to Compare Renters Insurance Quotes for 2024

Comparing renters insurance quotes is easy and helps you get the coverage you need at the cheapest price.

Written by
Aaron Besson
Updated November 08, 2023

Find the Cheapest Renters Insurance Quotes in Your Area

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How do I compare renters insurance quotes?

To compare renters insurance quotes, you just need to find a few companies, use the same info to get quotes from them and then look at their quotes side by side.

1. Choose three or four companies that offer renters insurance in your area.

2. Use the same coverage limits and deductible amounts for each company. This lets you compare apples to apples, and not apples to oranges.

3. Compare the quotes you receive side by side and see which ones offer the cheapest rates. Between those, which has the best customer satisfaction and other ratings? That’s likely to be the best option for you.

How much is renters insurance?

The average cost of renters insurance is $18 a month, or $216 a year. State Farm has the most affordable average rate of $11 a month, or $133 a year.

Lemonade is the next-cheapest renters insurance company, at $12 a month, or $140 a year.

Renters insurance companies by rate

CompanyAverage annual rate
State Farm$133
Lemonade$140
Allstate$203
Amica$204
Progressive$234
Assurant$267
Farmers$274
American Family$328

Renters insurance rates by state

StateAverage annual rate
Alabama$304
Alaska$223
Arizona$257
Arkansas$317
California$191
Colorado$206
Connecticut$171
Delaware$190
Florida$242
Georgia$305
Hawaii$227
Idaho$197
Illinois$210
Indiana$225
Iowa$191
Kansas$226
Kentucky$241
Louisiana$349
Maine$159
Maryland$224
Massachusetts$179
Michigan$282
Minnesota$192
Mississippi$344
Missouri$254
Montana$158
Nebraska$209
Nevada$211
New Hampshire$171
New Jersey$176
New Mexico$202
New York$177
North Carolina$156
North Dakota$155
Ohio$260
Oklahoma$289
Oregon$197
Pennsylvania$203
Rhode Island$187
South Carolina$207
South Dakota$195
Tennessee$232
Texas$242
Utah$228
Vermont$164
Virginia$194
Washington$167
West Virginia$191
Wisconsin$182
Wyoming$163

North Dakota has the cheapest average renters insurance rate of $13 a month, or $155 a year. North Carolina, Montana and Maine renters also pay less than $160 a year for coverage, on average.

Your for renters insurance quote is calculated based on several factors, including your:

  • ZIP code
  • Coverage limits
  • Claims history
  • Credit score
Find the Cheapest Renters Insurance Quotes in Your Area
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How do I get cheap renters insurance?

To get the cheapest renters insurance rate for the coverage you need, compare quotes, bundle policies, raise your deductible and look for discounts.

Bundle insurance policies

Bundling insurance policies under the same company can help lower your rates. If you bundle your renters insurance policy with an auto or life insurance policy, you may save money on both policies.

Raise your renters insurance deductible

Your deductible is the amount you agree to pay before your renters insurance company pays the rest of a claim. The higher you raise your deductible, the cheaper your premium will be. Just make sure you can afford the deductible amount you choose.

Look for discounts

Most insurance companies offer discounts to be competitive. When shopping for a renters insurance policy, see which discounts each company offers. If you’re unsure, talk with an agent.

Compare quotes

Renters insurance coverage offerings are usually the same from company to company. Their prices often differ because each insurer weighs your risk factors differently. This is why it’s important to compare quotes from several insurance companies.

How do I choose a renters insurance company?

To choose a renters insurance company that will give you the best rate and experience, consider customer service and satisfaction as well as policy price.

There are resources that can clue you in to how happy customers are with their insurers, thankfully.

J.D. Power is one such resource. This consumer data research firm publishes an annual report on customer satisfaction. It rates insurance companies based on factors like performance, reliability and customer care. The higher the rating, the better.

Renters insurance company customer satisfaction ratings

CompanyJ.D. Power rating
Erie881
American Family856
Lemonade854
Nationwide852
Liberty Mutual848
State Farm844
Farmers842
The Hartford842
Average rating842
Allstate835

Source: J.D. Power 2023 renters insurance customer satisfaction ratings

The National Association of Insurance Commissioners (NAIC) publishes a Complaint Index that measures how many customer complaints an insurer gets relative to its market share. Lower ratings are better in this case.

Renters insurance company customer complaint ratings

CompanyNAIC rating
Erie0.08
American Family0.08
Lemonade0.09
Nationwide0.03
Liberty Mutual0.20
State Farm3.42
Farmers0.45
The Hartford0.03
Average rating1.0
Allstate0.64

Source: National Association of Insurance Commissioners

What are the best renters insurance companies for your situation?

Finding the best renters insurance company for you depends on your personal needs. If you’re in college, the military, have a pet or are retired, different companies may be better suited for you.

Gradguard: Best renters insurance for college students

Gradguard has renters insurance just for college students. Its policies include a low standard deductible of $100, and credit scoring is not part of the quote process. Your rates also won't increase if you file a claim.
Pros
  • Covers textbooks, school supplies, personal computers and bikes
  • Offers tuition insurance as a separate policy if you need to withdraw for a covered medical reason
Cons
  • Offers few discounts
  • Only available to college students
  • Can’t file a claim online
Learn More

USAA: Best renters insurance for military members

USAA renters insurance policies are tailored toward military personnel. They offer coverage for military gear and uniforms, and coverage against damage from aircraft and riots, which most renters policies exclude. USAA’s renters insurance also covers flood and earthquake damage, which isn’t typically covered by competitors. Note that USAA only provides insurance to current and retired military members, as well as their families.
Pros
  • Top-grade customer satisfaction ratings from J.D. Power
  • Covers damage from floods and earthquakes
Cons
  • Only available to military members and veterans, as well as their spouses and children
  • No local agencies
Read Review

Farmers: Best renters insurance for dog owners

Farmers doesn’t exclude dog liability based on the dog’s breed, a common practice in renters insurance. It looks at the behavior history of the dog instead. Farmers also has great customer satisfaction. It received an above average score of 842 out of 1,000 points in J.D. Power’s home insurance study.
Pros
  • Offers a few discounts such as a security system or fire alarm discount
  • Has excellent reviews for their app
Cons
  • Doesn’t offer renters insurance in all 50 states
  • Average customer satisfaction ratings from J.D. Power
Read Review

Allstate: Best renters insurance for retirees

If you are retired and 55 or older, you can save 25% on your renters insurance premium with Allstate. You can also save just by enrolling in Allstate’s Easy Pay Plan. Allstate also provides a large network of agents, which can be helpful when filing claims.
Pros
  • Can save just by enrolling in Allstate’s Easy Pay Plan and scheduling your monthly payment
  • Available nationwide
Cons
  • Has below-average customer satisfaction ratings from J.D. Power
Read Review
Find the Cheapest Renters Insurance Quotes in Your Area
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How do I get a renters insurance quote?

To get a renters insurance quote, visit an insurance company’s website or call one of its agents and have this information handy:

  • Your full name
  • Date of birth
  • Email address
  • Number of family members living in the rental home
  • Rental home address
  • Coverage limits you want
  • Policy start date

The renters insurance companies you contact will use this info to come up with your quote.

Once you’ve compared the quotes you get and chosen a company, you can sign up online or talk with an agent.

The effective coverage date for your renters insurance can be the day you get the policy, or a later date of your choosing.

How does renters insurance work?

Also known as an “HO-4,” a renters insurance policy covers your personal property in your rented home. It also covers property damage and injury you may cause to others. It can cover extra living expenses if you need to relocate, too.

Renters insurance is different from homeowners insurance in that it does not cover structural issues, as that usually falls under the landlord’s insurance.

What does renters insurance cover?

A renters insurance policy covers covers your personal property, liability, medical expenses and additional living expenses.

Personal property

Renters insurance covers your belongings, including:

  • Clothing
  • Electronics
  • Furniture
  • Appliances

If you want your renters policy to cover high-value items such as art or jewelry, they may have a lower coverage limit than other belongings. Talk to insurers about these items when choosing your coverage limits.

Personal liability

Personal liability helps cover legal costs and medical bills related to injuries or property damage you cause to others. It can also cover dog bites.

Medical expenses

Medical expenses coverage helps pay the medical bills of someone injured in your rental home, regardless of who’s at fault.

Loss of use (LOU)

Also known as “additional living expenses,” or ALE, LOU coverage pays the extra costs that may come up if you need to relocate while your rental home is repaired. This normally includes hotel rentals, food and extra commute costs.

Named peril vs. open peril renters insurance

There are two types of renters insurance coverage — “named peril” and “open peril.” Named peril coverage insures against events listed by name in your policy. Open peril coverage insures against all events unless they’re listed as exclusions in the policy.

Some common covered perils:

  • Smoke and fire damage
  • Theft and vandalism
  • Damage due to the weight of ice or snow
  • Wind and hail
  • Water damage

Open peril coverage can cost more than named peril, but can be worth it for the broader range of coverage.

The perils your renters insurance covers are listed on your policy’s declaration page.

What does renters insurance not cover?

Renters insurance usually doesn’t cover your roommates’ stuff, pest damage, earthquakes, flooding or mold.

Roommates

Your renters insurance won’t cover your roommates’ belongings unless your roommate is named on your policy. Sharing renters insurance with a roommate is not advised for many reasons, mainly because you would share policy limits.

Pests

Renters insurance usually doesn’t cover damage caused by pests, such as bed bugs, either. Insurers consider this a maintenance issue, not a sudden accident.

Earthquake and flooding

Don’t look for your renters policy to cover damage from natural disasters like earthquakes or floods. You can buy separate earthquake or flood insurance, though.

Mold

Your renters insurance won’t cover mold damage unless it is caused by a covered peril or event, such as standing water from a burst pipe.

More frequently asked questions

Renters insurance isn’t required by law. However, landlords and rental agencies can require it as part of a lease agreement. Landlords require renters insurance to lessen their risk of lawsuits if something happens in your home.

Your landlord may require you to put them as an “interested party” on your renters insurance policy. This means they would be notified if you cancel your policy or if it’s canceled.

Renters insurance is a good investment, even if you’re not required to buy it. Thousands of dollars of coverage for a few dollars a month is good for any bank account.

The amount of renters insurance you need depends on how much personal property, liability and ALE coverage you want.

  • Personal property: You should get enough personal property coverage to fully replace your belongings in the event of a total loss. Create a home inventory list, complete with replacement prices, so you don’t over- or underpay for coverage.
  • Personal liability: Renters insurance policies usually come with a default liability limit of $100,000, but this can easily be reached if you have a major accident. If your finances allow it, consider upping your liability limit to $300,000. It shouldn’t have much of an impact on your rate.
  • Additional living expenses: The ALE limit of a renters insurance policy is usually 30% of your personal property limit. To raise your ALE limit, you need to raise your personal property limit, too. Keep in mind that ALE is supplemental. It doesn’t cover all your expenses, just the ones above your regular standard of living.

Homeowners insurance offers similar coverage to renters insurance, but it also includes dwelling coverage. Renters insurance doesn’t include dwelling coverage because your landlord is responsible for the structure of your rental home. For renters, dwelling coverage is part of landlord insurance.

Your renters insurance policy won’t cover the theft of a vehicle. For that, you need a car insurance policy with comprehensive coverage. Your renters policy will cover any personal items stolen from your car, though.

Renters insurance covers moving if you need to temporarily relocate because of a covered event or peril. Otherwise, moving expenses are not covered.

Methodology

LendingTree collected thousands of renters insurance quotes from the largest insurance companies in each state, based on data availability.

We used thousands of renters insurance quotes from across the U.S. for a 30-year-old single woman who has no recent renters insurance claims. Your rates may vary. Coverage limits include:

  • Personal property coverage: $20,000
  • Deductible: $500
  • Personal liability: $100,000
  • Guest medical protection: $1,000
  • Loss of use: $9,000