Cheapest Renters Insurance Companies of 2026

Most renters pay an average of $10 to $15 per month for renters insurance from the cheapest carriers. However, the cheapest renters insurance company nationally may not offer the cheapest coverage in every state. Rates can vary significantly by location and renter profile.

When you're ready to find cheap renters insurance near you, a local independent insurance agent can help. They'll make sure you get matched to an affordable renters insurance policy that still delivers quality coverage. But first, use this guide to compare the cheapest renters insurance companies in 2026 and learn how to save on your coverage.

Cheapest Renters Insurance Companies at a Glance

When searching for the lowest cost renters insurance, it's helpful to know which carriers have a reputation for offering the most affordable coverage. The table below compares our top picks for the cheapest renters insurance companies of 2026.

Amica: Cheapest overall

The cheapest renters insurance company overall in 2026 is Amica. The insurance company offers the lowest average rates nationwide, at $107 per year, or approximately $9-$10 per month. These rates are 41% below the current national average cost of renters insurance.

Amica also has the cheapest average rates across every coverage tier, ranging from $20,000 to $100,000 for personal property. Additionally, even renters with poor credit can save on coverage from Amica, scoring an average rate of $165 annually, compared to more than $270 at Nationwide and American National.

Amica offers several renters insurance discounts that can reduce your rates even further, including multi-policy, claims-free, autopay, paperless, and security systems discounts. One drawback of Amica's renters insurance coverage is that it's not currently offered in every state.

Pros:	Cons:
Cheapest average premium among all competitors	Coverage isn't available in every state
Cheapest average rates across all coverage tiers	Digital tools are lacking compared to competitors
Rated "A++" by AM Best

Lemonade: Cheapest in 15 states

The cheapest renters insurance company in 15 states is Lemonade. The insurance company's average renters insurance rates are $122 per year, or approximately $10 per month. These rates are 34% lower than the current national average and beat all competitors in 15 states, and Washington, D.C. 

Instant quotes are available from Lemonade's mobile app, which can be used in all 29 states where coverage is offered. 

Lemonade's renters insurance is an ideal fit for renters who are comfortable with managing their policies entirely online. The carrier also generously donates your unused premiums to the charity of your choice through the Giveback program. 

Pros:	Cons:
Cheapest average premium rates in 15 states and Washington, D.C.	Coverage is only offered in 29 states
Great mobile app-based experience	Offers fewer discounts than competitors
Donates unused premiums to charities of choice

Auto-Owners: Cheapest for most renters nationwide 

The cheapest renters insurance company for most renters nationwide is Auto-Owners. The carrier's average monthly renters insurance premium is $12, which is only $2 higher than our previous mentions. However, thanks to its numerous discounts, Auto-Owners offers some of the most affordable renters insurance in the U.S. Its average premium of $3 per month in Michigan is the lowest rate in the country.

Available discounts include multi-policy, payment history, paid-in-full, advanced quote, green, protective devices, and more. Overall, Auto-Owners offers 10 discounts and savings opportunities for renters across the country. You can also add coverage to your policy for refrigerated items and for the full replacement cost of your personal property.

However, renters insurance is currently only available from Auto-Owners in 26 states. Those who live in areas where coverage is offered can enjoy some of the nation's most affordable renters insurance premiums.

Pros:	Cons:
More discounts than competitors	Coverage is only available in 26 states
Cheap average monthly premiums	No online quotes available
Average $3 monthly premium in Michigan is the lowest in the country

Nationwide: Cheapest in U.S. News study

The cheapest renters insurance company in the 2026 U.S. News Study is Nationwide. U.S. News & World Report found that Nationwide's average monthly premium of $15 is one of the cheapest in the country. The carrier also offers numerous discounts to help reduce your costs even further.

Available discounts from Nationwide include bundling, loyalty, home security, claims-free, and military. Nationwide also offers perks such as credit card coverage and building additions coverage included in each renters policy. Optional coverages include earthquake, theft, water backup, valuable plus, and brand-new belongings. Renters insurance is currently offered in 42 states and Washington, D.C.

Pros:	Cons:
Affordable average premiums	Coverage is only available in 42 states and Washington, D.C.
Offers several discounts and optional coverages	No online quotes or coverage applications available
Credit card coverage and building additions coverage is included

Cheapest Renters Insurance by State

Lemonade leads the pack, with the cheapest average renters insurance rates in 15 states. USAA offers the cheapest coverage in 8 states, but policies are only available to military members, veterans, and their families. The table below compares the cheapest renters insurance by state for 2026.

What Factors Affect Your Renters Insurance Rate?

The cheapest renters insurance company nationally is only a starting point for finding the most affordable coverage. Your actual renters insurance cost depends on several factors, such as your location, coverage amount, and claims history.

Here are factors that affect how affordable renters insurance can be, and how to get cheap renters insurance.

Location

When finding the cheapest renters insurance by state, your state and ZIP code are among the biggest rate factors. Areas with high crime rates and severe weather risks often have higher renters insurance premiums, as well as coastal areas. Average renters insurance rates range from $3 per month in Michigan to $13 per month in Louisiana.

Coverage amount and deductible

How much renters insurance you need also greatly impacts your premium rates. Higher personal property coverage limits can increase your policy's premium proportionally. However, raising your policy's deductible from $500 to $1,000 can reduce your monthly premium by about $5-$15. But you'll have to pay that extra $500 out of your own pocket if you need to file a claim.

Credit score

Does credit score affect renters insurance rates? In most states, yes. Insurance companies can use credit-based insurance scores when pricing renters coverage. However, the price difference varies greatly by carrier. 

For example, renters with poor credit pay an average of $165 per year for renters insurance from Amica, and more than $270 per year at Nationwide and American National. As of 2026, Maryland, California, Massachusetts, and Michigan prohibit credit as a rating factor for renters insurance. Regardless of location, some carriers don't use credit when calculating renters insurance premiums at all.

Claims history and other personal factors

Having filed renters insurance claims in the past can lead to higher premium rates. Further, owning certain dog breeds can cause higher renters insurance costs. However, you can save on renters insurance with common discounts, such as for home security devices (e.g., alarms, deadbolts, and smoke detectors). You can also bundle your coverage with another policy, such as auto insurance, with many carriers to maximize your savings.

How to Get the Cheapest Renters Insurance

There are three proven methods for how to get cheap renters insurance beyond just picking the cheapest carrier in your area. Save on renters insurance by comparing quotes from multiple companies, stacking available discounts, and only buying the coverage you really need.

Compare quotes from at least three insurers

The cost difference for renters insurance from the most and least expensive companies is $27 per month, or about $324 per year. That can be a substantial savings for many renters. 

To ensure you're getting the lowest rates, compare quotes from at least three of the cheapest renters insurance companies using identical coverage amounts. This is the most reliable way to find the cheapest policy. An independent insurance agent can complete this quote comparison for you in one step.

Stack available discounts

Many carriers offer common renters insurance discounts, such as the following:

• Bundling with car insurance (15%-25% savings)
• Home security devices (5%-15% savings)
• Claims-free (5%-10%)
• Autopay/paperless (3%-5%)
• New customer (varies by carrier)

Not all renters insurance discounts can be stacked at all insurance companies. You'll need to ask your specific carrier which discount combinations are available to get the lowest savings possible.

Right-size your coverage

A common cause of overpaying for renters insurance is buying more coverage than what's actually needed. Only buy enough coverage for the actual replacement value of your personal property after completing a home inventory. 

When looking into the cheapest renters insurance with good coverage, consider dropping any coverage types that don't apply to you and saying no to any irrelevant optional protections. College students, who typically carry modest belongings, often need far less than the standard coverage level. Our guide to renters insurance for college students covers recommended coverage amounts and the most affordable carriers for students. An independent insurance agent can help you determine how much renters insurance you need.

Is Cheap Renters Insurance Worth It?

It certainly can be for many renters. Cheap renters insurance doesn't necessarily equate to poor coverage. A standard renters insurance policy always includes coverage for your personal property, liability, and loss of use, regardless of the premium. 

However, when looking for the cheapest renters insurance with good coverage, there are some key tradeoffs to watch out for. Examples include actual cash value (ACV) coverage vs. replacement cost coverage. 

Cheap renters insurance policies often default to ACV coverage, which factors in the depreciation of your items at the time of loss. To have full protection, you may want to increase to replacement cost coverage, even if it results in a slightly higher premium.

Further, many renters policies place sub-limits on valuable items, such as jewelry and electronics. You'll want to be sure your policy includes enough protection for your valuable property in case of a disaster like a fire or theft. 

Additionally, be sure to check each carrier's customer service and AM Best ratings before you buy coverage from them. Look for an AM Best rating of "A" or higher to demonstrate solid financial strength. A good J.D. Power score is another great thing to look for with any renters insurance company. 

Consider all of these factors before buying your coverage based on price alone. Spending a little more on your monthly premium can mean you'll have enough coverage to fully replace your property after a large loss. An independent insurance agent can help you find affordable renters insurance that still provides all the protection you need from a reputable carrier.

FAQs About Cheap Renters Insurance

Here's How an Independent Insurance Agent Can Help

When you're ready to get set up with the cheapest renters insurance, no one's better equipped to help than a local independent insurance agent. These agents have access to multiple renters insurance companies near you, so they're free to shop and compare quotes and coverage options to find the best rate. And down the road, your agent will still be there to help you file renters insurance claims or update your coverage as necessary.