Cheapest Renters Insurance in 2024 (Save With These 10 Companies)

Cheapest for Renters: Erie

1,814 reviews

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4.3

Table of Contents

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Company Facts

$100k Policy

$10/mo

A.M. Best Rating

A+

Complaint Level

Low

» Erie Renters Insurance Review

1,814 reviews

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2nd Cheapest for Renters: Am Fam

2,180 reviews

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4.0

Company Facts

$100k Policy

$12/mo

A.M. Best Rating

A

Complaint Level

Low

Pros & Cons

• Customer Service
• Coverage Options
• Discounts

• Digital Tools
• Policy Terms
• Claims Satisfaction

» American Family Renters Insurance Review

2,180 reviews

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3rd Cheapest for Renters: State Farm

17,760 reviews

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4.1

Company Facts

$100k Policy

$14/mo

A.M. Best Rating

B

Complaint Level

Low

Pros & Cons

• One of the largest insurance companies in the US
• High levels of customer satisfaction
• Affordable rates for people with a speeding ticket or an accident on their record
• Wide variety of discounts available
• Rideshare insurance

• High rates for drivers with poor credit scores
• No gap coverage
• Options like new vehicle replacement, vanishing deductibles, and accident forgiveness are not available

» State Farm Renters Insurance Review

17,760 reviews

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Erie, American Family, and State Farm top the list of cheapest renters insurance companies. Erie is the best renters insurance company, with dependable coverage starting at $10/month.

Customer loyalty pays off with American Family, which offers long-term customer and generational discounts, while State Farm provides impressive savings for homes with advanced safety features.

Our Top 10 Company Picks: Cheapest Renters Insurance

Company	Rank	Monthly Rates	A.M. Best	Best For	Jump to Pros/Cons
	#1	$10	A+	Affordable Coverage	Erie
	#2	$12	A	Loyalty Discounts	American-Family
	#3	$14	B	Security Savings	State Farm
	#4	$15	A++	Green Discounts	Travelers
	#5	$17	A++	Online Service	Geico
	#6	$19	A	Group Discounts	Farmers
	#7	$20	A+	Customized Coverage	Progressive
	#8	$22	A+	First-Time Renters	Allstate
	#9	$23	A	Early Shopper	Liberty Mutual
	#10	$25	A	Claims-Free Benefits	Safeco

Keep reading to compare the cheapest renters insurance companies and find the right provider for you. We can also help you compare local renters insurance quotes with our free comparison tool.

#1 – Erie: Top Overall Pick

Pros

• Affordable Rates: Standard $100,000 renters insurance policies start as low as $10 a month. Check out our Erie review to compare more insurance quotes.
• Financial Security: You can rest assured that Erie will pay out renters insurance claims without hassle – the company has an A+ rating from A.M. Best.
• Flexible Coverage: There is a lot of wiggle room in how you tailor your renter’s insurance.

Cons

• Limited Reach: Erie renters insurance isn’t available everywhere, which can be a downside.
• Online Tools: If you prefer handling your renters insurance policy online, Erie’s digital tools may leave a little to be desired.

#2 – American Family: Best Loyalty Discounts

Pros

• Loyalty Perks: Long-term customers can enjoy meaningful savings on their renters insurance. Explore benefits in our American Family review.
• Reasonable Pricing: Renters insurance starts at $12 a month, which is quite affordable.
• Agent Support: For renters, finding the personal touch that local agents can provide elsewhere is easy with AmFam.

Cons

• Tech Limitations: American Family online tools for renters insurance aren’t as advanced as other providers.
• Coverage Options: You won’t find as many add-ons here as with some competitors for renters insurance.

#3 – State Farm: Best Home Security Savings

Pros

• Security Savings: Gett discounts on renters insurance and home security systems with State Farm renters insurance.
• Trusted Brand: State Farm has a strong claims reputation and features great customer support for renters.
• Cheap Rates: State Farm renters insurance rates start at $14/month. Read our State Farm review to get more quotes.

Cons

• Weaker Rating: For renters insurance, an A.M. Best B rating may not bode as well for financial stability.
• Rate Increases: Renters in high-risk areas may see their rates increase at policy renewal.

#4 – Travelers: Best Green Home Discounts

Pros

• Eco-Friendly Savings: Travelers reward renters who adopt green habits with discounts on insurance. Check out our Travelers review to learn more.
• A++ Financial Rating: Among the highest ratings, so you know your renters insurance claims will be covered.
• Customizable Policies: It’s easy to tweak your renters insurance to cover exactly what you need.

Cons

• Mixed Reviews: Some renters report slow claims service, which can be frustrating.
• Tech Limitations: Travelers mobile and online tools for renters insurance aren’t as advanced as other insurers on this list.

#5 – Geico: Cheapest Online Service

Pros

• Affordable Premiums: Cheap Geico renters insurance is $17 monthly with very good coverage. Get a full rate comparison in our Geico review.
• Tech-Savvy Options: Its online tools help manage your renters insurance policy quickly and easily.
• A++ Financial Rating: If you have to file a renter’s insurance claim, its financial backing is rock-solid.

Cons

• Limited Customization: You might not find as many renters insurance options to tailor coverage.
• Customer Service: Some renters have mixed experiences with claims and support.

#6 – Farmers: Best Group Discounts

Pros

• Group Discounts: Farmers offer renters insurance savings for members of specific organizations.
• Flexible Policies: It offers a variety of ways to customize renters insurance to your needs. Read our Farmers Insurance review for a coverage list.
• A-Rated Financial Strength: You can count on Farmers Insurance to pay out renters insurance claims.

Cons

• Premiums are Higher: Starting at $19 a month, its renters insurance isn’t the cheapest.

#7 – Progressive: Cheapest Customized Coverage

Pros

• Wide Coverage Options: They offer plans that work for all kinds of renters, from studios to homes. Get the complete picture in our Progressive review.
• A+ Financial Stability: Progressive earns a strong A+ rating, which means the renter’s insurance claims are processed consistently.
• Safety Discounts: You can save on renters insurance by adding safety features like smoke detectors.

Cons

• Above-Average Premiums: Renters insurance starts at $20 a month, higher than many competitors.
• Limited Access: Progressive renters insurance isn’t available everywhere, which can be restrictive.

#8 – Allstate: Cheapest for First-Time Renters

Pros

• Welcome Discounts: Allstate offers attractive savings to first-time renters. Find more information in our Allstate review.
• Custom Add-Ons: You can add coverage with extras like identity theft protection to improve your Allstate renters insurance plan.
• Strong Financial Record: A.M. Best gives Allstate renters insurance an A+ financial grade.

Cons

• Expensive Plans: Renters insurance premiums start at $22 a month, making it one of the more expensive options.
• Basic Online Tools: Allstate’s tools for managing renters insurance online are limited.

#9 – Liberty Mutual: Cheapest for Early Shoppers

Pros

• Advance Purchase Savings: Locking in your renter’s insurance policy early can save you money.
• Broad Coverage: Liberty Mutual offers renters insurance options that suit a variety of needs. See our Liberty Mutual review for further details.
• Solid A Rating: You can rely on its financial stability for dependable renters insurance claims support.

Cons

• Higher Premiums: Renters insurance starts at $23 monthly, which might feel steep.
• Customer Service: Some renters report inconsistent claims experiences.

#10 – Safeco: Best for Claims-Free Benefits

Pros

• Claims-Free Discounts: Renters insurance customers without claims enjoy lower premiums.
• Custom Coverage Options: Safeco lets you design renters insurance plans to fit your lifestyle.
• Dependable Claims Support: A-grade renters insurance claims processing from A.M. Best. Get full ratings in our Safeco review.

Cons

• High Premiums: It’s the most expensive renters insurance on the list, starting at $25 a month.
• Availability Issues: Safeco renters insurance is not available in all areas, which can restrict its availability.

Finding the Cheapest Renters Insurance Tailored to You

Affordable renters insurance coverage doesn’t have to be a struggle to find. This table shows average monthly rates for the two most common types of renters insurance policy limits.

Renters Insurance Monthly Rates by Provider & Coverage Level

Insurance Company	$100,000 Policy	$300,000 Policy
	$22	$24
	$12	$21
	$10	$20
	$19	$26
	$17	$27
	$23	$31
	$20	$29
	$25	$32
	$14	$25
	$15	$22

Affordable coverage options start as low as $10 per month with Erie, followed by American Family at $12/month.

However, Erie is only available in 11 states and American Family is only sold in 19 states. State Farm is the cheapest renters insurance company nationally.

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Here are the best renters insurance discounts available from the cheapest insurers — such as with multi-policy discounts and for using smart home technology and safety features. These options can help lower the cost of getting renters insurance coverage.

Renters Insurance Discounts From the Top Providers

Insurance Company	Available Discounts
	Multi-Policy, Easy Pay, Welcome
	Multi-Policy, Loyalty, Smart Home
	Multi-Policy, Home Security System, Fire Alarm
	Multi-Policy, Affinity Group, Claim-Free
	Multi-Policy, Smoke Alarm, Military
	Multi-Policy, Early Shopper, Safety Feature
	Multi-Policy, Safety Device, Pay-in-Full
	Multi-Policy, Claims-Free, Advanced Safety Features
	Multi-Policy, Security System, Accident-Free
	Multi-Policy, Protective Devices, Green Home

The most popular renters insurance discounts are bundling discounts, which help you save money if you buy your car insurance policy from the same renters insurance company.

You can get adequate renters insurance and possessions coverage and save on your budget by considering available discounts. And with options for differing needs, you’re bound to find a plan that fits your lifestyle.

Read More: Is It Better to Own or Rent a Home?

Save Money With the Cheapest Renters Insurance Companies

Erie, American Family, and State Farm are the cheapest renters insurance companies. Erie has the best renters insurance rates, starting at $10/month.

Erie and American Family are available regionally, but State Farm sells policies nationally. So, if you are searching for the cheapest renters insurance in California, compare quotes from State Farm for cheap rates.

It’s essential to know what renters insurance covers. Unlike home insurance coverage, renters policies don’t protect the structure of the property.

Does renters insurance cover property damage? Most policies provide coverage for personal possessions and liability, which makes it affordable while still providing you with essential protection.

Our free comparison tool can help you see the lowest rates available on renters insurance in your city — just enter your ZIP code.