10 Best Cheap Renters Insurance Companies of 2023

Learn which renters insurance companies are the best for your home. Learn what to look for in a renter's insurance policy, costs & how much coverage you need.

It may be tempting to skip getting renters insurance as a renter, but it's important to remember that your landlord is not responsible for any damage or loss to your belongings. Renters insurance can protect you in various situations, such as theft, damage, or flood. Choosing the right renters insurance requires some research and understanding of your needs.

To help with this, the PropertyNest team has analyzed customer service, affordability, and accessibility of renters insurance companies in all 50 states.

According to PropertyNest national survey, the average monthly cost of basic renters insurance is $17 or $206 a year.

Consider our recommendations if you're looking for the best and cheapest renters insurance.

The Best Renters Insurance Companies

After conducting an in-depth analysis, we have pinpointed the best renters insurance companies in this field and highlighted a distinctive attribute for each to aid you in your search for an ideal match.

Insurance CompanyAverage Monthly RateAverage Yearly RateBest For
Lemonade$9.57$114.84Best for Cheapest Rates
State Farm$10.83$129.96Best Customer Service
USAA$13.70$164.40Best for Military Members and Veterans
Allstate$15.17$182.04Best for Policy Bundles
Amica Mutual$16.35$196.20Best for Future Homeowners
Liberty Mutual$16.38$196.56Best For Discounts
Progressive$21.01$252.12Best for Accessibility
Travelers$22.14$265.68Best for Home Repair Coverage
GEICO$29.37$352.44Best Policy for Earthquake Coverage
PropertyNest average sample data of basic renters insurance coverage as of 2023

Lemonade: Best for Cheapest Rates

Lemonade Renters Insurance

Lemonade is one of the newer insurance companies that relies solely on technology. Using technology versus live agents helps Lemonade cut costs while providing plenty of customer service.

Simplistically speaking, Lemonade relies on data, property records, and other demographic information and statistics to assess the value and cost of damages and your premium alongside any information you provide them.

However, being a technology-centric company comes with its perks, such as the speed of getting a quote, setting up an account, making any changes to a policy, filing claims, and claims turnaround, which can be done entirely online or through their app.

Lemonade offers several plans to suit your needs and budget, starting with the basics for $5 per month. However, an additional fee can be applied if you want more features.

Lemonade is great for those looking for a tech-savvy app for immediate access to your policies, discounts, claims, and more.

This may be a desirable option for a renter who doesn't want to spend too much time thinking about personal property itemization and speaking to an agent.

It is not ideal, however, for someone who would rather speak directly to an agent.

Lemonade Renters Insurance Coverage

Lemonade renters insurance policy has several types of basic coverage. This includes lightning, hail, vehicles, fires, and more.

Loss of use coverage will help if your home is temporarily unavailable due to specific damages. If you cannot live in your home, Lemonade will pay for temporary living arrangements until your home is livable again.

Personal property coverage protects your belongings in case of a fire, etc. If. If your items were to be ruined, Lemonade will pay you at the depreciated value for the item and give you actual cash.

Portable electronics coverage protects your jewelry, electronics, and other expensive valuables.

  • Loss of Use Coverage
  • Personal Property Coverage
  • Portable electronics coverage

Lemonade Renters Insurance Discounts

While not many discounts are available, the two discounts that Lemonade provides are pretty easy to attain.

Installation of a home protection device, sprinkler system, fire alarms, etc.

Read a full Lemonade home insurance review.

Lemonade Renters Insurance Pros & Cons

  • Lemonade will donate any unused policy money to a charity of your choice.
  • Policies can be managed easily through their digital platform.
  • Affordable policies can start at just $5 a month.
  • They provide wide-ranging coverage that includes personal property and liability.
  • Only available in 28 states.
  • Can only bundle with pet insurance.
How is Lemonade Renters Insurance Rated?
PropertyNest Rating4.5 out of 5
J.D. Power (out of 1,000) Score853
BBB RatingB+
NAIC Complaint Index Score1.94

Allstate: Best for Policy Bundles

Allstate Renters Insurance

Allstate is well-known in the insurance industry, especially regarding bundling policies. You get a great selection of basic policies and the option to purchase additional coverage if needed. You also receive great discounts for bundling your policies, helping you save more in the long run.

Allstate insurance starts at $4 monthly when you bundle renters with car insurance. When you add the cost of your auto to this package, it will be well worth protecting both properties with one company.

Allstate has a claims center that is always open, and they also have customer service representatives available to help with policy questions and other concerns.

Additionally, while Allstate may be more expensive than other insurance companies, bundling policies for discounts can offset the cost.

Read a full Allstate renters insurance review.

Allstate Renters Insurance Coverage

Allstate brings the regular coverage you would usually receive, such as liability and personal property coverage. While coverage usually isn’t limited, a 12-month limit may come into play.

Insurance Coverages:

  • Liability
  • Personal property
  • Additional living spaces

Allstate Renters Insurance Discounts

With Allstate renters insurance policy, you can receive discounts to lower your premiums. You may be eligible for the following discounts based on location and other factors.

Insurance Discounts:

  • Multi-policy discount: This is a discount considering that Allstate is great for bundling an auto policy with your renters insurance. This can reduce your renters premium significantly.
  • Autopay discount: Find savings when you enroll online for autopay.
  • 55 years and retired discount: Get up to 25% off if you're 55 and older and retired or not looking for full-time employment.

Allstate Renters Insurance Pros & Cons

  • Provides a 24/7 claims service via internet or phone.
  • Different ways to customize your deductibles and coverages.
  • Great bundling policies.
  • Discounts and policies may not be eligible for certain states.
  • Not as cheap as the other companies.
  • Lacks in customer service.
How is Allstate Renters Insurance Rated?
PropertyNest Rating5 out of 5
J.D. Power (out of 1,000) Score837
A.M. Best - Financial Strength RatingA+
NAIC Complaint Index Score2.05
BBB RatingA-

Liberty Mutual: Best For Discounts

Liberty Mutual Renters Insurance

While plenty of discounts are offered for homeowners and car insurance, renters insurance is usually overlooked when it comes to discounts.

Liberty Mutual is perfect for those looking to save money through their many opportunities for discounts. However, the extent of the discounts and the eligibility criteria vary depending on the state and the policyholder's circumstances.

Their standard renters insurance policies are straightforward and can stand independently without adding customizable options.

Liberty Mutual has been in the insurance industry for over 100 years and for a good reason.

They are known for their great discounts, but their policies are not the most affordable.

Read a full Liberty Mutual home insurance review.

Liberty Mutual Renters Insurance Coverage

If you’re looking for a basic policy with some extra coverage, then the standard renters insurance from Liberty Mutual will be more than enough.

  • Liability and medical
  • Personal property
  • Additional living expenses

Liberty Mutual Renters Insurance Discounts

Liberty Mutual has some of the best renters insurance discounts around. You can easily receive discounts by purchasing a claim online or not filing a claim for more than five years.

However, it is important to note that these discounts may vary from state to state.

Insurance Discounts:

  • Multi-policy discount: Save just by purchasing more than one policy.
  • Early shopper discount: You may receive a discount if you ask for a quote before your current renters insurance ends.
  • Claims-free discount: If you haven't filed a claim with your previous insurer, you can qualify for a discount.
  • Preferred payment discount: If you sign up for automatic payment, you can save money and time.
  • Online purchase discount: Purchase your policy online and save.

Liberty Mutual Renters Insurance Pros & Cons

  • Customer service options include telephone, online, and being face to face with an agent.
  • There are approximately seven different discounts you can choose from.
  • Liberty Mutual allows you to customize your quotes to your satisfaction.
  • While there are plenty of ways to reach customer service, reviews advise that the quality is not so great.
  • There are better prices out there for renters insurance.
  • Loyal customers who have been with Liberty Mutual for years do not receive additional benefits.
How is Liberty Mutual Renters Insurance Rated?
PropertyNest Rating4.5 out of 5
J.D. Power (out of 1,000) Score834
A.M. Best - Financial Strength RatingA
BBB RatingA+
NAIC Complaint Index Score2.37

State Farm: Best Customer Service

State Farm Renters Insurance

The best national overall company should be affordable, reliable, and easily accessible. State Farm is available in all 50 states and is well known for its customer service. Founded in 1922, State Farm sells around 100 various types of insurance, including renters insurance.

Since State Farm is so widely available, your chance of speaking with a local representative is very high. Having a local rep is helpful since they should be aware of any specific rules for your location.

State Farm’s basic policy covers personal property, medical payments, and other living expenses. If extra coverage is needed, you can add options such as identity theft and pet medical insurance.

State Farm doesn't just excel in providing customers with a human touch but offers quality coverage.

Although State Farm is one of our top picks for renters insurance, it still has pros and cons, just like any other company. While State Farm provides various add-on options, it does not provide round-the-clock customer service if something goes wrong.

Read a full State Farm renters insurance review.

State Farm Renters Insurance Coverage

  • Guest medical coverage
  • Personal property coverage
  • Family Liability coverage
  • Personal liability coverage

State Farm Renters Insurance Discounts

Discounts are important when it comes to renters insurance, and you may already qualify for a discount if you have a home alert protection device. State Farm only provides two different types of discounts, which may be a deterrent if you are looking for more savings.

Insurance Discounts:

  • Home alert protection discount: This type of discount is usually reserved for homeowners but State Farms offers their renters insurance policyholders a discount if they have protective devices installed in their rental such as smoke/fire detectors, security systems or home monitoring systems.
  • Multi-policy protection discount: You can save money when you bundle renters with auto insurance.

State Farm Renters Insurance Pros & Cons

  • Offers multiple add-on options
  • No limit on personal property coverage
  • Does not provide round the clock customer service
  • Customers are only eligible for two different types of discounts
How is State Farm Renters Insurance Rated?
PropertyNest Rating5 out of 5
J.D. Power (out of 1,000) Score836
A.M. Best - Financial Strength RatingA++
BBB RatingA+
NAIC Complaint Index Score1.77

USAA: Best for Military Members and Veterans

USAA renters insurance

USAA was created in 1922 and now has over 12 million members and offers services such as insurance coverage, planning for retirement, loans, and more. However, it's worth noting that USAA is a membership-based organization; not everyone is eligible to become a member.

For those in the military, veterans, or immediate families of the person in service, you may qualify for insurance with USAA.

USAA has one of the best reputations as a financial institution, known for its amazing customer service, rates, loans, and other financial products. They are consistently highly rated by customers in most financial categories.

The major con is that not everyone is eligible for coverage as their services are solely available to active-duty and retired military personnel and their families. On the plus side, limited access means that customers receive more attention.

USAA Renters Insurance Coverage

USAA renters insurance provides extensive coverage options and goes above and beyond regarding theft. If you have a break-in, USAA will repair or replace items such as jewelry, phones, bicycles, furs, etc.

Insurance Coverage:

  • Personal property
  • Liability
  • Additional living expenses

USAA Renters Insurance Discounts

USAA offers a minimum amount of basic discounts such as safety device installation, insurance bundling, and claims-free discounts. Though they offer few discounts or deals, USAA already provides affordable premiums.

Insurance Discounts:

  • Bundling discount: Save up to 10% when you bundle renters and car insurance at USAA.
  • Claim-free discount: Get a discount if you remain claims-free.
  • Security discount: Qualify for a discount if you have a home monitoring system in place.

USAA Renters Insurance Pros & Cons

  • Affordable rates.
  • Ample coverage.
  • Does not provide many discounts.
  • Availability is limited.
How is USAA Renters Insurance Rated?
J.D. Power (out of 1,000)886
A.M. Best - Financial Strength RatingA++
NAIC Complaint Index0.88

Progressive: Best for Accessibility

Progressive Renters Insurance

Progressive has been around since 1937 and is one of the major insurance carriers for vehicular and property coverage.

We chose Progressive as one of the top renters insurance companies because not only is renters coverage available in all 50 states, but Progressive has one of the best ways to contact the company regarding questions, issues, or claims. Customers can contact Progressive via phone, email, online chat, app, and social media. Progressive also has a low NAIC customer complaint index rating.

There's also a healthy number of discounts to help lower your premium with Progressive. They offer a unique benefit for renters who choose to bundle with their auto that helps reduce the out-of-pocket expense for deductibles they call the Single Deducible Benefit.

Progressive does have somewhat higher premiums than average, but their renters insurance policy is very well-rounded, and you may be able to offset some of the cost with their discounts. Premiums may vary depending on factors such as location and coverage options.

Progressive Insurance Renters Insurance Coverage

Progressive provides a standard renters insurance plan covering personal property, loss of use, and liability. However, they take it further by protecting your possessions while traveling or even items in your personal storage unit.

Insurance Coverage:

  • Liability protection
  • Living expenses in cases of loss of use of home
  • Medical liability
  • Protection of your personal property

Add-ons are few with Progressive, but customers can find rare coverage for personal injury.

Additional Coverage:

  • Sewer back-up coverage: Coverage of your property damaged by sewer or drain back-up issues.
  • Personal injury: A unique coverage that pays for legal fees for damages from libel or slander.
  • Scheduled items: Include an insurance rider for your high-value items.
  • Replacement cost coverage: Opt for replacement cost over actual cash value and get reimbursed for the full cost rather than the depreciated cost of lost or damaged items.

Progressive Insurance Renters Insurance Discounts

There are a good number of discount opportunities for customers at Progressive.

  • Bundling discount: The average savings is 3% when you bundle with auto. Individual premiums will vary.
  • Quote in advance: If you get a quote at least three days before your current policy expires, you may get a discount.
  • Paperless billing: Opt to go paperless and save.
  • Gated community: Get a discount for living in a gated community or with a security guard post.
  • Pay in Full: Pay your annual premium upfront, and you can qualify for a discount.
  • Single-deductible benefit: Not a straight-up discount, but if you bundle renters and auto together and file a claim for both, you will be reimbursed for one of the deductibles. *Only available with ASI Renters (one of their insurers)

Progressive Renters Insurance Pros & Cons

  • Available in all 50 states
  • Awarded high financial strength rating from A.M. Best.
  • Customers can contact the company by phone, email, online chat, and social media.
  • Plenty of discounts.
  • Low number customer complaints
  • Premiums are a little higher than average.
  • Not a lot of add-on options.
  • Renters can only be bundled with auto.
  • Coverage is provided by partner insurers in certain states and not directly from Progressive.
How is Progressive Renters Insurance Rated?
PropertyNest Rating4 out of 5
A.M. Best - Financial Strength RatingA+
NAIC Complaint Index Score1.66

Travelers: Best For Home Improvement Repairs Coverage

Travelers renters insurance

Travelers is a well-trusted insurance company that offers many different types of policies.

Some renters invest in their rental units by making improvements (of course, with permission from their landlord) and making their homes more comfortable and habitable.

If you've made your repairs or improvements, Travelers can help you by providing coverage for those repairs or improvements.

They allow policyholders to allocate up to 10% of their personal property coverage to home improvement replacement coverage--making Travelers one of the few insurance carriers that do.

Travelers is a great option for a renter who is very hands-on as well as handy.

Read a full Travelers renters insurance review.

Travelers Insurance Renters Insurance Coverage

Travelers offers a great standard renters policy which includes up to $100,000 of coverage of financial protection when it comes to personal liability.

Basic Coverage:

  • Personal property coverage
  • Personal liability coverage
  • Medical coverage
  • Home improvement coverage: Travelers will pay to replace improvements you made to the rental unit on your own that are under-covered incidents.

Additional Coverage:

Travelers has a few add-ons to enhance your policy.

  • Extra coverage for valuable items: You can purchase extra coverage for high-value items such as jewelry, art, home electronics, and other expensive personal possessions.
  • Replacement value coverage: This add-on offers extra coverage for your items. Travelers will pay to replace the item regardless of depreciation if your possessions are lost or damaged in a covered peril. It's important to note that there are deductibles and coverage and payout limits are specific items.

Travelers Renters Insurance Discounts

Travelers also has a few ways to save, like the average renters insurance company, such as installing protective devices and bundling.

  • Multi-policy discount: You can save up to 5% if you bundle it with auto insurance. However, you can save with additional umbrella or boat insurance policies.
  • Claims-free discount: Speak to an agent about your eligibility to save if you've not filed a claim for a certain period.
  • Protective device discount: Renters can save with several devices, such as indoor sprinkler systems, security alarms, or home monitoring systems.
How is Travelers Renters Insurance Rated?
PropertyNest Rating4 out of 5
J.D. Power (out of 1,000) Score801
A.M. Best - Financial Strength RatingA++
BBB RatingA
NAIC Complaint Index Score3.88

Amica Mutual: Best for Future Homeowners

Amica renters insurance

Amica Mutual Insurance Company is a major insurance player that serves the contingent states of the U.S., although they may not push a large online or television marketing campaign.

Unbeknownst to many, this company has been around for over a hundred years and has been solid financially during that period. They're also ranked as one of the best in customer service.

However, we've selected Amica Mutual as one of the best national renters insurance specifically for their special renters package Renters Essentials.

It bundles their standard renters coverage plus extras like identity theft protection and a unique program that helps future homeowners save big on homeowners insurance they may need in the future.

Amica Renters Essentials helps you save up equity for insurance while saving to buy that home. Every year, you have your renters policy with Amica, and you can earn $100 ($500 total limit).

Once you're ready to buy a home, you can potentially have $100 per year towards your homeowners insurance premiums.

Read a full Amica renters insurance review.

Amica Mutual Renters Insurance

Amica Mutual's standard renters insurance policy covers the basics you'd expect from a solid policy from a trusted company.

Basic Coverage

  • Personal Property Coverage
  • Personal Liability Coverage
  • Loss of Use Coverage

Additional Coverage:

You can also purchase extra coverage in the areas of your choice. Amica offers four extra options.

  • Personal Property Replacement: This provides additional coverage in that you will be given the funds to replace your possessions lost or damaged by a covered peril rather than the actual value of said items.
  • Scheduled Personal Property: This add-on protects your most high-value possessions, such as jewelry, art, and other luxury goods.
  • Identity Fraud Protection: This is extra monetary protection for the unauthorized use of your identity or credit cards.
  • Smart Devices and Computers: Extra coverage for all your personal electronics and smart devices.

Amica Mutual Renters Insurance Discounts

Amica Mutual offers a robust number of discounts for would-be policyholders. Some discounts are more typical for homeowners insurance, such as a discount for paperless billing.

  • Loyalty Discount: Qualify for a discount when you have been with an insurance company for two years or more. Uniquely, this applies even if you've been with a different insurance carrier. The discount amount also varies depending on your time with an insurer.
  • Multi-policy Discount: Save up to 15% when you bundle renters with car insurance.
  • Claims-free Discount: To receive a discount for this, you must be claims-free for at least three years.
  • Auto-pay Discount: Get a discount for enrolling in automatic payments of your premium.
  • Paperless Discount: Save when you sign up for electronic-only billing and policy information.
How is Amica Renters Insurance Rated?
J.D. Power (out of 1,000)854
A.M. Best - Financial Strength RatingA+
NAIC Complaint Index0.32

Nationwide: Best for Fraud Protection

Nationwide renters insurance

Nationwide is one of the best-known and most reputable insurance companies in the country, and customers can rest assured of their financial health and stability.

Nationwide provides various options to help you customize your dream policy.

With Nationwide, their claims center is open 24/7; however, you can only speak with a customer service representative during limited hours, one of the features that Nationwide is known for, even though online services are also available.

They stand out because credit card and fraud protection come standard with basic coverage. Not only will you be covered if someone uses your credit card illegally, but this protection also applies to fraud such as forged checks, etc.

This policy is best for someone with fraud and identity theft issues or looking for extra financial protection.

Knowing they don't have to be on the financial hook for such losses can give them peace of mind.

Read a full Nationwide renters insurance review.

Nationwide Renters Insurance Coverage

Nationwide’s basic renters insurance covers a few different scenarios for your protection. The basic coverage ranges from common items such as personal liability to not-so-common, such as credit card coverage.

Basic Coverage:

  • Credit card coverage: You pick the dollar amount you want to be protected up until, and you will be covered for unauthorized purchases on your credit and debit cards.
  • Personal liability: If someone hurts themselves in your home, you can receive help to pay for any covered accidents.
  • Building additions and alterations: Covers damages to any improvements, renovations, installations, etc., being made to your property.
  • Of course, there is some amazing additional renters insurance coverage, such as valuable protection, water backup, theft extension, and more.

Additional Coverage:

  • Theft extension: Provides additional protection for any personal belongings that were stolen while being stored in a motor vehicle, trailer, or type of watercraft.
  • Water backup: You will be covered if the sewer or drain backs up and causes you any type of loss.
  • Valuables Plus: Receive extra protection for valuable items such as antiques, art, jewelry, etc.

Nationwide Renters Insurance Discounts

Nationwide makes saving money easier with the various discounts that they offer. You can save money easily by doing basic procedures such as installing a protective device such as a smoke detector or bundling up on insurance policies.

  • Claims-free: If you have no claims on your policy, you may be eligible for a better price.
  • Protective device: If you install safety devices such as smoke detectors and burglar alarms, you may be eligible to lower your premium.
  • Multi-policy: Combining renters insurance with your auto or insurance policies can help you save.

Nationwide Renters Insurance Pros & Cons

  • Claims center is open 24/7.
  • Provides coverage for any unauthorized purchases made on your credit card.
  • Premiums cost more than $15 a month.
  • Customer service is limited to certain hours.
How is Nationwide Renters Insurance Rated?
PropertyNest Rating4 out of 5
J.D. Power (out of 1,000) Score859
A.M. Best - Financial Strength RatingA+
BBB RatingA+
NAIC Complaint Index Score0.04 (Very Low)
Compare Renter Insurance Company Ratings
CompanyPropertyNest RatingJ.D. Power (out of 1,000)A.M Best RatingBBB Rating
Lemonade5.0853Not RatedB+
Liberty Mutual4.5834AA+
State Farm4.5836A++A+
Erie Insurance4.5851*A+A+
Jetty4.0Not RatedAA+

Toggle: Best For Unique Endorsements

Toggle, a brand under Farmers Insurance, is a young, user-friendly insurance provider currently offering renters and auto insurance in select states. Toggle's easy-to-use and transparent website makes it stand out, where you can receive a quote in seconds and quickly customize it to your specific needs using virtual toggles.

While Toggle is not the lowest-cost insurer, you can select from three tiers, which are basic, standard, and premium. Basic is just liability coverage and is very inexpensive. You can, however, easily customize each tier to your needs by adjusting the amount of coverage for personal property, your deductible, and your liability coverage. Personal property is broken down into separate categories to customize your coverage further.

Toggle does offer standout endorsements or add-ons to your main policy, namely pet protection and side hustle coverage. Their pet coverage is unique because it doesn't just cover liability but also some damage, pet boarding, and even some veterinary costs—most renters insurance coverage for pets, whether standard or endorsement, usually covers liability. Side HustleⓇ is a unique offering that covers equipment and liability related to your side business or gigs that bring in $25,000 or less per year.

Toggle Renters Insurance Coverage

As mentioned, there are three tiers to choose from. All tiers include $1,000 blanket coverage, which can be used towards personal property (in addition to other personal property limits) and liability-related medical bills. In addition, coverage of personal property is applicable when they travel outside your home as well. The standard deductible is $500, but you can choose $100, $250, and $1,000.

Basic Coverage:

This is just $100,000 of liability coverage, which some landlords require. You can add personal property coverage and other items to this tier.

Standard Coverage:

  • Personal property: Starts at $10,000 of coverage, but amounts can be adjusted according to customer's needs. Personal property is broken into technology, furniture and appliances, jewelry and fashion, creative, active, and collectibles.
  • Liability: Starts at $100,000 of liability protection. Select $200,000 or $300,000 instead.
  • Temporary living costs: $50 of extra living expense if your rental is uninhabitable.

Premium Coverage:

  • Personal property: Starts you off at $20,000 worth of coverage, which is further customizable.
  • Liability: Adjustable, but you are set at $200,000.
  • Temporary living costs: Set at $100.
  • Replacement cost: You get replacement cost with this package instead of the actual cash value.
  • Identity Protection: Coverage for lost wages and related expenses, plus concierge resolution support.

Additional Coverage:

  • Pet Coverage: Coverage for if your pet injures anyone else, damages your residence, for some veterinary costs for a covered peril, and some pet boarding costs if your rental is temporarily uninhabitable.
  • Identity protection: Covers related expenses to cases of identity fraud and also provides support for fraud resolution.
  • Replacement cost: You can opt to receive the replacement cost instead of the actual cash value, which is the value of the item depreciated. ACV usually doesn't cover the cost of replacing the item, which is why replacement cost is seen as the superior option.
  • Side HustleⓇ: This covers loss or damage to equipment essential to your part-time gig and can help you recover up to $2,000 a month in lost wages and up to $10,000 in contractual legal fees. You must earn $25,000 or less per year for consideration for Side HustleⓇ.
  • Temporary living costs: Add more or less for temporary living expenses if your residence becomes uninhabitable.
  • Significant other: Cover your significant other at no extra expense.

Toggle Renters Insurance Discounts

As a relative newcomer, Toggle doesn't have many discounts to offer. Still, as a policyholder, you automatically qualify for numerous discounts and savings with many companies, products, and services, such as Thrive Market, Clutter, Casper, Sam's Club, Avis, and Doordash, to name a few.

The closest thing to a discount is their claims-free reward. For every year you don't file a claim with Toggle, your deductible is reduced.

Toggle Renters Insurance Pros and Cons

  • Very easy-to-use website; rapid quote, customization, and purchase process.
  • Good number of endorsements with unique offerings.
  • Just liability coverage is available for people who only want the bare minimum.
  • Lots of perks and product service/discounts for policyholders.
  • You can lower your deductible over time if you don't file claims.
  • Only available in 24 states--not available nationwide.
  • Premium discounts don't seem to be offered.
  • Lower limits for personal property comes standard compared to competitors.
How is Toggle Renters Insurance Rated?
A.M. Best Financial Strength RatingA
NAIC Complaint Index0.00

Is Renters Insurance Mandatory to Rent an Apartment by Law?

There is no federal law that requires tenants to carry renters insurance.

However, some landlords may require proof of renters insurance as part of the lease agreement.

What is the Average Cost of Renters Insurance?

The best renters insurance companies combine many coverage options and dependable customer service.

They also should have affordable policies.

The national average cost of renters insurance for American families in the U.S. is $17 per month or $206 per year.

Average Renters Insurance Rates Chart
The Cheapest Basic Renters Insurance by Provider
CompanyNational Monthly Average Sample Rate
State Farm$10.83
Amica Mutual$16.35
Liberty Mutual$16.38
Average sample data of basic renters insurance coverage | PropertyNest renters insurance data as of 2023
Allen Anderson
Allen Anderson
Senior Vice President, Selective Insurance
What are common misconceptions renters have about renters insurance?
The biggest misconception about renters insurance is that it is expensive or that renters don’t have much that needs to be protected. Even if that is true – and it likely isn’t – imagine needing to replace it all at the same time, all your clothing, furniture, computers, television, etc. It adds up pretty quickly and is probably significantly more expensive than what renters insurance would cost.

What Factors Determine Renters Insurance Premiums?

The premium you pay differs from that of another policyholder. Each person will get a different quote due to certain factors.

Besides living in a city with a high crime rate susceptible to many natural disasters, the additional factors determining your premium are as follows.

Credit Score

Your credit score can negatively impact your premium.

People who have a high credit score generally pay less.

And those with poor credit scores will pay more.

That’s because the insurer believes those with good credit are statistically more likely to pay their monthly premium on time.

Whether You Choose an Actual Cash Value or a Replacement Cost Value Plan

With ACV, insurers pay only for the depreciated value of your items if they are stolen or damaged.

With RCV, insurers pay the total cost of your items at today’s prices.

For example, if your laptop is four years old and gets destroyed, damaged, or stolen, you’ll be reimbursed for the total cost using today’s prices.

RCV will raise your rate, which often doesn’t come standard in a basic policy.

Claims History

If you've ever filed a claim on any of your insurance policies, you are considered a risk and will thus have your premium raised.

Amount of Coverage

Your standard renters policy probably won't provide enough coverage to replace all your items, especially those high in cost like jewelry.

So, you will probably need to buy extra coverage through an endorsement to pay them in full if a covered peril damages or destroys them.

Adding coverage to a basic policy will increase your rate. However, taking on the extra costs for enhanced or more comprehensive protection could be worth it.

Since renters insurance isn't mandatory, you can customize your policy according to your needs.

The Size of Your Building or Unit

Insurers usually pay lower premiums to people living in large buildings with many units.

And they often will give you a higher premium if you live in a smaller building with only a few units.

Overall, apartments are less expensive to insure than full houses. Apartments are typically smaller and outfitted with smoke alarms, sprinkler systems, and carbon monoxide detectors.

The limited outdoor space means insurance companies don’t need to insure you for outdoor accidents like slips and falls.

On-site management will also decrease your premium.

Building Construction

If you rent a house, apartment, or condo made of brick or masonry, insurers will charge you less than they would if your rental was constructed using a less stable or less solid material.

Sturdier material is less affected by earthquakes, fires, and other covered perils.

Fire Prevention

If you install fire detection and prevention devices and purchase multiple fire extinguishers, your rental will be considered safe, and your rate will be lowered.

Security Measures

If your apartment or condo is on a high floor, has doormen or front-desk security or security cameras in the lobby, and is located in a gated community, your insurer will reduce your premium.

That’s because it’s perceived that you will be less likely to claim due to theft or burglary.


Your deductible will also affect your premium. The more you’re willing to cover before your insurance kicks in, the less expensive your premium will be.

How to Get the Cheapest Renters Insurance

The easiest way to get affordable renters insurance is to get quotes from as many insurers as possible.

Then, compare the quotes from different companies.

Usually, the best insurers allow you to get an instant quote on the insurer’s website.

But if you can’t and need to complete your application by speaking to a live agent, this takes longer than going online.

The less convenient it is to get a quote, the more you’ll turn to other insurers with a good online presence.

Customer Service

The insurance company you pick should be partly based on how easy it is to reach the company’s agent and your experience with one of the agents.

An insurer’s rep or agent should be available 24/7, or at least 24/7, for claims processing.

Thus, you should check how convenient it is to reach customer service, especially when rushing to make a claim.

If you can reach an agent in several ways, you have both choice and convenience.

For example, if you can speak to an agent via phone, text, chat, or online, that’s an insurer you may want to work with.

For example, Farmers offer all these ways to connect to an agent. You should thus get a quote from the company.

In addition to availability, you should feel comfortable when speaking to a rep. That means, for example, you should be able to ask as many questions about a policy as you want, and the agent will be professional enough to take the time to answer all of them smoothly and compassionately.


All renters insurance companies offer discounts that can lower the cost of your premium. Here are the most popular discounts you can get:

  • Multi-Policy: Bundling renters and auto insurance with the same company will get you a discount.
  • Being Claims-Free: If you don’t claim in a period determined by your insurer, you’ll receive a discount.
  • Paperless: If you go paper-free and choose to receive information about your policy electronically, you’ll also get a discount.
  • Payment: You'll get a discount if you sign up for autopay using your checking account.

Should You Bundle Renters & Car Insurance?

Bundling renters and auto insurance with the same company can save you money. When you bundle, you’ll get a single bill for both policies that could result in discounts of up to 25%.

It's important to compare rates before deciding whether to bundle, as some companies may offer better pricing regarding individual policies. Some renters insurance policies also include additional coverage that may benefit you and your situation.

Before making a decision, it’s important to read the policy details carefully and calculate the total cost of coverage in both scenarios. Over time, bundling could save you hundreds of dollars on premiums.

What Does Renters Insurance Cover?

Renters insurance typically covers the cost of damage to personal property, such as furniture, clothing, electronics, and appliances. It also provides liability protection if visitors are injured in your home or you’re responsible for damaging someone else’s property.

In addition, renters insurance may reimburse additional living expenses if your rental becomes uninhabitable due to a covered loss.

Considering the amount of personal items and liabilities that come with renting, renters insurance is an important investment.

Be sure to review the specifics of your policy to ensure you know exactly what’s covered in case of any potential losses or damages.

Types of Renters Insurance Coverage
Liability CoverageLiability protects you against lawsuits from someone who has bodily injuries or property damages that you or your family caused to them. Liability also covers your legal defense.
Personal Property CoveragePersonal property coverage pays to replace property that’s stolen or damaged due to a covered peril. A covered peril in a standard policy is theft, burglary, and vandalism, as well as climate changes like lightning, windstorms, hurricanes, explosions, water damage, and other events listed in your policy.
Loss of UseThis policy covers basic living expenses and temporary housing costs if your unit becomes uninhabitable due to a covered peril like a fire.
Medical PaymentsThis policy pays for medical care if there is bodily injury to a person that occurs in your rental unit, regardless of fault.
Most Common Items Stolen in Home Burglaries
Cash or Other Forms of CurrencyBank notes, bullions, gold or silver (non-jewelry), coins, medals, smart cards, stored value cards.Most renters insurance policies will only cover up to $200 in stolen cash.
Electronic EquipmentPhones (iPhones, Androids, etc.), computers, laptops, iPads, earbuds, smart watches, TV sets, gaming systems, Alexa or Google home devices, etc.Standard renters insurance policies cover the loss or damage of electronic devices.
ClothingDesigner purse/handbags, shoes, jewelry, designer watchesStandard renters policies cover your personal clothing or designer handbags etc.
Power ToolsDrills & drivers, saws.Covered under the personal property coverage.
Kitchen appliancesRefrigerators, microwaves, blenders, electric mixers, ice makers, coffee machines, and other appliances.Renters insurance covers personal appliances if they are damaged, stolen, or destroyed by a covered peril.
Prescription drugsWill not cover stolen prescription drugs.
Personal informationBank accounts, identity information stolen from documents, or stolen personal equipment.Most companies do not include identity theft as a covered peril in a standard renters insurance policy.
FirearmsPistols, riflesLegal firearms are covered under personal property coverage.

What Natural Disasters are Covered in a Renters Policy?

Tornadoes, fires, hail, storms, heavy rain, and snow are covered perils.

However, because natural disasters impact your premium, you won’t pay less than $20 monthly. That rate doesn’t include flood insurance, which tends to be expensive to purchase.

What are Natural Disasters Not Covered in a Renters Policy?

Like homeowner’s insurance, the basic renters policy does not include flood coverage or earth movements such as earthquakes and sinkholes.

Flood Coverage

Most renters policies do not cover flooding. You must purchase a separate flood insurance policy to cover this peril. It’s essential to remember that flood insurance usually has a waiting period of 30 days before it goes into effect.

This means you won't be covered if flooding occurs during the first month after you purchase your policy. Before signing any agreement, read all the fine print and ask questions about flood coverage.

Does Renters Insurance Cover Water Damage?

In some cases, renters insurance does provide coverage for water damage caused by a leaking pipe or appliance.

However, it’s important to note that this coverage is usually only provided if the cause of the water damage is sudden and accidental. This means your renter’s insurance policy does not cover any damage caused by prolonged leaks or floods.

It’s also important to be aware of the limitations of your renters insurance coverage when it comes to water damage. For example, many policies have maximum limits for water damage claims and may not cover all damaged property. Additionally, some policies exclude certain types of water damage from being covered at all.

Does Renters Insurance Cover Wildfire Damage?

Renter’s insurance typically does not cover damage caused by wildfires. Wildfires are generally classified as “catastrophic events”, meaning that they are outside of the scope of most standard renter’s insurance policies.

However, some individual insurers may offer additional coverage for wildfire damage if requested.

How Much Insurance Do You Need?

If you don’t have many things to insure and believe you don’t need the added expense of a renters policy, look around your rental and do a personal inventory that includes itemizing each possession and ascertaining its price.

You can use the internet to research the cost of each item if you can’t recall it. Once you factor in the price, the total is how much insurance you would need if you had to replace everything after a fire or a burglary.

The things you use the most are not considered because you don’t think they are valuable.

But they most likely are, as all the following that you use daily counts: your sofa or other pieces of furniture, your laptop, and your smart TV, for example.

They don’t have to be high-cost jewelry or musical instruments or designer bags and clothing, although these, too, are covered by renters insurance.

The one thing you need to beware of is that if you have these expensive items, you will most likely have to buy additional coverage for them in the form of add-ons because the basic renters insurance only covers up to the policy’s limit.

The standard limit for personal property coverage in a basic renters insurance policy is usually $30,000 per claim.

So, if your diamond necklace is appraised at $35,000, you must pay the extra $5,000 if the jewelry is stolen or damaged.

Any damaged or stolen belongings that exceed your personal property limit will not be covered, leaving you to pay the difference for replacements.

But consider the coverage amount allowances. If a renters insurer puts a cap on how much additional coverage you may want to buy, maybe that’s not the company you want to go with.

And if a rental insurer has no personal property limit, you can add as much coverage as you desire; that’s a company worth looking into.

So, you’ll want to increase your personal property limit so it’s close to or greater than the value of your belongings.

Or, to make sure that your jewelry is insured to its total value, you can add a rider or endorsement to your policy that comes with an additional expense.

A rider or endorsement adds more benefits to your basic renters insurance policy.

Compare the Best Renters Insurance Companies in Your State

We've made our recommendations above based on insurers that are widely available throughout the country. But we found some of the best and cheapest home renters were locally-based companies.

Frequently Asked Questions

Do College Students Need Renters Insurance?

College students can be at risk of facing huge financial losses due to theft, vandalism, fire, and other hazards. Even if you live in an off-campus apartment with a few roommates, it is still worth having renters insurance to protect yourself from any potential disasters. Renters insurance will also provide coverage for your personal property, such as furniture, electronics, and clothing. It will also cover liability issues if someone is injured in your living space.

Our Methodology

We thoroughly researched the state's top renters’ insurance companies and narrowed the list down to those that operated in the U.S. We rated them on criteria that included ease of use, ratings, financial strength, customer, affordability, and more. Please read our full, in-depth renters insurance methodology.

How We Picked the Best Renters Insurance Companies

We examined several factors to determine the best renters insurance company in the U.S.


Discounts help to make renters insurance affordable.

So if you found an insurer that best suits your needs but has a high premium, you should look into how many discounts the insurer offers.

Chances are, if you qualify for many discounts, a high premium will be more favorable in terms of cost.


Every renter has different insurance coverage needs. So, when evaluating insurers, we looked for companies with a wide range of useful coverage options.


We only considered an insurer if it had a useful and easy-to-use website and mobile app where you could do several things—get a policy online, file a claim online, pay your bills on a mobile app, and much more.

The most important thing we looked at is whether a company allowed you to get a quote on its website instantly and then purchase a policy in a short time, such as ten to fifteen minutes. Doing so makes getting insured easy.

If a company allowed you to get a quote online but made you speak to an agent to finalize it, then the process is time-consuming, and we tried to avoid such an insurer.

Customer Complaints

We reviewed published consumer ratings and reviews of renters insurance providers.

We spent a good amount of time looking at verified third-party reviews.

Insurers with many quality consumer ratings and reviews were included in our list.

For example, we looked at A.M. Best to determine an insurer's financial strength, the NAIC to see how many complaints an insurer received, and JD Power’s customer satisfaction score to determine how well-received an insurer is.


Insurance providers with low premiums or plenty of options to lower your premium (such as discounts) ranked higher on our list than others.

In particular, we favored Allstate, State Farm, and Lemonade because all three had policies lower than the average renters insurance rate.

Jackie Maroney
About the author

Jackie Maroney is a writer for PropertyNest and works in real estate and property management. She currently resides in Long Island City.