Best Cheap Renters Insurance 2026: Under $20/Month
Cheapest overall: Amica at ~$107–$116/year — the lowest national average of any major insurer. Cheapest digital insurer: Lemonade at ~$134–$140/year with app-based claims. Cheapest widely available: State Farm and Allstate at ~$143–$145/year in all 50 states. Cheapest for military: USAA (military and families only).
Get Quote →At a Glance
| # | Product | Award | Avg Annual Cost | AM Best Rating | Key Discount | |
|---|---|---|---|---|---|---|
| 1 | USAA Renters Insurance | Our Top Pick | N/A | A++ (Superior — reaffirmed July 2, 2025) | — | Apply → |
| 2 | Lemonade Renters Insurance | Also Excellent | N/A | — | — | Apply → |
| 3 | State Farm Renters Insurance | Best Value | N/A | A++ (Superior — highest possible) | — | Apply → |
| 4 | Allstate Renters Insurance | Worth Considering | N/A | A+ (Superior) | — | Apply → |
| 5 | Amica Renters Insurance | Best for Claims | N/A | A+ or A++ — among highest possible (Amica Mutual) | — | Apply → |
USAA Renters Insurance
“Cheapest for eligible members. A++ AM Best. Replacement cost coverage included as standard. Military/veterans/family only.”
What we like
- Cheapest renters insurance for eligible members
- Replacement cost coverage included as standard
- Flood AND earthquake coverage included as standard — unique among all major insurers
- A++ AM Best — highest financial strength
- Consistently #1 in satisfaction among all renters insurance companies
Watch out for
- Eligibility restricted to military, veterans, and immediate family
- Not available to most U.S. renters
- No physical branch offices for non-military markets
Rates as of April 8, 2026. Terms apply. Verify on issuer site.
Lemonade Renters Insurance
“~$134–$140/year. App-based signup and claims. ~40% of claims settled instantly by AI. 661/1,000 J.D. Power. ~28 states + D.C.”
What we like
- ~$134–$140/year — significantly below the $151–$170 national average
- ~40% of claims settled instantly by AI — fastest claims process available
- 682/1,000 J.D. Power — above industry average of 668
- Fully app-based — signup, management, and claims in one place
- Up to $250,000 personal property coverage
Watch out for
- No AM Best rating — Demotech 'A (Exceptional)' financial stability rating instead
- Available in only 29 states + D.C.
- No in-person agents for those who prefer human service
Rates as of April 8, 2026. Terms apply. Verify on issuer site.
State Farm Renters Insurance
“~$145/year. A++ AM Best — highest possible. Above-average J.D. Power. Available all 50 states. Strong auto bundling.”
What we like
- ~$145/year — below national average with A++ AM Best (highest possible)
- Above-average J.D. Power satisfaction (2025 study)
- Available in most states — all except Massachusetts and Rhode Island
- Strong auto bundling discount
- 17,000+ agent locations for in-person support
Watch out for
- ~$2–$38/year more expensive than the cheapest options (Amica, Lemonade)
- Online quoting not available in all states — some require agent contact
- Replacement cost coverage may cost extra
Rates as of April 8, 2026. Terms apply. Verify on issuer site.
Allstate Renters Insurance
“~$143/year. A+ AM Best. Available all 50 states. Strong auto bundling discount. 639/1,000 J.D. Power.”
What we like
- ~$143/year — below national average, available all 50 states
- Strong bundling discount with Allstate auto insurance
- A+ AM Best financial strength
- Optional riders: scheduled personal property, identity restoration
- Available in markets where Amica and Lemonade don't operate
Watch out for
- 639/1,000 J.D. Power satisfaction score — significantly below industry average of 668 and well behind Amica (909) and Lemonade (827)
- Without an existing Allstate auto policy, multi-policy discount disappears — making it $5-8/month more expensive than Lemonade or State Farm for equivalent coverage
- Customer claims resolution rated below Amica, Lemonade, and State Farm in 2024 consumer surveys
Rates as of April 8, 2026. Terms apply. Verify on issuer site.
Amica Renters Insurance
“~$107–$116/year — cheapest nationally. #1 J.D. Power (711/1,000). Replacement cost coverage. Elite AM Best. Most states.”
What we like
- ~$107–$116/year avg — cheapest renters insurance nationally (MoneyGeek 2026)
- Ranked #1 by MoneyGeek (4.82/5) for overall value, coverage, and service
- Replacement cost coverage available — items replaced at current market value
- Elite AM Best financial strength — one of the highest in the industry
- Water backup coverage available; low NAIC complaint ratio
Watch out for
- Not available in all states — limited in some Southern and Western states
- No instant app-based claims like Lemonade
- Getting a quote requires website or phone — no fully digital signup in all markets
Rates as of April 8, 2026. Terms apply. Verify on issuer site.
Cheap Renters Insurance Buying Guide
Photo by Mikhail Nilov / PexelsRenters insurance rates vary significantly between companies for the same coverage. Get quotes from at least 3 companies — it takes 5–10 minutes per quote online.
2. Bundle with auto insurance: Most insurers offer 5–15% off both policies when you bundle renters and auto. If you already have a car insurance policy, check if bundling with the same company saves more than shopping separately.
3. Raise your deductible:
Higher Deductible: Reduces Annual Premium by 10-25%
Increasing your deductible from $500 to $1,000 typically reduces your annual premium by 10–25%. Only raise your deductible to an amount you could comfortably pay out of pocket.
4. Choose ACV instead of replacement cost:
ACV vs. Replacement Cost: Lower Premium, Lower Payout
Actual Cash Value (ACV) policies pay the depreciated value of items — cheaper than replacement cost policies, which pay what it actually costs to replace them new. ACV saves $5–$20/year but means lower payouts at claim time. 5. Install security features: Smoke detectors, deadbolt locks, and burglar alarm systems typically qualify for discounts of 5–15%. 6. Maintain claims-free history: Many insurers offer discounts for going 3+ years without a claim. 7. Pay annually: Paying your annual premium upfront instead of monthly saves 5–10% at most companies.
What cheap renters insurance covers: Even the cheapest policies from Amica, Lemonade, and State Farm include the full standard coverage — personal property (your belongings), personal liability ($100,000 standard), and additional living expenses (ALE for temporary housing if your rental becomes uninhabitable). Cheap doesn't mean bare — it just means competitive pricing.
What no renters insurance covers (regardless of price):
-
Flood damage — requires a separate flood insurance policy
-
Earthquake damage — requires a rider or separate policy
-
Roommate's belongings — your policy covers only you unless they're added
-
High-value items above policy limits — requires a scheduled personal property rider
Watch Before You Buy
Frequently Asked Questions
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How We Evaluate Financial Products
We compare financial products based on objective criteria: annual fees, APR ranges, rewards rates, sign-up bonuses, and key perks. We do not factor in issuer relationships or compensation when determining rankings. Products are ranked based on overall value for the target use case described on this page.
Rates and terms change frequently. We update these pages regularly, but always verify current rates directly on the issuer’s website before applying. APR ranges shown reflect the full possible range — your actual rate depends on your creditworthiness.
This content is for informational purposes only and should not be considered financial advice. We compare products; we do not advise on which product is right for your personal financial situation. Read our full methodology →