Renters Insurance Discounts
Explore renters insurance discounts from companies like Allstate, GEICO, Progressive, and State Farm, along with other ways to save.
How to save money on renters insurance
Generally, renters insurance runs quite cheap when compared to auto insurance or home insurance. An average renters insurance policy costs just under $16 per month.[1] While that’s certainly more affordable than other insurance types, many insurance companies also offer discounts—but nearly 40% of people admitted they didn't ask about these savings the last time they shopped.[2]
To help you take full advantage, let's discuss common renters discounts and other ways to save money on your renters insurance policy.
What are the best renters insurance discounts?
Renters insurance discounts — and even their availability — will vary from one insurer to another. However, some common discounts include security system, pay-in-full, senior, and insurance bundling discounts. Read more about each below.

Most policyholders can expect discounts for having burglar alarms or sprinkler systems in their homes can help them save money.

Setting up recurring payments online can lead to discounts through some insurers.

Some insurance companies offer renters insurance discounts of up to 25% for senior citizens.

Commonly referred to as a multi-policy discount, pairing your renters coverage with life insurance, pet insurance, or auto insurance is a great way to save money. Most insurance companies that sell renters coverage also offer other products such as homeowners and car insurance.
Renters insurance discounts by company
Every insurance company differs in the types and availability of discounts that are offered. However, here are some commonly available discounts from a few of the more popular renters insurance companies: Allstate, GEICO, Lemonade, Nationwide, Progressive, and State Farm.

- Multi-policy discount
- Fifty-five and retired discount

- Bundle renters and auto insurance
- Security system discount
- Smoke alarms discount

- Bundle renters and pet or auto insurance
- Pay annually
- Protective devices (alarms, smoke detectors, etc.)

- Multi-policy discount
- Protective devices (alarms, smoke detectors, etc.)
- Claims-free

- Multi-policy discount
- Quote in advance
- Paperless/electronic paperwork discount
- Pay in full discount
- Secured/gated community

- Multiline discount
- Home security discount
- Higher deductible
Adjusting your renters policy to saveÂ
Most renters insurance companies provide some level of discount, but there are many other ways that you can lower your monthly premiums. Have a look at how adjusting your policy coverage limits, personal property payout value, and deductible can reduce your renters insurance costs.
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Savings Tip #1:Â Adjust your coverage limits
Setting lower coverage limits for your personal belongings, personal liability, additional living expenses and medical payments can lower your monthly rate. Some companies may have adjustable limits for other coverage types as well. For example, Lemonade allows you to set a separate limit for your portable electronics.
Lower coverage limits are best for:
- Those owning few valuables
- Those living in low-risk areas
- Those financially prepared to cover potential losses that exceed their coverage limits
- Those with alternative coverage (e.g. umbrella policies, specialized policies) that overlap with their renters coverage
Read about recommended renters insurance coverage limits here.Â
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Savings Tip #2:Â Consider your personal property payout value
Renters insurers pay out personal property claims based on either actual cash value (ACV) or replacement cost value (RCV). Most policies use ACV, the cheaper option. However, those with policies that use RCV can save a significant amount of money by switching to ACV. Why? Because with ACV, your insurer only has to pay you for the current worth of your possessions, factoring in depreciation. This is substantially less expensive for them than replacing items with brand-new equivalents.
Who Actual cash value coverage is best for:
- Those with financial means to cover the difference between the depreciated value and the replacement cost of their possessions.
- Those relying on renters insurance more for liability and medical payment coverage than personal property coverage.
- Those with minimal possessions or few high-value items.
- Those willing to replace possessions with second-hand or deeply discounted versions instead of brand-new equivalents.
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Savings tip #3: Set a higher deductibleÂ
Deductibles have an inverse relationship with monthly payments, meaning that lower deductibles lead to higher monthly insurance rates. By choosing a higher deductible, you can reduce your monthly or annual premium. However, it's crucial to strike a balance.
While a higher deductible can save you money on premiums, it also means you'll pay more out-of-pocket if you need to file a claim. Therefore, always ensure that your deductible is set at an amount you can comfortably afford in the event of a loss.
Higher deductibles are best for:
- Those with emergency funds or savings in place to cover a higher deductible in the event of a claim
- Those living in low-risk areas who believe their chances of needing to file a claim are minimal
Renters insurance discounts: considerations
While discounts may be enticing, remember that some companies may be able to provide better rates out of the gate. A great place to start is by calling The Zebra's Insurance Agency 1-855-493-9138. Our friendly licensed agents can help you compare quotes from a number of top carriers and provide customized advice based on your unique situation.
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About The Zebra
The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.
- The Zebra’s insurance content is written and reviewed for accuracy by licensed insurance agents.
- The Zebra’s insurance editorial content is not subject to review or alteration by insurance companies or partners.
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- The auto insurance rates published on The Zebra’s pages are based on a comprehensive analysis of car insurance pricing data, evaluating more than 83 million insurance rates from across the United States.