Renters Insurance Discounts

Explore renters insurance discounts from companies like Allstate, GEICO, Progressive, and State Farm, along with other ways to save.

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Ross Martin

Insurance Writer

  • 4+ years in the Insurance Industry

Ross joined The Zebra as a writer and researcher in 2019. He specializes in writing insurance content to help shoppers make informed decisions.

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Beth Swanson

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Beth joined The Zebra in 2022 as an Associate Content Strategist. She is a licensed insurance agent whose goal is to make insurance content easy to r…

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Kristine Lee

Insurance Analyst

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  • 4+ years of Experience in the Insurance Industry

Kristine is a licensed insurance agent who joined The Zebra in 2019 as an in-house content researcher and writer. Before joining The Zebra, she was a…

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. While that’s certainly more affordable than other insurance types, many insurance companies offer discounts as well.

We’ll look at 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.

laptop on fire
Security systems

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

credit card to pay in full with
Autopay/paperless payments

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

senior woman driving a car
Senior discounts

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

bundling renters and auto insurance
Bundling multiple policies

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.

Allstate renters insurance logo
Allstate renters insurance discounts
  • Multi-policy discount
  • Fifty-five and retired discount
Geico renters insurance discounts
GEICO renters insurance discounts
  • Bundle renters and auto insurance
  • Security system discount
  • Smoke alarms discount
Lemonade renters logo
Lemonade renters insurance discounts
  • Bundle renters and pet or auto insurance
  • Pay annually
  • Protective devices (alarms, smoke detectors, etc.)
Nationwide renters insurance icon
Nationwide renters insurance discounts
  • Multi-policy discount
  • Protective devices (alarms, smoke detectors, etc.)
  • Claims-free
Progressive renters insurance icon
Progressive renters insurance discounts
  • Multi-policy discount
  • Quote in advance
  • Paperless/electronic paperwork discount
  • Pay in full discount
  • Secured/gated community
State Farm renters insurance logo
State Farm renters insurance discounts
  • Multiline discount
  • Home security discount
  • Higher deductible

Adjusting your renters policy to save 

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.


Savings Tip #1:  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. 


Savings Tip #2: 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.


Savings tip #3: Set a higher deductible 

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.

Or, you can simply click the link below to get a quote from The Zebra's trusted partner, Lemonade. While known for its easy quote process and competitive rates, Lemonade also offers renters insurance discounts related to bundling, paying in full, and security devices. Click below to get a quote in as little as 90 seconds!

Need a Renters Insurance Quote?

Renters Insurance Discounts FAQs

Depending on their insurer, renters can get discounts for having security systems, setting up automatic payments, being a senior citizen, paying the full premium upfront, and bundling their renters coverage with a life or auto insurance policy.

The Zebra found that the cheapest average monthly renters insurance rates were from the following companies: USAA ($10.66), State Farm ($11.66), and American Family ($13). However, GEICO’s website claims that policies start at $12 a month while newcomer Lemonade claims that their policies start at just $5 per month. Keep in mind that there are many factors that go into your monthly rate, including the location of your rental unit as well as the coverage types and limits that you choose. 

Shop around and only buy the coverage that you need. Start by getting renters insurance quotes from a number of carriers to find which ones offer the best rates. It’s important to have a rough estimate of the value of your personal belongings as well. This can help when setting your coverage limits.

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.
  • The Zebra’s editorial team operates independently of the company’s partnerships and commercialization interests, publishing unbiased information for consumer benefit.
  • 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.