How to get affordable renters insurance fast
Although renters insurance is not required by federal or state law, it’s a good investment and a solid way to protect your assets. Renters insurance is generally fairly affordable: $5 to $10 per month, on average. Plus, most landlords require you carry it in order to satisfy your lease agreement. If you’re not sure how to get renters insurance, we’ll explain some easy-to-follow instructions, tips, and rates to expedite your shopping experience.
How to shop around for renters insurance quotes
Our first recommendation is to get renters insurance quotes. Only by comparing rates from as many companies as possible can you ensure you get the best coverage at the cheapest price. We first recommend shopping with the company with which you insure your car. Keep in mind, this company won't always be your cheapest option.
Although there are many instances in which your renters insurance is cheaper than your auto policy, not every major car insurance company sells renters insurance. Many large insurance companies use subsidiaries to write and sell their renters policies.
Information you need to get a renters insurance quote:
- Basic personal information for you and anyone living with you
- Your address
- Inventory of personal belongings — especially anything of particular value (see below)
- Desired coverage level (see "How Much Coverage Do I Need?")
- Basic aspects of your apartment or home:
- Burglar or fire alarm
- Sprinklers
- Heating and AC
- Building type
- Pet information: whether you have a dog, and if so, which breed
How much renters insurance coverage do I need?
While you can find a much more in-depth answer here, we’ll outline some general information to keep in mind while you’re shopping for renters insurance. Most renters insurance companies will limit how much personal property coverage you have for items of high value. Before you start comparing rates, walk through your home and take inventory of your possessions — especially anything expensive or difficult to replace. If you have any of the items below, consider raising your coverage level.
|
Sub-limit |
Property |
Limitations |
|
$200 |
Money, gold, coins |
|
|
$1,500 |
Jewelry, watches, furs |
Theft only |
|
$1,500 |
Watercraft, trailers |
Theft only |
|
$2,500 |
Firearms |
|
|
$2,500 |
Silverware |
|
|
$2,500 |
Business property |
On-premises |
|
$500 |
Business property |
Off-premises |
|
Varies |
Electronics |
|
For a person in their 20s living alone, we recommend the following coverage levels:
- $15,000 to $25,000 of personal property coverage
- $100,000 of liability coverage
- $1,500 of portable electronic coverages
- $1,000 of medical bills/payments to others (minimum amount required)
- Minimum coverage for loss of use
How to save on renters insurance
Unlike auto insurance, there are not many cost-cutting solutions for renters insurance. One reason your policy might be too expensive is if you’re with the wrong company. The cheapest renters insurance providers are not synonymous with the cheapest car insurance providers.
In addition to the big companies listed below, we also recommend Lemonade Insurance. Only providing renters coverage, Lemonade offers a quick quoting process and affordable rates across the US. On average, Lemonade's renters rates range from $5 to $10 per month. Click here or below for a hassle-free Lemonade quote.
Below are average rates from top auto and renters companies in the US. Bear in mind, the rates below are for renters policies only — you can expect a slightly discounted rate if you bundle your auto coverage.
| Insurance Provider | Annual Renters Insurance Cost |
| Allstate | $187 |
| American Family | $156 |
| Farmers | $181 |
| Liberty Mutual | $285 |
| MetLife | $188 |
| Nationwide | $236 |
| State Farm | $140 |
| USAA | $128 |
If you'd like a competitive quote for renters coverage, call 1-855-493-9138 and we can help get you covered. Need more information? Check out our resource pages below.
Additional resources
- Does Renters Insurance Cover Flood and Water Damage?
- What Does Renters Insurance Cover?
- Insurance Coverage for College Students
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 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.