What exactly are the best renter's insurance companies that are actually affordable? Find out in this post.
As I covered in my post about whether or not you need renter's insurance, going without renter's insurance leaves you open to tens of thousands of dollars in liability, property damage, or medical bills. Every renter needs renter's insurance, and your landlord might even require it. Switching to cheaper insurance options is one of the best ways to pay off debt fast.
I've lived in 6+ rentals in the past decade! Each time I have obtained renter's insurance, making me an expert in finding the best and cheapest options out there. I want you to have the best coverage and to save money. Here are my top renter's insurance picks - including the one I personally use.
This post is all about the very best renters insurance companies.
1. My #1 Pick: Lemonade Renter's Insurance (Yes, it's legit)
- Cheapest plan (as low as $5/month)
- 100% online (no agent required)
- Solid coverage at the best price
- Only available in 28 states + D.C.
ABOUT LEMONADE RENTER'S INSURANCE:
Lemonade renter's insurance is one of the most popular renter's insurance companies and with good reason. It is entirely online whereas most renter's insurance companies require you to go through an agent. This means, unlike other companies, you can complete the entire process online. Lemonade renter's insurance is also very cheap with good coverage. This is perfect if you want the basics covered at the lowest cost—without the hassle of an agent. If you're looking to keep it simple, this is the plan for you. It is the plan I personally use, and I've never had an issue. For those of you wondering, is lemonade renter's insurance legit? The answer is yes! Get a quick quote now!
2. Liberty Mutual (Best for Discounts)
- Most customizable plan
- TONS of discounts (ex: save up to 12% if you purchase online)
- 100% online (no agent required)
- Available in every state
- Friend to the emus
- Can be more expensive (depends on customization)
ABOUT LIBERTY MUTUAL INSURANCE:
If Lemonade isn't available in your state, Liberty Mutual is the next best option. Liberty Mutual is a well-known insurance agency with my personal favorite insurance ads (sorry to the Aussie Gecko). Liberty Mutual, like Lemonade, is super convenient because you don't have to go through an insurance agent (who has time for that, really). Liberty Mutual also offers seemingly endless discounts for things like registering online, auto and rental bundles, setting up automatic payments, the list goes on. Also unique, to have your jewelry insured, you don't have to get it appraised. They also offer seemingly limitless options for customization, so you only have to pay for your specific needs. Liberty Mutual can be more expensive if you want more bells and whistles, but it can be as low as $5 a month. These features easily make it one of the best renters insurance companies while staying cheap! Get a fast quote now!
3. State Farm (Best if You Like Using an Agent)
- Very affordable for complete coverage
- Automatic adjustments for inflation
- Available in all 50 states
- Requires an agent
- Little to no discounts
ABOUT STATE FARM RENTER'S INSURANCE:
If you don't mind using an insurance agent, State Farm is the way to go! Their coverage is very comprehensive while remaining very affordable. They also adjust your policy automatically for inflation, so that your policy doesn't devalue over time. While you can get a quote online, you'll need to complete the process through an agent. Keep in mind, State Farm coverage does not cover roommates and their discount options are more limited. StateFarm is hands down one of the best renter's insurance companies that uses agents. Get your quote now!
4. Allstate Renter's Insurance
- Very affordable
- Up to 25% discount for retirees
- Available in *wait for it* all states
- Must book through an agent
- Limited discounts
ABOUT ALLSTATE RENTER'S INSURANCE:
For keeping mayhem away, Allstate is a very good choice when it comes to renter's insurance. It is one of the cheapest options out there while simultaneously offering the comprehensive coverage you need. You do have to work through an agent, but they offer free online quotes that only take a few minutes. Check with your agent to see if your policy covers roommates, and if you're over the age of 55, you can save up to 25% on premiums. They also offer a great discount for bundling with auto insurance (that's what I've done in the past and it worked great). Bundles mean fewer apps and logins to keep track of and just overall less hassle. Get a quick quote now!
5. USAA (Best for Military Families)
- Affordable (as low as 33¢/day)
- Provides military specific coverage
- Available in all 50 states
- USAA members only
ABOUT USAA RENTER'S INSURANCE:
If you're a USAA member, their renter's insurance is definitely worth looking into. Because USAA is military-focused, membership is limited to service members and their families. The major downside then is that this renter's insurance is not available to nonmembers. Flood and earthquake coverage is included in the standard policy, unlike most other renter's insurance companies. There are a multitude of military-specific benefits, like a significant discount if you currently live on base. Another great benefit- no deductible is needed on your uniform coverage. Get your online quote here!
6. Farmers Renter's Insurance
- One of the cheapest plans
- Add ons for extra coverage for property damage
- Discounts for nonsmokers and bundles
- Only available in 42 states
ABOUT FARMERS RENTER'S INSURANCE:
Despite the name, no agrarian knowledge is required! Farmers insurance is another fantastic (and cheap!) renter's insurance. Farmers renter's insurance includes the same standard coverage as other agencies but at a much more affordable price. They offer many discounts depending on what state you are in, and they offer a lot of optional add-ons like identity theft. You can also add on additional property damage coverage, making their policies more customizable. You're eligible for a discount if no one in your home smokes and if you bundle with auto. And if you go claim-free for 5 years, they drop your premiums for being such an easy customer! So far, no discounts for actually becoming a farmer. Get a quick quote now!
7. Nationwide
- Good and cheap!
- Many discount options
- Especially cheap if you bundle with auto
- Requires an agent
- Only available in 43 states + D.C.
ABOUT NATIONWIDE RENTER'S INSURANCE:
Last but not least, Nationwide is another super cheap renter's insurance company that offers the standard coverage you want to see. They do require an agent, unlike Lemonade or Liberty Mutual, but they also offer a lot of appealing discounts. For example, if you have smoke detectors in your home (who doesn't?), you qualify for a discount! The same goes for if you have a burglar alarm. It doesn't end there, if you have never filed a renter's insurance claim before, you also qualify for a discount. Their average premiums are less than $20 a month, making them one of the most affordable renter's insurance companies out there. Get a free quote now!
What is your debt free date? Let me know @ShesFinanciallyFree1 !
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