Key Takeaway: The cheapest renters insurance in 2026 starts at $9–$14/month for basic coverage. USAA (military only), Lemonade, and State Farm consistently offer the lowest rates. Bundling renters with auto insurance typically saves 5–15% on both policies.
Cheapest Renters Insurance Rates in 2026
| Company | Starting Monthly Rate | $30K Property / $100K Liability | Available In |
|---|---|---|---|
| USAA | $9/mo | ~$12/mo | Military only, all states |
| Lemonade | $11/mo | ~$14/mo | 28+ states |
| State Farm | $13/mo | ~$17/mo | All states |
| Progressive | $13/mo | ~$15/mo | All states |
| Allstate | $15/mo | ~$19/mo | All states |
| Nationwide | $17/mo | ~$20/mo | Most states |
How to Get the Cheapest Renters Insurance
Bundle with Auto Insurance
The easiest way to lower both your auto and renters premiums. Bundling with State Farm, Allstate, or Progressive typically saves 5–15% on each policy. For someone paying $800/year for auto, bundling can save $40–$120/year on auto alone plus reduce renters to near-minimum rates.
Choose Actual Cash Value (ACV) Over Replacement Cost
ACV policies pay what your belongings are worth today (after depreciation) rather than replacement cost. This cuts premiums 10–20% but means getting less at claim time for older items. Best for renters with older electronics and furniture.
Raise Your Deductible
Going from a $500 to a $1,000 deductible typically reduces premium by 10–15%. A $2,500 deductible can cut premiums 20–25%. Only worth it if you have an emergency fund to cover the higher out-of-pocket cost if you do claim.
Cheapest Renters Insurance by State (2026 Avg)
| State | Avg Annual Premium | Monthly |
|---|---|---|
| North Dakota | $110 | $9 |
| Wisconsin | $120 | $10 |
| South Dakota | $122 | $10 |
| National Average | $216 | $18 |
| Louisiana | $325 | $27 |
| Mississippi | $338 | $28 |
Frequently Asked Questions
What's the minimum renters insurance coverage I can buy?
Most insurers offer minimum personal property coverage of $10,000–$15,000 and minimum liability of $100,000. These minimums typically cost $9–$13/month. If your belongings are worth more, it's worth insuring for the actual replacement value.
Does my landlord's insurance cover my belongings?
No — your landlord's policy covers the building structure only. Your personal belongings, liability, and temporary living costs are entirely your responsibility. This is exactly what renters insurance is designed to cover.
Can I get renters insurance with bad credit?
Yes — all insurers must offer renters insurance regardless of credit. However, most states allow credit-based insurance scoring, which means bad credit increases premiums. California, Maryland, and Massachusetts prohibit using credit for renters insurance pricing.