You can get a quote for renters insurance in just a few minutes. Renters insurance can help safeguard your possessions and may protect you from personal liability. It helps you protect what you own, in the home that you do not.
It is also one of the cheapest policies you can buy. The Insurance Information Institute, citing National Association of Insurance Commissioners data, puts the average U.S. renters premium at $170 a year. Quote studies of current rates run higher: ValuePenguin priced the 2026 national average at about $23 a month, or $276 a year, for $30,000 of personal property coverage, $100,000 of liability and a $500 deductible. What you actually pay depends on your state, your building and how much coverage you buy.
The best renters insurance companies for 2026
Here are the best renters insurance providers to get cheap but reliable coverage in 2026:
- Nationwide: Best overall
- Lemonade: Cheapest price
- Travelers: Best for multi-policy discounts
- Farmers: Best for professionals
- State Farm: Best for coverage
Best overall: Nationwide
| Price | Varies depending on your home, location, and coverage |
| Best for | Multiple coverage options |
| Not for | Customer satisfaction |
| States served | 50 states and the District of Columbia |
| Discounts | SmartRide®, On Your Side® review, vanishing deductible |
| AM Best rating | A+ (Superior) |
| Standout features | Flexible policies, quick claims processing |
Nationwide offers the basic coverage you get with all major renter insurance companies such as liability and personal property coverage. In addition, it also includes credit card coverage and building addition/alteration coverage for free. So you are covered if your credit card or debit card gets stolen or lost and someone uses it, and if you make improvements to your home, those are covered as well.
In addition, if the home you rent gets damaged and you cannot live there, you could have to pay for temporary housing. Nationwide includes loss of use coverage, which helps with additional living costs while your place is being repaired. Nationwide also posted one of the biggest gains in the renters segment of the J.D. Power 2025 U.S. Home Insurance Study, moving well up the renters satisfaction table year over year.
Best for lowest price ($5 a month): Lemonade
| Price | Advertised from $5 a month |
| In business | Founded 2015 |
| States served | More than 40 states plus Washington, D.C. Maine was added in July 2026. |
| Best for | Someone who prefers to buy and manage insurance online. |
| Not for | Someone who wants face-to-face access to a local agent. |
| Financial strength | Rated by Demotech rather than AM Best |
| Standout features | Flat-fee model. Lemonade keeps a flat share of your premium and uses the rest to pay claims. Claims are filed in the app, and simple ones can be approved automatically. The Giveback program directs leftover money to nonprofit causes. |
| Available bundles | Renters with pet and car insurance in select states |
Lemonade takes a different approach to renters, condo and home insurance. You get a quote through the app or the site in a couple of minutes, and there is no agent to call. Lemonade advertises renters coverage starting at $5 a month, though that entry price depends on your state and your building, and most renters pay more than the minimum.
Lemonade no longer tops the J.D. Power renters rankings. In the renters segment of the J.D. Power 2025 U.S. Home Insurance Study, released in September 2025, Amica ranked highest at 711 points, followed by Erie at 705 and CSAA Insurance Group at 689. Lemonade scored 661. It still stands out on price and on speed, and its Giveback program sends money left over after claims to nonprofit causes its customers pick.
The draw is speed and simplicity. Straightforward claims can be handled entirely in the app, and the interface is one of the easiest we have used. If you have never bought renters insurance before, this is the least intimidating way to start.
Lemonade Insurance offers a new approach to renters, condo and home insurance. They even give back up to 40% of unclaimed money to the nonprofit of your choosing.
Best for multi-policy discounts: Travelers
| Price | Varies by home, location and coverage |
| Best for | Those who value customization and extra coverage options |
| Not for | Those in need of superior customer service |
| States served | 50, plus Puerto Rico and Washington, D.C. |
| Discounts | Multi-policy, home buyer, loss free, protective device, green home |
| A.M. Best Rating | A++ (Superior) |
| Standout features | Green home coverage |
Travelers makes it easy to file claims online, add coverage, and get a quick renter's quote. Travelers has great online reviews and offers discounts for those who have multiple policies, or have a sprinkler system, smart home technology, or security devices.
Renters insurance premiums depend on the value of your personal property, how much liability coverage you choose and where you live. Travelers does not publish a national average premium, so get a quote for your own address rather than relying on a headline number. Travelers also climbed sharply in the renters segment of the J.D. Power 2025 study, scoring 663 points.
Best for professionals: Farmers
| Price | Varies by state, building and coverage limits |
| Best for | Renters who want inexpensive basic coverage |
| Not for | Renters in flood or earthquake zones |
| States served | All states |
| Discounts | Yes, a few |
| AM Best Rating | A (Excellent), affirmed August 2025 |
| Standout Features | Customizable policies |
Farmers offers money-saving discounts that vary by state, and may be available to business professionals such as doctors, nurses, engineers, dentists, teachers, police and firefighters.
But you may also be able to enjoy great savings – regardless of your profession or state of residence – when you:
- Purchase multiple policies:Â You may qualify for policy discounts when you purchase your renters insurance policy and an auto, life or umbrella policy from Farmers.
- Don’t smoke: Farmers also offers special incentives for households that have been smoke-free for at least two consecutive years.
- Have a security system or fire alarm: You may also qualify for discounts when you install an approved electronic security system or fire alarm.
Best for coverage: State Farm
| In business | Since 1922 |
| States served | 50, but not writing new renters policies in California |
| AM Best Rating | A++ (Superior) |
| Best for | People who want to customize their policy |
| Not for | People who want multiple discounts |
| Standout features | Online quotes Mobile claims Business coverage |
| Available bundles | Renters and auto |
You've probably seen those Jake from State Farm commercials. Who hasn't? But State Farm offers affordable renters insurance that covers everything from your couch to your coffee mug. You may save even more when you combine the purchase of your renters and auto insurance policies.
From laptops to smartphones to furniture, your personal property is covered for named perils such as fire, smoke, covered water damage, wind, theft and vandalism. Read your policy for the exact list, since a named-peril policy does not cover everything. One thing to know before you shop: State Farm has not written new home, condo or renters policies in California since May 2023, so California renters will need to look elsewhere. Existing California policies are still serviced.
Summary of renter insurance companies
To recap, here is a summary of what we consider the best renters insurance companies for 2026, based on coverage, financial strength and how easy it is to get a quote. Financial strength ratings are the current AM Best ratings for each carrier. We have left premiums out of this table on purpose: renters rates move by state and building, and a single national number would be misleading.
On customer satisfaction, the renters segment of the J.D. Power 2025 U.S. Home Insurance Study put Amica first at 711 points, Erie second at 705 and CSAA Insurance Group third at 689. Travelers scored 663 and Lemonade scored 661. None of the five companies below took the top spot, so treat satisfaction scores as one input rather than the deciding factor.
| Company | Best for | Advertised starting price | Financial strength rating | Availability |
|---|---|---|---|---|
| Nationwide | Best overall | Quote based | AM Best A+ (Superior) | 50 states and Washington, D.C. |
| Lemonade | Best for price | From $5 a month | Rated by Demotech, not AM Best | More than 40 states and Washington, D.C. |
| Travelers | Best for multi-policy discounts | Quote based | AM Best A++ (Superior) | 50 states, Puerto Rico and Washington, D.C. |
| State Farm | Best for coverage | Quote based | AM Best A++ (Superior) | 50 states, but closed to new California renters policies |
| Farmers | Best for professionals | Quote based | AM Best A (Excellent) | All states |
Best renters insurance near you
While the above list is an excellent starting point, some of the companies may not be available in your state. To get a more accurate review, enter your state below and check out which renter insurance companies have the best reputation near you:
Is renters insurance worth it?
Moving is a big job. It’s stressful. And after dealing with all of the packing, unpacking, moving trucks, and all of the other fun stuff that goes with relocating from one place to another, probably the last thing on your mind is insurance – especially if you’re moving into a rental. After all, your stuff is covered by the landlord’s policy, right?
No, it isn’t.
The insurance policy your landlord keeps on your rental home, whether it’s an apartment or house, covers things that might happen to the building itself. These policies usually do not cover the contents of the rental units.
So if something happens to your personal belongings, whether damage, theft or fire, you are out of luck. Unless you are carrying your own renters policy, you have no way of being compensated for your loss, and you are covering the replacement cost out of savings. That is exactly the kind of hit an emergency fund is meant to absorb, and a cheap policy takes most of it off your plate.
Why do I need renter’s insurance?
I used to be a renter. It was a small apartment in a town I used to live in. Nice place, great location.
The entire time I was a renter I did not have a renter’s insurance policy. Looking back, I now realize just how unwise this was.
What if someone broke in and stole all of my stuff?
What if a pipe burst and soaked my TV, video player, and other electronics?
What if the building burned down and left me with the one set of clothes I happened to be wearing at the time?
I would’ve been in a lot of trouble, that’s what. Thankfully, nothing bad happened during my time as a renter, but something certainly could have happened. That’s what having insurance is all about – protecting yourself from the bad things that sometimes happen in life.
What exactly will my policy cover, and what will it not?
There are some landlords who actually require their renters to carry renter’s insurance. It’s often written right in the rental contract. Landlords do this because it makes sense – it protects both you and the landlord in case something happens.
You are protected because you can be compensated if something happens to your personal belongings, and the landlord is protected by making it clear up front that he or she is not responsible for your possessions.
A rental insurance policy is a good idea regardless of what type of dwelling you happen to be renting. In addition to apartments and rental homes, it’s also a good idea to consider a renter’s policy if you are going to be living in any type of student housing during college.
Living in student housing can be interesting, to say the least. Parties, practical jokes, and other shenanigans can result in damage or theft of property. A renter’s insurance policy can protect you from the expense of replacing your valuables when things happen.
How much coverage do I need?
Many people never look into renters insurance because they assume it is expensive. It usually is not. Renters insurance is one of the cheapest policies you can buy.
A policy with $30,000 of personal property coverage, $100,000 of liability and a $500 deductible averaged about $23 a month nationally in ValuePenguin's 2026 rate study. The Insurance Information Institute, using NAIC data, reports a lower average of $170 a year. Either way it is a small line in a monthly budget, and a good candidate for the kind of fixed expense you can plan around with a budgeting app. Lemonade Insurance advertises renters coverage from $5 a month, though that is a floor price, not a typical one.
Quick facts about Lemonade Insurance:
- Offers renters and home insurance powered by tech and driven by social good.
- Renters coverage advertised from $5 a month. Lemonade reverses the traditional insurance model.
- They treat the premiums you pay as if it's your money, not theirs.
- They take a flat fee, pay simple claims quickly, and give what is left over to causes their customers pick.
- You can get a free quote.
Lemonade Insurance offers a new approach to renters, condo and home insurance. They even give back up to 40% of unclaimed money to the nonprofit of your choosing.
Considering how affordable renters insurance is, there is little reason to go without a policy when you rent. It is cheap coverage that could save you a lot of money one day. If you are working through the rest of your coverage at the same time, our guide to the best life insurance companies is a good next stop.
What to do before shopping around for a renter's insurance policy?
Before you start shopping around for a renter’s insurance policy, it’s a good idea to take stock of your possessions. How much stuff do you have? What’s it all worth? Many tend to underestimate the value of the things they own, but it’s vitally important to have this information before purchasing a policy to make sure you obtain adequate coverage.
Make a list of all the possessions you keep in your rental and assign a value to each item – either the purchase price or the current market value. The total will be the minimum coverage you need to obtain.
In addition to making a list of your possessions, it’s also a good idea to take plenty of pictures of the contents of your rental. This will give you valuable proof of ownership in case you need to make a claim at some point.
It’s important to store your list and pictures in a safe place. You could keep them in a safety deposit box or keep digital copies of everything in an online cloud storage account. Don’t forget your password!
How much coverage should I buy?
When shopping for a renters policy, don’t skimp on coverage just to save a few bucks. Be sure to buy sufficient coverage for your current possessions in addition to whatever you might buy in the future. In other words, buy more policy than you think you need. There’s really no way to predict what new things you will purchase down the road.
Cheapest rental insurance?
Although you should never skimp on coverage, there are some things that may help you save a little on a policy. You may, for example, be able to obtain a discount if you have fire extinguishers, deadbolts on your doors, or a smoke or burglar alarm.
It may also be possible to receive a discount if you are purchasing a policy from a company you already have another type of insurance policy with. It definitely pays to inquire about possible discounts when shopping for coverage.
Does renter's insurance cover pets?
There are some renter’s insurance policies that charge extra if you own pets, especially some dog breeds. They do so for the same reason that some landlords prohibit pets – animals tear things up.
Don’t be surprised then if a company asks if you are a pet owner and then charges a higher premium if you answer in the affirmative. They just don’t want to end up on the hook for some sort of damage that Max the Bullmastiff caused when he got all excited over someone ringing the doorbell. Can’t blame them.
I need this. Where do I get a policy, and how much will it cost?
Renters policies stay cheap in 2026, and options like Lemonade mean there is little reason to go without one if you rent. At the end of the day you are buying more than an insurance policy. You are buying peace of mind, and that is worth it.
Lemonade Insurance offers a new approach to renters, condo and home insurance. They even give back up to 40% of unclaimed money to the nonprofit of your choosing.
Recap: the best renters insurance companies for 2026
Here are the best renters insurance providers to get cheap but reliable coverage in 2026:
- Nationwide: Best overall
- Lemonade: Cheapest price
- Travelers: Best for multi-policy discounts
- Farmers: Best for professionals
- State Farm: Best for coverage
