Renters insurance protects what you own in a home you do not. It replaces your stuff after a fire, a break-in or a burst pipe, and it covers you if someone gets hurt at your place and sues. It is also one of the least expensive policies you can buy.
Three questions sort out which policy to get. How much would it cost to replace everything you own? Do you also insure a car? And do you want to buy in an app or talk to a person? The second one matters most for the price, because pairing renters with car insurance is where the discounts are. Start with the three picks below.
FarmersBest for bundling renters with your car insuranceUp to $1,232 · when you bundle2
LemonadeBest for buying and managing it in an appFrom $5 a month3
Liberty MutualBest for stacking discounts you qualify forClaims free discountRenters insurance quotes to start with
All three give you a price online in a few minutes. Get a number from each for the same coverage, then compare.
1. Farmers
Best for bundling renters with your car insurance
Best if you rent and also insure a car.
Farmers lets you quote renters and auto together online, puts both on one bill, and takes a discount off each policy when you bundle.
Enter your ZIP code on the Farmers bundle page
Keep renters and auto both selected, then answer the questions about your place and your car
Review the coverage and the price, and buy online or finish with an agent
Want the details? Coverage, discounts and what to know
A quote is free. The bundle discount, coverages and availability vary by state.
2. Lemonade
Best for buying and managing your policy in an appBest if you want it handled from your phone.
Lemonade sells renters insurance through its app and website. You answer a few questions, see your price, and can be covered in as little as 90 seconds, per Lemonade. Claims are filed in the app too.
Tap Check our prices on the Lemonade site and answer a few questions about you and your place
Set your personal property limit, liability limit and deductible, and see the price
Buy online or in the app, and your policy can be active right away
Want the details? Coverage, discounts and what to know
A quote is free. Prices and availability vary by state.
3. Liberty Mutual
Best for stacking discounts you already qualify forBest if a clean record should count for something.
Liberty Mutual builds the policy around what you pick, then prices in the discounts you qualify for, like going five years without a claim.
Enter your ZIP code and choose renters, auto or both
Pick the coverages you want and skip the ones you do not
See which discounts apply to you before you buy
Want the details? Coverage, discounts and what to know
Discounts vary by state and how you purchase. Not all applicants qualify.
More renters insurers worth a quote
Renters rates move by state and by building, so the right company for your neighbor may not be the right one for you. Here is how the full list compares. The only price that counts is the quote for your own address.
| Insurer | Best for | Standout | Where |
|---|---|---|---|
| Farmers | Bundling renters with auto | Switch and save up to $1,232 when you bundle | Check your ZIP code |
| Lemonade | Buying in an app | Covered in as little as 90 seconds, from $5 a month, per Lemonade | 41 states and D.C. |
| Liberty Mutual | Stacking discounts | Multi-policy and claims free discounts | Check your ZIP code |
| Nationwide | Built-in extras | Credit card coverage and loss of use included | 50 states and D.C. |
| Travelers | Multi-policy households | Discounts for protective devices and green homes | 50 states, Puerto Rico and D.C. |
| State Farm | A local agent | Renters and auto bundle, AM Best A++ | Not writing new renters policies in California |
Nationwide
Nationwide includes two things many insurers charge extra for: credit card coverage if a lost or stolen card gets used, and coverage for improvements you make to the unit. Loss of use is included too. AM Best rates it A+ (Superior), and it sells in all 50 states and D.C.
Travelers
Travelers is strong on discounts: multi-policy, protective devices like sprinklers and alarms, and green homes. AM Best rates it A++ (Superior). It does not publish a national average premium, so get a quote for your own address.
State Farm
State Farm pairs renters with auto and gives you a local agent. AM Best rates it A++ (Superior). One thing to know before you shop: State Farm has not written new renters policies in California since May 2023, so California renters need to look elsewhere.
On customer satisfaction, the renters segment of the J.D. Power 2026 U.S. Home Insurance Study put State Farm first at 702 points, Erie second at 692 and Amica third at 689. Treat satisfaction scores as one input, not the deciding one.
How renters insurance pricing works
You are paying for two things: a limit on your belongings and a limit on your liability. Everything else moves the price up or down from there.
The Insurance Information Institute, citing National Association of Insurance Commissioners data, puts the average U.S. renters premium at $171 a year, about $14 a month, as of this update. State averages run from under $140 to about $260. Your number depends on five things.
- How much you insure. A $50,000 property limit costs more than a $20,000 one. Do the inventory before you pick.
- Your deductible. A higher deductible lowers the premium. You pay that amount on every claim, so choose one you could cover tomorrow.
- Where you live. State, ZIP code and the building itself all matter. Sprinklers, alarms and deadbolts can earn a discount.
- Your history. Past claims raise the price. Some states also let insurers use credit information.
- What else you carry. A second policy with the same insurer is usually the single biggest discount available to a renter.
What coverage you need
A standard renters policy has three parts, and you choose the limits on each.
- Personal property. Pays to repair or replace your belongings after a covered event like fire, theft or vandalism. It follows your stuff, so a bike stolen from the rack at work counts.
- Personal liability. Pays medical and legal costs if you are at fault for an injury or damage, at home or away. $100,000 is a common starting point.
- Loss of use. Pays for a hotel or short-term rental, plus extra meals, if a covered event makes your place unlivable.
Two choices change how well the policy pays. Replacement cost coverage buys the item new. Actual cash value subtracts depreciation, which leaves you short on anything more than a couple of years old. And a named perils policy covers the events it lists, while open perils covers any sudden, accidental loss that is not excluded.
Know what is left out. Flooding and earthquakes are not covered by a standard policy and need their own coverage. Expensive jewelry, art and collectibles are capped unless you add valuable items coverage. Your roommate is not covered unless they are on the policy.
Before you get a quote, walk through your place with your phone and record every room. Open the closets. That video is your inventory and your proof of ownership if you ever file a claim, so save it to the cloud. If the total surprises you, that is the point. It is the same hit an emergency fund would otherwise have to absorb.
How to compare renters insurance quotes
A quote only means something next to another quote for the same coverage. Do it in this order.
- Fix the numbers first. Pick one property limit, one liability limit and one deductible, and use them with every insurer.
- Match the type. Make sure each quote is replacement cost, not actual cash value.
- Get at least three. Rates for the same apartment can differ a lot from one company to the next.
- Quote it bundled and alone. If you have a car, ask for the renters price by itself and the price for the pair. Compare the total you would pay across both policies, not one line.
- Ask what is not applied yet. Paperless, autopay and pay in full discounts are easy to miss on an online quote.
Discounts to ask for
Insurers do not always apply every discount automatically. Have this list open when you get a quote.
Discount names and rules above are from Farmers and Liberty Mutual. Discounts vary by state and not everyone qualifies.
When bundling pays
Renters insurance is small, so a percentage off it is only a few dollars. Car insurance is not small. That is why bundling works: the discount applies to both policies, and most of the savings shows up on the auto side.
For scale, the Insurance Information Institute, citing NAIC data, puts the average car insurance bill at $1,282 a year. Farmers says you can switch and save up to $1,232 when you bundle. Your own savings depend on your policies and your state.
Bundling pays when the combined price beats the best two separate policies you can find. It does not pay if one half of the bundle is priced well above what you could get elsewhere, so check the total. You also get one bill, one login and one company to call, and that is worth something on its own.
Savings figure as stated by Farmers; your savings may vary. Discounts and availability vary by state.
Only need car insurance? Farmers says new customers who switched and saved reported average savings of $530 a year.* Get a Farmers auto quote
*Average nationwide annual savings of new customers surveyed who switched to Farmers and realized savings, excluding HI, SC and Farmers GroupSelect, 9/1/24 to 8/31/25. Savings vary by customer, state and product. Discounts and availability vary by state.
Renters insurance questions
Yes. Most insurers that sell both will discount each policy when you carry the two together. Farmers says you can switch and save up to $1,232 when you bundle, and you get one bill for the pair.
The national average is $171 a year, about $14 a month, according to NAIC data reported by the Insurance Information Institute. Lemonade says its renters policies start at $5 a month and average around $16 a month across the U.S. Your price depends on your state, your coverage limits and your deductible.
Add up what it would cost to replace everything you own, then pick a personal property limit at or above that number. Most renters also carry at least $100,000 of liability. If you own little, a lower limit is fine, but run the inventory first because the total is usually higher than people guess.
No state requires it. Landlords often do, and they write it into the lease. If yours does, ask the insurer for a certificate of insurance to hand over as proof.
No. The landlord's policy covers the building. Your furniture, clothes, laptop and phone are only covered by a policy in your own name.
Theft is typically covered, including things stolen from your car or a storage unit. Sudden, accidental water damage, like a burst pipe, is typically covered too. Flooding is not, and neither are earthquakes. Those need separate coverage.
Replacement cost pays what it takes to buy the item new today. Actual cash value subtracts depreciation, so a five year old laptop pays out far less. Replacement cost costs a little more and is usually worth it.
Yes. You can add a second policy with the same insurer at any time, and the multi-policy discount typically applies once both are active. If you already have car insurance, ask what the pair would cost before you buy renters somewhere else.
