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Most renters do not have insurance, and most of them think their landlord's policy covers their stuff. It does not. Your landlord's insurance covers the building. If a fire destroys your furniture, electronics, clothes, and everything else you own, that is your problem -- unless you have renters insurance. The good news: it is absurdly cheap. We are talking $5-20/month for policies that cover $20,000-50,000 in personal property plus $100,000-300,000 in liability. We compared 25+ providers to find which ones give you the best coverage for the least money.
Lemonade Renters Insurance
4.9/5 Best OverallOur top-rated pick for reliability, customer service, and proven results.
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How to Choose Renters Insurance
Start by figuring out what you actually own. Walk through your apartment and add up the replacement cost of everything: furniture, electronics, clothes, kitchen items, decorations, shoes, books, sports equipment. Most renters guess $5,000-10,000 and the real number is $20,000-30,000. That total is your personal property coverage target. Then make sure your policy includes liability ($100K minimum, $300K recommended) and additional living expenses in case you have to move out temporarily.
Always select replacement cost over actual cash value. The premium difference is usually $2-5/month, but the payout difference is enormous. If your 3-year-old laptop gets stolen, replacement cost gives you $1,200 for a new one. Actual cash value gives you $400 for what your used laptop was "worth." That gap adds up fast across a full apartment of belongings.
Get quotes from at least 3 insurers, and check if bundling with your auto insurance saves more than buying separately. Sometimes it does, sometimes it does not -- it depends entirely on your profile. If you have high-value items like jewelry or cameras worth more than $1,000-2,500, you will need a scheduled personal property endorsement because standard coverage has surprisingly low sub-limits on those categories.
Important Tip
Run a quick mental exercise: if your apartment caught fire tonight and you lost everything, how much would it cost to replace your mattress, clothes, laptop, phone, kitchen supplies, furniture, and shoes? That number is almost certainly higher than you think -- and without renters insurance, every dollar comes out of your pocket. For $15-20/month, that risk disappears.
Our Top Picks for Renters Insurance
1. Lemonade Renters Insurance
Lemonade is the easiest renters insurance you can buy. Open the app, answer a few questions, and you can be covered in literally 2 minutes for as little as $5/month. Claims are just as fast -- the AI processes most in under 3 minutes, and simple claims (stolen bike, damaged laptop) often get paid the same day. Standard coverage includes personal property with replacement cost available, liability up to $300K, loss of use, and medical payments. Their Giveback model donates unclaimed premiums to a charity you choose, which is a nice touch. The app also has a Digital Inventory tool where you photograph your belongings -- hugely useful if you ever need to file a claim and prove what you owned. Add-ons let you schedule expensive items like engagement rings or cameras for coverage above standard limits. The only real downsides: Lemonade is not available in every state, and they are still a young company compared to legacy insurers.
Show Pros & Cons
Pros
- Incredibly affordable starting at $5/month with 2-minute signup
- AI-powered claims processing in minutes with excellent mobile app
- Giveback program donates unclaimed premiums to your chosen charity
Cons
- Not available in all 50 states yet
- Newer company with less long-term claims history
2. State Farm Renters Insurance
- Agent Network
- 18,000+ agents
- Starting Price
- From $12/mo
- A.M. Best Rating
- A++
3. GEICO Renters Insurance
- Service Model
- Online + phone
- Starting Price
- From $8/mo
- A.M. Best Rating
- A++
4. Allstate Renters Insurance
- Agent Network
- 10,000+ agents
- Starting Price
- From $14/mo
- A.M. Best Rating
- A+
5. Progressive Renters Insurance
- Service Model
- Online + agents
- Starting Price
- From $10/mo
- A.M. Best Rating
- A+
How They Stack Up
| Metric |
Lemonade Renters Insurance Top Pick
|
State Farm Renters Insurance |
GEICO Renters Insurance |
Allstate Renters Insurance |
Progressive Renters Insurance |
|---|---|---|---|---|---|
| Signup Time | 2 min signup | 18,000+ agents | Online + phone | 10,000+ agents | Online + agents |
| Starting Price | From $5/mo | From $12/mo | From $8/mo | From $14/mo | From $10/mo |
| A.M. Best Rating | A- | A++ | A++ | A+ | A+ |
| Rating |
4.9
|
4.8
|
4.7
|
4.6
|
4.5
|
Frequently Asked Questions
How We Tested
We signed up for or quoted 25+ renters insurance policies across multiple cities, tested each company's claims filing process, compared coverage limits and exclusions side by side, and reviewed customer satisfaction data to find the best options at every price point.
Coverage & Options
Pricing & Value
Ease of Purchase & Claims
Financial Strength & Service
Evaluation Weight Distribution
Did You Know?
The average credit card interest rate hit 22.76% in 2025 — the highest since tracking began in the early 1990s.
BNPL (Buy Now, Pay Later) usage tripled between 2020 and 2025, with over 40% of U.S. consumers having used it.
Cost of living varies dramatically: the same salary goes 30-50% further in states like Texas or Tennessee vs. California or New York.
The average 401(k) balance hit $118,600 in 2025, though the median is much lower at $35,286.
Financial News & Regulation
Apr 22, 2026Holding Government Contractors Accountable for Wrongdoing
Jan 21, 2025Argus Information and Advisory Services, a subsidiary of TransUnion, has agreed in writing that it will not seek any government contract with the Consumer Financial Protection Bureau for three years.
Blog | Consumer Financial Protection BureauStrengthening Appraisal Oversight: Progress at the Appraisal Subcommittee
Jan 17, 2025CFPB Deputy Director Zixta Martinez discusses changes at the ASC since she became Chair in 2022, including enhanced state oversight, landmark hearings on appraisal bias, and improved collaboration with The Appraisal Foundation to create a more equitable and accountable appraisal industry.
Blog | Consumer Financial Protection BureauBack from the Dead: Zombie Second Mortgages
Jan 17, 2025Forgotten second mortgages may be coming back to haunt homeowners who haven’t received notices or account statements for years.
Blog | Consumer Financial Protection BureauFederal Reserve Board announces termination of enforcement actions with Crédit Agricole S.A. and Crédit Agricole Corporate and Investment Bank, Mega International Commercial Bank Co., Ltd, and the Goldman Sachs Group, Inc.
Apr 9, 2026Federal Reserve Board announces termination of enforcement actions with Crédit Agricole S.A. and Crédit Agricole Corporate and Investment Bank, Mega International Commercial Bank Co., Ltd, and the Goldman Sachs Group, Inc.
FRB: Press Release - All ReleasesHeadlines sourced from government agencies and legal publications. Updated every 12 hours.
Authoritative Resources on Insurance
We referenced these regulatory sources while evaluating insurance providers.
NAIC — Insurance Regulator Map
National Association of Insurance CommissionersFind your state insurance department and verify insurer licensing.
USA.gov — Insurance
USA.govGovernment guide to health, auto, home, and life insurance basics.
CFPB — Insurance Coverage
Consumer Financial Protection BureauCFPB resources on insurance-related financial products and consumer protections.
FEMA — Flood Insurance
Federal Emergency Management AgencyNational Flood Insurance Program (NFIP) information for homeowners.
CMS — Health Insurance Marketplace
Centers for Medicare & Medicaid ServicesOfficial ACA marketplace for health insurance plans, subsidies, and enrollment.
SSA — Social Security & Medicare
Social Security AdministrationMedicare enrollment, disability benefits, and retirement planning resources.
Economic Snapshot
Source: Federal Reserve Economic Data (FRED). Indicators refresh daily.
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About the Author
Jessica Torres · Licensed Insurance Analyst
P&C Licensed, 8+ Years Experience, Risk Management Degree
Important Renters Insurance Disclaimers
- Insurance quotes and premiums shown are estimates only and may vary based on your location, coverage level, deductible, claims history, and other factors. Contact the insurer directly for an accurate quote.
- Coverage availability, terms, conditions, and exclusions vary by state, insurer, and policy. Not all coverage types or discounts are available in all states. Review the policy documents carefully before purchasing.
- Insurance products are underwritten and issued by the respective insurance companies, not by Zogby. We are an independent comparison service and do not sell, bind, or issue insurance policies.
- Renters insurance does not cover flood damage, earthquake damage, or your landlord's building structure. These require separate policies or are the landlord's responsibility.
- Personal property coverage limits apply. High-value items such as jewelry, art, and collectibles may have sub-limits and require scheduled personal property coverage for full protection.
The information provided on this page is for general informational and educational purposes only. It is not intended as, and should not be construed as, financial, legal, tax, or investment advice. Always consult with a qualified professional before making any financial decisions.
Editorial Independence
We make money from some companies on this page. That doesn't change our rankings -- the editorial team scores every product independently, and the business side has no say in what we recommend.