Cheapest Renters Insurance Companies of 2020

The cheapest renters insurance companies of 2020 are designed to help you protect your belongings. Since the insurance marketplace is a crowded one, it may be hard to decide on which insurance company best meets your needs. On this note, it is best that you compare options in your area and against your criteria.cheapest renters insurance

Who Needs Renters Insurance?

  • Young professionals
  • College student living in a dorm
  • College student living off-campus
  • Senior citizens
  • College student

Types of Renters Insurance Coverage

Factors that Affect Renters Insurance

  • Level of coverage
  • Location
  • Deductible
  • Replacement cost vs. actual cash value.

Cheapest Renters Insurance Companies of 2020

Liberty Mutual

Liberty Mutual’s renters insurance has low limits which are ideal for college students. Although college students do not typically have as much property as regular renters or homeowners, they may have some expensive things to replace without the coverage of an insurance policy. In many cities, this insurance company sells policies with less than $10,000 of property protection for a token of $5 a month.

Typically, it’s renters insurance costs about $19 per month before any discounts. Liberty Mutual renters insurance is among the cheapest coverage available in large college populations like Columbus, Boston, Ohio, and Chicago.

State Farm

State Farm has the cheapest prices, which charges an average monthly price of about $18 for a standard policy and extensive in-person and online presence. Another plus, is that customers insured with State Farm may be able to reduce their premiums even further by bundling renters insurance with another policy.

With State Farm, it’s renters can have access to upgrade their policies with different endorsements, including increased limits for certain property items and identity theft restoration services. Also with State Farm online form, you’ll find it easy to maximize your coverage while keeping your prices low. But if you prefer working with an agent, you can check out any of the insurer’s local offices situated all across the country.


Apartment dwellers and big-city renters  can take advantage of Farmers’ discounts and endorsement.

Farmers are a good place to save money if you are not a smoker or if your landlord restricts smoking inside. This insurance company has discounts for not smoking and having a security system or fire alarm. Those living in an apartment in a big city, have Farmers’sidentity theft protection endorsement and replacement coverage, which is an extra layer of protection from potential thieves.


With Lemonade, you can obtain and compare multiple quotes in less than 10 minutes and it also takes just a couple of minutes to request a quote as well as compare prices using Lemonade’s online renter’s insurance form. Here, you can easily find the best balance between cost and protection by checking how your policies would be affected as you add different levels of coverage.

In large cities like Los Angeles, San Francisco, and Dallas, Lemonade’s renters insurance rates were consistently among the cheapest. In New York, the cost stood at $8 a month.

The good about this renters insurance company is that renters can save by not avoiding a deductible after a loss.


To make the most of your renters protection, choose Nationwide. It is a great choice if you have lots of coverage options to choose from. Customers are at liberty, to add to Nationwide’s standard insurance with an array of endorsements. Water backup protection, extended property protection as well as replacement cost coverage, amongst others can also be added.

The standard price of Nationwide renters insurance policy is about $25 a month.


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