Best Renters Insurance of 2026

How much renters insurance costs

Advertised starting prices on our list range from $5 a month (Allstate, Lemonade, Liberty Mutual) to $12 a month (GEICO), as listed October 2026. Lemonade says its typical renter pays about $16 a month. Those low starting prices reflect minimal coverage and a high deductible, so expect real quotes to be higher.

Your price depends on:

• Where you live: state, ZIP code and local theft and weather risk
• How much you insure: your personal property limit and liability limit
• Your deductible: a higher deductible lowers the premium
• Replacement cost versus actual cash value: replacement cost costs more but pays for new items
• Bundling and discounts: auto bundles, safety devices, paying in full, buying online

How to compare renters insurance companies

1. Inventory your stuff. Add up what it would cost to replace furniture, electronics, clothes and kitchen items. Most people underestimate this.
2. Choose replacement cost. Actual cash value subtracts depreciation, so a five-year-old laptop pays out far less than a new one costs.
3. Set liability high enough. Your lease may set a minimum, and a higher limit gives you more protection in a lawsuit.
4. Check who underwrites the policy. GEICO and Progressive place many renters policies with partner insurers.
5. Check complaints and licensing. Use the NAIC Consumer Insurance Search to look up the company, and contact your state insurance department with questions.

Which renters insurance fits your situation

How renters insurance varies by state

Insurance is regulated by each state, so prices, discounts and even which companies sell renters coverage change across state lines. Lemonade is available only in some states, and GEICO notes some states have specific coverage requirements and discounts. Flood and earthquake damage are usually excluded from standard renters policies. USAA may include them, but depending on location it, like other insurers, may require separate coverage if you live in a flood zone or quake-prone area. Check your state insurance department for complaint data and required disclosures.

What renters insurance does not cover

• Flood and earthquake damage, unless included (USAA) or added separately
• Your landlord’s building: the structure is the landlord’s responsibility
• Your roommate’s belongings, unless they are named on the policy (Assurant covers roommates at no extra cost)
• High-value items above sub-limits such as jewelry, unless you add scheduled coverage
• Liability-only policies cover lawsuits and damage to others but not your own belongings

Terms to know

Personal property coverage

Pays to repair or replace your belongings after a covered loss such as fire or theft.

Liability coverage

Pays if you are legally responsible for injuring someone or damaging their property.

Additional living expenses

Pays for temporary housing and extra costs if your rental becomes unlivable after a covered loss.

Replacement cost

A claim payout based on the cost of a new item, without subtracting depreciation.

Actual cash value

A claim payout based on the item's depreciated value.

Deductible

The amount you pay toward a claim before insurance pays.