The cheapest renters insurance is cheap because the policy is small: contents at a low limit, often at actual cash value, a high deductible and the minimum liability. The Insurance Information Institute's NAIC-based figure puts the average US homeowners premium at $1,411 for 2021, and the average renters premium at $170; both are national averages that no single household pays, and the rate pages on this site show what carriers actually file where you live. That renters average is already low, and the cheapest quote goes lower by covering less, so the job is to know which of those savings you can live with.
Where the renters premium comes from
Personal property limit and whether it is replacement cost or actual cash value, the deductible, the liability limit, and the building's location, age and construction. Theft and water claims drive most of the price; fire drives the catastrophe. III: renters insurance explains the coverages in plain terms.
What the cheapest quote leaves out
Actual cash value on contents pays the depreciated value of a five-year-old laptop; replacement cost pays for a new one. Low contents limits stop paying before the bedroom is refurnished. Scheduled items such as jewellery and instruments are excluded above small sublimits unless added. A cheap quote usually carries all three.
Discounts that lower it without thinning it
Bundling with an auto policy, a monitored alarm, paying annually, a higher deductible you could actually meet, and a claims-free record. These lower the price of the same coverage; the cheapest quote lowers the coverage.
Check the filed rates
The rate pages on this site show what carriers file for renters cover in your state at each contents limit, which tells you what cheap should cost for the policy you want. The filed rates on this site show how carriers price this where you live, and quotes taken on the same limits and deductible are the only fair comparison.
Questions people ask about cheapest renters insurance
Who has the cheapest renters insurance?
It depends on your state, building and limits; the filed rates on this site show the range, and the cheapest quote is usually the thinnest policy.
Is the cheapest renters insurance worth having?
A low-limit actual cash value policy is better than none, but check that the contents limit would refurnish the home and that liability is real.
How do I lower renters insurance without losing cover?
Bundle, add an alarm, raise the deductible to one you could meet, pay annually.