CHEAP RENTERS: What It Is and All You Must Know

Cheap Renters
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Everyone who owns a property in the United States protects the house against any form of liability, damage, or loss, even if they rent it out. Tenants, on the other hand, need not disregard insurance as needless. This is because they also need to protect their personal belongings from liability and damage. Tenants need renters’ insurance to protect their personal belongings from damage and liability, should someone get hurt on their account. Luckily, there are several insurance companies that offer protection for renters, and a few of these are relatively cheap. According to the Insurance Information Institute, more than 60% of tenants are without renters’ insurance, and this isn’t good for them. Anyway, we’ve made a list of some of the insurance companies in Florida, Georgia, and California that offer renters cheap policy coverage for apartments and you should check that out.

Cheap Renters

A little monthly investment in renters’ insurance can protect you against financial harm brought on by property theft, liability lawsuits, and medical costs. This is different from homeowners’ insurance, which is carried by your landlord and covers the actual structure in which you reside. The average annual premium for renters’ insurance, according to the Insurance Information Institute, is $179 (or around $15) per month, which may be less than the cost of replacing your belongings or paying for medical expenditures.

In order to assist you in finding the top renter’s insurance providers, we assessed factors like cost, customer satisfaction, claims to handle, and policy alternatives to select suppliers who can successfully meet your insurance requirements. Below are some offers for renters’ insurance from our advertising partners, followed by a comprehensive list of the top, most reasonably priced renters insurance companies we could find.

Cheap Renters Insurance for Apartments

If you want to avoid paying exorbitant monthly premiums for your insurance, you’re in luck because there are numerous cheap renters insurance carriers for apartments to choose from. The following are some of the cheap renters insurance you’ll find for your rented apartments in the United States.

#1. Allstate

Allstate is one of the cheap renters insurance you’ll find for apartments. With the highest rating of 98.5, Allstate took the top rank in our examination. We selected it as our overall pick for renters insurance because it is a solid choice for renters looking for everything from pricing and savings to flexibility and additional coverage. Additionally, the company offers outstanding customer service and expertly handles the needs of its policyholders.

#2. Lemonade

Lemonade is the best option for college students looking for cheap renters insurance for their apartments. The company prioritizes its customers, staying in touch with them through an engaging website and an amazing mobile app. Additionally, Lemonade provides your purchase meaning by using its giveback program to donate any unused insurance proceeds to charitable organizations. The website offers fees as low as $5 a month, despite the quote we received for an apartment in Richmond, Virginia, being $15.75.

#3. State Farm

We found that State Farm consistently offers the lowest rates overall when compared to many of its competitors. Renters looking for inexpensive plans can consider the organization because it also performed highly in our other ranking categories. It’s important to keep in mind that the company gives fewer discounts than you may anticipate from a top provider.

#4. Progressive

One of the reasons we chose to include Progressive in the final ranking is its extensive list of discounts and savings, which includes multi-policy pricing that is up to 12% less expensive. Trust me, Progressive is one of the great cheap renters you can find. The most affordable plan for renters with Progressive auto insurance might be this one. The single-deductible benefit, which enables you to save money on covered losses by having your two policies share a single deductible, is even better.

#5. Amica

Amica® is the ideal company for tenants looking for the most value for their money. It’s a decent choice with one of the most affordable premiums on this list, a strong basic policy with limitless personal property coverage, and an industry-low deductible of $100.

#6. Assurant

Many property management companies suggest Assurant to their tenants due to the company’s quick, thorough sign-up process, as well as its inexpensive cost. It’s one of the most reasonably priced companies available, which makes it a fantastic choice for new tenants looking to save money while receiving guidance with their policy options and purchasing process.

#7. Toggle

Toggle is the last on our list of cheap renters insurance for apartments. It was one of the least expensive options available, yet it only scored 78.63 out of a possible 100. In fact, the personal property coverage of each insurance policy can be specifically customized based on subcategories like jewelry and technology. If you just want to buy what your landlord absolutely demands, you can set all of your property coverage to $0 and pay as low as $5 a month in premiums. If you also select the plan with the highest deductible, your monthly payment may even be as low as $4.75.

Cheap Renters Insurance Florida

Renters in Florida look for cheap insurance policies for their apartments or rental properties. I mean, who possibly wouldn’t want an insurer who provides reasonable rates, useful coverage, and solid customer service? Renters insurance in Florida typically costs $321 per year or $27 per month. The least-priced supplier of renters’ insurance in Florida is Assurant, which offers coverage for $21 per month. The difference between that and Florida’s state average is $74 annually.

Florida renters insurance costs $109 more per year than the $212 per year national average, this is far from being cheap. Florida is currently the seventh-most expensive state in the union for renters insurance. However, the following are some of the best that you’ll get.

#1. Assurant

Assurant is the first on our list of cheap insurance for renters in Florida. It has the lowest renters’ insurance premiums in Florida. Coverage is $74 annually less expensive than the state average of $247 annually, or $21 monthly. Many insurers either don’t sell insurance in coastal areas or require that renters who live there call an agent for a price. Assurant makes it simple for renters from all across the state to obtain quotes.

Additionally, Assurant offers useful coverage options that Florida renters can use to customize their insurance. Renters can purchase pet insurance from Assurant, which will pay to replace any items damaged by their pets. The company also offers unemployment insurance, which reimburses you for a portion of your rent if you’re unemployed for a month or more.

#2. Lemonade

Lemonade also offers cheap insurance for renters in Florida. It provides the second-cheapest renters insurance estimate in Florida at $258 per year, or $22 per month. Although Assurant has more affordable rates for renters, Lemonade coverage in Florida costs 20% less than the national average. Tenants are generally pleased with Lemonade’s customer support. The company receives fewer complaints than other insurers of a similar size, according to the National Association of Insurance Commissioners (NAIC). Lemonade also placed first in the yearly J.D. Power customer satisfaction survey.

In the industry, lemonade renters’ insurance is typical. As an additional measure of security for priceless objects like jewelry, works of art, musical instruments, and bicycles, there are a few add-ons that can augment your base coverage.

#3. State Farm

State Farm provides cheap renters insurance for tenants in Florida who value excellent customer service. Florida homeowners and renters appear to be satisfied with the assistance they receive because the company only receives 3% as many complaints as other insurers of comparable size, according to the NAIC. Additionally, State Farm placed second in the J.D. Power survey on customer satisfaction. It’s bad that State Farm has the most expensive renters’ insurance premiums in Florida. Coverage costs $412 annually, or $34 each month, which is $91 higher than the state average.

Comparing State Farm estimates could be difficult for Florida renters who reside close to the shore. The company requests that you contact an agent to request rate information for many coastal cities. Since State Farm has age restrictions on the kinds of houses it will cover in some regions, people who rent an older home or apartment might not be able to obtain an insurance

Cheap Renters Insurance in California

Renters in California also want cheap insurance to protect themselves. California normally costs $17 per month or $207 per year. Lemonade provides the most economical renters insurance in California. The average monthly rate is $9, which is 45% less than the state rate.

#1. Lemonade

Lemonade is our top recommendation for California renters insurance. The Golden State average rate offered by the company is $9 per month, which is 32% less expensive than the next most affordable option. Lemonade offers the simplicity of a streamlined quote process and uses an artificial intelligence (AI) system to quickly accept claims. Additionally, it provides a wide range of coverage options, including the ability to quickly add a significant other to your policy as well as coverage for earthquakes and water backups.

According to the National Association of Insurance Commissioners, Lemonade had twice as many complaints about its customer service as the industry average (NAIC). Numerous criticisms focused on the way in which claims or changing policies were communicated.

#2. State Farm

Standard insurance from State Farm offers an option to improve safeguards for commercial real estate. Standard coverage covers a certain amount of protection for business property, including products, with the opportunity to increase that coverage or add business liability insurance. State Farm provides some of the most economical insurance in California. A typical policy has a monthly cost of about $14.

There aren’t many additional protections or forms of coverage that State Farm provides for renters. The company’s customer service falls short of standards as well; considering its location in California and size, it received more complaints than was fair.

#3. Amica

Amica is also one of the companies in California that offers renters cheap insurance. provider with the greatest customer support. Customers commonly express satisfaction with Amica because the company only receives around one-third of the complaints one might anticipate given the size of its market share. Customer service is crucial following an occurrence that could leave you without many of your goods or evict you from the rental home you reside in. You will have to pay more, though, as Amica, which we found to be the most expensive California insurer, charges $254 a year.

In addition, Amica doesn’t offer many alternatives for additional discounts or coverage. You can upgrade your insurance to include identity theft protection and replacement cost coverage, but you cannot have your policy cover damage caused by an earthquake or a water backup. Given the risk of earthquakes in California, renters should think about purchasing separate earthquake insurance.

What Is the Average Cost of Renters Insurance in SC?

Renters’ insurance normally costs $17 per month or $205 per year in South Carolina.

Cheap Renters Insurance Georgia

Tenants need renters’ insurance to safeguard their belongings in the event that they are lost or stolen. When choosing renters insurance in Georgia, you want cheap offers, no doubt, but it’s important to weigh your options for cost and coverage. The most expensive option, Farmers, costs $40 a month, or nearly three times as much as Lemonade.

#1. Lemonade

Lemonade offers cheap renters insurance in Georgia. Its prices are significantly more affordable than those of other Georgia insurers, and its customer service, which is available exclusively online, is useful and easy to use. Lemonade typically charges $14 per month or $167 per year for insurance. State Farm, the second-cheapest insurance, will cost you $100 less in a year.

The only way to manage your coverage with Lemonade insurance is through its smartphone app, which is only available online. Lemonade is a well-designed and user-friendly app, but if you would prefer to speak with an agent over the phone or in person, Lemonade is not the right alternative for you.

#2. Amica

We advise anyone in Georgia in search of top-notch renters’ insurance coverage to contact Amica. It is one of the best insurers in the country. Only USAA and Amica achieved a perfect score of 5/5 in our evaluations of the company’s renters’ insurance services. However, Amica is not a cheap drug. It is $2 more expensive than the national average and more than twice as expensive as our best option ($19 on average per month).

Renters in Georgia may be able to lower their prices by combining policies to get cheap renters’ insurance. Amica offers one of the largest renters insurance discounts available and offers both auto insurance and renters insurance. Combining your vehicle and renters insurance policies can also lower your monthly costs if you drive a car.

#3. Travelers

The last on our list of insurance companies that offer cheap renters’ coverage in Georgia is Travelers. For tenants with more complex insurance needs than the ordinary apartment dweller, Travelers is a great solution with lots of add-ons. It provides more options than any other insurance we examined, some of which we were unable to find elsewhere.

Travelers insurance normally charges $275 for a year’s worth of renters policy. That is an annual savings of $48 when compared to the state average. Travelers provide a variety of useful policy options, including replacement cost coverage, valuable item coverage, and extended liability. It also offers a few options that we didn’t find at other insurers, like equipment breakdown, which pays to repair or replace damaged items like washing machines.

Cheap Renters Insurance Progressive

Renters can get cheap insurance from Progressive to protect their property, but their protection extends much beyond that. Aside from protecting your belongings, it also covers the cost of medical care should someone be hurt on your property or the cost of temporary housing should your home become uninhabitable due to a covered loss. Progressive is one of the companies that offer renters insurance at a reasonable price.

Progressive Insurance Coverage 

Only the events specifically mentioned in your policy are covered because Progressive offers named-peril coverage. Both renter’s insurance and homeowner’s insurance cover this.

Progressive Renters Insurance provides coverage in the following circumstances:

  • Windstorms
  • Fire and smoke
  • Lightning
  • Tornadoes, hail
  • Explosions
  • Theft and vandalism; hitting your home with a car or an airplane; trees or other objects falling.
  • Water stains from the weight of ice, snow, or sleet.

Note: Progressive renters insurance does not provide coverage for flooding-related water damage. You need to get a separate flood insurance policy in order to be covered for water damage.

How Much Does Progressive Cost?

According to the company, Progressive’s renters insurance typically costs between $13 and $25 per month, but your exact insurance price will depend on a variety of factors, including your region, gender, and the number of pets you have.

Progressive Range of Coverage

Area of CoverageAmount Range
Personal property$15,000–$150,000
Loss of useUp to 40% of personal property
Liability$100,000, $300,000, or $500,000
Medical payments to others$1,000, $3,000, or $5,000
Deductible$250, $500, $1,000, or $2,500

Progressive Renters Insurance Discounts

To reduce the price of your renters’ insurance, have a look at these six Progressive discounts:

  • Reduced price for “Multi-Policy”: You might save up to 12% if you combine your auto and renters insurance policies.
  • Quote in Advance” discount: You can be qualified for a discount if you get a quote at least three days before the commencement of your policy.
  • Receive Documents by Email” discount: You can save money and the environment by eliminating paper, and Progressive will reward you for it
  • Pay in Full Discount: Your renters’ insurance coverage will be less expensive if you pay all at once rather than over several months.
  • Reduced price for “Secured/Gated Communities”: If your neighborhood has a security guard on duty or requires a key to enter, you will receive a discount.
  • Single Deductible Benefit’ Discount: If a circumstance happens that requires making a claim with both your renter’s insurance and your auto insurance, you will only be liable for one deductible. For instance, if your car is stolen, the loss of the car and its contents will be covered by both your renter’s insurance and your auto insurance via Progressive.

Is Lemonade a Real Insurance Company?

State Farm has been in business for 100 years, but Lemonade, which debuted in 2016, is one of the industry’s more recent providers of renters insurance.

Is Get Toggle Legit?

Yes, it is. Toggle is a part of Farmers Insurance Group, which has been providing consumers with a range of insurance coverage for over 90 years.

Does Toggle Cover Flooding?

However, this company does not advocate for coverage for pest infestation, earthquakes, floods, or storms.

How Do I Make a Payment on Toggle?

At this moment, we can only accept debit and credit cards for online payments. Unfortunately, prepaid and reloadable card types are not accepted.

How much does renters insurance cost in Michigan?

The average cost of renters insurance in Michigan is $182 annually, or just over $15 per month, according to the Insurance Information Institute (III). The state average now exceeds the $180 per year national average.

How much does renters insurance cost in Colorado?

In Colorado, renters insurance typically costs $128 year, or around $11 monthly. Colorado has a 20% lower rate than the national average.

Is renters insurance required in Georgia?

Although Georgia law does not mandate renters insurance, certain landlords may insist on it if you want to live in their property. It’s generally a good idea to obtain at least some type of coverage as your landlord’s insurance does not cover any harm to your personal stuff.

How much is renters insurance in Houston?

Houston’s average cost of renters insurance in 2022. In Houston, renters insurance costs 5.0% less than it does nationwide. In Houston, renters insurance typically costs $151 annually, or $13 monthly. It is $8 less than the $159 annual average for the country.

Why is lemonade renters insurance so cheap?

Customer premiums are collected by the business, put in a common pot, and then used to settle claims for other customers. Lemonade may provide coverage at a lower price than other insurers since it doesn’t keep the money from excess premiums as profit.

Is lemonade a good insurance?

In 2022, Lemonade was rated as one of the top home insurance providers by Bankrate. Homeowners seeking a strong digital experience may find Lemonade house insurance to be a good fit. In 23 states and Washington, D.C., Lemonade now provides homeowners insurance.

How much does South Carolina renters insurance generally cost?

Renters insurance normally costs $17 a month or $205 a year in South Carolina.

Advantages 

  • 24/7 customer service is available.
  • There are four ways to get in touch with the company: by phone, online chat, mobile app, and portal.
  • There are numerous deals available.

Cons

  • The first month of coverage is expensive because the down payment includes additional start-up expenses.
  • You must provide your social security number to receive a quote.

Conclusion 

The need for tenants to protect their personal belongings is pivotal. If you’re in Florida, California, Georgia, or any part of the United States, there are various companies that offer insurance cheap renter coverages. It may be worthwhile to obtain insurance if the value of your possessions outweighs the cost of the policy.

Cheap Renters FAQs

What are some of the Cheap renters insurance companies in Florida?

The following are some of the insurance companies that cheap renters policies in Florida;

  • Lemonade
  • Assuarant
  • Citizens Property insurance
  • Allstate
  • State farm and so on.

Who Has Best Prices on Renters Insurance?

State Farm provides the most inexpensive renters insurance in 18 states.

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References 

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