📌 Key Takeaway: The cheapest carriers (NJM at $7/month, Co-operative at $8/month) can cost a third of the priciest major carrier (American Family at $41/month) for comparable coverage — making renters insurance one of the highest-payoff categories to actually shop around in.
Cheapest Companies by Average Rate
| Company | Avg. Monthly Rate |
|---|---|
| NJM Insurance | $7 |
| Co-operative Insurance | $8 |
| Amica | $10 |
| AAA | $11 |
| Lemonade | $11 |
| State Farm | $12 |
| American Family | $41 |
What Actually Moves Your Rate
- Personal property coverage amount has the biggest impact — in one example market, $15,000 of coverage ran $15/month versus $29/month for $50,000.
- Liability limits barely matter — raising from $100,000 to $300,000 typically adds only about $1/month, making it one of the best-value upgrades in insurance.
- Location swings rates from $16/month (Montana, North Dakota, Wyoming) to $36/month (Louisiana).
- Bundling with auto insurance can save 3-5% on the auto side on top of any renters discount.
Don't Cut Coverage to Save Money
The cheapest way to save on renters insurance is comparison shopping and discounts — not underinsuring your belongings or dropping liability coverage. Since liability increases cost so little, reducing it saves almost nothing while leaving you far more exposed.