Cheap Renters Insurance in Philadelphia (2025)
Best cheap renters insurance in Philadelphia
Cheapest renters insurance companies in Philadelphia
At $15 a month, State Farm has the lowest average rate of the three companies. It also offers more add-on coverage options than Lemonade or Allstate.
Company | Monthly rate | Annual rate | |
---|---|---|---|
![]() | State Farm | $15 | $180 |
![]() | Lemonade | $16 | $192 |
![]() | Allstate | $16 | $192 |
![]() | Progressive | $21 | $252 |
![]() | Assurant | $22 | $264 |
![]() | Amica | $26 | $312 |
![]() | Farmers | $42 | $504 |
To find out which of these three companies has the cheapest rate for you, compare renters insurance quotes from them — and even a few other companies — before you buy or renew a policy.
Best renters insurance companies in Philadelphia
Progressive is the best company for renters insurance discounts, Allstate has the best add-on coverages, and Lemonade is best for customer satisfaction.
Best overall and cheapest rates: State Farm
- At $180 a year, or $15 a month, State Farm’s average rate is the cheapest in Philadelphia.
- State Farm’s customer satisfaction rating of 679 (out of 1,000) from J.D. Power is the second-best of the companies we surveyed.
- Customers can pay extra for add-ons like earthquake damage coverage, identity restoration and pet medical insurance.
Best discounts: Progressive
Renters can get discounts from Progressive for:
- Bundling auto and renters insurance policies
- Getting a quote at least three days before your policy starts
- Paying for your policy upfront and in full
- Signing up to receive documents through email
- Living in a secured or gated community
Best add-on coverages: Assurant
Assurant’s add-ons include coverage for:
- Damage caused by a backed-up sewer or drain
- Pet damage
- Rent protection if you lose your job
- Additional living expenses if you need to stay elsewhere after an earthquake
Assurant renters insurance policies come with some nice standard coverages, too, depending on where you live. These include coverage for:
- Bed bugs
- Food spoilage
- Additional living expenses after a flood
Best for customer satisfaction: Lemonade
This rating, from J.D. Power, is based on things like price, policy offerings, the billing process and claims.
Renters insurance in Philadelphia
Landlords often require renters insurance to protect themselves from tenants who might damage the building or their unit. It also helps protect them against liability claims and needing to cover relocation costs if the property becomes unlivable for various reasons. We recommend buying renters insurance even if your landlord doesn’t require it.
- It covers your belongings — like clothing, electronics and furniture — from damage or destruction. Your landlord’s insurance won’t cover this.
- It also protects you from liability claims, such as if you cause damage to the building or if someone is injured while visiting you.
How much is renters insurance in Philadelphia?
What you pay for renters insurance depends on factors like:
- Where you live
- Types and amounts of coverage you buy
- Deductible you choose
- Value of your possessions
Frequently asked questions
State Farm has Philadelphia’s cheapest renters insurance rates of around $15 a month, or $180 a year. This is one-third cheaper than the city average rate of $22 a month.
Allstate and Lemonade are nearly as cheap as State Farm, though, so get renters insurance quotes from all three companies before you renew or buy a policy.
State Farm and Lemonade are Philadelphia’s best renters insurance companies. State Farm has the lowest rates overall and offers more optional coverages than Lemonade. Lemonade’s rates are nearly as cheap as State Farm’s, plus it has a better customer satisfaction score.
You may need to get renters insurance in Philadelphia if your lease or rental agreement requires it, but it isn’t required by city or state law.
You should get enough renters insurance so you can replace your personal belongings like electronics and jewelry if they’re damaged or destroyed. You also want enough coverage to protect your assets if someone files a liability claim against you.
To figure out how much personal property coverage you need, make an inventory of your possessions. Include the estimated value of each item.
For liability coverage, you want to get enough to cover your assets. This can include your possessions (like your car), your savings and even things like retirement accounts.